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                                                                   EXHIBIT 10.10


                                    TRUST FOR
                           DEFERRED COMPENSATION PLAN
                              FOR CERTAIN EXECUTIVE
                           EMPLOYEES AND DIRECTORS OF
                       CENTRAL NATIONAL BANK, CANAJOHARIE

        (a)     This Agreement made this 21st day of March 1997, by and between
CENTRAL NATIONAL BANK, CANAJOHARIE (the "Company") and Smith Barney Private
Trust Co. (the "Trustee");

        (b)     WHEREAS, Company has adopted the Deferred Compensation Plan for
Certain Executive Employees and Directors of Central National Bank, Canajoharie
(the "Plan") as a nonqualified deferred compensation plan;

        (c)     WHEREAS, Company has incurred or expects to incur liability
under the terms of such Plan with respect to the individuals participating in
such Plan;

        (d)     WHEREAS, Company wishes to establish a trust (hereinafter called
"Trust") and to contribute to the Trust assets that shall be held therein,
subject to the claims of Company's creditors in the event of Company's
Insolvency, as herein defined, until paid to Plan participants and their
beneficiaries in such manner and at such times as specified in the Plan;

        (e)     WHEREAS, it is the intention of the parties that this Trust
shall constitute an unfunded arrangement and shall not affect the status of the
Plan as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;


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        (f)     WHEREAS, it is the intention of Company to make contributions to
the Trust to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plan;

        NOW, THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held and disposed of as follows:

                Section 1.  Establishment of Trust.

                (a)     Company hereby deposits with Trustee in trust $938,199
Dollars ($________), which shall become the principal of the Trust to be held,
administered and disposed of by Trustee as provided in this Trust Agreement.

                (b)     The Trust shall become irrevocable thirty (30) days
following the issuance of a favorable letter ruling regarding the Trust from the
Internal Revenue Service.

                (c)     The Trust is intended to be a grantor trust, of which
Company is the grantor, within the meaning of Subpart E, Part I, Subchapter J,
Chapter 1, Subtitle A of the Internal Revenue Code of 1986, as amended, and
shall be construed accordingly.

                (d)     The principal of the Trust, and any earnings thereon
shall be held separate and apart from other funds of Company and shall be used
exclusively for the uses and purposes of Plan participants and general creditors
as herein set forth. Plan participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the
Trust. Any rights created under the Plan and this Trust Agreement shall be mere
unsecured contractual rights of Plan participants and their beneficiaries
against Company. Any assets held by the Trust will be subject to the claims



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of Company's general creditors under federal and state law in the event of
Insolvency, as defined in Section 3(a) herein.

                (e)     Company, in its sole discretion, may at any time, or
from time-to-time, make additional deposits of cash or other property in trust
with Trustee to augment the principal to be held, administered and disposed of
by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan
participant or beneficiary shall have any right to compel such additional
deposits.

                Section 2. Payments to Plan Participants and Their
Beneficiaries.

                (a)     Company shall deliver to Trustee a schedule (the
"Payment Schedule") that indicates the amounts payable in respect of each Plan
participant (and his or her beneficiaries), that provides a formula or other
instructions acceptable to Trustee for determining the amounts so payable, the
form in which such amount is to be paid (as provided for or available under the
Plan), and the time of commencement for payment of such amounts. Except as
otherwise provided herein, Trustee shall make payments to the Plan participants
and their beneficiaries in accordance with such Payment Schedule. The Trustee
shall make provision for the reporting and withholding of any federal, state or
local taxes that may be required to be withheld with respect to the payment of
benefits pursuant to the terms of the Plan and shall pay amounts withheld to the
appropriate taxing authorities or determine that such amounts have been
reported, withheld and paid by Company.

                (b)     The entitlement of a Plan participant or his or her
beneficiaires to benefits under the Plan shall be determined by Company or such
party as it shall



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designate under the Plan, and any claim for such benefits shall be considered
and reviewed under the procedures set out in the Plan.

                (c)     Company may make payment of benefits directly to Plan
participants or their beneficiaries as they become due under the terms of the
Plan. Company shall notify Trustee of its decision to make payment of benefits
directly prior to the time amounts are payable to participants or their
beneficiaries. In addition, if the principal of the Trust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Plan, Company shall make the balance of each such payment as it
falls due. Trustee shall notify Company where principal and earnings are not
sufficient.

                Section 3. Trustee Responsibility Regarding Payments to Trust

                Beneficiary When Company Is Insolvent.

                (a)     Trustee shall cease payment of benefits to Plan
participants and their beneficiaries if the Company is Insolvent. Company shall
be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is
unable to pay its debts as they become due, or (ii) Company is subject to a
pending proceeding as a debtor under the United States Bankruptcy Code; or (iii)
Company is determined to be insolvent by the United States Comptroller of the
Currency, the Federal Deposit Insurance Corporation or the New York State
Banking Department.

