exv10w1






Exhibit 10.1




November 19, 2007




Mr. Michael G. Gretchen

237 E. Livingston Place

Metairie, LA 70005




Dear Mike:




On behalf of Hibernia Homestead & Savings Association I am pleased to offer you the position of
Senior Vice President with responsibility for developing the institution’s commercial banking
program. Should you accept this offer, your initial salary will be $70,000 per year. In addition
to your base salary, you will receive a bonus in the amount of $2,500 for each calendar quarter
during which the Association’s average commercial loans outstanding, excluding delinquent loans,
equaled or exceeded $5,000,000. When the Association’s average commercial loans outstanding,
excluding delinquent loans, equals or exceeds $15,000,000 for a calendar quarter, in lieu of
further bonus payments your annual base salary will be increased to $95,000. You will continue to
be eligible for discretionary bonuses that may be paid based on the institution’s overall financial
results and your personal contribution to the achievement of those results.



As a Hibernia Homestead employee you will be eligible to participate in the Association’s health
plan and 401(k) retirement plan. Donna Guerra, our Chief Financial Officer, is available to
provide you with detailed information on those plans to supplement the summary information you have
already received. The Association will make available to you without charge one parking space in
its Union Street parking lot, subject to the rules and procedures of the parking lot operator,
Downtown Parking Service, Inc.



I have discussed with you in confidence our intention to pursue a plan of conversion from our
current mutual form of organization to that of an investor owned stock company. Our Board of
Directors has not made a final commitment to seek regulatory approval for such a plan, and
therefore conversion cannot be assured. If the Association obtains the required regulatory
approvals and undertakes a conversion, you will be eligible to
participate in the company’s
Employee Stock Ownership Plan as well as a stock grant plan and a stock option plan. We would
expect to activate those plans within six to twelve months following an initial public stock
offering. The number of shares allocated to each of these plans will be determined based on
regulatory guidelines and the total number of shares issued in the conversion offering. Your
participation in the ESOP will be a function of your salary in relation to the Association’s total
salary expense. It is our intention to allocate to you approximately 5% of the total shares in the
stock grant plan and approximately 8% of the total shares in the stock option plan.



Mike, I appreciation your interest in Hibernia Homestead and would very much like to see you join
us. I know you understand our limitations in making your salary offer and hope that you share my
confidence in the long term potential of the institution with you in a key leadership position.
Please let me know if you have any questions about this offer. We ask that you respond to the
offer prior to its expiration date of December 3, 2007.



Sincerely yours,




A. Peyton Bush, III

President and Chief Executive Officer