<PAGE>   1
                                                                    EXHIBIT 4.8

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT



                            ENTERBANK HOLDINGS, INC.


                                      and



                            WILMINGTON TRUST COMPANY





                          Dated: _______________, 1999




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<PAGE>   2
                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                       Page
<S>              <C>                                                   <C>
     ARTICLE I - DEFINITIONS AND INTERPRETATION . . . . . . . . . . . . . 1
               1.01 DEFINITIONS AND INTERPRETATIONS. . . . . . . . . . . .1

     ARTICLE II - TRUST INDENTURE ACT  . . . . . . . . . . . . . . . . . .5
               2.01 TRUST INDENTURE ACT; APPLICATION . . . . . . . . . . .5
               2.02 LISTS OF HOLDERS OF SECURITIES . . . . . . . . . . . .5
               2.03 REPORTS BY THE PREFERRED GUARANTEE TRUSTEE . . . . . .5
               2.04 PERIODIC REPORTS TO PREFERRED GUARANTEE TRUSTEE. . . .6
               2.05 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT . . .6
               2.06 EVENTS OF DEFAULT; WAIVER. . . . . . . . . . . . . . .6
               2.07 EVENT OF DEFAULT; NOTICE . . . . . . . . . . . . . . .6
               2.08 CONFLICTING INTERESTS. . . . . . . . . . . . . . . . .6

     ARTICLE III - POWERS, DUTIES AND RIGHTS OF PREFERRED
          GUARANTEE TRUSTEE. . . . . . . . . . . . . . . . . . . . . . . .7
               3.01 POWERS AND DUTIES OF THE PREFERRED GUARANTEE
                    TRUSTEE. . . . . . . . . . . . . . . . . . . . . . . .7
               3.02 CERTAIN RIGHTS OF PREFERRED GUARANTEE TRUSTEE. . . . .9
               3.03 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
                    GUARANTEE. . . . . . . . . . . . . . . . . . . . . . 11
               3.04 COMPENSATION AND REIMBURSEMENT . . . . . . . . . . . 11

     ARTICLE IV - PREFERRED GUARANTEE TRUSTEE . . . . . . . . . . .  . . 11
               4.01 PREFERRED GUARANTEE TRUSTEE; ELIGIBILITY . . . . . . 11
               4.02 APPOINTMENT, REMOVAL AND RESIGNATION OF PREFERRED
          GUARANTEE TRUSTEES . . . . . . . . . . . . . . . . . . . . . . 12

     ARTICLE V - GUARANTEE. . . . . . . . . . . . . . . . . . . . .  . . 13
               5.01 GUARANTEE. . . . . . . . . . . . . . . . . . . . . . 13
               5.02 WAIVER OF NOTICE AND DEMAND. . . . . . . . . . . . . 13
               5.03 OBLIGATIONS NOT AFFECTED . . . . . . . . . . . . . . 13
               5.04 RIGHTS OF HOLDERS. . . . . . . . . . . . . . . . . . 14
               5.05 GUARANTEE OF PAYMENT . . . . . . . . . . . . . . . . 14
               5.06 SUBROGATION. . . . . . . . . . . . . . . . . . . . . 15
               5.07 INDEPENDENT OBLIGATIONS. . . . . . . . . . . . . . . 15

     ARTICLE VI - LIMITATION OF TRANSACTIONS; SUBORDINATION. . . . . . . 15
               6.01 LIMITATION OF TRANSACTIONS . . . . . . . . . . . . . 15
               6.02 RANKING. . . . . . . . . . . . . . . . . . . . . . . 15
</TABLE>


                                       i
<PAGE>   3
<TABLE>
<S>            <C>                                                       <C>
     ARTICLE VII - TERMINATION. . . . . . . . . . . . . . . . . . . . . .16
               7.01 TERMINATION. . . . . . . . . . . . . . . . . . . . . 16

     ARTICLE VIII - MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . 16
               8.01 SUCCESSORS AND ASSIGNS . . . . . . . . . . . . . . . 16
               8.02 AMENDMENTS . . . . . . . . . . . . . . . . . . . . . 16
               8.03 NOTICES. . . . . . . . . . . . . . . . . . . . . . . 16
               8.04 BENEFIT. . . . . . . . . . . . . . . . . . . . . . . 17
               8.05 GOVERNING LAW. . . . . . . . . . . . . . . . . . . . 17
</TABLE>

                                       ii
<PAGE>   4
                      CROSS REFERENCE TABLE


<TABLE>
<CAPTION>
Section of Trust Indenture Act of 1939,          Section of Guarantee Agreement
     as Amended
<S>                                              <C>
     310(a)                                      4.01(a)
     310(b)                                      4.01(c), 2.08
     310(c)                                      Inapplicable
     311(a)                                      2.02(b)
     311(b)                                      2.02(b)
     311(c)                                      Inapplicable
     312(a)                                      2.02(a)
     312(b)                                      2.02(b)
     313                                         2.03
     314(a)                                      2.04
     314(b)                                      Inapplicable
     314(c)                                      2.05
     314(d)                                      Inapplicable
     314(e)                                      1.01, 2.05, 3.02
     314(f)                                      2.01, 3.02
     315(a)                                      3.01(d)
     315(b)                                      2.07
     315(c)                                      3.01
     315(d)                                      3.01(d)
     316(a)                                      1.01, 3.06, 5.04
     316(b)                                      5.03
     316(c)                                      8.02
     317(a)                                      Inapplicable
     317(b)                                      Inapplicable
     318(a)                                      2.01(b)
     318(b)                                      2.01
     318(c)                                      2.01(a)
</TABLE>