                (b)     At all times during the continuance of this Trust, as
provided in Section 1(d) hereof, the principal and income of the Trust shall be
subject to claims of general creditors of Company under federal and state law as
set forth below.



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                        (1)     The Board of Directors and the President of
Company shall have the duty to inform Trustee in writing of Company's
Insolvency. If a person claiming to be a creditor of Company alleges in writing
to Trustee that Company has become Insolvent, Trustee shall determine whether
Company is Insolvent and, pending such determination, Trustee shall discontinue
payment of benefits to Plan participants or their beneficiaires.

                        (2)     Unless Trustee has actual knowledge of Company's
Insolvency, or has received notice from Company or a person claiming to be a
creditor alleging that Company is Insolvent, Trustee shall have no duty to
inquire whether Company is Insolvent. Trustee may in all events rely on such
evidence concerning Company's solvency as may be furnished to Trustee and that
provides Trustee with a reasonable basis for making a determination concerning
Company's solvency.

                        (3)     If at any time Trustee has determined that
Company is Insolvent, Trustee shall discontinue payments to Plan participants or
their beneficiaires and shall hold the assets of the Trust for the benefit of
Company's general creditors. Nothing in this Trust Agreement shall in any way
diminish any rights of Plan participants or their beneficiaries to pursue their
rights as general creditors of Company with respect to benefits due under the
Plan or otherwise.

                        (4)     Trustee shall resume the payment of benefits to
Plan participants or their beneficiaries in accordance with Section 2 of this
Trust Agreement only after Trustee has determined that Company is not Insolvent
(or is no longer Insolvent).



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                (c)     Provided that there are sufficient assets, if Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(b)
hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to Plan
participants or their beneficiaries by Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

                Section 4. Payments to Company.

                Except as provided in Section 3 hereof, after the Trust has
become irrevocable, Company shall have no right or power to direct Trustee to
return to Company or to divert to others any of the Trust assets before all
payment of benefits have been made to Plan participants and their beneficiaries
pursuant to the terms of the Plan.

                Section 5. Investment Authority.

                (a)     In no event may Trustee invest in securities (including
stock or rights to acquire stock) or obligations issued by Company, other than a
de minimis amount held in common investment vehicles in which Trustee invests.
All rights associated with assets of the Trust shall be exercised by Trustee or
the person designated by Trustee, and shall in no event be exercisable by or
rest with Plan participants. Company shall have the right, at anytime, and from
time to time in its sole discretion, to substitute assets of equal fair market
value for any asset held by the Trust.

                (b)     Subject to the terms of this Trust Agreement, the
Trustee shall have the authority:



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                        (1)     to hold, manage, and control the assets held in
trust, to invest and reinvest the same, in such manner as the Trustee deems to
be reasonably sound after consultation in each case with the Company. The
Trustee shall not be held responsible for any loss incurred through an
investment error made in good faith, but shall be liable only for the Trustee's
willful misconduct;

                        (2)     to take and hold title to investment assets in
the name of the Trustee or a nominee of the Trustee without disclosing the
trust; and

                        (3)     to vote any stocks, bonds, or other securities,
to give general and special powers of attorney with or without rights of
substitution, and generally to exercise any powers of an owner with regard to
investment of the trust assets.

                Section 6. Disposition of Income.

                During the term of this Trust, all income received by the Trust,
net of expenses and taxes, shall be accumulated and reinvested.

                Section 7. Accounting by Trustee.

                Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be
made, including such specific records as shall be agreed upon in writing between
Company and Trustee. Within sixty (60) days following the close of each calendar
year and within sixty (60) days after the removal or resignation of Trustee,
Trustee shall deliver to Company a written account of its administration of the
Trust during such year or during the period from the close of the last preceding
year to the date of such removal or resignation, setting forth all investments,
receipts, disbursements and other transactions effected by it,



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including a description of all securities and investments purchased and sold
with the cost or net proceeds of such purchases or sales (accrued interest paid
or receivable being shown separately), and showing all cash, securities and
other property held in the Trust at the end of such year or as of the date of
such removal or resignation, as the case may be.

                Section 8.  Responsibility of Trustee.

                (a)     Trustee shall act with the care, skill, prudence and
diligence under the circumstances then prevailing that a prudent person acting
in like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by Company which is contemplated by, and
in conformity with, the terms of the Plan or this Trust and is given in writing
by Company. In the event of a dispute between Company and a party, Trustee may
apply to a court of competent jurisdiction to resolve the dispute.

                (b)     If Trustee undertakes or defends any litigation arising
in connection with this Trust, Company agrees to indemnify Trustee against
Trustee's costs, expenses and liabilities (including, without limitation,
attorneys' fees and expenses) relating thereto and to be primarily liable for
such payments. If Company does not pay such costs, expenses and liabilities in a
reasonably timely manner, Trustee may obtain payment from the Trust.

