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AMENDED AND RESTATED DECLARATION
OF TRUST
 by and among
 WILMINGTON TRUST COMPANY,
as Delaware Trustee,
 WILMINGTON TRUST COMPANY,
as Institutional Trustee,
 PEOPLES COMMUNITY BANCSHARES, INC.,
as Sponsor,
 and
 NEIL D. MCCURRY, JR. and DOROTHY S. BARTH,
as Administrators,
 Dated as of December 15, 2005




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TABLE OF CONTENTS
 PageARTICLE I INTERPRETATION AND DEFINITIONS
    
    
    1Section 1.1. Definitions
    
    
    1ARTICLE II ORGANIZATION
    
    
    8Section 2.1. Name
    
    
    8Section 2.2. Office
    
    
    8Section 2.3. Purpose
    
    
    8Section 2.4. Authority
    
    
    8Section 2.5. Title to Property of the Trust
    
    
    8Section 2.6. Powers and Duties of the Trustees and the Administrators
    
    
    8Section 2.7. Prohibition of Actions by the Trust and the Institutional Trustee
    
    
    12Section 2.8. Powers and Duties of the Institutional Trustee
    
    
    12Section 2.9. Certain Duties and Responsibilities of the Trustees and Administrators
    
    
    14Section 2.10. Certain Rights of Institutional Trustee
    
    
    15Section 2.11. Delaware Trustee
    
    
    17Section 2.12. Execution of Documents
    
    
    17Section 2.13. Not Responsible for Recitals or Issuance of Securities
    
    
    17Section 2.14. Duration of Trust
    
    
    17Section 2.15. Mergers
    
    
    17ARTICLE III SPONSOR
    
    
    19Section 3.1. Sponsors Purchase of Common Securities
    
    
    19Section 3.2. Responsibilities of the Sponsor
    
    
    19Section 3.3. Expenses
    
    
    19Section 3.4. Right to Proceed
    
    
    20ARTICLE IV INSTITUTIONAL TRUSTEE AND ADMINISTRATORS
    
    
    20Section 4.1. Number of Trustees
    
    
    20Section 4.2. Delaware Trustee; Eligibility
    
    
    20Section 4.3. Institutional Trustee; Eligibility
    
    
    20Section 4.4. Administrators
    
    
    21Section 4.5. Appointment, Removal and Resignation of Trustees and Administrators
    
    
    21Section 4.6. Vacancies Among Trustees
    
    
    23Section 4.7. Effect of Vacancies
    
    
    23Section 4.8. Meetings of the Trustees and the Administrators
    
    
    23Section 4.9. Delegation of Power
    
    
    23Section 4.10. Conversion, Consolidation or Succession to Business
    
    
    23ARTICLE V DISTRIBUTIONS
    
    
    24Section 5.1. Distributions
    
    
    24ARTICLE VI ISSUANCE OF SECURITIES
    
    
    24Section 6.1. General Provisions Regarding Securities
    
    
    24Section 6.2. Paying Agent, Transfer Agent and Registrar
    
    
    25Section 6.3. Form and Dating
    
    
    25Section 6.4. Mutilated, Destroyed, Lost or Stolen Certificates
    
    
    25Section 6.5. Temporary Securities
    
    
    26




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PageSection 6.6. Cancellation
    
    
    26Section 6.7. Rights of Holders; Waivers of Past Defaults
    
    
    26ARTICLE VII DISSOLUTION AND TERMINATION OF TRUST
    
    
    28Section 7.1. Dissolution and Termination of Trust
    
    
    28ARTICLE VIII TRANSFER OF INTERESTS
    
    
    28Section 8.1. General
    
    
    28Section 8.2. Transfer Procedures and Restrictions
    
    
    29Section 8.3. Deemed Security Holders
    
    
    31ARTICLE IX LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES,
INSTITUTIONAL TRUSTEE OR OTHERS
    
    
    31Section 9.1. Liability
    
    
    31Section 9.2. Exculpation
    
    
    32Section 9.3. Fiduciary Duty
    
    
    32Section 9.4. Indemnification
    
    
    33Section 9.5. Outside Businesses
    
    
    35Section 9.6. Compensation; Fee
    
    
    35ARTICLE X ACCOUNTING
    
    
    35Section 10.1. Fiscal Year
    
    
    35Section 10.2. Certain Accounting Matters
    
    
    35Section 10.3. Banking
    
    
    36Section 10.4. Withholding
    
    
    36ARTICLE XI AMENDMENTS AND MEETINGS
    
    
    36Section 11.1. Amendments
    
    
    36Section 11.2. Meetings of the Holders of Securities; Action by
Written Consent
    
    
    38ARTICLE XII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND THE
DELAWARE TRUSTEE
    