                                    iii
<PAGE>   5


            PREFERRED SECURITIES GUARANTEE AGREEMENT


         This GUARANTEE AGREEMENT (the "Preferred Securities Guarantee"), dated
as of ________________, 1999, is executed and delivered by ENTERBANK HOLDINGS,
INC., a Delaware corporation (the "Guarantor"), and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as trustee (the "Preferred Guarantee Trustee"),
for the benefit of the Holders (as defined herein) from time to time of the
Preferred Securities (as defined herein) of EBH CAPITAL TRUST I, a Delaware
statutory business trust ("EBH Trust").

         WHEREAS, pursuant to an Amended and Restated Trust Agreement (the
"Trust Agreement") dated as of _____________, 1999 among the trustees of EBH
Trust named therein, the Guarantor, as sponsor, and the holders from time to
time of undivided beneficial interests in the assets of EBH Trust, EBH Trust is
issuing on the date hereof__________ preferred securities, having an aggregate
liquidation amount of $_______________________ designated the __% Cumulative
Trust Preferred Securities (the "Preferred Securities"); and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Preferred Securities Guarantee, to pay to the
Holders of the Preferred Securities the Guarantee Payments (as defined herein)
and to make certain other payments on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Preferred Securities
Guarantee for the benefit of the Holders.

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

         1.01 DEFINITIONS AND INTERPRETATIONS. In this Preferred Securities
Guarantee, unless the context otherwise requires:

              (a) capitalized terms used in this Preferred Securities Guarantee
but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.01;

              (b) a term defined anywhere in this Preferred Securities
Guarantee has the same meaning throughout;

              (c) all references to "the Preferred Securities Guarantee" or
"this Preferred Securities Guarantee" are to this Preferred Securities Guarantee
as modified, supplemented or amended from time to time;

              (d) all references in this Preferred Securities Guarantee to
Articles and Sections are to Articles and Sections of this Preferred Securities
Guarantee, unless otherwise specified;


<PAGE>   6


              (e) a term defined in the Trust Indenture Act has the same
meaning when used in this Preferred Securities Guarantee, unless otherwise
defined in this Preferred Securities Guarantee or unless the context otherwise
requires; and

              (f) a reference to the singular includes the plural and vice
versa.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

         "Business Day" means any day other than (a) a Saturday or Sunday, (b) a
day on which banking institutions in the State of Missouri are authorized or
required by law or executive order to remain closed, or (c) a day on which the
Preferred Guarantee Trustee's Corporate Trust Office is closed for business.

         "Corporate Trust Office" means the office of the Preferred Guarantee
Trustee at which the corporate trust business of the Preferred Guarantee Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Agreement is located at 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration.

         "Covered Person" means any Holder or beneficial owner of Preferred
Securities.

         "Debt" means with respect to any person, whether recourse is to all or
a portion of the assets of such person and whether or not contingent: (a) every
obligation of such person for money borrowed; (b) every obligation of such
person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (c) every reimbursement obligation of such person with
respect to letters of credit, bankers' acceptances or similar facilities issued
for the account of such person; (d) every obligation of such person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (e) every capital lease obligation of such person; and (f) every
obligation of the type referred to in clauses (a) through (e) of another person
and all dividends of another person the payment of which, in either case, such
person has guaranteed or for which such person is responsible or liable,
directly or indirectly, as obligor or otherwise.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Preferred Securities Guarantee.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by EBH Trust: (a) any accrued and unpaid Distributions (as defined
in the Trust Agreement) that are required to be paid on such Preferred
Securities to the extent EBH Trust shall have funds available therefor, (b) the
redemption price, including all accrued and unpaid Distributions to the date of
redemption (the "Redemption Price") to the extent EBH Trust has funds available
therefor, with respect to any Preferred Securities

                                       2
<PAGE>   7

called for redemption by EBH Trust, and (c) upon a voluntary or involuntary
dissolution, winding-up or termination of EBH Trust (other than in connection
with the distribution of Junior Subordinated Debentures to the Holders in
exchange for Preferred Securities as provided in the Trust Agreement), the
lesser of (i) the aggregate of the liquidation amount and all accrued and unpaid
Distributions on the Preferred Securities to the date of payment, to the extent
EBH Trust shall have funds available therefor, and (ii) the amount of assets of
EBH Trust remaining available for distribution to Holders in liquidation of EBH
Trust (in either case, the "Liquidation Distribution").

         "Holder" shall mean any holder, as registered on the books and records
of EBH Trust of any Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

         "Indemnified Person" means the Preferred Guarantee Trustee, any
Affiliate of the Preferred Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Preferred Guarantee Trustee.

         "Indenture" means the Subordinated Indenture dated as of
_______________, 1999, among the Guarantor (the "Debenture Issuer") and
Wilmington Trust Company, as trustee, and any indenture supplemental thereto
pursuant to which the Junior Subordinated Debentures are to be issued to the
Property Trustee (as defined in the Trust Agreement) of EBH Trust.

