<PAGE>



                                  EXHIBIT 4.9

            THIS CAPITAL NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY
            THE FEDERAL DEPOSIT INSURANCE CORPORATION. THE PRINCIPAL
            AMOUNT OF THIS CAPITAL NOTE IS SUBORDINATED IN RIGHT OF
     PAYMENT OF PRINCIPAL TO CERTAIN SENIOR INDEBTEDNESS OF THE COMPANY AS
                        DESCRIBED ON THE REVERSE HEREOF.

                         SPECTRUM BANCORPORATION, INC.
                           CAPITAL NOTE, SERIES 2001

No.  -1-                                                       $35,000,000
Issue Date:            , 2001

    KNOW ALL MEN BY THESE PRESENTS that Spectrum Bancorporation, Inc., an
Iowa corporation (the "Company"), for value received, does hereby covenant
and promise to pay to Capital Investors, LLC, a Nebraska limited liability
company, the registered holder of this Capital Note, or registered assigns,
the principal sum of THIRTY-FIVE MILLION DOLLARS ($35,000,000.00)
on              , 2011 and to pay the registered holder hereof interest
accrued at the fixed rate of __% per annum on the unpaid principal balance of
this Capital Note.

    This Capital Note is one of a series of capital notes of like date and tenor
numbered consecutively (the "Series 2001 Notes") issued by the Company as fully
registered notes, without coupons, in denominations of $50,000 and integral
multiples thereof, in an aggregate principal amount not to exceed $40,000,000.
Series 2001 Notes may be exchanged for a like aggregate principal amount of
Series 2001 Notes of other authorized denominations, without payment of any
charge other than a sum sufficient to reimburse the Company for any tax or other
governmental charge incident thereto.

    Reference is hereby made to the further provisions of this Capital Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

    IN WITNESS WHEREOF, the Company has caused this Capital Note to be executed
as of the         day of              , 2001.


                                            SPECTRUM BANCORPORATION, INC.


Attest:                                     By:
                                                -------------------------------
                                            Its:  Chairman and CEO
---------------------------------
      Secretary


<PAGE>


    For the purposes hereof, the "Prime Rate" means the prime rate as reported
in the WALL STREET JOURNAL as in effect on each date of determination or on the
next following business day if such rate is not so reported for such date.

    The Company will make payments of principal and interest on this Capital
Note to the person who is the registered holder of this Capital Note at the
close of business on the last day of the first full calendar month immediately
preceding the then-current Interest Payment Date, or if such day is not a
business day, the business day next preceding such Interest Payment Date. The
Company will pay principal and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts. The
Company shall make such payments of principal and interest by check payable in
such money mailed to the registered holder's address as it appears on the
records of the Company.

    Notwithstanding any provision of this Capital Note to the contrary, payment
of the principal of this Capital Note is subordinated and junior in right of
payment to the Company's obligation to pay principal and interest on its
indebtedness to LaSalle Bank N.A.

    This Capital Note may be redeemed prior to maturity by the Company, in its
sole discretion, in whole or in part, upon prior written notice to the
registered holder at any time more than three years after the date of issue at a
redemption price equal to the unpaid principal amount plus accrued interest as
of the date of redemption without premium or penalty. Such notice of redemption
shall be mailed by first class mail at least thirty (30) days and not more than
ninety (90) days prior to the date fixed for redemption to the registered
holders of the Series 2001 Notes to be redeemed at their registered addresses as
they shall appear upon the registry books of the Company.

    This Capital Note is not convertible into common stock or any other security
of the Company. The registered holder of this Capital Note shall be treated as
its owner for all purposes. The registered holder shall not have any of the
rights of a shareholder of the Company, including the right to vote or the right
to receive dividends.

    Any existing default may be waived with the consent of the holders of a
majority in principal amount of the Series 2001 Notes then outstanding. Any such
waiver by the registered holders of the Series 2001 Notes shall be conclusive
and binding upon such holder and upon all future holders of this Capital Note
and any note issued in exchange or substitution herefor, irrespective of whether
or not any notation of such waiver is made upon this Capital Note or such other
note.

    This Capital Note is unsecured.

    THIS CAPITAL NOTE IS BEING HELD FOR INVESTMENT PURPOSES. THE SALE, PLEDGE,
    ASSIGNMENT OR OTHER TRANSFER OF THIS CAPITAL NOTE CANNOT BE EFFECTED UNLESS,
    IMMEDIATELY PRIOR TO THE TIME SET FOR TRANSFER, COUNSEL FOR THE COMPANY
    DETERMINES THAT SUCH TRANSFER CAN BE EFFECTED WITHOUT VIOLATION OF THE
    SECURITIES ACT OF 1933.