    
    39Section 12.1. Representations and Warranties of Institutional Trustee
    
    
    39Section 12.2. Representations of the Delaware Trustee
    
    
    39ARTICLE XIII MISCELLANEOUS
    
    
    40Section 13.1. Notices
    
    
    40Section 13.2. Governing Law.
    
    
    41Section 13.3. Intention of the Parties
    
    
    41Section 13.4. Headings
    
    
    41Section 13.5. Successors and Assigns
    
    
    42Section 13.6. Partial Enforceability
    
    
    42Section 13.7. Counterparts
    
    
    42
 Annex I
    
    Terms of SecuritiesExhibit A-1
    
    Form of Capital Security CertificateExhibit A-2
    
    Form of Common Security CertificateExhibit B
    
    Specimen of Initial DebentureExhibit C
    
    Placement Agreement




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AMENDED AND RESTATED
 DECLARATION OF TRUST
 OF
 PEOPLES COMMUNITY STATUTORY TRUST I
 December 15, 2005
 Declaration
 Trust Original
Declaration
   
 ARTICLE I
 INTERPRETATION AND DEFINITIONS
 Section 1.1. Definitions.
      1




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Acceleration Event of Default
 Additional Interest
 Administrative Action
 Affiliate
 Authorized Officer
 Bankruptcy Event
   Business Day
  Capital Security Certificate
 Capital Treatment Event
 Certificate
 Closing Date
 Code
 Common Securities
 2




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Common Security Certificate
 Company Indemnified Person
  Comparable Treasury Issue
 Comparable Treasury Price
 Corporate Trust Office
 Coupon Rate
 Covered Person
 Creditor
 Debenture Issuer
 Debenture Trustee
 Debentures
 Defaulted Interest
 Delaware Trustee
 Determination Date
 Direct Action
 Distribution
 Distribution Payment Date
 Distribution Period
 3




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Distribution Rate
 Event of Default
     Extension Period
 Federal Reserve
 Fiduciary Indemnified Person
 Fiscal Year
 Fixed Rate Period Remaining Life
 Guarantee
 Holder
 Indemnified Person
 Indenture
 4




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Indenture Event of Default
 Institutional Trustee
 Interest
 Investment Company
  Investment Company Event
 Liquidation
 Liquidation Distribution
 Majority in liquidation amount of the Securities
 Maturity Date
 Officers Certificates
     OTS
 Paying Agent
 Person
 5




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Placement Agreement
 Primary Treasury Dealer
 Property Account
 Pro Rata
 Quorum
 Quotation Agent
 Redemption Date
 Redemption/Distribution Notice
 Redemption Price
 Reference Treasury Dealer
 Reference Treasury Dealer Quotations
 Registrar
 Relevant Trustee
 Responsible Officer
 Restricted Securities Legend
 Securities Act
 Special Event
 Special Redemption Date
 Special Redemption Price
 6




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Sponsor
 Statutory Trust Act et seq.
 Successor Entity
 Successor Delaware Trustee
 Super Majority
 Tax Event
 10% in liquidation amount of the Securities
 3-Month LIBOR
 Transfer Agent
 Treasury Rate
 Treasury Regulations
 Trust Property
 Trustee or Trustees
 U.S. Person
 7




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ARTICLE II
 ORGANIZATION
 Section 2.1. Name .
 Section 2.2. Office .
 Section 2.3. Purpose .
 Section 2.4. Authority .
 Section 2.5. Title to Property of the Trust .
 Section 2.6. Powers and Duties of the Trustees and the Administrators .
   8




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9




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provided
     10




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11




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Section 2.7. Prohibition of Actions by the Trust and the Institutional Trustee .
          Section 2.8. Powers and Duties of the Institutional Trustee .
    Property
Account
 12




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provided, however Direct Action
      13




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Section 2.9. Certain Duties and Responsibilities of the Trustees and Administrators.
       14




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Section 2.10. Certain Rights of Institutional Trustee .
  
