<PAGE>

                                  EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT (hereinafter referred to as this "AGREEMENT") is
entered into as of the 18th day of April 2002, by and between Home City Federal
Savings Bank of Springfield, a savings bank chartered under the laws of the
United States (hereinafter referred to as the "EMPLOYER"), and Douglas L. Ulery,
an individual (hereinafter referred to as the "EMPLOYEE");

                                   WITNESSETH:

      WHEREAS, the EMPLOYEE is currently employed as the President and Chief
Executive Officer of the EMPLOYER;

      WHEREAS, as a result of the skill, knowledge and experience of the
EMPLOYEE, the Board of Directors of the EMPLOYER desires to retain the services
of the EMPLOYEE as the President and Chief Executive Officer of the EMPLOYER;

      WHEREAS, the EMPLOYEE desires to continue to serve as the President and
Chief Executive Officer of the EMPLOYER; and

      WHEREAS, the EMPLOYEE and the EMPLOYER desire to enter into this AGREEMENT
to set forth the terms and conditions of the employment relationship between the
EMPLOYER and the EMPLOYEE;

      NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYER and the EMPLOYEE hereby agree as follows:

1. Employment and Term.

      (a) Term. Upon the terms and subject to the conditions of this AGREEMENT,
the EMPLOYER hereby employs the EMPLOYEE, and the EMPLOYEE hereby accepts
employment, as the President and Chief Executive Officer of the EMPLOYER. The
TERM of this AGREEMENT shall commence on the date first set forth above and
shall end twenty-four (24) months thereafter, subject to extension pursuant to
subsection (b) of this Section 1 (hereinafter, including any such extensions,
referred to as the "TERM"), and to earlier termination as provided herein.

      (b) Extension. Prior to each anniversary of the date of this AGREEMENT,
the Board of Directors of the EMPLOYER shall review the EMPLOYEE's performance
and this AGREEMENT and document its approval of this AGREEMENT in the board
minutes. In connection with such annual review, the TERM shall be extended for a
one-year period beyond the then-effective expiration date, provided the Board of
Directors of the EMPLOYER determines in a duly adopted resolution that this
AGREEMENT should be extended. Any such extension shall be subject to the written
consent of the EMPLOYEE.

<PAGE>

2. Duties of the EMPLOYEE.

      (a) General Duties and Responsibilities. The EMPLOYEE shall serve as the
President and Chief Executive Officer of the EMPLOYER. Subject to the direction
of the Board of Directors of the EMPLOYER, the EMPLOYEE shall have
responsibility for the general management and control of the business and
affairs of the EMPLOYER and shall perform all duties and shall have all powers
which are commonly incident to the office of President and Chief Executive
Officer or which, consistent therewith, are delegated to him by the Board of
Directors. Such duties shall include, but not be limited to, (1) managing the
day-to-day operations of the EMPLOYER, (2) managing the efforts of the EMPLOYER
to comply with applicable laws and regulations, (3) marketing of the EMPLOYER
and its services, (4) supervising other employees of the EMPLOYER, (5) providing
prompt and accurate reports to the Board of Directors of the EMPLOYER regarding
the affairs and conditions of the EMPLOYER, and (6) making recommendations to
the Board of Directors of the EMPLOYER concerning the strategies, capital
structure, tactics, and general operations of the EMPLOYER.

      (b) Devotion of Entire Time to the Business of the EMPLOYER. The EMPLOYEE
shall devote his entire productive time, ability and attention during normal
business hours throughout the TERM to the faithful performance of his duties to
the EMPLOYER and its holding company and to their subsidiaries and affiliates.
The EMPLOYEE shall not directly or indirectly render any services of a business,
commercial or professional nature to any person or organization other than the
EMPLOYER and Home City Financial Corporation ("HCFC") and their subsidiaries and
affiliates without the prior written consent of the Board of Directors of the
EMPLOYER; provided, however, that the EMPLOYEE shall not be precluded from (i)
reasonable participation in community, civic, charitable or similar
organizations; or (ii) the pursuit of personal investments that do not interfere
or conflict with the performance of the EMPLOYEE's duties to the EMPLOYER.
Nothing in this section shall limit the EMPLOYEE's right to invest in securities
of any business that does not provide services or products of the type or
competing with those provided by the EMPLOYER or its subsidiaries or affiliates.

