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                           CHANGE IN CONTROL AGREEMENT


         This Change in Control Agreement ("Agreement") is made and entered into
on December 31, 2003 (the "Effective Date") by and among Lisa Fowler
("Executive"), Clover Leaf Bank, an Illinois-chartered commercial bank (the
"Bank"), and Clover Leaf Financial Corp., a Delaware corporation (the "Holding
Company").

                                    RECITALS

       A. Executive is currently employed as the Senior Lender/Senior Vice
President of the Bank and the Holding Company.

       B. The Bank, the Holding Company, and Executive desire for Executive to
receive severance pay and other benefits as set forth in this Agreement if
Executive's employment with the Bank is terminated in connection with a sale of
the Bank, all on the terms and conditions set forth below.

                                    AGREEMENT

       In consideration of the mutual promises contained in this Agreement, the
parties agree as follows:

       1. TERM OF AGREEMENT. The term of this Agreement shall commence on the
Effective Date and shall continue for so long as Executive is employed by the
Bank or any Affiliate, whether pursuant to any subsequent agreement or as an
at-will employee, unless otherwise agreed in writing by the parties.

       2. CHANGE IN CONTROL.

       (a) For purposes of this Agreement, a "Change in Control" means the
occurrence of any of the following events:

       (i) The consummation of a transaction that results in the reorganization,
       merger, or consolidation of the Holding Company or the Bank with one or
       more other persons. For purposes of this Section 2, the term "person"
       shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2)
       of the Securities Exchange Act of 1934.

       (ii) The acquisition by any person or by any persons acting in concert of
       (A) all or substantially all of the assets of the Holding Company or the
       Bank (B) or the acquisition of beneficial ownership (within the meaning
       of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of
       50% or more of the outstanding securities of the Holding Company entitled
       to vote generally in the election of directors ("Voting Shares").

       (iii) The complete liquidation or dissolution of the Holding Company or
       the Bank.

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<PAGE>

       (b) Notwithstanding the foregoing, in no event shall a Change in Control
be deemed to have occurred as a result of any acquisition of securities or
assets of the Company, the Bank, or any other Affiliate by the Company, the
Bank, any other Affiliate, any employee benefit plan maintained by any of them,
or individuals or entities which own, collectively, immediately prior to the
transaction at issue, more than 50% of the Voting Shares.

       (c) The person(s) that acquire in connection with any Change in Control
the beneficial ownership of 50% or more of the outstanding Voting Shares or all
or substantially all of the assets of the Holding Company or the Bank, and any
subsidiary or affiliate of such person(s) which operates the Bank's business
after a Change in Control, are referred to in this Agreement collectively as the
"Acquirer."

       3. CHANGE IN CONTROL NOTICE. The Bank agrees to give Executive at least
60 days advance written notice ("Change in Control Notice") of any proposed or
anticipated Change in Control or, if it is not practicable for the Bank to give
Executive at least 60 days advance notice, then the Bank shall give Executive a
Change in Control Notice as soon as practicable in the circumstances. For
purposes of the calculations in Section 4, the Bank will be deemed to have given
Executive a Change in Control Notice on the date (the "Change of Control Notice
Date") that is the earliest of: (i) the date it actually gives Executive a
Change in Control Notice, (ii) a transaction that could result in a Change in
Control is approved by the Bank Board, the Holding Company Board, or the
Company's Shareholders, if Executive has actual knowledge of such approval or is
given notice (stating that such transaction will be considered at such meeting)
of the meeting; (iii) a transaction that could result in a Change in Control is
considered at a meeting of the Bank Board, the Holding Company Board, or the
Holding Company's Shareholders if Executive attends or is given notice (stating
that such transaction will be considered at such meeting) of the meeting; or
(iv) an application for approval of a Change in Control is submitted to any
government regulatory agency (the approval of which is required to effectuate a
Change in Control) if Executive has actual notice that such an application is
submitted.

