EXHIBIT 10.8



Georgetown Savings Bank

Incentive Compensation Plan

January, 2005



Methodology for Calculating Incentive Awards



|A. | Determination of the Base Percent Award
|-- | ---------------------------------------



|B. | Determination of the Achieved Benchmarks
|-- | ----------------------------------------



|C. | Allocation of the Base Percent Award
|-- | ------------------------------------



|A. | Determination of the Base Percent Award
|-- | ---------------------------------------



|                                                 |  |   |            |                   |            |  |   |            |  |        |  |     |  
|------------------------------------------------ |  | - | ---------- | ----------------- | ---------- |  | - | ---------- |  | ------ |  | --- | -
|                                                 |  |   |            | Percent of Budget |           
|Divide the actual income by the budgeted income. |  |   |            |                   |           
|EXAMPLE:                                         |  | $ | 266,400.00 |                   | divided by |  | $ | 222,000.00 |  | EQUALS |  | 120 | %



|                 |  |                   
|---------------- |  | ------------------
|Base Plan Income |  | Base Percent Award
|75%-94%          |  | 5% of Salary      
|95%-104%         |  | 10% of Salary     
|105% or greater  |  | 15% of Salary     



|B. | Determination of Achieved Benchmarks
|-- | ------------------------------------



|                                                                  |  |                               |  
|----------------------------------------------------------------- |  | ----------------------------- | -
|Benchmarks from Strategic Plan:                                   |  | Percent of Base Percent Award |  
|1 Net Income equal to or greater than 120% of Budget.             |  | 20                            | %
|2 Successful opening of 1 new branch                              |  | 10                            | %
|3 Achieve loan growth equal to or greater than Budget.            |  | 15                            | %
|4 Achieve core deposit growth equal to or greater than Budget.    |  | 20                            | %
|5 Timely and successful (June 2005) completion of data conversion |  | 20                            | %
|6 Create a bank-wide sales and service program                    |  | 15                            | %
|                                                                  |  |                               |  
|Total Percent of Base Percent Award                               |  | 100                           | %
|                                                                  |  |                               |  



i.e. If all six
benchmarks are achieved, the allocation is 100% of the Base Percent Award.



|C. | Allocation of Base Percent Award
|-- | --------------------------------



|                                |  |                                         
|------------------------------- |  | ----------------------------------------
|Level of Outcome Influence      |  | Maximum Percent Award for Level         
|Level A Chief Executive Officer |  | 87%         of Base Percent Award Payout
|Level B Senior Management       |  | 80%         of Base Percent Award Payout
|Level C Supervisory             |  | 55%         of Base Percent Award Payout
|Level D Staff                   |  | 25%         of Base Percent Award Payout



To determine the
incentive bonus: Multiply annual salaries by the Base Percent Award times the Percent of Benchmarks Achieved times the Level of Influence Outcome.



EXAMPLE:



|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|--------------------------- |  | - |  | --------------------- | ---------- | - | ------- | - | ---------- | ------- |  | - | ---------- | - |  | - | ---------- | -
|                            |  |   |  | INCENTIVE BONUS AWARD |           
|                            |  |   |  | Level A               |            |   | Level B |   |            | Level C |  |   | Level D    |  
|Total Salaries              |  |   |  | $                     | 160,000.00 |   |         | $ | 509,200.00 |         |  | $ | 324,899.00 |   |  | $ | 565,948.00 |  
|Base Percent Award          |  | X |  |                       | 15         | % |         |   | 15         | %       |  |   | 15         | % |  |   | 15         | %
|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|sub-total:                  |  |   |  | $                     | 24,000.00  |   |         | $ | 76,380.00  |         |  | $ | 48,734.85  |   |  | $ | 84,892.20  |  
|Benchmarks Achieved         |  | X |  |                       | 100        | % |         |   | 100        | %       |  |   | 100        | % |  |   | 100        | %
|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|sub-total:                  |  |   |  | $                     | 24,000.00  |   |         | $ | 76,380.00  |         |  | $ | 48,734.85  |   |  | $ | 84,892.20  |  
|Level of Outcome            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|Influence                   |  | X |  |                       | 87         | % |         |   | 80         | %       |  |   | 55         | % |  |   | 25         | %
|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|TOTAL:                      |  |   |  | $                     | 20,796.00  |   |         | $ | 61,104.00  |         |  | $ | 26,804.17  |   |  | $ | 21,223.05  |  
|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|Bonus as a % of salary      |  |   |  |                       | 13.00      | % |         |   | 12.00      | %       |  |   | 8.25       | % |  |   | 3.75       | %
|                            |  |   |  |                       |            |   |         |   |            |         |  |   |            |   |  |   |            |  
|MAXIMUM TOTAL BONUS AWARDS: |  |   |  |                       |            |   |         | $ | 129,927.22 |         |  |   |            |   |  |   |            |