3. Compensation, Benefits and Reimbursements.

      (a) Salary. The EMPLOYEE shall receive during the TERM an annual salary
payable in equal installments not less often than monthly. The amount of such
annual salary shall be $126,500 until changed by the Board of Directors of the
EMPLOYER in accordance with Section 3(b) of this AGREEMENT.

      (b) Annual Salary Review. On or before each anniversary of the effective
date of this AGREEMENT, the annual salary of the EMPLOYEE shall be reviewed by
the Board of Directors of the EMPLOYER and may be maintained or increased, in
its discretion, based upon the EMPLOYEE's individual performance and the overall
profitability and financial condition of the EMPLOYER. The results of the annual
salary review shall be reflected in the minutes of the appropriate meetings of
the Board of Directors of the EMPLOYER.

      (c) Expenses. In addition to any compensation received under Section 3(a)
or (b) of this AGREEMENT, the EMPLOYER shall pay or reimburse the EMPLOYEE for
all reasonable travel, entertainment and miscellaneous expenses incurred in
connection with the performance of his duties under this AGREEMENT. Such
reimbursement shall be made in accordance with the


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<PAGE>

existing policies and procedures of the EMPLOYER pertaining to reimbursement of
expenses to senior management officials.

      (d) Employee Benefit Programs.

            (i) During the TERM, the EMPLOYEE shall be entitled to participate
in all formally established employee benefit, bonus, pension and profit-sharing
plans and similar programs that are maintained by the EMPLOYER from time to
time, including programs in respect of group health, disability or life
insurance, and all employee benefit plans or programs hereafter adopted in
writing by the Board of Directors of the EMPLOYER, for which senior management
personnel are eligible, including any employee stock ownership plan, stock
option plan or other stock benefit plan (hereinafter collectively referred to as
the "BENEFIT PLANS"). Notwithstanding any statement to the contrary contained
elsewhere in this Agreement, the EMPLOYER may discontinue or terminate at any
time any such BENEFIT PLANS, now existing or hereafter adopted, to the extent
permitted by the terms of such plans and applicable law, and shall not be
required to compensate the EMPLOYEE for such discontinuance or termination; and

            (ii) After the termination of the employment of the EMPLOYEE in
accordance with Section 4 of this AGREEMENT for any reason other than JUST CAUSE
(as defined hereinafter), the EMPLOYER shall provide, at the EMPLOYER's expense,
from the date of termination until the end of the TERM or until the earlier date
the EMPLOYEE obtains substantially equivalent coverage from another full-time
employer, substantially the same health, disability and life insurance benefits
as are available to retired employees of the EMPLOYER on the date of this
AGREEMENT; provided, however, that the EMPLOYER's obligation under this Section
3(d)(ii) shall terminate in the event that the EMPLOYER no longer makes
available an employee group health, disability or life insurance program that
permits the EMPLOYER to make coverage available for retirees or in the event the
EMPLOYER's employee group health, disability or life insurance program does not
permit the coverage of the EMPLOYEE.

      (e) Vacation and Sick Leave. The EMPLOYEE shall be entitled, without loss
of pay, to be absent voluntarily from the performance of his duties under this
AGREEMENT, subject to the following conditions:

            (i) The EMPLOYEE shall be entitled to annual vacation and annual
      sick leave in accordance with the policies periodically established by the
      Board of Directors of the EMPLOYER for senior management officials of the
      EMPLOYER; and

            (ii) In addition to paid vacations and sick leave, the EMPLOYEE
      shall be entitled, without loss of pay, to absent himself voluntarily from
      the performance of his employment with the EMPLOYER for such additional
      period of time and for such valid and legitimate reasons as the Board may,
      in its discretion, determine, and the Board may grant to the EMPLOYEE a
      leave or leaves of absence, with or without pay, at such time or times and
      upon such terms and conditions as such Board, in its discretion, may
      determine.

4. Termination of Employment.


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<PAGE>

      (a) General. The employment of the EMPLOYEE shall terminate at any time
during the TERM (i) at the option of the EMPLOYER upon the delivery by the
EMPLOYER of written notice of employment termination to the EMPLOYEE, or (ii) at
the option of the EMPLOYEE upon the delivery by the EMPLOYEE of written notice
of termination to the EMPLOYER if, unless consented to in writing by the
EMPLOYEE, (A) the present capacity or circumstances in which the EMPLOYEE is
employed are materially changed (including, without limitation, a material
reduction in responsibilities or authority, or the assignment of duties or
responsibilities substantially inconsistent with those normally associated with
the EMPLOYEE's position described in Section 2(a) of this AGREEMENT), (B) the
EMPLOYEE is no longer the President and Chief Executive Officer of the EMPLOYER
and HCFC, (C) the EMPLOYEE is required to move his personal residence, or
perform his principal executive functions, more than thirty-five (35) miles from
his primary office as of the date of the commencement of the TERM of this
AGREEMENT, or (D) the EMPLOYER otherwise breaches this AGREEMENT in any material
respect.

