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                                                               EXHIBIT 10.18

                    RESOLUTIONS OF THE BOARD OF DIRECTORS OF
                  FIRST PALM BEACH BANCORP, INC. AWARDING STOCK
                          OPTION FOR OUTSIDE DIRECTORS


                               September 17, 1996


         WHEREAS, The Board of Directors of First Palm Beach Bancorp, Inc. (the
         "Company") adopted the 1993 Stock Option Plan for Outside Directors
         (the "Option Plan") at the [June 8, 1993] Board meeting and the Option
         Plan was subsequently approved by stockholders of the Company at the
         January 24, 1994 Annual Meeting of Stockholders, and

         WHEREAS, The Board of Directors is considering electing Dr. Holly
         Hadley and Dr. Daniel O. Sokoloff as members of the Board of Directors
         of the Company.

         WHEREAS, The Compensation Committee of the Board of Directors has
         recommended to the Board that the Company grant to each of Dr. Holly
         Hadley and Dr. Daniel O. Sokoloff non-statutory stock options to
         purchase 13,250 shares of Common Stock of the Company under the Option
         Plan upon the election and qualification of each of them as a member of
         the Board of Directors of the Company.

         WHEREAS, in light of the increase in market value of the Common Stock
         of the Company since the adoption of the Option Plan, the Board of
         Directors considers it in the business interest of the Company to amend
         the Option Plan to reduce the number of non-statutory stock options to
         be granted to non-employee directors elected and qualified as members
         of the Board of Directors after the effective date of the Option Plan.

         NOW THEREFORE BE IT RESOLVED, That the first paragraph of Section 2(b)
         of the Option Plan shall be amended in its entirety to read as follows:

                  (b) Grants to Subsequent Outside Directors. To the extent
                  options are available for grant under the Directors Option
                  Plan, each Outsider Director who is first elected as a
                  director subsequent to the Effective Date ("Subsequent Outside
                  Director") is hereby granted as of the date on which such
                  Subsequent Outside Director is qualified and first begins to
                  serve as an Outside Director, non-statutory stock options to
                  purchase 13,250 shares of Common Stock, subject to adjustment
                  pursuant to Section IV, or to purchase such lesser number of
                  shares of Common Stock as remain in this Directors Option
                  Plan.

         BE IT FURTHER RESOLVED, That the Board of Directors grants to Dr. Holly
         Hadley non-statutory stock options to purchase 13,250 shares of Common
         Stock




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         of the Company under the Option Plan upon her election and
         qualification as a member of the Board of Directors of the Company upon
         such terms and conditions as provided in the Option Plan.

         BE IT FURTHER RESOLVED, That the Board of Directors grants to Dr.
         Daniel O. Sokoloff non-statutory stock options to purchase 13,250
         shares of Common Stock of the Company under the Option Plan upon his
         election and qualification as a member of the Board of Directors of the
         Company upon such terms and conditions as provided in the Option Plan.

         BE IT FURTHER RESOLVED, That the proper officers of the Company are
         authorized to take such actions as are necessary or desirable in
         connection with the foregoing resolutions.

         BE IT FURTHER RESOLVED, That all actions heretofore taken by the
         officers and direcFtors of the Company on behalf of the Company
         relating to the foregoing resolutions are hereby approved, ratified and
         confirmed in all respects.





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