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                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT dated this 24th day of March, 1998, effective as of
January 1, 1998, by and between TRINITY CAPITAL CORPORATION ("TRINITY"), LOS
ALAMOS NATIONAL BANK ("Bank"), both New Mexico corporations with their principal
offices in Los Alamos, New Mexico (collectively, the "Companies"), and WILLIAM
C. ENLOE ("Enloe") (all collectively referred to herein as the "Parties").

     WHEREAS, the companies believe it is in their best interests that Enloe
continue to be employed by the companies on the terms and conditions contained
herein, and Enloe is willing to be so employed;

     NOW, THEREFORE, in consideration of the mutual covenants, promises and
agreements contained herein, the Parties hereto agree as follows:

     1.   EMPLOYMENT TERMS & POSITION. The Companies hereby employ Enloe in an
          executive capacity and as a full-time employee of Los Alamos National
          Bank for the period beginning January 1, 1998, and ending December 31,
          2002, (the "Term of Employment"). The Term of Employment shall
          automatically be extended without further action of the Parties as of
          January 1, 2003, for successive annual periods unless either Trinity
          or Enloe serves written notice upon the other of its or his intention
          that the Term of Employment shall terminate at December 31, 2002, or,
          if applicable, at any successive annual anniversary thereof. To be
          effective to cancel the automatic extension of the Term of Employment,
          such notice must be served at least 60 days or more prior to the
          intended effective date of termination of the Term

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          of Employment. Notice given less than 60 days prior to the intended
          effective date of termination of the Term of Employment shall be
          deemed effective as of the next annual anniversary date. During the
          period of his employment, except for illness, reasonable vacation
          periods, and reasonable leaves of absence, Enloe shall devote all his
          business time, attention, skill and efforts to the faithful
          performance of his duties.

               Initially, Enloe shall serve as the President of Trinity and the
          Chairman of the Board of Bank and, in such capacity, shall be each
          Company's Chief Executive Officer. During his employment by the
          Companies, Enloe shall have such other duties and responsibilities of
          an executive nature as may be established from time to time by the
          Companies' Boards of Directors, and he shall report to the Board of
          Directors of each respective Company. The Parties further agree that
          the failure to appoint Enloe to the office designated above in this
          Section 1 or material changes by the Company in Enloe's function,
          duties, or responsibilities that would cause Enloe's position with the
          Companies to become of substantially less dignity, responsibility,
          importance or scope than the positions designated in Section 1 above
          may be deemed by Enloe a termination without Cause under Section 3
          below.

     2.   SALARY. Los Alamos National Bank shall pay Enloe an Initial "Salary"
          at the rate of $200,000,000 per annum commencing January 1, 1998,
          payable in accordance with the payroll practices of Los Alamos
          National Bank. Based upon an evaluation of Enloe's performance each
          year, by the Board of Directors of Los Alamos National Bank, Enloe's
          Salary may be adjusted annually effective each January 1, at

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          such rate as may, from time to time, be fixed by said Board,
          determined in accordance with the then existing and customary
          personnel compensation practices of Los Alamos National Bank.

     3.   TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Solely in the event that
          the Companies terminate Enloe's employment without Cause prior to
          December 31, 2002, or the later extended Term of Employment under this
          Agreement, at a time when he is fully willing and able to perform his
          duties as an employee of the Companies (and in no other circumstances,
          e.g., Enloe's voluntary termination, disability, or death), Trinity
          shall, subject to the limitation at Section 6(d) hereof, be required
          to pay to Enloe, as "Severance Pay", an amount equal to his Salary for
          12 months at the rate then in effect pursuant to Section 2 above.
          However, nothing contained herein shall be construed to require the
          Companies to Continue to employ Enloe for any particular period of
          time, and the Companies shall be entitled to terminate Enloe's
          employment at any time with or without Cause, subject to the provision
          of the immediately preceding sentence and Sections 7 and 8 hereof, if
          applicable.

               If Enloe's employment is terminated without Cause as stated
          above, Enloe would have two years from the date of his termination to
          exercise all grants of stock options which have been granted him under
          the 1998 Stock Option Plan.

               Enloe shall have the right to terminate his employment upon 60
          days' written notice to the Companies.

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               "Cause," for the purpose of this Section, shall mean the
          occurrence of any of the following events:

                    (a) Performance by Enloe of illegal or fraudulent acts,
                    criminal conduct or willful misconduct relating to the
                    activities of the Companies;

                    (b) Performance by Enloe of any criminal acts involving
                    moral turpitude having a material adverse effect upon the
                    Companies, including, without limitation, upon its
                    profitability, reputation, or goodwill;

                    (c) Willful or grossly negligent failure by Enloe to perform
                    his duties in a manner which he knows, or has reason to
                    know, to be in the Companies' best interest;

                    (d) Violation by Enloe of any of the covenants and
                    agreements contained in Section 6 hereof;

                    (e) Any other material breach of Employee's obligations
                    hereunder which he fails to cure within 30 days after
                    receiving written notice thereof.