   15




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provided
       16




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Section 2.11. Delaware Trustee .
 Section 2.12. Execution of Documents .
 Section 2.13. Not Responsible for Recitals or Issuance of Securities .
 Section 2.14. Duration of Trust .
 Section 2.15. Mergers .
   Successor
Entity
  17




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Successor Securities
             18




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ARTICLE III
 SPONSOR
 Section 3.1. Sponsors Purchase of Common Securities .
 Section 3.2. Responsibilities of the Sponsor .
   Section 3.3. Expenses .
     19




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Creditor
 Section 3.4. Right to Proceed .
 ARTICLE IV
 INSTITUTIONAL TRUSTEE AND ADMINISTRATORS
 Section 4.1. Number of Trustees .
  provided however
 Section 4.2. Delaware Trustee; Eligibility.
     Section 4.3. Institutional Trustee; Eligibility .
     20




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Section 4.4. Administrators .
 Section 4.5. Appointment, Removal and Resignation of Trustees and Administrators .
    21




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22




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Section 4.6. Vacancies Among Trustees .
 Section 4.7. Effect of Vacancies .
 Section 4.8. Meetings of the Trustees and the Administrators .
 Section 4.9. Delegation of Power .
   Section 4.10. Conversion, Consolidation or Succession to Business .
 23




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provided further
 ARTICLE V
 DISTRIBUTIONS
 Section 5.1. Distributions . Distribution
 ARTICLE VI
 ISSUANCE OF SECURITIES
 Section 6.1. General Provisions Regarding Securities .
 pari passu
   24




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Section 6.2. Paying Agent, Transfer Agent and Registrar . Paying Agent Transfer Agent Registrar Transfer Agent
 Section 6.3. Form and Dating .
  Section 6.4. Mutilated, Destroyed, Lost or Stolen Certificates.
   25




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Section 6.5. Temporary Securities .
 Section 6.6. Cancellation .
 Section 6.7. Rights of Holders; Waivers of Past Defaults .
    26




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provided
  27




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ARTICLE VII
 DISSOLUTION AND TERMINATION OF TRUST
 Section 7.1. Dissolution and Termination of Trust .
           ARTICLE VIII
 TRANSFER OF INTERESTS
 Section 8.1. General .
  28




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provided however
    Section 8.2. Transfer Procedures and Restrictions .
  Restricted Securities Legend
  29




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30




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Section 8.3. Deemed Security Holders .
 ARTICLE IX
 LIMITATION OF LIABILITY OF
HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS
 Section 9.1. Liability .
  31




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Section 9.2. Exculpation .
   Section 9.3. Fiduciary Duty .
    32




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Section 9.4. Indemnification .
 nolo contendere
 provided however
    33




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34




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Section 9.5. Outside Businesses .
 Section 9.6. Compensation; Fee .
      ARTICLE X
 ACCOUNTING
 Section 10.1. Fiscal Year .
 Section 10.2. Certain Accounting Matters .
  35




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Section 10.3. Banking .
 Section 10.4. Withholding .
 ARTICLE XI
 AMENDMENTS AND MEETINGS
 Section 11.1. Amendments .
  36




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37




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provided however
 Section 11.2. Meetings of the Holders of Securities; Action by Written Consent.
     38




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provided however
 ARTICLE XII
 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND THE DELAWARE TRUSTEE
 Section 12.1. Representations and Warranties of Institutional Trustee.
     Section 12.2. Representations of the Delaware Trustee .
  39




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ARTICLE XIII
 MISCELLANEOUS
 Section 13.1. Notices .
  
