<PAGE>



                                  EXHIBIT 10(t)

                             SPLIT-DOLLAR AGREEMENT

This Agreement made this 3rd day of April, 1992, by and between THE STATE BANK
OF DEFIANCE, Defiance, Ohio, (hereafter the "Bank") and Robert W. Constein
(hereafter the "Employee").

WITNESSETH:

WHEREAS, in consideration for the contemplated services of Employee to the Bank,
the Bank desires to assist the Employee in providing life insurance for the
benefit and protection of his family on a split-dollar basis; and,

WHEREAS, the Bank desires to continue to own the insurance policy provided so
the Bank will have security for the repayment of the amounts which it will
contribute toward payment of the premiums due on the policy;

NOW, THEREFORE, in consideration of the mutual covenants contained herein, it is
agreed between the parties hereto as follows:

I.       DEFINITION OF "NET AMOUNT AT RISK": Net Amount at Risk as used herein
         shall mean the difference between the death proceeds of the insurance
         policy identified in Exhibit A (hereafter the "Policy") and the cash
         accumulation account of the Policy, determined at date of death.

II.      POLICY TITLE AND OWNERSHIP

         The Bank shall be the owner of the Policy on the Employee's life and
         may exercise all rights of ownership with respect to the Policy.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Employee shall have the right to designate in Exhibit A the
         beneficiary(s) to receive his share of the proceeds payable on his
         death and to elect and change a payment option for such beneficiary(s)
         but subject to any right or interest the Bank may have in such proceeds
         as provided herein.

IV.      PREMIUM PAYMENT METHOD

         The Bank agrees to remit to the Insurer the entire premium amount when
         due.

V.       DIVISION OF DEATH PROCEEDS OF THE POLICY

         The division of the death proceeds of the Policy is as follows:


<PAGE>

         A.       The Employee's beneficiary(s), designated in accordance with
                  Paragraph III, shall be entitled to a sum equal to two (2)
                  times either the Employee's annual salary at death, if
                  actively employed, or final annual salary, if retired, less
                  $50,000. Such sum shall not exceed the Net Amount at Risk in
                  the Policy as of the date of Employee's death. Said annual
                  salary or final annual salary shall include all base salary
                  received by the Employee from all corporations owned by Rurban
                  Financial Corp.

         B.       The Bank shall be entitled to the remainder bf the death
                  proceeds less any loans on the Policy and unpaid interest or
                  cash withdrawals previously incurred by the Bank.

VI.      DISTRIBUTION OF THE POLICY CASH SURRENDER VALUE

         The Bank shall be entitled to the Policy's net cash surrender value, as
         defined in the Policy, should a surrender occur.

VII.     TERMINATION OF AGREEMENT

         This Agreement shall terminate if the Employee terminates his
         employment with the Bank prior to his Early Retirement Date as
         specified in the Employee's Stock Ownership Plan of Rurban Financial
         Corp.

VIII.    AGREEMENT BINDING UPON PARTIES

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

IX.      NAMED FIDUCIARY AND PLAN ADMINISTRATOR

         David E. Manz is hereby designated the "Named Fiduciary" until
         resignation or removal by the Board of Directors of the Bank. The Named
         Fiduciary, shall be responsible for the management, control and
         administration of the 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.

X.       FUNDING

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

XI.      AMENDMENT

<PAGE>

         This Split Dollar Plan may be amended at any time and from time to time
         by a written instrument executed by the Employee and the Bank.

XII.     BASIS OF PREMIUM PAYMENTS AND BENEFITS

         Payments to and from the Plan established herein shall be in accordance
         with the provisions of paragraphs II through VI, inclusive.

XIII.    CLAIMS PROCEDURE

         Claim forms or claim information as to the subject Policy can be
         obtained by contacting:

                    Turner & Shepard Financial Services, Inc.
         ----------------------------------------------------------------------
                 .
         --------
                                (Agent or Agency)

         When the Named Fiduciary has a claim which may be covered under the
         provisions described in an insurance Policy, he or she should contact
         the office or the person named above who 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 the claim and make a decision as to payment
         within 90 days of the date the claim is received by the Insurer. If the
         claim is payable, a benefit check will be issued to the Named Fiduciary
         and forwarded through the office or person named above.

