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                                                                    EXHIBIT 10.5


                        LIFE INSURANCE ENDORSEMENT METHOD

                           SPLIT DOLLAR PLAN AGREEMENT

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Insurer:                                    John Hancock Life Insurance Company (USA)

Policy Number:

Bank:                                       Central Co-Operative Bank

Insured #1:                                 William P. Morrissey

Insured #2:                                 Donna C. Morrissey

Relationship of Insured #1 to Bank:         Executive - William P. Morrissey

Trust:                                      Rabbi Trust for the Executive Salary Continuation Agreement
                                            and the Life Insurance Endorsement Method Split Dollar Plan
                                            Agreement

The respective rights and duties of the Bank and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.       DEFINITIONS

         Refer to the policy contract for the definition of any terms in this
         Agreement that are not defined herein. If the definition of a term in
         the policy is inconsistent with the definition of a term in this
         Agreement, then the definition of the term as set forth in this
         Agreement shall supersede and replace the definition of the terms as
         set forth in the policy.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Trustee for the Rabbi Trust for
         the Executive Salary Continuation Agreement and the Life Insurance
         Endorsement Method Split Dollar Plan Agreement for its use and for the
         use of the Insured all in accordance with this Agreement. The Trustee
         at the direction of the Bank may, to the extent of its interest,
         exercise the right to borrow or withdraw on the policy cash values.
         Where the Trustee at the direction of the Bank and the Insured (or
         assignee, with the consent of the Insured) mutually agree to exercise
         the right to increase the coverage under the subject Split Dollar
         Agreement, then, in such event, the rights, duties and benefits of the
         parties to such increased coverage shall continue to be subject to the
         terms of this Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary or beneficiaries to receive the Insured's share of the
         proceeds payable upon the death of the Insured, and to elect and change
         a payment option for such beneficiary, subject to any right or interest
         the Trustee at the direction of the Bank or the Trust may have in such
         proceeds, as provided in this Agreement. The Insured shall have the
         right to name such Beneficiary at any time prior to the Insured's death
         and submit it to the Plan Administrator (or Plan Administrator's
         representative) on the form provided. Once received and acknowledged by
         the Plan Administrator, the form shall be effective. The Insured may
         change a Beneficiary designation at any time by submitting a new form
         to the Plan Administrator. Any such change shall follow the same rules
         as for the original Beneficiary designation and shall automatically
         supersede the existing Beneficiary form on file with the Plan
         Administrator.

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         If the Insured dies without a valid Beneficiary designation on file
         with the Plan Administrator, death benefits shall be paid to the
         Insured's estate.

         If the Plan Administrator determines in its discretion that a benefit
         is to be paid to a minor, to a person declared incompetent, or to a
         person incapable of handling the disposition of that person's property,
         the Plan Administrator may direct distribution of such benefit to the
         guardian, legal representative or person having the care or custody of
         such minor, incompetent person or incapable person. The Plan
         Administrator may require proof of incompetence, minority or
         guardianship as it may deem appropriate prior to distribution of the
         benefit. Any distribution of a benefit shall be a distribution for the
         account of the Insured and the Beneficiary, as the case may be, and
         shall be a complete discharge of any liability under the Agreement for
         such distribution amount.

IV.      PREMIUM PAYMENT METHOD

         Subject to the Bank's absolute right to surrender or terminate the
         policy at any time and for any reason, the Bank or the Trustee at the
         direction of the Bank shall pay an amount equal to the planned premiums
         and any other premium payments that might become necessary to keep the
         policy in force.

V.       TAXABLE BENEFIT

         Annually the Insured will receive a taxable benefit equal to the
         imputed value of insurance as required by the Internal Revenue Service.
         The Bank (or its administrator) will report to the Insured the amount
         of imputed income each year on Form W-2 or its equivalent.

