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                                                                    Exhibit 10.1





TO:           DAVID G. LODGE
FROM:         PATRICK W. BEVACK
DATE:         DECEMBER 18, 1997
SUBJ:         INCENTIVE PAY PLAN

Commencing Oct. 1, 1997, the Bank will share increases in profits generated by
the following areas supervised by Mr. Bevack: Residential Lending, Construction
Lending, Mortgage Servicing, and Commercial Real Estate Loan Servicing. Mr.
Bevack will be responsible for determining the distribution of shared profits
within his group based on his individual agreements with each of the individuals
reporting to him. The only exception is that he will not make any distributions
to any persons other than his direct reports, without first obtaining approval
of the President of the Bank that such distributions are not objectionable to
the Bank.

The standards against which increased profits will be measured are the Division
Profitability Reports prepared by the Bank's Accounting Department. The method
and assumption used by this report shall not be modified for this purpose
without mutual agreement of the President (David G. Lodge) and the Executive
Vice President (Patrick W.
Bevack).

Calculation of Shared Amount:
----------------------------

A.       The contribution to overhead from the Accounting Department's Division
         Profitability Report will be averaged for the first nine (9) months of
         1997, to arrive at an average quarterly profitability for the
         Residential Lending, Construction Lending, Mortgage Servicing and
         Commercial Real Estate Servicing Departments, hereafter called the
         "Mortgage Banking Unit". This will be the "base quarterly
         profitability" which will be used in future calculations.

B.       As soon as practical at the end of each quarter, but no later than
         forty-five (45) days after the end of the quarter, the Accounting
         Department will complete their Division Profitability Report for the
         preceding quarter. An "actual quarterly profitability" number will be
         calculated for each area in the Mortgage Banking Unit.

C.        The amount by which the actual quarterly profitability is greater than
          the base quarterly profitability for each area within the Mortgage
          Banking Unit is the "profit improvement". This quarterly profit
          improvement will be shared 80% to Metropolitan Savings Bank and 20% to
          the Mortgage Banking Unit based on profit improvement for Construction
          Lending, Mortgage Service and Commercial Real Estate Servicing. For
          the Residential Lending area the quarterly improvement will be
          multiplied by 5% until the actual quarterly profitability amount is
          positive. When the Residential Lending area is making a contribution
          to overhead, this amount will be multiplied by 20%. The resultant
          amount of 5% of the improvement up to a positive contribution and the
          20% of improvement above this amount for Residential Lending plus the
          20% of the quarterly improvement for Construction Lending, Mortgage
          Service and Commercial Real Estate Servicing will be the resultant
          shared profit. This shared profit will be distributed to the
          individuals in the Mortgage Banking Unit based on instructions
          provided to the Payroll Department by Mr. Bevack.


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D.        The shared profit shall be earned on the last day of each quarter and
          paid within sixty (60) days of the end of each quarter.

         In addition, should Mr. Bevack's employment be terminated for any
         reason other than cause, he will be entitled to a lump sum payment
         equal to the shared profit for the immediately preceding quarter. Cause
         is defined as gross misconduct and does not apply to Bank restructures,
         change of ownership, layoffs, or changes of company emphasis.

E.       Annual salary increases will still be in effect, however, more emphasis
         will be placed on increasing profitability and the resulting shared
         amount.

F.       Although expenses will be changed on the Division Profitability Report
         directly to the unit, standard procedures for the proper documentation
         of legitimate expenses will be required.


PWB:ck





/s/ David G. Lodge                           /s/ Patrick W. Bevack
----------------------------------           ----------------------------------
    David G. Lodge / Date                        Patrick W. Bevack / Date


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