      (b) Termination for JUST CAUSE. In the event that the EMPLOYER terminates
the employment of the EMPLOYEE before the expiration of the TERM because of the
EMPLOYEE's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure or refusal to
perform the duties and responsibilities assigned in this AGREEMENT, willful
violation of any law, rule, regulation (other than traffic violations or similar
offenses) or final cease-and-desist order, conviction of a felony or for fraud
or embezzlement, or material breach of any provision of this AGREEMENT
(hereinafter collectively referred to as "JUST CAUSE"), the EMPLOYEE shall not
receive, and shall have no right to receive, any compensation or other benefits
for any period after such termination.

      (c) Termination in Connection with a CHANGE OF CONTROL.

            (i) In the event that, in connection with a CHANGE OF CONTROL
(including, without limitation, a termination other than for JUST CAUSE within
six months prior to a CHANGE OF CONTROL) or after a CHANGE OF CONTROL, the
employment of the EMPLOYEE is terminated by the EMPLOYER for any reason other
than JUST CAUSE before the expiration of the TERM, then the following shall
occur:

                  (A) The EMPLOYER shall promptly pay to the EMPLOYEE or to his
      beneficiaries, dependents or estate an amount equal to the product of two
      multiplied by the greater of the annual salary set forth in Section 3(a)
      of this AGREEMENT or the annual salary payable to the EMPLOYEE as a result
      of any annual salary review in accordance with Section 3 (b) of this
      AGREEMENT;

                  (B) The EMPLOYER shall continue to provide to the EMPLOYEE,
      his dependents, beneficiaries and estate, at the EMPLOYER's expense,
      health, disability and life insurance benefits as provided in Section
      3(d)(ii) of this Agreement, until the expiration of the TERM or until the
      earlier date the EMPLOYEE obtains substantially equivalent coverage from
      another full-time employer; and

                  (C) The EMPLOYEE shall not be required to mitigate the amount
      of any payment provided for in this AGREEMENT by seeking other employment
      or otherwise, nor shall any amounts received from other employment or
      otherwise by the


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<PAGE>

      EMPLOYEE offset in any manner the obligations of the EMPLOYER hereunder,
      except as specifically stated in subparagraph (B).

            (ii) In the event that, within six months prior to or within one
year after a CHANGE OF CONTROL, the employment of the EMPLOYEE is terminated by
the EMPLOYEE in accordance with Section 4(a)(ii) of this AGREEMENT before the
expiration of the TERM, then the following shall occur:

                  (A) The EMPLOYER shall promptly pay to the EMPLOYEE or to his
      beneficiaries, dependents or estate an amount equal to the product of two
      multiplied by the greater of the annual salary set forth in Section 3(a)
      of this AGREEMENT or the annual salary payable to the EMPLOYEE as a result
      of any annual salary review in accordance with Section 3 (b) of this
      AGREEMENT;

                  (B) The EMPLOYER shall continue to provide to the EMPLOYEE,
      his dependents, beneficiaries and estate, at the EMPLOYER's expense,
      health, disability and life insurance benefits as provided in Section
      3(d)(ii) of this Agreement, until the expiration of the TERM or until the
      earlier date the EMPLOYEE obtains substantially equivalent coverage from
      another full-time employer; and

                  (C) The EMPLOYEE shall not be required to mitigate the amount
      of any payment provided for in this AGREEMENT by seeking other employment
      or otherwise, nor shall any amounts received from other employment or
      otherwise by the EMPLOYEE offset in any manner the obligations of the
      EMPLOYER hereunder, except as specifically stated in subparagraph (B).