       4. EXECUTIVE'S RIGHTS UPON A CHANGE IN CONTROL.

       (a) Executive shall have the right to receive the Severance Package (as
defined below) upon the occurrence of any of the following:

       (i) Executive's employment is terminated, other than for Cause, whether
       pursuant to the Bank's or any Affiliate's rights under any subsequent
       agreement or at-will employment arrangement, during the period beginning
       on the Change in Control Notice Date and ending on the date the Change in
       Control is effective ("Change in Control Effective Date").

       (ii) The Acquirer does not offer employment to Executive as a
       management-level employee prior to the Change in Control Effective Date
       and Executive does not become employed by the Acquirer after the Change
       in Control Effective Date; or

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<PAGE>

       (iii) The Acquirer offers employment to Executive prior to the Change in
       Control Effective Date as a management-level employee and Executive
       declines such offer of employment because it is not comparable to
       Executive's employment by the Bank (or other Affiliate) and Executive
       does not become employed by the Acquirer after the Change in Control
       Effective Date. An offer of employment shall be deemed not comparable to
       Executive's employment by the Bank (or other Affiliate) if:

              (A) The offer is for a term that expires in less than 12 months;
              or

              (B) The offer is for less salary and/or substantially reduced
              benefits than the salary and benefits provided to Executive by the
              Bank or any Affiliate at the Change in Control Notice Date.

                     (1) The Acquirer shall be deemed to have offered Executive
                     comparable benefits if the Acquirer offers to pay Executive
                     additional cash compensation in an amount reasonably
                     calculated, taking into account income taxes, to equal the
                     cost to Executive of acquiring the difference in benefits
                     offered by the Acquirer compared to those provided to
                     Executive by the Bank (or other Affiliate) at the Change in
                     Control Notice Date. For purposes of this paragraph only,
                     "benefits" shall include retirement plans, health
                     insurance, life insurance, disability insurance, and other
                     items of employee benefits.

       (b) The Severance Package shall consist of:

       (i) Monthly payments, commencing 30 days after the Change in Control
       Effective Date and payable on the same day of each calendar month
       thereafter for a total of 12 payments, in an amount equal to the greater
       of (A) $ 6,250.00 per month, or (B) the amount of monthly salary
       Executive is receiving from the Bank (or other Affiliate) at the Change
       in Control Notice Date, or at the time the Change in Control Effective
       Date, whichever is greater.

       (ii) Payment of Executive's health insurance premiums for 12 months after
       the termination of Executive's employment by the Bank (or other
       Affiliate), provided that Executive shall be responsible to make a proper
       COBRA election in order to qualify for continued health insurance
       coverage. Provided further, the liability of the Bank and the Holding
       Company pursuant to this paragraph shall not in any case exceed the
       amount of such insurance premiums. In no case shall the Bank be liable
       for any medical expenses or other amount in excess of the cost of such
       premiums.


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<PAGE>

       (c) Executive shall immediately notify the Bank and the Holding Company
in writing: (i) of any offer of Employment by the Acquirer or any related or
affiliated entity or individual, if such offer is made prior to or on the Change
in Control Effective Date, which notice by Executive shall include all material
terms and conditions of such offer, and (ii) if Executive becomes employed by
the Acquirer or any related or affiliated entity or individual prior to or as of
the Change in Control Effective Date, which notice by Executive shall include
all material terms and conditions of such employment.

       (d) In the event of a material breach of this Agreement by the Bank of
the Holding Company (but without regard to any act or omission of the Acquirer)
that is not cured (if it can be cured) within a reasonable time (not to exceed
30 days) after notice of the breach and demand for cure is given to the Bank and
the Holding Company by Executive, all amounts described in paragraph (b)(i) of
this Section 4 that are otherwise payable pursuant to the terms of this Section
4 (without regard to this paragraph (d)) shall be accelerated and become
immediately due and payable to Executive. This shall not relieve the Bank and
the Holding Company of the obligation to continue paying Executive's health
insurance premiums pursuant to paragraph (b)(ii) of this Section 4 for the time
period provided for therein.