         "Junior Subordinated Debentures" means the series of junior
subordinated deferrable interest debt securities of the Guarantor designated the
__% Junior Subordinated Debentures due 2029 held by the Property Trustee of EBH
Trust.

         "Majority in liquidation amount of the Preferred Securities" means,
except as provided by the Trust Indenture Act, a vote by Holders of Preferred
Securities, voting separately as a class, of more than 50% of the liquidation
amount (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined) of all Preferred Securities.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized officers of such Person. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Preferred Securities Guarantee shall include:

              (a) a statement that each officer signing the Officers'
         Certificate has read the covenant or condition and the definition
         relating thereto;

              (b) a brief statement of the nature and scope of the examination
         or investigation undertaken by each officer in rendering the Officers'
         Certificate;

                                       3

<PAGE>   8

              (c) a statement that each such officer has made such examination
         or investigation as, in such officer's opinion, is necessary to enable
         such officer to express an informed opinion as to whether or not such
         covenant or condition has been complied with; and

              (d) a statement as to whether, in the opinion of each such
         officer, such condition or covenant has been complied with.

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Preferred Guarantee Trustee" means Wilmington Trust Company, until a
Successor Preferred Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Guarantee Trustee.

         "Responsible Officer" means, with respect to the Preferred Guarantee
Trustee, any officer within the Corporate Trust Office of the Preferred
Guarantee Trustee with direct responsibility for the administration of this
Preferred Securities Guarantee, including any vice-president, any assistant
vice-president, any assistant secretary, the treasurer, any assistant treasurer
or other officer of the Corporate Trust Office of the Preferred Guarantee
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer's knowledge of and familiarity with the particular
subject.

         "Successor Preferred Guarantee Trustee" means a successor Preferred
Guarantee Trustee possessing the qualifications to act as Preferred Guarantee
Trustee under Section 4.01.

         "Senior and Subordinated Debt" means the principal of (and premium, if
any) and interest, if any (including interest accruing on or after the filing of
any petition in bankruptcy or for reorganization relating to the Guarantor
whether or not such claim for post-petition interest is allowed in such
proceeding), on Debt of the Guarantor, whether incurred on or prior to the date
of the Indenture or thereafter incurred, unless, in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided
that such obligations are not superior in right of payment to the Preferred
Securities Guarantee or to other Debt which is pari passu with, or subordinated
to, the Preferred Securities Guarantee; provided, however, that Senior and
Subordinated Debt shall not be deemed to include (a) any Debt of the Guarantor
which when incurred and without respect to any election under section 1111(b) of
the United States Bankruptcy Code of 1978, as amended, was without recourse to
the Guarantor, (b) any Debt of the Guarantor to any of its subsidiaries, (c) any
Debt to any employee of the Guarantor, (d) any Debt which by its terms is
subordinated to trade accounts payable or accrued liabilities arising in the
ordinary course of business to the extent that payments made to the holders of
such Debt by the holders of the Junior


                                       4
<PAGE>   9

Subordinated Debentures as a result of the subordination provisions of the
Indenture would be greater than they otherwise would have been as a result of
any obligation of such holders to pay amounts over to the obligees on such trade
accounts payable or accrued liabilities arising in the ordinary course of
business as a result of the subordination provisions to which such Debt is
subject, (e) the Junior Subordinated Debentures, and (f) any other debt
securities issued pursuant to the Indenture.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

                                   ARTICLE II
                               TRUST INDENTURE ACT

         2.01 TRUST INDENTURE ACT; APPLICATION.

              (a) This Preferred Securities Guarantee is subject to the
         provisions of the Trust Indenture Act that are required to be part of
         this Preferred Securities Guarantee and shall, to the extent
         applicable, be governed by such provisions; and

              (b) If and to the extent that any provision of this Preferred
         Securities Guarantee limits, qualifies or conflicts with the duties
         imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
         such imposed duties shall control.

         2.02 LISTS OF HOLDERS OF SECURITIES.

              (a) The Guarantor shall provide the Preferred Guarantee Trustee
         with a list, in such form as the Preferred Guarantee Trustee may
         reasonably require, of the names and addresses of the Holders of the
         Preferred Securities ("List of Holders") (i) on or before January 15
         and July 15 of each year, and (ii) at any other time within 30 days of
         receipt by the Guarantor of a written request for a List of Holders, as
         of a date no more than 14 days before such List of Holders is given to
         the Preferred Guarantee Trustee provided, that the Guarantor shall not
         be obligated to provide such List of Holders at any time the List of
         Holders does not differ from the most recent List of Holders given to
         the Preferred Guarantee Trustee by the Guarantor. The Preferred
         Guarantee Trustee may destroy any List of Holders previously given to
         it on receipt of a new List of Holders.

              (b) The Preferred Guarantee Trustee shall comply with its
         obligations under Sections 311(a), 311(b) and Section 312(b) of the
         Trust Indenture Act.

         2.03 REPORTS BY THE PREFERRED GUARANTEE TRUSTEE. On or before July 31
of each year, the Preferred Guarantee Trustee shall provide to the Holders of
the Preferred Securities such reports as are required by Section 313 of the
Trust Indenture Act, if any, in the form and in the manner provided by Section
313 of the Trust Indenture Act. The Preferred Guarantee Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture Act.


