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                                                                    EXHIBIT 10.9


                             EMPLOYMENT AGREEMENT 

     AGREEMENT, dated as July 15, 1998, by and among CORNERSTONE BANK, a 
Connecticut State chartered bank (the "Bank") with its principal executive 
offices at 550 Summer Street, Stamford, Connecticut 06901, and JAMES P. JAKUBEK 
(the "Employee"), residing at 41 Rockwood Lane, Monroe, CT 06468.

     WHEREAS, the Bank and the Employee desire to enter into an employment 
agreement on the terms and conditions set forth herein.

     NOW, THEREFORE, it is AGREED as follows:

     1.   EMPLOYMENT.  The employee is employed as Executive Vice President of 
          ----------
          the Bank. As an executive officer of the Bank, the Employee shall
          render executive, policy, and other management services to the Bank of
          the type customarily performed by persons serving in similar executive
          officer capacities with banks engaging in the business of the Bank.
          The Employee shall also perform such duties as the Board of Directors
          of the Bank (the "Board") may from time to time reasonably direct.
          During the term of this agreement, there shall be no material increase
          or decrease in the duties and responsibilities of the Employee
          otherwise than as provided herein, unless the parties otherwise agree
          in writing. During the term of this Agreement, the Employee shall not
          be required to relocate more than 25 miles from Stamford, Connecticut,
          in order to perform the services hereunder. Should the Employee be
          required to relocate more than 25 miles from Stamford in order to
          maintain his position or compensation at at least its present level,
          then the employee's employment shall be considered as involuntarily
          terminated without cause for purposes of sections 8 and 9 of this
          Agreement unless the Employee provides the Bank with a written waiver
          of his rights to consider his employment as involuntarily terminated

     2.   COMPENSATION.  The Bank agrees to pay the Employee during the term of 
          ------------
          this Agreement an initial salary at an annual rate equal to $125,000,
          with the salary to be increased as determined by the Board. At least
          once during each calendar year during the period in which this
          Agreement is in effect, the Board shall consider increasing the
          employee's salary then in effect; provided, however, that the Board
          shall be under no obligation to grant any such increase. In
          considering salary increases, the Board shall take into account
          increases in the cost of living and shall also consider

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     performance or merit increases. The salary of the Employee shall not be
     decreased at any time during the term of this Agreement from the amount
     then in effect, unless the Employee otherwise agrees in writing.
     Participation in deferred compensation, discretionary bonus, retirement,
     and other employee benefit plans and in fringe benefits shall not reduce
     the salary then in effect, payable to the Employee under this Section 2.
     The salary under this Section 2 shall be payable to the Employee not less
     frequently than monthly. The Employee shall not be entitled to receive fees
     for serving as a director of the Bank or for serving as a member of any
     committee of the Board.

3.   DISCRETIONARY BONUSES. During the term of this Agreement, the Employee
     ---------------------  
     shall be entitled to participate in such discretionary bonus arrangements
     as may be authorized by the Board. No other compensation provided for in
     this Agreement shall be deemed a substitute for the Employee's right to
     participate in such bonuses when and as authorized by the Board.

4.   PARTICIPATION IN RETIREMENT AND EMPLOYEE BENEFIT PLANS; FRINGE BENEFITS; 
     ------------------------------------------------------------------------
     AUTOMOBILE. The Employee shall be entitled to participate in any plan of
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     the Bank relating to stock options, stock purchases, pension, thrift,
     profit sharing, group life insurance, supplemental life insurance, medical
     coverage, disability, education, or other retirement or employee benefits
     which the Bank has adopted or may adopt for the benefit of its executive
     employees. The Employee shall also be entitled to participate in any other
     fringe benefits which are now or may become applicable to the Bank's
     executive employees, including the payment of reasonable business related
     expenses and expenses for attending annual and periodic meetings of trade
     associations, and any other benefits which are commensurate with the duties
     and responsibilities to be performed by the Employee under this Agreement.
     The Employee shall also be entitled to the use of an automobile which shall
     be provided by the Bank and as to which the Bank shall bear all expenses of
     operation, including but not limited to repairs, fuel, and parking charges.


5.   TERM. The term of employment under this Agreement shall be for the period
     ----
     commencing on the date of execution hereof and ending on the first to occur
     of (i) the Employee's death or Disability, (ii) the Employee's voluntary
     termination employment, or (iii) the termination of the Employee's
     employment by the Bank (either for cause or otherwise), all as herein
     provided. For the purposes of this

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     Agreement, "Disability" shall mean the absence of the Employee from the
     Employee's duties with the Bank on a full-time basis for 180 consecutive
     business days, as a result of incapacity owing to mental or physical
     illness which is determined to be total and permanent by a physician
     selected by the Bank or its insurers and acceptable to the Employee or
     Employee's legal representative.


