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                                                                   EXHIBIT 10.11

                             SPLIT-DOLLAR AGREEMENT

THIS AGREEMENT, made as of the 22 day of June, 1998 by and between SAVINGS BANK
OF THE FINGER LAKES, a New York corporation (hereinafter referred to as the
"Employer"), and G. THOMAS BOWERS of Geneva, New York (hereinafter referred to
as the "Employee").

WITNESSETH THAT:

WHEREAS, the Employee is employed by the Employer; and

WHEREAS, the Employer is desirous of retaining the services of the Employee and
of assisting the Employee in paying for life insurance on his own life; and

WHEREAS, the Employer has determined that this assistance can be provided under
a split dollar, life insurance arrangement; and

WHEREAS, the Employee has applied for, and is the owner of the insurance policy
or policies listed in the attached schedule hereto, hereinafter referred to as
the "Policy"; and

WHEREAS, the Employer and the Employee agree to make the Policy subject to this
Agreement; and

WHEREAS, the Employee -has assigned the Policy to the -Employer as collateral
for amounts to be advanced by the Employer under this agreement by an instrument
of assignment filed with the Insurer (hereinafter referred to as the
"Assignment");

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

1.    The Parties hereto agree that the Policy shall be subject to the terms and
      conditions of this Agreement and of the Assignment filed with the Insurer
      relating to the Policy. The Employee shall be the sole and absolute owner
      of the Policy and may exercise all ownership rights granted to the owner
      thereof by the terms of the Policy, except as may be otherwise provided
      herein and in the Assignment.


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2.    The premium for the Policy will be paid by the Employer during the
      Employee's employment and for any period of time that it may have an
      obligation to provide continuing fringe benefits thereafter. The premium
      will be allocated between the Employee and the Employer, The Employee's
      share of the premium (term insurance allocation) shall be paid by the
      Employer as agent for the Employee and shall be charged to the Employee as
      cash compensation, and for all purposes, including the Assignment, shall
      be deemed cash compensation and not Employer paid premium,

3.    The Assignment shall not be terminated, altered or amended by the Employee
      without the express written consent of the Employer, The Parties hereto
      agree to take reasonable action to cause such Assignment to conform to the
      provisions of this Agreement.

4.    a. Except as otherwise provided herein, the Employee shall not sell,
      assign, transfer, borrow against, surrender or cancel the Policy, change
      the beneficiary designation provision thereof, in any such case, without
      the express written consent of the Employer. Consent to change the
      beneficiary designation shall not be unreasonably withheld.
      Notwithstanding the forgoing, the Employee may borrow or withdraw cash
      value of the Policy in excess of the collaterally assigned values of the
      Employer without action of the Board of Trustees. However, Policy loan
      interest, if any, that may accrue on any such transaction shall not reduce
      the collaterally assigned values of the Employer, or if such may be the
      case, Employee will pay such Policy loan interest in cash to the Insurer.

      b. The Employer shall not borrow against the Policy without the express
      written consent of the Employee.

      c. Upon the Employee's termination of employment, the Employee shall have
      the right to take any action with regard to the cash value of the policy
      in excess of the collaterally assigned interest of the Employer.

5.    a. Upon the death of the Employee, the Employer shall promptly take all
      action necessary to obtain its share of the death benefit provided under
      the Policy.

      b. The Employer shall have the unqualified right to receive a portion of
      such Death Benefit equal to the total amount of its share of the premiums
      paid by it hereunder, (hereinafter referred to as the "Net Premium"). The
      balance of the Death Benefit provided under the Policy, if any, shall be
      paid directly by the Insurer to the beneficiary or beneficiaries and in
      the manner designated by the Employee. No amount shall be paid from such
      death benefit to 


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      the beneficiary or beneficiaries designated by the Employee until the
      Employer or Insurer acknowledges in writing that the full amount due to
      the Employer hereunder has been paid. The Parties hereto agree that the
      beneficiary designation provision of the Policy shall conform to the
      provisions hereof.

6.    The Employer shall not merge or consolidate into or with another
      organization, or reorganize, or sell substantially all of its assets to
      another organization, firm or person unless and until such succeeding or
      continuing organization, firm or person agrees to assume and discharge the
      obligations of the Employer under this Agreement. Upon the occurrence of
      such event, the term "Employer" as used in this Agreement shall be deemed
      to refer to such successor or survivor organization.