                                       5
<PAGE>   10

         2.04 PERIODIC REPORTS TO PREFERRED GUARANTEE TRUSTEE. The Guarantor
shall provide to the Preferred Guarantee Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act, if any, and
the compliance certificate required by Section 314 of the Trust Indenture Act in
the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

         2.05 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. The Guarantor
shall provide to the Preferred Guarantee Trustee such evidence of compliance
with the conditions precedent, if any, provided for in this Preferred Securities
Guarantee that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an
officer pursuant to Section 314(c)(1) may be given in the form of an Officers'
Certificate.

         2.06 EVENTS OF DEFAULT; WAIVER. The Holders of a Majority in
liquidation amount of Preferred Securities may, by vote, on behalf of the
Holders of all of the Preferred Securities, waive any past Event of Default and
its consequences. Upon such waiver, any such Event of Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Preferred Securities Guarantee, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon.

         2.07 EVENT OF DEFAULT; NOTICE.

              (a) The Preferred Guarantee Trustee shall, within 90 days after
         the occurrence of an Event of Default, transmit by mail, first class
         postage prepaid, to the Holders of the Preferred Securities, notices of
         all Events of Default actually known to a Responsible Officer of the
         Preferred Guarantee Trustee, unless such defaults have been cured
         before the giving of such notice, provided, that, the Preferred
         Guarantee Trustee shall be protected in withholding such notice if and
         so long as a Responsible Officer of the Preferred Guarantee Trustee in
         good faith determines that the withholding of such notice is in the
         interests of the Holders of the Preferred Securities.

              (b) The Preferred Guarantee Trustee shall not be deemed to have
         knowledge of any Event of Default unless the Preferred Guarantee
         Trustee shall have received a properly addressed written notice, or of
         which a Responsible Officer of the Preferred Guarantee Trustee charged
         with the administration of the Trust Agreement shall have obtained
         actual knowledge.

         2.08 CONFLICTING INTERESTS. The Trust Agreement shall be deemed to be
specifically described in this Preferred Securities Guarantee for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.


                                       6
<PAGE>   11

                                   ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                           PREFERRED GUARANTEE TRUSTEE

         3.01 POWERS AND DUTIES OF THE PREFERRED GUARANTEE TRUSTEE.

              (a) This Preferred Securities Guarantee shall be held by the
         Preferred Guarantee Trustee for the benefit of the Holders of the
         Preferred Securities, and the Preferred Guarantee Trustee shall not
         transfer this Preferred Securities Guarantee to any Person except a
         Holder of Preferred Securities exercising such Holder's rights pursuant
         to Section 5.04(b) or to a Successor Preferred Guarantee Trustee on
         acceptance by such Successor Preferred Guarantee Trustee of its
         appointment to act as Successor Preferred Guarantee Trustee. The right,
         title and interest of the Preferred Guarantee Trustee shall
         automatically vest in any Successor Preferred Guarantee Trustee, and
         such vesting and cessation of title shall be effective whether or not
         conveyancing documents have been executed and delivered pursuant to the
         appointment of such Successor Preferred Guarantee Trustee.

              (b) If an Event of Default actually known to a Responsible
         Officer of the Preferred Guarantee Trustee has occurred and is
         continuing, the Preferred Guarantee Trustee shall enforce this
         Preferred Securities Guarantee for the benefit of the Holders of the
         Preferred Securities.

              (c) The Preferred Guarantee Trustee, before the occurrence of any
         Event of Default and after the curing of all Events of Default that may
         have occurred, shall undertake to perform only such duties as are
         specifically set forth in this Preferred Securities Guarantee, and no
         implied covenants shall be read into this Preferred Securities
         Guarantee against the Preferred Guarantee Trustee. In case an Event of
         Default has occurred (that has not been cured or waived pursuant to
         Section 2.06) and is actually known to a Responsible Officer of the
         Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall
         exercise such of the rights and powers vested in it by this Preferred
         Securities Guarantee, and use the same degree of care and skill in its
         exercise thereof, as a prudent person would exercise or use under the
         circumstances in the conduct of such person's own affairs.

              (d) No provision of this Preferred Securities Guarantee shall be
         construed to relieve the Preferred Guarantee Trustee from liability for
         its own negligent action, its own negligent failure to act, or its own
         willful misconduct, except that:

                  (i) prior to the occurrence of any Event of Default and after
              the curing or waiving of all such Events of Default that may have
              occurred:

                      (A) the duties and obligations of the Preferred Guarantee
                  Trustee shall be determined solely by the express provisions
                  of this Preferred Securities Guarantee, and the Preferred
                  Guarantee Trustee shall not be liable

                                       7
<PAGE>   12


                  except for the performance of such duties and obligations
                  as are specifically set forth in this Preferred Securities
                  Guarantee, and no implied covenants or obligations shall be
                  read into this Preferred Securities Guarantee against the
                  Preferred Guarantee Trustee; and


                      (B) in the absence of bad faith on the part of the
                  Preferred Guarantee Trustee, the Preferred Guarantee Trustee
                  may conclusively rely, as to the truth of the statements and
                  the correctness of the opinions expressed therein, upon any
                  certificates or opinions furnished to the Preferred Guarantee
                  Trustee and conforming to the requirements of this Preferred
                  Securities Guarantee; but in the case of any such certificates
                  or opinions that by any provision hereof are specifically
                  required to be furnished to the Preferred Guarantee Trustee,
                  the Preferred Guarantee Trustee shall be under a duty to
                  examine the same to determine whether or not they conform to
                  the requirements of this Preferred Securities Guarantee;