       (e) In the event that Executive becomes entitled to the Severance
Package, the Bank or the Holding Company shall, on or before the Change in
Control Effective Date, provide reasonable security for payment of the amounts
due to Executive pursuant to this Section 4. Such security may include the Bank
or the Holding Company:

       (i) purchasing an annuity for Executive that will pay him at least the
       amount due to him pursuant to paragraph (b)(i) of this Section 4 over the
       same time period;

       (ii) paying an amount equal to the amounts payable pursuant to paragraph
       (b) of this Section 4 into escrow with an independent escrow agent
       pursuant to an escrow agreement that allows Executive to demand the
       escrowed amount to the extend the Bank and the Holding Company default in
       payment of those amounts;

       (iii) providing a letter of credit to secure the obligations to Executive
       pursuant to this Section 4; or

       (iv) providing reasonable security for the obligations to Executive under
       this Section 4 by other means.

       (f) Notwithstanding the preceding paragraphs of this Section 4, in no
event shall the aggregate payments or benefits to be made or afforded to
Executive as the Severance Package constitute an "excess parachute payment" as
defined in Section 280G of the Internal Revenue Code or any successor thereto,
or any similar provision or any subsequent federal tax law, and in order to
avoid such a result, the Bank (or other Affiliate) will reduce the payments
and/or benefits so that their aggregate value is one dollar ($1.00) less than an
amount equal to three (3) times Executive's "base amount," as determined in
accordance with said Section 280G.

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<PAGE>

       (g) Notwithstanding anything else, Executive shall not have the right to
receive the Severance Package if his employment is terminated by the Bank (or
other Affiliate), or is not offered employment as a management-level employee by
the Acquirer, for Cause, as is stated below in paragraph (g)(i)(d) of this
Section 4.

       (i) Termination. This Agreement shall terminate upon the first of the
       following to occur:

       (a) The end of the Employment Term, unless extended by mutual agreement
       of the Executive and the Bank.

       (b) Upon Executive's death.

       (c) Upon Executive's Disability. For purposes of this Agreement,
       "Disability" means: Executive becoming materially incapacitated from
       fully performing Executive's duties (taking into account reasonable
       accommodation by the Bank to the extent required by law) by reason of any
       illness, injury, or any other condition for any period of time in excess
       of the paid and unpaid leave to which he may then be entitled pursuant to
       the Bank's policies as may be in effect from time to time or by law.
       Provided, nothing in this paragraph shall limit Executive's rights under
       the Family Medical Leave Act, the Americans with Disabilities Act, or any
       other applicable law. Nothing in this Agreement shall require the Bank to
       pay Executive during any time that he is absent from work due to illness
       or injury beyond the time provided in the Bank's then effective sick
       leave and other policies.

       (d) Upon written notice to Executive by the Bank for Cause. For purposes
       of this Agreement, "Cause" means Executive: (i) stealing or
       misappropriating any funds or other property of the Bank or of any
       customer of the Bank, or committing any other act involving dishonesty or
       moral turpitude in connection with the Bank's business, assets,
       customers, or Affiliates; (ii) breaching any term or provision of this
       Agreement, including, without limitation, habitually or repeatedly
       neglecting his duties, failing to comply with any policy of the Bank or
       any directive of the Board (that is not in contravention of this
       Agreement) and failing to cure the breach within such reasonable time as
       requested by the Bank, not to exceed 30 days after written notice of
       breach to Executive; (iii) committing any act constituting a felony under
       federal or state law; (iv) using or possessing any illegal drug; or (v)
       operating while under the influence of alcohol or drugs a vehicle while
       on Bank or Holding Company business, or at any time while operating a
       vehicle owned or leased by the Bank, the Holding Company, or another
       Affiliate.