6.   STANDARDS. (a) The Employee shall perform the Employee's duties and
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     responsibilities under this Agreement in accordance with such reasonable
     standards as may be established from time to time by the Board. The
     reasonableness of such standards shall be measured against standards for
     executive performance generally prevailing in the banking industry.


               (b) Performance of duties as an officer, director or employee of
     a holding company organized by the Bank pursuant to Conn. Gen. Sec. 36a-181
     or performance of acts to effect organization of such a holding company
     shall not be considered to violate any duty Employee may have to the Bank.



7.   VOLUNTARY ABSENCES. VACATIONS. The Employee shall be entitled, without loss
     ------------------- ----------
     of pay, to be absent voluntarily for reasonable periods of time from the
     performance of Employee's duties and responsibilities under this Agreement.
     All such voluntary absences shall be considered paid vacation time, unless
     the Board otherwise approves. The Employee shall be entitled to an annual
     paid vacation of at least 3 weeks-per year or such longer period as the
     Board may approve. The timing of paid vacations shall be scheduled in a
     reasonable manner by the Employee. The Employee shall not be entitled (i)
     to receive any additional compensation from the Bank on account of failure
     to take a paid vacation or (ii) to accumulate unused paid vacation time
     from one fiscal year to the next.

8.   TERMINATION OF EMPLOYMENT.
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  (A) 
     
     (i)  The board may terminate the Employee's employment at any time. The
          Employee shall have no right to receive compensation or other benefits
          for any period after termination for cause or after voluntary
          termination by the

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                      Employee except as provided in Section 9. The term
                      "termination for cause" shall mean termination by the Bank
                      because of the Employee's personal dishonesty,
                      incompetence, willful misconduct, breach of fiduciary duty
                      involving personal profit, intentional failure to perform
                      stated duties, willful violation of any law, rule, or
                      regulation (other than traffic violations or similar
                      offenses) or final cease-and desist order, or material
                      breach of any provision of this Agreement. In determining
                      incompetence, the acts or omissions shall be measured
                      against standards generally prevailing in the banking
                      industry; provided, that it shall be the Bank's burden to
                                --------
                      prove the alleged acts and omissions and the prevailing
                      nature of the standards the Bank shall have alleged are
                      violated by such acts and/or omissions.

               (ii)   The parties acknowledge and agree that damages which will
                      result to Employee for termination by the Bank without
                      cause shall be extremely difficult or impossible to
                      establish or prove, and agree that, unless the termination
                      is voluntary or for cause, the Bank shall be obligated,
                      concurrently with such termination, to make a lump sum
                      cash payment to the Employee as liquidated damages of an
                      amount equal to the sum of (x) 1 times the Employee's then
                      current annual salary under Section 2 of this Agreement,
                      plus (y) 1 times the highest bonus awarded to the Employee
                      under Section 3 of this Agreement at any time during the
                      36-month period ending with the date of termination.
                      Employee agrees that, except for such other payments and
                      benefits to which the Employee may be entitled as
                      expressly provided by the terms of this Agreement, such
                      liquidated damages shall be in lieu of all other claims
                      which Employee may make by reason of such termination.

               (iii)  In addition to the liquidated damages above described that
                      are payable to the Employee for termination without cause,
                      the following shall apply (the applicable period being
                      referred to herein as the "Benefits continuation Period")
                      (x) for 12 months following any termination without cause
                      and (y) for 36 months following the period referred to in
                      Section 9(a) (iii) hereof:

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          (1)  the Employee shall continue to participate in, and accrue
               benefits under, all retirement, pension, profit-sharing, employee
               stock ownership, thrift, and other deferred compensation plans of
               the Bank as if the termination of Employment of the Employee had
               not occurred (with the Employee being deemed to receive annually
               for the purposes of such plans the Employee's then current salary
               (at the time of Employee's termination) under Section 2 of this
               Agreement), except to the extent that such continued
               participation and accrual is expressly prohibited by law, or if
               such plan constitutes a "qualified plan" (a "Qualified Plan")
               under Section 401 of the Internal Revenue Code of 1986, as
               amended (the "Code"), to the extent such continued participation
               and accrual is expressly prohibited by the terms of the Qualified
               Plan;