                  (ii) the Preferred Guarantee Trustee shall not be liable for
              any error of judgment made in good faith by a Responsible Officer
              of the Preferred Guarantee Trustee, unless it shall be proved that
              the Preferred Guarantee Trustee was negligent in ascertaining the
              pertinent facts upon which such judgment was made;

                  (iii) the Preferred Guarantee Trustee shall not be liable with
              respect to any action taken or omitted to be taken by it in good
              faith in accordance with the direction of the Holders of not less
              than a Majority in liquidation amount of the Preferred Securities
              relating to the time, method and place of conducting any
              proceeding for any remedy available to the Preferred Guarantee
              Trustee, or exercising any trust or power conferred upon the
              Preferred Guarantee Trustee under this Preferred Securities
              Guarantee; and

                  (iv) no provision of this Preferred Securities Guarantee shall
              require the Preferred Guarantee Trustee to expend or risk its own
              funds or otherwise incur personal financial liability in the
              performance of any of its duties or in the exercise of any of its
              rights or powers if the Preferred Guarantee Trustee shall have
              reasonable grounds for believing that the repayment of such funds
              or liability is not reasonably assured to it under the terms of
              this Preferred Securities Guarantee or indemnity, reasonably
              satisfactory to the Preferred Guarantee Trustee, against such risk
              or liability is not reasonably assured to it.

                                       8
<PAGE>   13


         3.02 CERTAIN RIGHTS OF PREFERRED GUARANTEE TRUSTEE.

              (a)  Subject to the provisions of Section 3.01:

                  (i) The Preferred Guarantee Trustee may conclusively rely
              upon, and shall be fully protected in acting or refraining from
              acting upon, any resolution, certificate, statement, instrument,
              opinion, report, notice, request, direction, consent, order, bond,
              debenture, note, other evidence of indebtedness or other paper or
              document believed by it to be genuine and to have been signed,
              sent or presented by the proper party or parties.

                  (ii) Any direction or act of the Guarantor contemplated by
              this Preferred Securities Guarantee shall be sufficiently
              evidenced by an Officers' Certificate.

                  (iii) Whenever, in the administration of this Preferred
              Securities Guarantee, the Preferred Guarantee Trustee shall deem
              it desirable that a matter be proved or established before taking,
              suffering or omitting any action hereunder, the Preferred
              Guarantee Trustee (unless other evidence is herein specifically
              prescribed) may, in the absence of bad faith on its part, request
              and conclusively rely upon an Officers' Certificate which, upon
              receipt of such request, shall be promptly delivered by the
              Guarantor.

                  (iv) The Preferred Guarantee Trustee shall have no duty to see
              to any recording, filing or registration of any instrument (or any
              re-recording, re-filing or registration thereof).

                  (v) The Preferred Guarantee Trustee may consult with counsel,
              and the written advice or opinion of such counsel with respect to
              legal matters shall be full and complete authorization and
              protection in respect of any action taken, suffered or omitted by
              it hereunder in good faith and in accordance with such advice or
              opinion. Such counsel may be counsel to the Guarantor or any of
              its Affiliates and may include any of its employees. The Preferred
              Guarantee Trustee shall have the right at any time to seek
              instructions concerning the administration of this Preferred
              Securities Guarantee from any court of competent jurisdiction.

                  (vi) The Preferred Guarantee Trustee shall be under no
              obligation to exercise any of the rights or powers vested in it by
              this Preferred Securities Guarantee at the request or direction of
              any Holder, unless such Holder shall have provided to the
              Preferred Guarantee Trustee such security and indemnity,
              reasonably satisfactory to the Preferred Guarantee Trustee,
              against the costs, expenses (including attorneys' fees and
              expenses and the expenses of the Preferred Guarantee Trustee's
              agents, nominees or custodians) and liabilities that might be
              incurred by it in complying with such request or direction,
              including such reasonable advances as may be requested


                                       9
<PAGE>   14

              by the Preferred Guarantee Trustee; provided that, nothing
              contained in this Section 3.02(a)(vi) shall be taken to relieve
              the Preferred Guarantee Trustee, upon the occurrence of an Event
              of Default, of its obligation to exercise the rights and powers
              vested in it by this Preferred Securities Guarantee.

                  (vii) The Preferred Guarantee Trustee shall not be bound to
              make any investigation into the facts or matters stated in any
              resolution, certificate, statement, instrument, opinion, report,
              notice, request, direction, consent, order, bond, debenture, note,
              other evidence of indebtedness or other paper or document, but the
              Preferred Guarantee Trustee, in its discretion, may make such
              further inquiry or investigation into such facts or matters as it
              may see fit.

                  (viii) The Preferred Guarantee Trustee may execute any of the
              trusts or powers hereunder or perform any duties hereunder either
              directly or by or through agents, nominees, custodians or
              attorneys, and the Preferred Guarantee Trustee shall not be
              responsible for any misconduct or negligence on the part of any
              agent or attorney appointed with due care by it hereunder.

