EXHIBIT 10.34
 
AGREEMENT

This Agreement is made and dated as of March 31, 2003, between Cavalry Bancorp,
Inc. ("Company"), Cavalry Banking ("Bank") and Edward Elam ("Director").

1.     Director hereby resigns as a director of the Company. Director
acknowledges that his term of office as a director of Bank, a wholly-owned
subsidiary of the Company, expired as of December 31, 2002.

2.     Director hereby acknowledges receipt of payment of $10,000 as full and
final satisfaction of any and all benefit payments or other amounts due or to
become due pursuant to the Director Supplemental Retirement Plan Agreement
("Retirement Agreement") dated July 25, 2002, between Bank and Director, and
neither Bank nor Company shall have any further liability under the Retirement
Agreement or any other liability to Director in respect of his service as a
director of Bank or Company.

3.     Director and Company acknowledge and agree that Director holds stock
options pursuant to the following schedule:

 
 
Grant Date
 
 
Options Granted
 
 
Vested % at 3/31/03
 
 
Vested Options at 3/31/03
 
Options Ceasing
 to Vest at 3/31/03

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January 3, 2001
 
8,077
 
40%
 
3,231
 
4,846
July 26, 2001
 
8,077
 
20%
 
1,615
 
6,462
September 17, 2001
 
16,151
 
20%
 
3,230
 
12,922

Director and Company acknowledge that Director’s vested options are exercisable
until March 31, 2005 (following which time they will be void and of no further
force and effect), and all unvested options are void and of no further effect
from and after the date hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
 
 

         
   
   
     /s/Edward Elam  

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  Edward Elam

        CAVALRY BANCORP, INC.  
   
   
  By:   [jonessig.jpg]   

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  William S. Jones, EVP

        CAVALRY BANKING  
   
   
  By:   [jonessig.jpg]   

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  William S. Jones, EVP