          (2)  the Employee shall be entitled to continue to receive all other
               employee benefits and then existing fringe benefits referred to
               in Section 4 hereof as if the termination of employment had not
               occurred, provided however, that life, health, and disability
               coverage will terminate upon the Employee becoming eligible for
               comparable benefits in connection with the Employee's full-time
               employment by another employer and further provided, that if the
               Employee dies during the Benefits Continuation Period and prior
               to becoming eligible for comparable benefits in connection with
               the Employee's full-time employment by another employer, the
               health coverage provided to Employee's spouse and dependents
               shall be continued, at the Bank's expense, throughout the period
               ending with the last day of the calendar month in which occurs
               the second anniversary of the Employee's death;


          (3)  the Bank shall, on the date of the Employee's termination of
               employment, establish an irrevocable trust that meets the
               guidelines set forth in Rev. Proc. 92-64 published by the
               Internal Revenue Service (as the same may be modified or
               supplemented from time

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          to time)(the "Trust"), the assets of which will be held, subject to
          the claims of judgment creditors of the Bank, solely to fund the
          benefits that the Employee is entitled to under this Section 8(a)
          (iii), and the Bank shall transfer to the Trust an amount sufficient
          (x) to fund any benefit accrued by the Employee under any defined
          benefit pension plan maintained by the Bank to the extent that such
          defined benefit pension plan is not fully funded on a termination
          basis, as determined under the rules and regulations published by the
          Pension Benefit Guaranty Corporation, at the time of termination of
          the Employee's employment; and (y) to fund fully all benefits accrued
          by the Employee under any defined contribution plan maintained by the
          Bank to the extent that such benefits are not fully funded at the time
          of termination of the Employee's employment;


     (4)  all insurance or other provisions for indemnification, defense or
          hold-harmless of officers or directors of the Bank which are in effect
          on the date the notice of termination is sent to the Employee shall
          continue for the benefit of the Employee with respect to all of
          Employee's acts and omissions while an officer or director as fully
          and completely as if such termination had not occurred, and until the
          final expiration or running of all periods of limitation against
          action which may be applicable to such acts or omissions;

     (5)  the Bank shall, at its sole expense as incurred, provide the Employee
          with outplacement services, the scope and provider of which shall be
          selected by the Bank in Bank's sole, reasonable discretion; and

     (6)  the Employee may, at the expense of the Bank, hire an accounting firm,
          law firm and/or financial planning firm, selected by the Employee, to
          provide the Employee with advice with respect to the Employee's
          benefits under this Agreement.

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     (b)  If the Employee is suspended and/or temporarily prohibited from
          participating in the conduct of the Bank's affairs by a notice served
          under section 8 (e) or 8 (g) of the Federal Deposit Insurance Act, or
          any successor statutes thereto, the Bank's obligations under this
          Agreement shall be suspended as of the date of service, unless stayed
          by appropriate proceedings. If the charges in the notice are
          dismissed, the Bank may in its discretion (i) pay the Employee all or
          part of the compensation withheld while such contractual obligations
          were suspended, and (ii) reinstate in whole or in part any of the
          obligations which were suspended.

     (c)  If the Employee is removed and/or permanently prohibited from
          participating in the conduct of the Bank's affairs by an order issued
          under section 8 (e) or 8 (g) of the Federal Deposit Insurance Act or
          any successor statutes thereto, all obligations of the Bank under this
          Agreement shall terminate as of the effective date of the order, but
          vested rights of the parties shall not be affected.

     (d)  Notwithstanding any other provision in this Agreement, the Bank may
          terminate or suspend this Agreement and the employment of the Employee
          hereunder, as if such termination were for cause under Section 8(a)
          (i), to the extent required by the laws of the State of Connecticut
          related to banking, by applicable federal law relating to deposit
          insurance or by regulations or orders issued by the Banking Commission
          of the State of Connecticut or the Federal Deposit Insurance
          Corporation, or any successor to any of the foregoing, provided that
                                                                 --------
          it shall be the burden of the Bank to prove that any such action was
          so required.

     (e)  In the event the employment of the Employee is terminated by the Bank
          without cause under Section 8(a) hereof or the Employee's employment
          is terminated voluntarily or involuntarily in accordance with Section
          9 hereof, and the Bank fails to make timely payment of the amounts
          then owed to the Employee under this Agreement, the Employee shall be
          entitled to reimbursement for all reasonable costs, including
          attorneys' fees, incurred by the Employee in taking action to collect
          such amounts at the rate of one percent above the prime rate (defined
          as the base rate on corporate loans at large U.S. money center
          commercial banks as published by The Wall Street Journal), compounded
                                           -----------------------
          monthly, for the period from the date of employment termination until
          payment is made to the Employee. Such

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     reimbursement and interest shall be in addition to all rights to which the
     Employee is otherwise entitled under this Agreement.