                  (ix) Any action taken by the Preferred Guarantee Trustee or
              its agents hereunder shall bind the Holders of the Preferred
              Securities, and the signature of the Preferred Guarantee Trustee
              or its agents alone shall be sufficient and effective to perform
              any such action. No third party shall be required to inquire as to
              the authority of the Preferred Guarantee Trustee to so act or as
              to its compliance with any of the terms and provisions of this
              Preferred Securities Guarantee, both of which shall be
              conclusively evidenced by the Preferred Guarantee Trustee's or its
              agent's taking such action.

                  (x) Whenever in the administration of this Preferred
              Securities Guarantee the Preferred Guarantee Trustee shall deem it
              desirable to receive instructions with respect to enforcing any
              remedy or right or taking any other action hereunder, the
              Preferred Guarantee Trustee (A) may request instructions from the
              Holders of a Majority in liquidation amount of the Preferred
              Securities, (B) may refrain from enforcing such remedy or right or
              taking such other action until such instructions are received, and
              (C) shall be protected in conclusively relying on or acting in
              accordance with such instructions.

              (b) No provision of this Preferred Securities Guarantee shall be
deemed to impose any duty or obligation on the Preferred Guarantee Trustee to
perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it in any jurisdiction in which it shall be illegal, or
in which the Preferred Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise
any such right, power, duty or obligation. No permissive power or authority
available to the Preferred Guarantee Trustee shall be construed to be a duty.


                                       10
<PAGE>   15

        3.03 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE. The
recitals contained in this Preferred Securities Guarantee shall be taken as the
statements of the Guarantor, and the Preferred Guarantee Trustee does not assume
any responsibility for their correctness. The Preferred Guarantee Trustee makes
no representation as to the validity or sufficiency of this Preferred Securities
Guarantee.

        3.04 COMPENSATION AND REIMBURSEMENT.

             (a) The Guarantor covenants and agrees to pay to the Preferred
        Guarantor Trustee, and the Preferred Guarantor Trustee shall be entitled
        to, such reasonable compensation (which shall not be limited by any
        provision of law in regard to the compensation of a trustee of an
        express trust), as the Guarantor and the Preferred Guarantor Trustee may
        from time to time agree in writing, for all services rendered by it in
        the execution of the trusts hereby created and in the exercise and
        performance of any of the powers and duties hereunder of the Preferred
        Guarantee Trustee, and, except as otherwise expressly provided herein,
        the Guarantor will pay or reimburse the Preferred Guarantor Trustee upon
        its request for all reasonable expenses, disbursements and advances
        incurred or made by the Preferred Guarantor Trustee in accordance with
        any of the provisions of this Preferred Securities Guarantee (including
        the reasonable compensation and the expenses and disbursements of its
        counsel and of all Persons not regularly in its employ) except any such
        expense, disbursement or advance as may arise from its negligence or bad
        faith. The Guarantor also covenants to indemnify the Preferred Guarantor
        Trustee (and its officers, agents, directors and employees) for, and to
        hold it harmless against, any loss, liability or expense incurred
        without negligence or bad faith on the part of the Preferred Guarantor
        Trustee and arising out of or in connection with the acceptance or
        administration of this trust, including the costs and expenses of
        defending itself against any claims of liability in the premises.

             (b) When the Preferred Guarantor Trustee incurs expenses or
        renders services after an Event of Default specified in Section
        7.01(iv), (v) or (vi) of the Indenture occurs, the expenses and the
        compensation for the services are intended to constitute expenses of
        administration under the Bankruptcy Reform Act of 1978 or any successor
        statute.


                                   ARTICLE IV
                           PREFERRED GUARANTEE TRUSTEE

        4.01 PREFERRED GUARANTEE TRUSTEE; ELIGIBILITY.

             (a) There shall at all times be a Preferred Guarantee Trustee
        which shall:

                (i)  not be an Affiliate of the Guarantor; and



                                       11
<PAGE>   16


              (ii) be a corporation organized and doing business under the laws
        of the United States of America or any state or territory thereof or of
        the District of Columbia, or a corporation or Person permitted by the
        Securities and Exchange Commission to act as an institutional trustee
        under the Trust Indenture Act, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of at
        least $50,000,000, and subject to supervision or examination by federal,
        state, territorial or District of Columbia authority. If such
        corporation publishes reports of condition at least annually, pursuant
        to law or to the requirements of the supervising or examining authority
        referred to above, then, for the purposes of this Section 4.01(a)(ii),
        the combined capital and surplus of such corporation shall be deemed to
        be its combined capital and surplus as set forth in its most recent
        report of condition so published.

              (b) If at any time the Preferred Guarantee Trustee shall cease to
        be eligible to so act under Section 4.01(a), the Preferred Guarantee
        Trustee shall immediately resign in the manner and with the effect set
        out in Section 4.02(c).

              (c) If the Preferred Guarantee Trustee has or shall acquire any
        "conflicting interest" within the meaning of Section 310(b) of the Trust
        Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in
        all respects comply with the provisions of Section 310(b) of the Trust
        Indenture Act.

              4.02 APPOINTMENT, REMOVAL AND RESIGNATION OF PREFERRED GUARANTEE
TRUSTEES.

              (a) Subject to Section 4.02(b), the Preferred Guarantee Trustee
        may be appointed or removed without cause at any time by the Guarantor.