VI.      DIVISION OF DEATH PROCEEDS

         Subject to Paragraphs VII and IX herein, the division of the death
         proceeds of the policy is as follows:

         A.       Upon the death of the Insured #1 and Insured #2, the Insured's
                  beneficiary(ies), designated in accordance with Paragraph III,
                  shall be entitled to an amount equal to One Million and
                  00/100th Dollars ($1,000,000.00).

         B.       The Bank shall be entitled to the remainder of such proceeds.

         C.       The Bank and the Insured (or assignees) shall share in any
                  interest due on the death proceeds on a pro rata basis as the
                  proceeds due each respectively bears to the total proceeds,
                  excluding any such interest.

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VII.     DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

         The Bank or the Trust shall at all times be entitled to an amount equal
         to the policy's cash value, as that term is defined in the policy
         contract, less any policy loans and unpaid interest or cash withdrawals
         previously incurred by the Bank or the Trustee at the direction of the
         Bank and any applicable surrender charges. Such cash value shall be
         determined as of the date of surrender or death as the case may be.

VIII.    RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

         In the event the policy involves an endowment or annuity element, the
         Bank's or the Trust' right and interest in any endowment proceeds or
         annuity benefits, on expiration of the deferment period, shall be
         determined under the provisions of this Agreement by regarding such
         endowment proceeds or the commuted value of such annuity benefits as
         the policy's cash value. Such endowment proceeds or annuity benefits
         shall be considered to be like death proceeds for the purposes of
         division under this Agreement.

IX.      TERMINATION OF AGREEMENT

         Should William P. Morrissey be discharged from employment with the Bank
         "for cause" at any time, this Agreement shall terminate and all
         benefits herein forfeited by the Insured. The term "for cause" shall
         mean any of the following that result in an adverse effect on the Bank:
         (i) gross negligence or gross neglect; (ii) the commission of a felony
         or gross misdemeanor involving fraud or dishonesty; (iii) the willful
         violation of any law, rule, or regulation; (iv) an intentional failure
         to perform stated duties; or (v) a breach of fiduciary duty involving
         personal profit.

         Except as provided above, this Agreement shall terminate upon
         distribution of the death benefit proceeds in accordance with Paragraph
         VI above.

X.       INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         Insured #1 or Insured #2 may not, without the written consent of the
         Bank or the Trustee at the direction of the Bank, assign to any
         individual, trust or other organization, any right, title or interest
         in the subject policy nor any rights, options, privileges or duties
         created under this Agreement.


XI.      AGREEMENT BINDING UPON THE PARTIES

         This Agreement shall bind the Insured #1, Insured #2 and the Bank or
         the Trustee at the direction of the Bank, their heirs, successors,
         personal representatives and assigns.

XII.     ADMINISTRATIVE AND CLAIMS PROVISIONS

         The following provisions are part of this Agreement and are intended to
         meet the requirements of the Employee Retirement Income Security Act of
         1974 ("ERISA"):

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         A.       Plan Administrator:
                  ------------------

                  The "Plan Administrator" of this Life Insurance Endorsement
                  Method Split Dollar Plan Agreement shall be Central
                  Co-Operative Bank. As Plan Administrator, the Bank or the
                  Trustee at the direction of the Bank shall be responsible for
                  the management, control, and administration of this Life
                  Insurance Endorsement Method Split Dollar Plan Agreement as
                  established herein. The Plan Administrator may delegate to
                  others certain aspects of the management and operation
                  responsibilities of the Plan, including the employment of
                  advisors and the delegation of any ministerial duties to
                  qualified individuals.

         B.       Basis of Payment of Benefits:
                  ----------------------------

                  Direct payment by the Insurer is the basis of payment of
                  benefits under this Agreement, with those benefits in turn
                  being based on the payment of premiums as provided in this
                  Agreement.

         C.       Claim Procedures:
                  ----------------

                  Claim forms or claim information as to the subject policy can
                  be obtained by contacting Renaissance Bank Advisors
                  (800-544-6079). When the Plan Administrator has a claim which
                  may be covered under the provisions described in the insurance
                  policy, they should contact the office named above, and they
                  will either complete a claim form and forward it to an
                  authorized representative of the Insurer or advise the Plan
                  Administrator what further requirements are necessary. The
                  Insurer will evaluate and make a decision as to payment. If
                  the claim is payable, a benefit check will be issued in
                  accordance with the terms of this Agreement.