(f)  During the one-year period following termination of employment for any
     reason, the Employee may not (i) solicit the employment of any person who
     was, at the time of such termination or during the one-year period
     preceding the Employee's termination an employee of the bank, or (ii)
     disclose or use in any manner confidential information of the Bank.

9.   CHANGE IN CONTROL.
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       (a) If, either (x) during the term of this Agreement, there is a change
           in control of the Bank, or (y) the Bank seeks to terminate this
           Agreement following knowledge of a potential change in control, but
           prior to the potential change in control being terminated, the
           Employee shall be entitled to the following:
           
               (i)    An adjustment in the Employee's then current salary to
                      give the Employee cumulative cost of living increases
                      (based on increases in the Consumer Price Index- "CPI" -
                      for such period) for the period from the date of execution
                      of this Agreement through the date of the change in
                      control ("CPI Adjusted Salary"), and annual increases
                      based on the CPI on each anniversary of the change in
                      control.
                      
               (ii)   The crediting to the Employee for years of service with
                      the Bank, plus 5 additional years, for purposes of vesting
                      and calculation of benefits under any benefit plan of the
                      Bank or of any successor entity.

               (iii)  18 months notice of termination of employment (the "18
                      month period") during which period the Employee shall be
                      entitled to receive, without offset for any reason, (i)
                      payment of the Employee's CPI Adjusted Salary plus (ii)
                      the highest bonus received by the Employee during the
                      period commencing with the 36/th/ month preceding the
                      change in control and ending with the date of termination.
                      The Employee shall be entitled at his option to terminate
                      his employment with

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                    the Bank prior to the expiration of the 18 month period. If
                    the Employee does terminate his employment prior to the
                    expiration of the 18 month period, he shall not be entitled
                    to salary for the portion of the 18 month period he is not
                    employed by the Bank, nor shall he be entitled to that
                    portion of the bonus which corresponds to the period that
                    the Employee is not employed by the Bank. The portion of the
                    bonus to which the Employee is not entitled as a result of
                    his termination of his employment shall be determined by
                    multiplying the bonus by a fraction, the numerator of which
                    shall be the number of days of the 18 month period during
                    which the Employee was not employed by the Bank and the
                    denominator of which shall be 548. Notwithstanding the
                    foregoing, the Employee shall under all circumstances, to
                    include termination of employment at his request prior to
                    the expiration of the 18 month period, be entitled to the
                    amounts described in Section 9(a)(iv) below. Should the
                    Employee elect to terminate his employment prior to the
                    expiration of the 18 month period, all benefits, rights, and
                    entitlements of the Employee which would commence at the
                    conclusion of the 18 month period shall commence at the date
                    of termination of employment. The 18 month period or such
                    shorter period as may occur as a result of voluntary
                    termination in accordance with the preceding provisions of
                    this subsection shall be referred to elsewhere in this
                    Agreement as "the period referred to in Section 9(a)(iii)".

               (iv) Following the period referred to in (iii) above, at the
                    Employee's election given in writing to the Bank at least 30
                    days prior to the end of such period referred to in Section
                    9(a)(iii), either a lump sum cash payment or 36 monthly
                    periodic payments, upon termination, or commencing upon
                    termination, as the case may be, in an amount equal to the
                    sum of (x) 3 times the Employee's CPI Adjusted Salary, plus
                    (y) 3 times the highest bonus received by the Employee
                    during the period commencing with the 36/th/ month preceding
                    the change in control and ending with the date of
                    termination.

