Director Compensation Policy Amendment for Board and Committee Members

Summary

This document outlines an increase in monthly compensation for directors of the Bank, raising the fee from $1,850 to $2,000 effective January 1, 2008. Directors will not receive payment for meetings missed after the first absence in a calendar year. Additionally, compensation for members of the audit and loan committees is increased from $400 to $500 per month. The policy applies to the Boards of both the Company and the Bank, as relevant.

EX-10.2 3 a5600363ex10_2.txt EXHIBIT 10.2 Exhibit 10.2 Exhibit 10.2 - Director Compensation The Board of the Bank authorized an increase in directors' fees for Board member services from $1,850 to $2,000 per month effective January 1, 2008. Fees will not be paid to any member not in attendance beginning with the second missed meeting in any calendar year. The Boards of the Company or the Bank, as applicable, also authorized an increase to $500 from $400 per month for members of each committee of the following committees: audit (Company committee) and loan (Bank committee).