                  In the event that a claim is not eligible under the policy,
                  the Insurer will notify the Plan Administrator of the denial
                  pursuant to the requirements under the terms of the policy. If
                  the Plan Administrator is dissatisfied with the denial of the
                  claim and wishes to contest such claim denial, they should
                  contact the office named above and they will assist in making
                  an inquiry to the Insurer. All objections to the Insurer's
                  actions should be in writing and submitted to the office named
                  above for transmittal to the Insurer.

XIII.    GENDER

         Whenever in this Agreement words are used in the masculine or neutral
         gender, they shall be read and construed as in the masculine, feminine
         or neutral gender, whenever they should so apply.

XIV.     INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

         The Insurer shall not be deemed a party to this Agreement, but will
         respect the rights of the parties as herein developed upon receiving an

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         executed copy of this Agreement. Payment or other performance in
         accordance with the policy provisions shall fully discharge the Insurer
         from any and all liability.

XV.      CHANGE OF CONTROL

         Change of Control shall be defined as the occurrence of any one of the
following:

         a.       the acquisition of more than fifty percent (50%) of the value
                  or voting power of the Bank's stock by a person or group;

         b.       the acquisition in a period of twelve (12) months or less of
                  at least thirty-five percent (35%) of the Bank's stock by a
                  person or group;

         c.       the replacement of a majority of the Bank's board in a period
                  of twelve (12) months or less by Directors who were not
                  endorsed by a majority of the current board members; or

         d.       the acquisition in a period of twelve (12) months or less of
                  forty percent (40%) or more of the Bank's assets by an
                  unrelated entity.

         For the purposes of this Agreement, transfers made on account of deaths
         or gifts, transfers between family members or transfers to a qualified
         retirement plan maintained by the Bank shall not be considered in
         determining whether there has been a Change in Control. Upon a Change
         of Control, if Insured #1's employment is subsequently terminated,
         except for cause, then Insured #1 shall be one hundred percent (100%)
         vested in the benefits promised in this Agreement and, therefore, upon
         the death of Insured #1 and Insured #2, the beneficiary(ies)
         (designated in accordance with Paragraph III) shall receive the death
         benefit provided herein as if Insured #1 had died while employed by the
         Bank [see Subparagraph VI (A)].

XVI.     AMENDMENT OR REVOCATION, AND EXCHANGE OF POLICY

         Subject to the Bank's sole and absolute right to surrender or terminate
         any and all life insurance policies that are the subject matter of this
         Agreement, it is agreed by and between the parties hereto that, during
         the lifetime of Insured #1 and Insured #2, this Agreement may be
         amended or revoked at any time or times, in whole or in part, by the
         mutual written consent of Insured #1 and the Bank. In the event of the
         death of Insured #1, the consent may be made by Insured #2 and the
         Bank. The Bank may, however, unilaterally and without the consent of
         the Insureds, exchange any life insurance policy(ies) that are the
         subject matter of this Agreement, with or without replacing said
         policy(ies) and, in the event of a same or similar exchange, the
         Insureds expressly agrees to the same.

XVII.    EFFECTIVE DATE

         The Effective Date of this Agreement shall be December 20, 2007.

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XVIII.   SEVERABILITY AND INTERPRETATION

         If a provision of this Agreement is held to be invalid or
         unenforceable, the remaining provisions shall nonetheless be
         enforceable according to their terms. Further, in the event that any
         provision is held to be overbroad as written such provision shall be
         deemed amended to narrow its application to the extent necessary to
         make the provision enforceable according to law and enforced as
         amended.

XIX.     APPLICABLE LAW

         The validity and interpretation of this Agreement shall be governed by
the laws of the Commonwealth of Massachusetts.


Executed at Somerville, Massachusetts this 20th day of December, 2007.