     4.   FRINGE BENEFITS. Enloe shall be entitled, during his employment by the
          Companies, to receive and participate in employee benefits available
          to other senior management employees.

     5.   ADDITIONAL COMPENSATION. In addition to the Salary provided for in
          Section 2 hereof, Enloe shall be entitled to the following as
          additional compensation

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          for services rendered as an executive employee pursuant to the terms
          of this Agreement:

                    (a) NON-STATUTORY STOCK OPTIONS. So long as Enloe is
                    employed by the Companies, he shall be eligible to receive,
                    solely at the discretion of the Board of Directors of
                    Trinity, Non-statutory (or non-qualified) Stock Options
                    ("NSO's") for shares of common stock of Trinity (the
                    "Shares"). Such NSO's shall vest and become exercisable in
                    accordance with, and subject to, all the terms and
                    restrictions of the Companies' 1998 Stock Option Plan, a
                    copy of which is attached hereto and incorporated herein as
                    Exhibit A.

                    The Board of Directors of Trinity shall determine annually
                    the number of shares, if any, to be granted to Enloe under
                    the 1998 Stock Option Plan, based upon Enloe's performance.
                    In the event that a change is the controlling interests in
                    Trinity occurs, as defined in Section 8, then Enloe shall be
                    entitled to a vested grant of options in the amount of 7,000
                    shares for each full year remaining under this contract.

                    (b) OTHER COMPENSATION. The Board of Directors of Trinity
                    may provide other compensation to Enloe in the form of
                    performance or target bonuses or deferred compensation plans
                    in the future if, in the discretion of the Board, additional
                    Compensation is warranted and in the best interest of the
                    Companies.

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     6.   CONFLICT OF INTEREST. Enloe acknowledges that: (i) the principal
          business of the Companies is the banking business but that the
          Companies or their subsidiaries or affiliates may conduct other
          business (all such businesses conducted from time to time are
          sometimes hereinafter referred to collectively as the "Business");
          (ii) the Business of the Companies is regional in scope; (iii) the
          Companies possess substantial confidential information which is
          proprietary to the Companies and the confidentiality and exclusive use
          of which by the Companies is essential to the continuing success of
          the Companies, including, but not limited to, information of the kinds
          described in the immediately following paragraph; and (iv) Enloe's
          services for the Companies will bring him into close contact with
          additional confidential information which has not been made known to
          the public. In order to induce the Companies to enter into this
          Agreement, Enloe hereby covenants and agrees as follows:

                    (a) Enloe shall deliver promptly to the Companies on the
                    termination of his employment, or at any time the Companies
                    may so request, all memoranda, notes, lists (including
                    customer lists), records, reports, manuals, drawing,
                    blueprints and other documents (and all copies thereof)
                    relating to the Business and all property associated
                    therewith which he may then possess or which are then under
                    his control.

                    (b) During his employment by the Companies and for a period
                    of one year thereafter if Enloe is terminated for Cause,
                    Enloe shall not, in any state or jurisdiction in which the
                    Companies have conducted

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                    within the previous two years any aspect of the Business,
                    directly or indirectly, (i) enter the employ of, or render
                    any services (with or without compensation) to, any person,
                    joint venture, partnership, firm or corporation engaged in
                    any business competitive with the Business in the Geographic
                    Area; or (ii) engage in the Business (except for the
                    Companies) for his own account in the Geographic Area; or
                    (iii) become interested in any such enterprise, directly or
                    indirectly, as an individual, partner, shareholder,
                    director, officer, principal, agent, employee, trustee,
                    consultant or in any other capacity; provided, however, that
                    nothing contained in this paragraph (b) shall be deemed to
                    prohibit Enloe from acquiring, solely as an investment,
                    shares of capital stock of any corporation the shares of the
                    same class of which corporation are traded on the national
                    securities exchange or in the over-the-counter market so
                    long as he does not acquire direct or indirect ownership of
                    one percent (1%) or more of any class of capital stock of
                    said corporation.

                    (c) During his employment by the companies (however and
                    whenever terminated) and for a period of one year
                    thereafter, Enloe shall not, directly or indirectly, (i)
                    hire, solicit, or encourage to leave the employment of the
                    Companies, or any of their subsidiaries or affiliates, any
                    employee of the Companies or any of its subsidiaries or
                    affiliates; or (ii) hire any such employee who has left the

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                    employment of the Companies or any of their subsidiaries or
                    affiliates within one year of the termination of such
                    employee's employment with the Companies or any of their
                    subsidiaries or affiliates.