      In the event that payments pursuant to this subsection (c) would result in
the imposition of a penalty tax pursuant to Section 280G(b)(3) of the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder
(hereinafter collectively referred to as "SECTION 280G"), such payments shall be
reduced to the maximum amount that may be paid under SECTION 280G without
exceeding such limits. Payments pursuant to this subsection (c) also may not
exceed applicable limits established by the Office of Thrift Supervision
(hereinafter referred to as the "OTS"). In the event a reduction in payments is
necessary in order to comply with the requirements of this AGREEMENT relating to
the limitations of SECTION 280G or applicable OTS limits, the EMPLOYEE may
determine, in his sole discretion, which categories of payments are to be
reduced or eliminated.

      (d) Termination Without CHANGE OF CONTROL. In the event that the
employment of the EMPLOYEE is terminated by the EMPLOYER or is terminated by the
EMPLOYEE in accordance with Section 4(a)(ii) of this AGREEMENT before the
expiration of the TERM other than (i) for JUST CAUSE or (ii) in connection with
or after a CHANGE OF CONTROL, the EMPLOYER shall be obligated (A) to pay to the
EMPLOYEE, his designated beneficiaries or his estate, for the remainder of the
TERM, the salary set forth in Section 3(a) of this AGREEMENT or the salary
payable to the EMPLOYEE as a result of any annual salary review in accordance
with Section 3(b) of this AGREEMENT; and (B) to provide to the EMPLOYEE, at the
EMPLOYER's expense, health, disability and life insurance benefits as provided
in Section 3(d)(ii) of this Agreement, until the expiration of the TERM or until
the earlier date the EMPLOYEE obtains substantially equivalent coverage from
another full-time


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<PAGE>

employer. In the event that payments pursuant to this subsection (d) would
result in the imposition of a penalty tax pursuant to SECTION 280G, such
payments shall be reduced to the maximum amount that may be paid under SECTION
280G without exceeding those limits. Payments pursuant to this subsection also
may not exceed the applicable limits established by the OTS. In the event a
reduction in payments is necessary in order to comply with the requirements of
this AGREEMENT relating to the limitations of SECTION 280G or applicable OTS
limits, the EMPLOYEE may determine, in his sole discretion, which categories of
payments are to be reduced or eliminated.

      (e) Death of the EMPLOYEE. The TERM shall automatically terminate upon the
death of the EMPLOYEE. In the event of such death, the EMPLOYEE's estate shall
be entitled to receive the compensation due the EMPLOYEE through the last day of
the calendar month in which the death occurred, except as otherwise specified
herein.

      (f) "Golden Parachute" Provision. Any payments made to the EMPLOYEE
pursuant to this AGREEMENT or otherwise are subject to and conditioned upon
their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated
thereunder.

      (g) Definition of "CHANGE OF CONTROL". A "CHANGE OF CONTROL" shall mean
any one of the following events: (i) the acquisition of ownership or power to
vote more than 25% of the voting stock of the EMPLOYER or HCFC; (ii) the
acquisition of the ability to control the election of a majority of the
directors of the EMPLOYER or HCFC; (iii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the Board of
Directors of the EMPLOYER or HCFC cease for any reason to constitute at least a
majority thereof; provided, however, that any individual whose election or
nomination for election as a member of the Board of Directors was approved by a
vote of at least two-thirds of the directors then in office shall be considered
to have continued to be a member of the Board of Directors; or (iv) the
acquisition by any person or entity of "conclusive control" of the EMPLOYER
within the meaning of 12 C.F.R. Section 574.4(a), or the acquisition by any
person or entity of "rebuttable control" within the meaning of 12 C.F.R. Section
574.4(b) that has not been rebutted in accordance with 12 C.F.R. Section
574.4(c). For purposes of this paragraph, the term "person" refers to an
individual or corporation, partnership, trust, association, or other
organization, but does not include the EMPLOYEE and any person or persons with
whom the EMPLOYEE is "acting in concert" within the meaning of 12 C.F.R. Part
574.

      (h) Legal Fees. The EMPLOYER shall promptly pay all legal fees and
expenses that the EMPLOYEE may incur as a result of the EMPLOYEE or the EMPLOYER
contesting the validity or enforceability of this AGREEMENT if a court of
competent jurisdiction renders a final decision in favor of the EMPLOYEE with
respect to any such contest, or to the extent agreed to by the EMPLOYER and the
EMPLOYEE in an agreement of settlement with respect to any such contest.