                (c)     Trustee may consult with legal counsel (who may also be
counsel for Company generally) with respect to any of its duties or obligations
hereunder.



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                (d)     Trustee may hire agents, accountants, actuaries,
investment advisors, financial consultants or other professionals to assist it
in performing any of its duties or obligations hereunder.

                (e)     Trustee shall have, without exclusion, all powers
conferred on Trustees by applicable law, unless expressly provided otherwise
herein, provided, however, that if an insurance policy is held as an asset of
the Trust, Trustee shall have no power to name a beneficiary of the policy other
than the Trust, to assign the policy (as distinct from conversion of the policy
to a different form) other than to a successor Trustee, or to loan to any person
the proceeds of any borrowing against such policy.

                (f)     Notwithstanding any powers granted to Trustee pursuant
to this Trust Agreement or to applicable law, Trustee shall not have any power
that could give this Trust the objective of carrying on a business and dividing
the gains therefrom, within the meaning of section 301.7701-2 of the Procedure
and Administrative Regulations promulgated pursuant to the Internal Revenue
Code.

                Section 9. Compensation and Expenses of Trustee.

                The Trustee shall be entitled to receive reasonable compensation
pursuant to its published fee schedule from time to time. All administrative and
Trustee's fees and expenses shall be paid from the Trust.



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                Section 10. Resignation and Removal of Trustee.

                (a)     Trustee may resign at any time by written notice to
Company, which shall be effective sixty (60) days after receipt of such notice
unless Company and Trustee agree otherwise.

                (b)     Trustee may be removed by Company on sixty (60) days
notice or upon shorter notice accepted by Trustee.

                (c)     Upon resignation or removal of Trustee and appointment
of a successor Trustee, all assets shall subsequently be transferred to the
successor Trustee. The transfer shall be completed within sixty (60) days after
receipt of notice of resignation, removal or transfer, unless Company extends
the time limit.

                (d)     If Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 11 hereof, by the effective date of
resignation or removal under paragraph (a) or (b) of this section. If no such
appointment has been made, Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of
Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

                Section 11.  Appointment of Successor.

                (a)     If Trustee resigns or is removed in accordance with
Section 10(a) or (b) hereof, Company may appoint any third party, such as a bank
trust department or other party that may be granted corporate trustee powers
under state law, as a successor to replace Trustee upon resignation or removal.
The appointment shall be effective when accepted in writing by the new Trustee,
who shall have all of the rights and powers of the former Trustee, including
ownership rights in the Trust assets. The former Trustee shall



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execute any instrument necessary or reasonably requested by Company or the
successor Trustee to evidence the transfer.

                (b)     The successor Trustee need not examine the records and
acts of any prior Trustee and may retain or dispose of existing Trust assets,
subject to Sections 7 and 8 hereof. The successor Trustee shall not be
responsible for and Company shall indemnify and defend the successor Trustee
from any claim or liability resulting from any action or inaction of any prior
Trustee or from any other past event, or any condition existing at the time it
becomes successor Trustee.

                Section 12.  Amendment or Termination.

                (a)     This Trust Agreement may be amended by a written
instrument executed by Trustee and Company. Notwithstanding the foregoing, no
such amendment shall conflict with the terms of the Plan or shall make the Trust
revocable after it has become irrevocable in accordance with Section 1(b)
hereof.

                (b)     The Trust shall not terminate until the date on which
Plan participants and their beneficiaries are no longer entitled to benefits
pursuant to the terms of the Plan, unless sooner revoked in accordance with
Section 1(b) hereof. Upon termination of the Trust any assets remaining in the
Trust shall be returned to Company.

                (c)     Upon written approval of participants or beneficiaries
entitled to payment of benefits pursuant to the terms of the Plan, Company may
terminate this Trust prior to the time all benefit payments under the Plan have
been made. All assets in the Trust at termination shall be returned to Company.



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                Section 13.  Miscellaneous.

                (a)     Any provision of this Trust Agreement prohibited by law
shall be ineffective to the extent of any such prohibition, without invalidating
the remaining provisions hereof.

                (b)     Benefits payable to Plan participants and their
beneficiaries under this Trust Agreement may not be anticipated, assigned
(either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable process.

                (c)     This Trust Agreement shall be governed by and construed
in accordance with the laws of New York.

                Section 14.  Effective Date.

                The effective date of this Trust Agreement shall be March 21,
1997.

                                CENTRAL NATIONAL BANK, CANAJOHARIE


                                By: /s/ Peter J. Corso
                                    --------------------------------------------
                                        Peter J. Corso
                                        Executive Vice President


                                Smith Barney Private Trust Comany


                                By: /s/ Donald E. Rose (Trustee)
                                   ---------------------------------------------
                                        Donald E. Rose
                                        Vice President



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