         In the event that a claim is not eligible under a Policy, the Insurer
         will notify the Named Fiduciary of the denial. Such notification will
         be made in writing within 90 days of the date the claim is received and
         will be transmitted through the office or person named above. The
         notification will include the specific reasons for the denial as well
         as specific reference to the policy provisions upon which the denial is
         based. The Named Fiduciary will also be informed as to the steps which
         may be taken to have the claim denial reviewed.

         A decision as to the validity of a claim will ordinarily be made within
         10 working days of the date the claim is received by the Insurer.
         Occasionally, however, certain questions may prevent the Insurer from
         rendering a decision on the validity of the claim within the specific
         90-day period. If this occurs, the Named Fiduciary will be notified of
         the reasons for the delay as well as the anticipated length of the
         delay, in writing and through the office or person named above. If
         further information or other material is required, the Named Fiduciary
         will be so informed.

         If the Named Fiduciary is dissatisfied with the denial of the claim or
         the amount paid, he or she has 60 days from the date he or she receives
         notice of a claim denial to file his or her objections to the action
         taken by the Insurer. If the `Named Fiduciary wishes to contest a claim
         denial, he or she should notify the person or office named above who
         will assist in making inquiry to the Insurer. All objections to the
         Insurer's actions should be

<PAGE>

         in writing and submitted to the person or office named above for
         transmittal to the Insurer.

         The Insurer will review the claim denial and render a decision on such
         objections. The Named Fiduciary will be informed in writing of the
         decision of the Insurer within 60 days of the date the claim request is
         received by the Insurer. This decision will be final. Once a decision
         has been rendered as to the distribution of Policy proceeds under the
         claim procedure described above, claims for any benefits due under the
         Plan or the surrender of a Policy may be made in writing by the Bank or
         the Bank's designated representative and Employee or his designated
         beneficiary, as the case may be, to the Named Fiduciary. In the event a
         claim for benefits is wholly or partly denied or disputed, the Named
         Fiduciary shall, within a reasonable period of time after receipt of
         the claim, notify the Bank or the Bank's designated representative and
         Insured or his designated beneficiary, as the case may be, of such
         total or partial denial or dispute listing:

         A.       The specific reason or reasons for the denial or dispute;

         B.       Specific reference to pertinent plan provisions upon which the
                  denial or dispute is based;

         C.       A description of any additional information necessary for the
                  claimant to perfect the claim and an explanation of why such
                  material or information is necessary; and,

         D.       An explanation of the Plan's review procedure. Within 60 days
                  of denial or notice of claim under the Plan, a claimant may
                  request that the claim be reviewed by the Named Fiduciary in a
                  full and fair hearing. A final decision shall be rendered by
                  the Named Fiduciary within 60 days after receipt of request
                  for review.

XIV.     SEVERABILITY AND INTERPRETATION

         If a provision of this Agreement is held to be invalid or
         unenforceable, the remaining provisions shall nonetheless be
         enforceable according their terms. Further, in the event that any
         provision is held to be over broad as written, such provision shall be
         deemed amended to narrow its application to the extent necessary to
         make the provision enforceable according to law and enforced as
         amended.

XV.      INSURANCE COMPANY NOT A PARTY TO 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. Payment or other performance of its
         contractual obligations in accordance with Policy provisions shall
         fully discharge the Insurer for any and all liability.


<PAGE>


Executed at Defiance, Ohio, on this 3rd day of April, 1992.

                                     THE STATE BANK OF DEFIANCE



Keeta J. Diller (witness)            By: David E. Manz, Executive Vice
----------------------------------       President (Title)


Michele Green                        Robert W. Constein
----------------------------------   EMPLOYEE
                 (WITNESS)