5. Special Regulatory Events. Notwithstanding Section 4 of this AGREEMENT, the
obligations of the EMPLOYER to the EMPLOYEE shall be as follows in the event of
the following circumstances:

      (a) If the EMPLOYEE is suspended and/or temporarily prohibited from
participating in the conduct of the EMPLOYER's affairs by a notice served under
Section 8(e) (3) or (g) (1) of


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the Federal Deposit Insurance Act (hereinafter referred to as the "FDIA"), the
EMPLOYER's obligations under this AGREEMENT shall be suspended as of the date of
service of such notice, unless stayed by appropriate proceedings. If the charges
in the notice are dismissed, the EMPLOYER shall (i) pay the EMPLOYEE all of the
compensation withheld while the obligations in this AGREEMENT were suspended and
(ii) reinstate any of the obligations that were suspended.

      (b) If the EMPLOYEE is removed and/or permanently prohibited from
participating in the conduct of the EMPLOYER's affairs by an order issued under
Section 8(e) (4) or (g) (1) of the FDIA, all obligations of the EMPLOYER under
this AGREEMENT shall terminate as of the effective date of such order; provided,
however, that vested rights of the EMPLOYEE shall not be affected by such
termination.

      (c) If the EMPLOYER is in default as defined in Section 3(x)(1) of the
FDIA, all obligations under this AGREEMENT shall terminate as of the date of
default; provided, however, that vested rights of the EMPLOYEE shall not be
affected.

      (d) All obligations under this AGREEMENT shall be terminated, except to
the extent of a determination that the continuation of this AGREEMENT is
necessary for the continued operation of the EMPLOYER, (i) by the Director of
the OTS, or his or her designee at the time that the Federal Deposit Insurance
Corporation enters into an agreement to provide assistance to or on behalf of
the EMPLOYER under the authority contained in Section 13(c) of the FDIA or (ii)
by the Director of the OTS, or his or her designee, at any time the Director of
the OTS, or his or her designee, approves a supervisory merger to resolve
problems related to the operation of the EMPLOYER or when the EMPLOYER is
determined by the Director of the OTS to be in an unsafe or unsound condition.
No vested rights of the EMPLOYEE shall be affected by any such action.

6. Consolidation, Merger or Sale of Assets. Nothing in this AGREEMENT shall
preclude the EMPLOYER from consolidating with, merging into, or transferring
all, or substantially all, of its assets to another corporation that assumes all
of the EMPLOYER's obligations and undertakings hereunder. Upon such a
consolidation, merger or transfer of assets, the term "EMPLOYER" as used herein,
shall mean such other corporation or entity, and this AGREEMENT shall continue
in full force and effect; provided, however, that the assumption of the
EMPLOYER's obligations and undertakings hereunder shall not affect the
EMPLOYEE's right to compensation pursuant to Section 4(a)(II) of this AGREEMENT
in connection with such consolidation, merger or transfer of assets.

7. Confidential Information. The EMPLOYEE acknowledges that during his
employment he will learn and have access to confidential information regarding
the EMPLOYER and its customers and businesses. The EMPLOYEE agrees and covenants
not to disclose or use for his own benefit, or the benefit of any other person
or entity, any confidential information, unless or until the EMPLOYER consents
to such disclosure or use or such information becomes common knowledge in the
industry or is otherwise legally in the public domain. The EMPLOYEE shall not
knowingly disclose or reveal to any unauthorized person any confidential
information relating to the EMPLOYER, its parent, subsidiaries or affiliates, or
to any of the businesses operated by them, and the EMPLOYEE confirms that such
information constitutes the exclusive property of the EMPLOYER. The EMPLOYEE
shall not otherwise knowingly act or conduct


                                      -7-
<PAGE>

himself (a) to the material detriment of the EMPLOYER, its subsidiaries, or
affiliates, or (b) in a manner which is inimical or contrary to the interests of
the EMPLOYER.

8. Nonassignability. Neither this AGREEMENT nor any right or interest hereunder
shall be assignable by the EMPLOYEE, his beneficiaries, or legal representatives
without the EMPLOYER's prior written consent; provided, however, that nothing in
this Section 8 shall preclude (a) the EMPLOYEE from designating a beneficiary to
receive any benefits payable hereunder upon his death, or (b) the executors,
administrators, or other legal representatives of the EMPLOYEE or his estate
from assigning any rights hereunder to the person or persons entitled thereto.

9. No Attachment. Except as required by law, no right to receive payment under
this AGREEMENT shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge or hypothecation or to execution,
attachment, levy, or similar process of assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null, void
and of no effect.