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<PAGE>

       (e) Notwithstanding anything else, if Executive remains employed by the
       Bank or any other Affiliate after the end of the Employment Term, then,
       unless the parties execute a written agreement regarding the terms of
       such employment, Executive shall be an employee at-will (except as
       provided in the next sentence) and the terms of this Agreement shall not
       apply, except to the extent any provision hereof is expressly stated to
       survive the termination of this Agreement. Provided, either party shall
       give the other at least 14 days advance written notice in order to
       terminate Executive's employment at anytime when he is employed by the
       Bank or the Holding Company, unless there is a written agreement then in
       effect requiring notice further in advance of the termination. The terms
       of this paragraph shall survive the termination of this Agreement and the
       termination of Executive's employment, and remain effective unless
       superceded by a written agreement executed by the Bank and/or the Holding
       Company, and by Executive.

       (ii) The Bank and the Holding Company shall be jointly and severally
       liable for payment of the Severance Package, if Executive is entitled to
       it pursuant to this Agreement, except to the extent it is actually paid
       by the Acquirer or any other entity or individual.

5. MISCELLANEOUS PROVISIONS.

       (a) This Agreement contains the entire understanding between the parties
hereto related to Executive's employment by the Bank and other Affiliates and
payments to him upon the termination of his employment. This Agreement
supersedes any prior agreement between Executive and the Bank or any other
Affiliate regarding the subject matter hereof. There are no representations or
agreements, written or oral, between Executive and the Bank or any other
Affiliate concerning the employment of the Executive or any of the subject
matter of this Agreement. No agreement, amendment, or modification of any
agreement, terms of employment, or other understanding between Executive and the
Bank (or other Affiliate) shall be binding on any party unless set forth in
writing and signed by all parties thereto.

       (b) This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that, because
this Agreement is entered into as part of the consideration for the personal
services of Executive, which are unique and of a personal nature, Executive may
not assign this Agreement or any of his rights hereunder. The Bank and/or the
Holding Company may assign any or all of their respective rights and obligations
hereunder, but any such assignment shall not relieve the Bank or the Holding
Company of liability for any breach of this Agreement by either of them or by
any assignee unless Executive so agrees in writing.

       (c) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future as to any act other than that specifically
waived.

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<PAGE>

       (d) If for any reason any term of this Agreement or part thereof is held
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other term, and all terms and parts thereof shall continue in full force and
effect to the greatest extent allowed by law.

       (e) The section and paragraph headings are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

       (f) This Change in Control Agreement shall be deemed for all purposes as
drafted and prepared by all parties hereto and no provision of this Agreement
shall be construed against any party on the ground that such party drafted or
participated in the drafting of such provision or any other part or all of this
Agreement.

       (g) In the event of the dispute regarding the terms or performance of
this Agreement, the prevailing party shall be entitled to recover its attorneys'
fees and costs, in addition to all other remedies to which such party is
entitled.

       (h) This Agreement shall be governed by and construed in accordance with
the laws of the State of Illinois.

       (i) All of the terms of this Agreement shall survive its termination for
so long as Executive has or may have a right to any payments hereunder.

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

Executive:                                  Clover Leaf Bank


/s/ Lisa Fowler                             /s/ Robert W. Schwartz
------------------------------              -----------------------------
Lisa Fowler                                 By: Robert W. Schwartz, Chairman

                                            Attest:


                                            /s/ Dennis M. Terry
                                            -----------------------------
                                            By: Dennis M. Terry, President and
                                                CEO


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<PAGE>

                                            Clover Leaf Bank


                                            /s/ Robert W. Schwartz
                                            -----------------------------
                                            By: Robert W. Schwartz, Chairman

                                            Attest:


                                            /s/ Dennis M. Terry
                                            -----------------------------
                                            By: Dennis M. Terry, President and
                                                CEO



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