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                                  EXHIBIT 10.9

                                 LIFE INSURANCE

                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                    AGREEMENT

Insurer:                           Alexander Hamilton Life Insurance Company

Policy Number:                     AH5001104

Bank:                              Chesapeake Federal Savings & Loan Association

Insured:                           Francis J. Reisig

Relationship of Insured to Bank:   Director

The respective rights and duties of the Bank and the Insured in the subject
policy shall be as defined in the following:

I.       DEFINITIONS

         Refer to the policy contract for the definition of all terms in this
         Agreement.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Bank for its use and for the
         use of the Insured all in accordance with this Agreement. The Bank
         alone may, to the extent of its interest, exercise the right to borrow
         or withdraw on the policy cash values. Where the Bank and the Insured
         (or assignee, with the consent of the Insured) mutually agree to
         exercise the right to increase the coverage under the subject split
         dollar policy, then, in such event, the rights, duties and benefits of
         the parties to such increased coverage shall continue to be subject to
         the terms of this Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary or beneficiaries to receive his share of the proceeds
         payable upon the death of the Insured, and to elect and change a
         payment option for such beneficiary, subject to any right or interest
         the Bank may have in such proceeds, as provided in this Agreement.

IV.      PREMIUM PAYMENT METHOD

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         The Bank shall pay an amount equal to the planned premiums and any
         other premium payments that might become necessary to keep the policy
         in force.

V.       TAXABLE BENEFIT

         Annually the Insured will receive a taxable benefit equal to the
         assumed cost of insurance as required by the Internal Revenue Service.
         The Bank (or its administrator) will report to the Employee the amount
         of imputed income received each year on Form W-2 or its equivalent

VI.      DIVISION OF DEATH PROCEEDS

         Subject to Paragraph VII herein, the division of the death proceeds of
         the policy is as follows:

         A.   Upon the death of the Insured, the Insured's beneficiary(ies),
              designated in accordance with Paragraph III, shall be entitled to
              an amount equal to one hundred percent (100%) of the net at risk
              insurance portion of the proceeds. The net at risk insurance
              portion is the total proceeds less the cash value of the policy.

         B.   The Bank shall be entitled to the remainder of such proceeds.

         C.   The Bank and the Insured (or assignees) shall share in any
              interest due on the death proceeds on a pro rata basis as the
              proceeds due each respectively bears to the total proceeds,
              excluding any such interest.

VII.     DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

         The Bank shall at all times he entitled to an amount equal to the
         policy's cash value, as that term is defined in the policy contract,
         less any policy loans and unpaid interest or cash withdrawals
         previously incurred by the Bank and any applicable surrender charges.
         Such cash value shall be determined as of the date of surrender or
         death as the case may be.

VIII.    PREMIUM WAIVER

         If the policy contains a premium waiver provision, such waived amounts
         shall be considered for all purposes of this Agreement as having been
         paid by the Bank.

IX.      RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

         In the event the policy involves an endowment or annuity element, the
         Bank's right and interest in any endowment proceeds or annuity
         benefits, on expiration of the deferment

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         period, shall be determined under the provisions of this Agreement by
         regarding such endowment proceeds or the commuted value of such annuity
         benefits as the policy's cash value. Such endowment proceeds or annuity
         benefits shall be considered to be like death proceeds for the purposes
         of division under this Agreement.

X.       TERMINATION OF AGREEMENT

         This Agreement shall terminate at the option of the Bank following
         thirty (30) days written notice to the Insured if the Insured shall be
         discharged from service with the Bank for cause. The term "for cause"
         shall mean gross negligence or gross neglect or the commission of a
         felony or gross-misdemeanor involving moral turpitude, fraud,
         dishonesty or willful violation of any law that results in any adverse
         effect on the Bank.

         Upon such termination, the Insured (or assignee) shall have a ninety
         (90) day option to receive from the Bank an absolute assignment of the
         policy in consideration of a cash payment to the Bank, whereupon this
         Agreement shall terminate. Such cash payment shall be the greater of:

         1.   The Bank's share of the cash value of the policy on the date of
              such assignment, as defined in this Agreement.

         2.   The amount of the premiums which have been paid by the Bank prior
              to the date of such assignment.

         Should the Insured (or assignee) fail to exercise this option within
         the prescribed ninety (90) day period, the Insured (or assignee) agrees
         that all of his rights, interest and claims in the policy shall
         terminate as of the date of the termination of this Agreement.

         Except as provided above, this Agreement shall terminate upon
         distribution of the death benefit proceeds in accordance with Paragraph
         VI above.

XI.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         The Insured may not, without the written consent of the Bank, assign to
         any individual, trust or other organization, any right, title or
         interest in the subject policy nor any rights, options, privileges or
         duties created under this Agreement.

XII.     AGREEMENT BINDING UPON THE PARTIES

         This Agreement shall bind the insured and the Bank, their heirs,
         successors, personal representatives and assigns.

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XIII.    NAMED FIDUCIARY AND PLAN ADMINISTRATOR

         Chesapeake Federal Savings & Loan Association is hereby designated the
         "Named Fiduciary" until resignation or removal by the board of
         directors. As Named Fiduciary, the bank shall be responsible for the
         management, control, and administration of this Split Dollar Plan as
         established herein. The Named Fiduciary may allocate to others certain
         aspects of the management and operation responsibilities of the plan,
         including the employment of advisors and the delegation of any
         ministerial duties to qualified individuals.

XIV.     FUNDING POLICY

         The funding policy for this Split Dollar Plan shall be to maintain the
         subject policy in force by paying, when due, all premiums required.

XV.      CLAIM PROCEDURES FOR LIFE INSURANCE POLICY AND SPLIT DOLLAR PLAN

         Claim forms or claim information as to the subject policy can be
         obtained by contacting The Benefit Marketing Group, Inc.
         (770-952-1529). When the Named Fiduciary has a claim which may be
         covered under the provisions described in the insurance policy, he
         should contact the office named above, and they will either complete a
         claim form and forward it to an authorized representative of the
         Insurer or advise the named Fiduciary what further requirements are
         necessary. The Insurer will evaluate and make a decision as to payment.
         If the claim is payable, a benefit check will be issued to the Named
         Fiduciary.

         In the event that a claim is not eligible under the policy, the Insurer
         will notify the Named Fiduciary of the denial pursuant to the
         requirements under the terms of the policy. If the Named Fiduciary is
         dissatisfied with the denial of the claim and wishes to contest such
         claim denial, he should contact the office named above and they will
         assist in making inquiry to the Insurer. All objections to the
         Insurer's actions should be in writing and submitted to the office
         named above for transmittal to the Insurer.

XVI.     GENDER

         Whenever in this Agreement words are used in the masculine or neuter
         gender, they shall be read and construed as in the masculine, feminine
         or neuter gender, whenever they should so apply.

XVII.    INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

         The Insurer shall not be deemed a party to this Agreement, but will
         respect the rights of the parties as herein developed upon receiving an
         executed copy of this Agreement.

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         Payment or other performance in accordance with the policy provisions
         shall fully discharge the Insurer for any and all liability.

Executed at Baltimore, Maryland this 20th day of October, 1997.

                                                    Chesapeake Federal Savings &
                                                      Loan Association

/s/                              By: /s/ William J. Bocek, Jr.
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    Witness                                               Title

/s/                                  /s/ Francis J. Reisig
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    Witness                          Francis J. Reisig

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