  
 40




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Section 13.2. Governing Law . provided however
 Section 13.3. Intention of the Parties .
 Section 13.4. Headings .
 41




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Section 13.5. Successors and Assigns .
 Section 13.6. Partial Enforceability .
 Section 13.7. Counterparts .
 Signatures appear on the following page
 42




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WILMINGTON TRUST COMPANY, as Delaware TrusteeBy:
    /s/ Christopher J. MonigleName:
    Christopher J. MonigleTitle:
    Assistant Vice PresidentWILMINGTON TRUST COMPANY,
as Institutional TrusteeBy:
    /s/ Christopher J. MonigleName:
    Christopher J. MonigleTitle:
    Assistant Vice PresidentPEOPLES COMMUNITY BANCSHARES, INC., as SponsorBy:
    /s/ Dorothy S. BarthName:
    Dorothy S. BarthTitle:
    CFOADMINISTRATORS OF PEOPLES COMMUNITY STATUTORY TRUST IBy:

/s/
Neil D. McCurry, Jr.AdministratorBy:
    /s/ Dorothy S. BarthAdministrator 43




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Designation and Number
 Capital Securities
 Common Securities
 Distributions
 Coupon Rate
 I-1




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Distribution Payment
Date Extension Period Additional Interest provided however provided further however pari passu pari passu
 I-2




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Liquidation Distribution Upon Dissolution Liquidation Liquidation Distribution
 Federal Reserve OTS
 I-3




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provided however
 Redemption and Distribution
  I-4




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3-Month LIBOR
       Capital Treatment Event
 I-5




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provided however provided further however
 Comparable Treasury Issue
 Comparable Treasury Price
 Determination Date
 Fixed Rate Period Remaining Life
 Investment Company Event
 Maturity Date
 Primary Treasury Dealer
 I-6




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Quotation Agent
 Redemption Date
 Redemption Price
 Reference Treasury Dealer
 Reference Treasury Dealer Quotations
 Special Event
 Special Redemption Date
 Special Redemption Price
 Tax Event
 I-7




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Treasury Rate
 provided however
   Redemption or Distribution Procedures
  I-8




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Voting Rights  Capital Securities
   I-9




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provided however Super Majority
 provided however
  I-10




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Voting Rights  Common Securities
   provided however
 I-11




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Amendments to Declaration and Indenture
     I-12




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Pro Rata Pro Rata
 Ranking pari passu
 Acceptance of Guarantee and Indenture
 No Preemptive Rights
 Miscellaneous
 I-13




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EXHIBIT A-1
 FORM OF CAPITAL SECURITY CERTIFICATE
    A-1-1




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Certificate Number P-1
    
    4,000 Capital Securities[CUSIP NO. [  ] **To be inserted at the request of a subsequent transferee]
       A-1-2




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Signatures appear on following page
 A-1-3




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PEOPLES COMMUNITY STATUTORY TRUST IBy:Name:Title:
    Administrator CERTIFICATE OF AUTHENTICATION
  WILMINGTON TRUST COMPANY, as the
Institutional TrusteeBy:Authorized Officer A-1-4




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A-1-5




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A-1-6




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(Insert assignees social security or tax identification number)(Insert address and zip code of assignee) and irrevocably appoints
  Date:Signature:
  1
 
 1
    
    Signature must be guaranteed by an eligible guarantor institution that is a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the Security
registrar, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program (STAMP) or such other signature guarantee program as may be determined by the
Security registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. A-1-7




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EXHIBIT A-2
    Certificate Number C-1
    
    124 Common Securities
          A-2-1




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PEOPLES COMMUNITY STATUTORY TRUST IBy:Name:Title:
    Administrator A-2-2




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- - - - - - - - - -
  A-2-3




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- - -
 provided, however
  A-2-4




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(Insert assignees social security or tax identification number)(Insert address and zip code of assignee) and irrevocably appoints
 agentto transfer this Common Security Certificate on the books of the Trust. The agent
may substitute another to act for him or her.
 Date:Signature:
 (Sign exactly as your name appears on the other side of this Common Security
Certificate)
 Signature:
 (Sign exactly as your name appears on the other side of this Common Security
Certificate)
 2
 
 2
    
    Signature must be guaranteed by an eligible guarantor institution that is a bank,
stockbroker, savings and loan association or credit union, meeting the requirements of the Security
registrar, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program (STAMP) or such other signature guarantee program as may be determined by the
Security registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. A-2-5




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EXHIBIT B
 SPECIMEN OF INITIAL DEBENTURE
  B-1




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EXHIBIT C
 PLACEMENT AGREEMENT
  C-1