              (b) The Preferred Guarantee Trustee shall not be removed in
        accordance with Section 4.02(a) until a Successor Preferred Guarantee
        Trustee has been appointed and has accepted such appointment by written
        instrument executed by such Successor Preferred Guarantee Trustee and
        delivered to the Guarantor.

              (c) The Preferred Guarantee Trustee appointed to office shall hold
        office until a Successor Preferred Guarantee Trustee shall have been
        appointed or until its removal or resignation. The Preferred Guarantee
        Trustee may resign from office (without need for prior or subsequent
        accounting) by an instrument in writing executed by the Preferred
        Guarantee Trustee and delivered to the Guarantor, which resignation
        shall not take effect until a Successor Preferred Guarantee Trustee has
        been appointed and has accepted such appointment by instrument in
        writing executed by such Successor Preferred Guarantee Trustee and
        delivered to the Guarantor and the resigning Preferred Guarantee
        Trustee.


                                       12
<PAGE>   17


              (d) If no Successor Preferred Guarantee Trustee shall have been
        appointed and accepted appointment as provided in this Section 4.02
        within 60 days after delivery to the Guarantor of an instrument of
        resignation, the resigning Preferred Guarantee Trustee may petition any
        court of competent jurisdiction for appointment of a Successor Preferred
        Guarantee Trustee. Such court may thereupon, after prescribing such
        notice, if any, as it may deem proper, appoint a Successor Preferred
        Guarantee Trustee.

              (e) No Preferred Guarantee Trustee shall be liable for the acts or
        omissions to act of any Successor Preferred Guarantee Trustee.

              (f) Upon termination of this Preferred Securities Guarantee or
        removal or resignation of the Preferred Guarantee Trustee pursuant to
        this Section 4.02, the Guarantor shall pay to the Preferred Guarantee
        Trustee all amounts accrued to the date of such termination, removal or
        resignation.

                                    ARTICLE V
                                    GUARANTEE

              5.01 GUARANTEE. The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without duplication
of amounts theretofore paid by EBH Trust), as and when due, regardless of any
defense, right of set-off or counterclaim that EBH Trust may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
EBH Trust to pay such amounts to the Holders.

              5.02 WAIVER OF NOTICE AND DEMAND. The Guarantor hereby waives
notice of acceptance of this Preferred Securities Guarantee and of any liability
to which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against EBH Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

              5.03 OBLIGATIONS NOT AFFECTED. The obligations, covenants,
agreements and duties of the Guarantor under this Preferred Securities Guarantee
shall in no way be affected or impaired by reason of the happening from time to
time of any of the following:

              (a) the release or waiver, by operation of law or otherwise, of
        the Performance or observance by EBH Trust of any express or implied
        agreement, covenant, term or condition relating to the Preferred
        Securities to be performed or observed by EBH Trust;

              (b) the extension of time for the payment by EBH Trust of all or
        any portion of the Distributions, Redemption Price, Liquidation
        Distribution or any other sums payable under the terms of the Preferred
        Securities or the extension of time for the performance of any other
        obligation under, arising out of, or in connection with, the Preferred
        Securities


                                       13
<PAGE>   18

        (other than an extension of time for payment of Distributions,
        Redemption Price, Liquidation Distribution or other sum payable that
        results from the extension of any interest payment period on the Junior
        Subordinated Debentures or any extension of the maturity date of the
        Junior Subordinated Debentures permitted by the Indenture);

              (c) any failure, omission, delay or lack of diligence on the part
        of the Holders to enforce, assert or exercise any right, privilege,
        power or remedy conferred on the Holders pursuant to the terms of the
        Preferred Securities, or any action on the part of EBH Trust granting
        indulgence or extension of any kind;

              (d) the voluntary or involuntary liquidation, dissolution, sale of
        any collateral, receivership, insolvency, bankruptcy, assignment for the
        benefit of creditors, reorganization, arrangement, composition or
        readjustment of debt of, or other similar proceedings affecting, EBH
        Trust or any of the assets of EBH Trust;

              (e) any invalidity of, or defect or deficiency in, the Preferred
        Securities;

              (f) the settlement or compromise of any obligation guaranteed
        hereby or hereby incurred; or

              (g) any other circumstance whatsoever that might otherwise
        constitute a legal or equitable discharge or defense of a guarantor, it
        being the intent of this Section 5.03 that the obligations of the
        Guarantor hereunder shall be absolute and unconditional under any and
        all circumstances.

        There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

        5.04 RIGHTS OF HOLDERS.

              (a) The Holders of a Majority in liquidation amount of the
        Preferred Securities have the right to direct the time, method and place
        of conducting of any proceeding for any remedy available to the
        Preferred Guarantee Trustee in respect of this Preferred Securities
        Guarantee or exercising any trust or power conferred upon the Preferred
        Guarantee Trustee under this Preferred Securities Guarantee.

              (b) Any Holder of Preferred Securities may institute a legal
        proceeding directly against the Guarantor to enforce its rights under
        this Preferred Securities Guarantee, without first instituting a legal
        proceeding against EBH Trust, the Preferred Guarantee Trustee or any
        other Person.

