<PAGE>
                                                                   Exhibit 10(p)

                                  SUMMARY SHEET
                                       OF
                                2005 COMPENSATION

DIRECTOR COMPENSATION

     Non-employee directors are paid an annual retainer of $24,000 - one-half in
the form of restricted stock issued under the Company's 2003 Stock Option and
Incentive Plan and one-half in cash. The restricted stock will vest in three
equal annual installments beginning on April 20, 2005 or if earlier, in full on
the date he or she is no longer serving as a director. The cash portion of the
annual retainer is paid on a quarterly basis. Further, each non-employee
director acting as chair of a committee is an additional annual retainer of
$1,000. Directors and committee chairs who are employees receive no separate
compensation for Board service. A copy of the 2003 Stock Option and Incentive
Plan is filed as an exhibit to the Company's Annual Report on Form 10-K for the
year ended December 31, 2004 (the "2004 10-K").

     Each non-employee director also receives a cash fee of $900 for each
meeting of the Board of Directors of the Company attended and $600 for each
committee meeting. Directors serving as chairs of committees and the director
designated as the Presiding Independent Director receive an additional annual
cash retainer of $2,000, payable on a quarterly basis. Non-employee directors
who attend seminars or other training sessions are approved in advance by the
Chairman of the Board are paid an additional fee of $900 for each full day spent
in training and reimbursement for travel and other expenses incurred. The
Company provides and/or reimburses directors for accommodations, travel or meals
in connection with attending corporate, board or other authorized functions.
This includes Board of Directors meetings, committee meetings, and Board
retreats. Directors are also reimbursed for travel expenses in associated with
attending Board and Committee meetings.

NAMED EXECUTIVE OFFICERS

     The executive officers of the Company serve at the discretion of the Board
of Directors. The following are the current base salaries for the Company's
Chief Executive Officer and its other most highly compensated executive officers
who will be identified in the Company's proxy statement for the 2005 annual
meeting (the "Named Executive Officers"):

<TABLE>
<S>                                     <C>
Michael T. Vea, Chairman,
President and Chief Executive Officer   $405,000

Archie M. Brown, Executive
Vice-President Commercial and
Consumer Banking                        $246,000

Sheila A. Stoke, Senior
Vice-President, Controller and
Principal Accounting Officer            $102,700

Martin M. Zorn, Executive
Vice-President, Chief Risk Officer
and Secretary                           $235,750
</TABLE>
<PAGE>
     The Compensation Committee of the Board of Directors determines and
approves the compensation payable to the Chief Executive Officer, Chief
Financial Officer, Executive Vice-President - Chief Risk Officer and the
Executive Vice-President - Commercial and Consumer Banking (collectively, the
"Principal Officers"). Each of the Principal Officers is currently a party to an
employment agreement with the Company. Copies of the employment agreements with
the Principal Officers are filed as exhibits to the 2004 10-K. The current
salaries of the Principal Officers are currently based on the terms of their
Employment Agreement and may be increased by action of the Compensation
Committee. Ms. Stoke is not a party to an employment agreement and her salary is
determined by the Chief Executive Officer.

     Messrs. Vea, Brown and Zorn are eligible to receive a cash bonus for
achievement of objective performance targets under the Company's 2003 Executive
Annual and Long-Term Incentive Plan (the "Incentive Plan"). A copy of the
Incentive Plan is filed as an exhibit to the Company's 2004 Report on Form 10-K.
The Compensation Committee established the annual objectives for the 2005 plan
year under Incentive Plan for the following Named Executive Officers: Michael T.
Vea, Archie M. Brown and Martin M. Zorn. The annual objectives for the plan year
ended December 31, 2005 are: earnings per share, credit quality and four to five
individual strategic drivers set for each executive. As provided in the
Incentive Plan, 40% of any bonus earned for the 2005 plan year will be deferred
for payment until completion of the 2006 plan year contingent upon achievement
of certain long-term goals. Ms. Stoke is not a participant in the Incentive
Plan, but is eligible to receive a discretionary bonus determined by the Chief
Executive Officer.

     Each of the Named Executive Officers is eligible to receive awards under
the Company's 2003 stock option and incentive plan ("Stock Plan"). A copy of the
Stock Plan is filed as an exhibit to the 2004 10-K.

     The Company also provides matching contributions to the accounts of the
Named Executive Officers under its Employees 401(k) Plan and pays for term life
insurance for each of the Named Executive Officers.


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