10. Indemnification; Insurance.

      (a) Indemnification. The EMPLOYER agrees to indemnify the EMPLOYEE and his
heirs, executors, and administrators to the fullest extent permitted under
applicable law and regulations, including, without limitation 12 U.S.C. Section
1828(k), against any and all expenses and liabilities reasonably incurred by the
EMPLOYEE in connection with or arising out of any action, suit or proceeding in
which the EMPLOYEE may be involved by reason of his having been a director or
officer of the EMPLOYER or any of its subsidiaries, whether or not the EMPLOYEE
is a director or officer at the time of incurring any such expenses or
liabilities. Such expenses and liabilities shall include, but shall not be
limited to, judgments, court costs and attorney's fees and the cost of
reasonable settlements. The EMPLOYEE shall be entitled to indemnification in
respect of a settlement only if the Board of Directors of the EMPLOYER has
approved such settlement. Notwithstanding anything herein to the contrary, (i)
indemnification for expenses shall not extend to matters for which the EMPLOYEE
has been terminated for JUST CAUSE, and (ii) the obligations of this Section 10
shall survive the TERM of this AGREEMENT. Nothing contained herein shall be
deemed to provide indemnification prohibited by applicable law or regulation.

      (b) Insurance. During the TERM, the EMPLOYER shall provide the EMPLOYEE
(and his heirs, executors, and administrators) with coverage under a directors'
and officers' liability policy at the EMPLOYER's expense, at least equivalent to
such coverage provided to directors and senior officers of the EMPLOYER.

11. Binding Agreement. This AGREEMENT shall be binding upon, and inure to the
benefit of, the EMPLOYEE and the EMPLOYER and their respective permitted
successors and assigns.

12. Amendment of AGREEMENT. This AGREEMENT may not be modified or amended,
except by an instrument in writing signed by the parties hereto.

13. Waiver. No term or condition of this AGREEMENT shall be deemed to have been
waived, nor shall there be an estoppel against the enforcement of any provision
of this


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<PAGE>

AGREEMENT, except by written instrument of the party charged with such waiver or
estoppel. No such written waiver shall be deemed a continuing waiver, unless
specifically stated therein, and each waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term
or condition for the future or as to any act other than the act specifically
waived.

14. Severability. If, for any reason, any provision of this AGREEMENT is held
invalid, such invalidity shall not affect the other provisions of this AGREEMENT
not held so invalid, and each such other provision shall, to the full extent
consistent with applicable law, continue in full force and effect. If this
AGREEMENT is held invalid or cannot be enforced, then any prior Agreement
between the EMPLOYER (or any predecessor thereof) and the EMPLOYEE shall be
deemed reinstated to the full extent permitted by law, as if this AGREEMENT had
not been executed.

15. Headings. The headings of the paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this AGREEMENT.

16. Governing Law; Regulatory Authority. This AGREEMENT has been executed and
delivered in the State of Ohio and its validity, interpretation, performance,
and enforcement shall be governed by the laws of the State of Ohio, except to
the extent that federal law is governing. References to the OTS included herein
shall include any successor primary federal regulatory authority of the
EMPLOYER.

17. Effect of Prior Agreements. This AGREEMENT contains the entire understanding
between the parties hereto and supersedes any prior employment agreement between
the EMPLOYER or any predecessor of the EMPLOYER and the EMPLOYEE.

18. Notices. Any notice or other communication required or permitted pursuant to
this AGREEMENT shall be deemed delivered if such notice or communication is in
writing and is delivered personally or by facsimile transmission or is deposited
in the United States mail, postage prepaid, addressed as follows:

      If to the EMPLOYER:

           Home City Federal Savings Bank of Springfield
           2454 N. Limestone Street
           Springfield, Ohio 45503

      If to the EMPLOYEE:

           Mr. Douglas L. Ulery
           2548 Erter Drive
           Springfield, Ohio 45503


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<PAGE>

      IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT to be executed
by its duly authorized officer, and the EMPLOYEE has signed this AGREEMENT, each
as of the day and year first above written.

Attest:                                   HOME CITY FEDERAL SAVINGS BANK
                                          OF SPRINGFIELD


/s/ Jo Ann Holdeman                       By  /s/ John D. Conroy
-------------------------------             ------------------------------------

Attest:


/s/ Jo Ann Holdeman                          /s/ Douglas L. Ulery
-------------------------------           --------------------------------------
                                          Douglas L. Ulery


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