                    (d) Subsequent to Enloe's termination of employment,
                    beginning 30 days thereafter and as a precondition to
                    entitlement to receive Severance Pay as provided at Section
                    3, Enloe shall keep himself at all times reasonably
                    available for a period of twelve months to render such
                    services of any advisory or consultative nature as the
                    Boards of Directors of the Companies shall reasonably
                    required, under the then existing circumstances. In calling
                    upon Enloe for such services, the Companies shall recognize
                    that such demands shall only be made when in the best
                    interests of the Companies. Further, in order not to unduly
                    inconvenience Enloe or make unreasonable demands as to the
                    time, place or duration of such consultation, as well as in
                    recognition of the great potential value of such
                    consultation, the Company shall not be entitled to call upon
                    Enloe for more than 100 hours in such twelve-month period.

     7.   TERMINATION OF EMPLOYMENT. In the event the Companies terminate
          Enloe's employment for Cause, the Companies shall have no further
          obligations to Enloe under this Agreement.

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     8.   CHANGE IN CONTROL. In the event that controlling interest in Trinity
          changes as a result of a sale, merger, acquisition, or otherwise, and
          in the event that the Companies thereafter wish to terminate Enloe's
          employment or otherwise change the terms of this Agreement in a manner
          which would be detrimental to Enloe, then Enloe shall be entitled to a
          payment, in addition to Severance Pay in Section 3 above, of any
          amount equal to his Salary for 18 months at the rate then in effect
          pursuant to Section 2 above as compensation. A change of controlling
          interest would be determined to be detrimental to Enloe if his
          function, duties or responsibilities were changed in such a manner as
          to cause his position with the Companies to become of substantially
          less dignity, responsibility, importance or scope than the position
          designated in Section 1 above. Notwithstanding the above, compensation
          under this Section 8 shall not exceed that amount which can be paid
          without causing an "Excess Parachute Payment" under Section 280G of
          the Internal Revenue Code.

     9.   EQUITABLE ENFORCEMENT. Enloe recognizes that irreparable injury will
          result to the Companies and their subsidiaries and affiliates and
          their respective assets and Businesses in the event of a breach by him
          of any of the convenants and agreements contained in Section 6 hereof,
          and he agrees that, in the event of any such breach, the Companies and
          their subsidiaries and affiliates shall be entitled, in addition to
          any other remedies (including, but not limited to, the recovery of
          monetary damages) available to them or any of them, to obtain an
          injunction to restrain the continuation or repetition of such breach
          or a similar breach by Enloe.

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     10.  ENTIRE AGREEMENT. This Agreement shall comprise the entire agreement
          between the Parties hereto relating to Enloe's employment with the
          Companies and hereby supersedes and revokes any and all other
          employment agreements, whether written or oral, between the parties
          hereto. No variation or modification hereof shall be deemed valid
          unless contained in a writing signed by each of the Parties hereto. No
          variation or modification hereof shall be deemed valid unless
          contained in a writing signed by each of the Parties hereto, which
          writing shall make express reference to this Agreement. No waiver of
          any breach of any covenant, agreement, or duty shall be held or
          construed as a waiver of any other breach of the same or any other
          convenant, agreement or duty. If any provision or portion of this
          Agreement shall to any extent be held invalid or unenforceable in any
          circumstances, the remainder of this Agreement and the application of
          such portion or provision to another extent or in other circumstances
          shall be valid and enforceable to the fullest extent permitted by law.
          The parties intend this Agreement to be valid and enforced as written.
          However, if any provision, or any part thereof, is held to be invalid
          or unenforceable because of the scope or duration of or the subject
          matter or geographic area covered by such provision, the Companies and
          Enloe agree that the court making such determination shall have the
          power to reduce the scope, duration, subject matter and/or
          geographical area of such provision in order to make such provision
          enforceable to the fullest extent permitted by law, and/or to delete
          specific words and phrases, and in its reduced form such provision
          shall then be enforceable and shall be enforced.

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     11.  BINDING ON SUCCESSOR - ANTI-ASSIGNMENT. This Agreement shall inure to
          the benefit of and be binding, to the extent permitted by law, upon
          Enloe and the Companies' successors and assigns. Nothing contained in
          this Agreement shall be construed, however, as authorizing Enloe to
          assign this Agreement without the Companies' prior written consent.

     12.  GOVERNING LAW. This Agreement shall be governed by and construed in
          accordance with the law of the State of New Mexico, where it has been
          executed and delivered and where the Companies have their
          headquarters.

     IN WITNESS WHEREOF, the Parties hereto have executed these presents as of
the day and year first above written, the execution hereof on behalf of the
Companies being made by duly authorized persons.


                                                     TRINITY CAPITAL CORPORATION


                                              By
                                                    ----------------------------


                                              Title
                                                    ----------------------------


                                                        LOS ALAMOS NATIONAL BANK

                                              By
                                                    ----------------------------

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                                              Title
                                                    ----------------------------
                                                                William C. Enloe

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