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          (b)  A "change of control", for purposes of this Agreement, shall be
               deemed to have taken place if any of the following events (the
               Events) occur: (i) any person or group of persons with a unity of
               interest or other affiliation sufficient for them to act in
               concert becomes the beneficial owner of 25 percent or more of the
               total number of voting shares of the Bank; (ii) any person (other
               than the persons named as proxies solicited on behalf of the
               Board) holds revocable or irrevocable proxies, as to the election
               or removal of directors of the Bank, for 25 percent or more of
               the total number of voting shares of the Bank; (iii) any person
               has entered into an agreement or received an option for the
               acquisition of, beneficial ownership of 25 percent or more of the
               total number of voting shares of the Bank, whether or not the
               requisite approval for such acquisition has been received under
               applicable laws or the respective regulations issued thereunder;
               or (iv) as the result of, or in connection with, any cash tender
               or exchange offer, merger, or other business combination, sale or
               assets or contested election, or any combination of the foregoing
               transactions, the persons who were directors of the Bank before
               such transaction shall cease to constitute at least two-thirds of
               the Board of Directors of the Bank or any successor corporation.
               For purposes of this Section 9(b), a "person" includes an
               individual, corporation, partnership, trust, association, joint
               venture, pool, syndicate, unincorporated organization, joint-
               stock company, or similar organization or group acting in
               concert. For purposes of this Section 9, a person shall be deemed
               to be a beneficial owner as that term is used in Rule 13d-3 under
               the Securities Exchange Act of 1934. Notwithstanding the
               foregoing, a "change in control" shall not include the
               acquisition of the Bank's voting stock by a holding company
               organized by the Bank pursuant to Conn. Gen. Stat. Sec. 36a-181
               (Holding Company), unless one or more of the Events described in
               the preceding paragraph occurs prior to the organization of a
               Holding Company or as part of a plan which involves the
               organization of a Holding Company. Furthermore, should the Bank
               organize a Holding Company, and should one of the Events
               described in the preceding paragraph occur with respect to the
               Holding Company (instead of the Bank), then a change in control
               shall be deemed to have taken place.

          (c)  A "potential change in control", for the purposes of this 
               Agreement, shall be deemed to have taken place, if: (i) any

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               person commences a tender which, if consummated, would result in
               such person being the beneficial owner of at least 25% of the
               Bank's voting shares; (ii) the Bank enters into an agreement the
               consummation of which will constitute a change in control; (iii)
               proxies are solicited by anyone other than the Board, or (iv) any
               other event occurs which is deemed by the Board to be a potential
               change in control. Notwithstanding the foregoing, a "potential
               change in control" shall not include events which are part of the
               acquisition of the Bank's voting stock by a Holding Company
               organized by the Bank pursuant to Conn. Gen. Stat. Section 36a-
               181, unless the Board deems these events to be a potential change
               in control.

          (d)  A potential change in control, for purposes of this Agreement,
               shall be deemed to have terminated, if the Board determines in
               good faith that a change in control is not likely to occur from
               such potential change in control.

          (e)  In the event that any payment or benefit received by the Employee
               under this Section 9 shall constitute an "excess parachute
               payment" within the meaning of Section 280G(b) of the Internal
               Revenue Code of 1986, as amended (the "Code"), the Bank shall pay
               the Employee such amount or amounts (collectively, the
               "indemnification amount") as are equal to the amount of any
               income, excise or other tax or taxes assessed against the
               Employee as a result of the Employee's receipt of the "excess
               parachute payment", whether assessed under Section 4999 of the
               Code or under any other federal or state tax laws.

10.  NO ASSIGNMENT. This Agreement is personal to each of the parties hereto. No
     -------------
     party may assign or delegate any rights or obligations hereunder without
     first obtaining the written consent of the other party hereto. However, in
     the event of the death of the Employee all rights to receive payments
     hereunder shall become rights of the Employee's estate.

11.  OTHER CONTRACTS. The Employee shall not, except as provided in Section 
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     9(a)(iii), during the term of this Agreement, have any other paid
     employment other than with an affiliate of the Bank, except with the prior
     approval of the Board.

12.  AMENDMENTS OR ADDITIONS: ACTION BY BOARD. No amendments or additions to
     ----------------------------------------
     this Agreement shall be binding unless in writing and signed by all parties
     hereto. The prior approval by a two-thirds affirmative vote of the

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     full Board shall be required in order for the Board to authorize any
     amendments or additions to this Agreement, to give any consents or waivers
     of provisions of this Agreement, or to take any other action under this
     Agreement, including any termination of employment with or without cause
     under Section 8(a) hereof.

13.  SECTION HEADINGS. The section headings used in this Agreement are included 
     ----------------
     solely for convenience and shall not affect, or be used in connection with,
     the interpretation of this Agreement.

14.  SEVERABILITY. The provisions of this Agreement shall be deemed severable 
     ------------
     and the invalidity or unenforceability of any provision shall not affect
     the validity or enforceability of the other provisions hereof.

15.  GOVERNING LAW. This Agreement shall be governed by the laws of the State of
     -------------
     Connecticut to the extent applicable, and otherwise by the laws of the
     United States.


                                             CORNERSTONE BANK



                                             By /s/ Norman H. Reader
                                               ---------------------------------
                                             Name and Title:



                                             /s/ James P. Jakubek
                                             -----------------------------------
                                             JAMES P. JAKUBEK

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