7.    This Agreement shall terminate upon the Employee's death and the payment
      of proceeds pursuant to Section 5 of this Agreement.

8.    a. If the Employee ceases to be employed by the Employer for whatever
      reason, the Employee has the right to continue to keep the Policy in force
      either individually or through a subsequent Employer, subject to the
      requirement that the Policy cash value not be reduced through loans,
      premium payment options, or in any other manner below the amount needed to
      repay the Employer the Net Premiums paid by it hereunder.

      b. If the Employee continues to keep the Policy in force, termination of
      this Agreement shall be pursuant to Section 7 of this Agreement.

      c. If the Employee does not continue to keep the Policy in force, this
      Agreement will terminate immediately and the Employer will be repaid an
      amount equal to the lesser of Net Premiums paid by the Employer or the
      cash surrender value as of the date of the Employee's termination of
      Employment.

9.    The Parties hereto agree that this Agreement shall take precedence over
      any provisions of the Assignment. The Employer agrees not to exercise any
      right possessed by it under the Assignment except in conformity with this
      Agreement.

10.   This Agreement may not be amended, altered or modified except by a written
      instrument signed by both of the Parties hereto and may not be otherwise
      terminated except as provided herein.


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11.   a. The split-dollar arrangement contemplated herein is an exempt welfare
      plan under regulations promulgated under Title I of the Employee
      Retirement Income Security Act of 1974 ("ERISA").

      b. For purposes of ERISA, the Employer will be the "named fiduciary" and
      "plan administrator" of the split-dollar arrangement contemplated herein,
      and this Agreement is hereby designated as the written plan instrument.

      C. The Employee or any beneficiary of his may file a request for benefits
      with the plan administrator. If a claim request is wholly or partially
      denied, the plan administrator will furnish to the claimant a notice of
      its decision within ninety (90) days in writing, and in a manner to be
      understood by the claimant, which notice will contain the following
      information:

            (i) the specific reason or reasons for the denial;

            (ii) specific reference to pertinent plan provisions upon which the
            denial is based;

            (iii) a description of any additional material or information
            necessary for the claimant to perfect the claim and an explanation
            as to why such material or information is necessary.

            (iv) an explanation of the plan's claim-review procedure describing
            the steps to be taken by a claimant who wishes to submit his claim
            for review.

      d. A claimant or his authorized representative may, with respect to any
      denied claim,

            (i) request a review upon written application filed within sixty
            (60) days after receipt by the claimant of written notice of the
            denial of his claim;

            (ii) review pertinent documents; and

            (iii) submit issues and comments in writing.

Any request or submission will be in writing and will be directed to the plan
administrator. The plan administrator will have the sole responsibility for the
review of any denied claim and will take all appropriate steps in light of its
findings. The plan administrator will render a 


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decision upon review of a denied claim within sixty (60) days after receipt of a
request for review. If special circumstances warrant additional time, the
decision will be rendered as soon as possible, but not later than one hundred
twenty (120) days after receipt of request for review. Written notice of any
such extension will be furnished to the claimant prior to the commencement of
the extension. The decision on review will be in writing and will include
specific reasons for the decision written in a manner to be understood by the
claimant, as well as the specific references of the pertinent provisions of the
plan on which the decision is based. If the decision on review is not furnished
to the claimant within the time limits described above, the claim will be deemed
denied on review.

12.   This Agreement shall be binding upon and inure to the benefit of the
      Employer and its successors and assignees and the Employee and his
      successors, assignees, heirs, executors, administrators and beneficiaries.

13.   Except as may be preempted by ERISA, this Agreement, and the rights of the
      Parties hereunder, shall be governed by and construed in accordance with
      the laws of the State of New York.

IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed by its
officer thereunto duly authorized and the Employee has hereunto set his hand and
seal, all as of the day and year first above written.

                                            SAVINGS BANK OF THE FINGER LAKES


/s/ Tyna L. Borrelli                        By:    /s/ Terry L. Hammond
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Witness                                            Terry L. Hammond
                                            Title: Sr. Vice President & CFO


/s/ Tyna L. Borrelli                        By:    /s/ G. Thomas Bowers
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Witness                                            G. Thomas Bowers


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