                                   CENTRAL CO-OPERATIVE BANK
                                   Somerville, MA



/s/ Richard E. Stevens            By: /s/ Edward F. Sweeney, Jr.
-------------------------------       ------------------------------------------
Witness                               (Bank Director other than Insured)  Title


/s/ Paul S. Feeley                    /s/ William P. Morrissey
-------------------------------       ------------------------------------------
Witness                               William P. Morrissey



/s/ Robert Ernst, Jr.                 /s/ Donna C. Morrissey
-------------------------------       ------------------------------------------
Witness                               Donna C. Morrissey


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                      BENEFICIARY DESIGNATION FORM FOR THE
                     EXECUTIVE SALARY CONTINUATION AGREEMENT

I.       PRIMARY DESIGNATIONS
         --------------------

         A.    Person(s) as a Primary Designation:
               ----------------------------------
               (Please indicate the percentage for each beneficiary.)
         <S>   <C>
         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------


         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

II.      ESTATE AND/OR TRUST AS PRIMARY DESIGNATIONS
         -------------------------------------------

         A.   Estate as a Primary Designation:
              -------------------------------
              An Estate can still be listed even if there is no will.

              My Primary Beneficiary is The Estate of                                     as set forth in the Last Will and
                                                        ---------------------------------
                                                               (Insert full name)
              Testament dated the             day of                       , 200    and any codicils thereto.
                                     --------           ---------------         ---

         B.   Trust as a Primary Designation:

              Name of the Trust:
              -------------------------------------------------------------------------------------------------------------------

              Execution Date of the Trust:                            Name of the Trustee:
              -------------------------------------------------------------------------------------------------------------------

              Beneficiary of the Trust:
              (please indicate the percentage for each beneficiary):
              -------------------------------------------------------------------------------------------------------------------

              Name(s):
              -------------------------------------------------------------------------------------------------------------------
              Name(s):
              -------------------------------------------------------------------------------------------------------------------

              Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)

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<PAGE>
III.      SECONDARY (CONTINGENT) DESIGNATIONS
          -----------------------------------

          A.  Person(s) as a Secondary (Contingent) Designation:
              -------------------------------------------------
              (Please indicate the percentage for each beneficiary in the event
              of the Primary's Death.)

         1.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         2.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------


         3.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

         4.    Name:                                       Relationship:                   SS#:                    %
               -------------------------------------------------------------------------------------------------------------------

               Address:
               -------------------------------------------------------------------------------------------------------------------
                              (Street)                          (City)                  (State)                 (Zip)
               -------------------------------------------------------------------------------------------------------------------

IV.      ESTATE AND/OR TRUST AS SECONDARY (CONTINGENT) DESIGNATIONS
         ----------------------------------------------------------

         A.    Estate as a Secondary (Contingent) Designation:
               ----------------------------------------------

               My Primary Beneficiary is The Estate of                                as set forth in the last will and
                                                       ------------------------------
               Testament dated the             day of                       , 200     and any codicils thereto.
                                     ---------         ---------------------     ----

         B.    Trust as a Secondary (Contingent) Designation:
               ---------------------------------------------

               Name of the Trust:
               -------------------------------------------------------------------------------------------------------------------

               Execution Date of the Trust:                            Name of the Trustee:
               -------------------------------------------------------------------------------------------------------------------

               Beneficiary of the Trust:
               (please indicate the percentage for each beneficiary):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Name(s):
               -------------------------------------------------------------------------------------------------------------------

               Is this an Irrevocable Life Insurance Trust?       Yes       No
                                                           -----     -----
              (If yes and this designation is for a Joint Beneficiary
              Designation Agreement, an Assignment of Rights form must be
              completed.)

V.       SIGN AND DATE
         -------------

         This Beneficiary Designation Form is valid until the Executive notifies
         the bank in writing.


------------------------------------             ------------------------------
William P. Morrissey                             Date


------------------------------------             ------------------------------
Donna C. Morrissey                               Date
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