       5.05 GUARANTEE OF PAYMENT.  This Preferred Securities Guarantee creates a
Guarantee of payment and not of collection.


                                       14
<PAGE>   19

       5.06 SUBROGATION. The Guarantor shall be subrogated to all (if any)
rights of the Holders of Preferred Securities against EBH Trust in respect of
any amounts paid to such Holders by the Guarantor under this Preferred
Securities Guarantee; provided, however, that the Guarantor shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Preferred Securities Guarantee, if, at the time of any such payment, any amounts
are due and unpaid under this Preferred Securities Guarantee. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the
Guarantor agrees to hold such amount in trust for the Holders and to pay over
such amount to the Holders.

       5.07 INDEPENDENT OBLIGATIONS. The Guarantor acknowledges that its
obligations hereunder are independent of the obligations of EBH Trust with
respect to the Preferred Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Preferred Securities Guarantee notwithstanding the occurrence of
any event referred to in subsections (a) through (g), inclusive, of Section
5.03.

                                   ARTICLE VI
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

       6.01 LIMITATION OF TRANSACTIONS. So long as any Preferred Securities
remain outstanding, if there shall have occurred and be continuing an Event of
Default or an event of default under the Trust Agreement, then (a) the Guarantor
shall not declare or pay any dividend or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of its capital
stock, (b) the Guarantor shall not make any payment of interest, principal or
premium, if any, on or repay, repurchase or redeem any debt securities issued by
the Guarantor (including other Junior Subordinated Debentures) which rank pari
passu with or junior in interest to the Junior Subordinated Debentures or (c)
the Guarantor shall not make any guarantee payments with respect to any
guarantee by the guarantor of the debt securities of any subsidiary of the
Guarantor if such guarantee ranks pari passu or junior in interest to the Junior
Subordinated Debentures (other than (i) dividends or distributions in common
stock, (ii) any declaration of a dividend in connection with the implementation
of a shareholders' rights plan, or the issuance of stock under any such plan in
the future or the redemption or repurchase of any such rights pursuant thereto,
(iii) payments under this Preferred Securities Guarantee and (iv) purchases of
common stock related to the issuances of common stock or rights under any of the
Guarantor's benefit plans for its directors, officers or employees).

       6.02 RANKING. This Preferred Securities Guarantee will constitute an
unsecured obligation of the Guarantor and will rank subordinate and junior in
right of payment to all Senior and Subordinated Debt of the Guarantor.



                                       15
<PAGE>   20

                                   ARTICLE VII
                                   TERMINATION

       7.01 TERMINATION. This Preferred Securities Guarantee shall terminate
upon (a) full payment of the Redemption Price of all Preferred Securities, (b)
upon full payment of the amounts payable in accordance with the Trust Agreement
upon liquidation of EBH Trust or (c) upon distribution of the Junior
Subordinated Debentures to the Holders of the Preferred Securities.
Notwithstanding the foregoing, this Preferred Securities Guarantee will continue
to be effective or will be reinstated, as the case may be, if at any time any
Holder of Preferred Securities must restore payment of any sums paid under the
Preferred Securities or under this Preferred Securities Guarantee.


                                  ARTICLE VIII
                                  MISCELLANEOUS

       8.01 SUCCESSORS AND ASSIGNS. All guaranties and agreements contained in
this Preferred Securities Guarantee shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the
benefit of the Holders of the Preferred Securities then outstanding.

       8.02 AMENDMENTS. Except with respect to any changes that do not
materially adversely affect the rights of Holders (in which case no consent of
Holders will be required), this Preferred Securities Guarantee may only be
amended with the prior approval of the Holders of at least a Majority in
liquidation amount of the Preferred Securities. The provisions of Article VI of
the Trust Agreement with respect to meetings of Holders of the Securities apply
to the giving of such approval.

       8.03 NOTICES. All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by registered or certified mail, as
follows:

              (a) If given to the Preferred Guarantee Trustee, at the Preferred
       Guarantee Trustee's mailing address set forth below (or such other
       address as the Preferred Guarantee Trustee may give notice of to the
       Holders of the Preferred Securities):

                            WILMINGTON TRUST COMPANY
                            1100 North Market Street
                            Wilmington, Delaware 19890
                            Attention: Corporate Trust Administration


                                       16
<PAGE>   21


              (b) If given to the Guarantor, at the Guarantor's mailing address
       set forth below (or such other address as the Guarantor may give notice
       of to the Holders of the Preferred Securities):

                            ENTERBANK HOLDINGS, INC.
                            150 North Meramec
                            Clayton, Missouri 63105
                            Attention: Chief Executive Officer

              (c) If given to any Holder of Preferred Securities, at the address
       set forth on the books and records of EBH Trust.

       All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

       8.04 BENEFIT. This Preferred Securities Guarantee is solely for the
benefit of the Holders of the Preferred Securities and, subject to Section
3.01(a), is not separately transferable from the Preferred Securities.

       8.05 GOVERNING LAW. THIS PREFERRED SECURITIES GUARANTEE, INCLUDING THE
IMMUNITIES AND THE STANDARD OF CARE OF THE TRUSTEE, SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MISSOURI.
THIS PREFERRED SECURITIES GUARANTEE is executed as of the day and year first
above written.

                                     ENTERBANK HOLDINGS, INC.,
                                     as Guarantor


                                     By:
                                        ---------------------------------------
                                        Chief Executive Officer

                                     WILMINGTON TRUST COMPANY,
                                     as Preferred Guarantee Trustee


                                     By:
                                        ---------------------------------------
                                     Name:
                                          -------------------------------------
                                     Title:
                                           ------------------------------------



                                       17