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                                                                    EXHIBIT 10.3

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                      (C) 2001 BANK COMPENSATION STRATEGIES

THIS DOCUMENT IS PROVIDED TO ASSIST YOUR LEGAL COUNSEL IN DOCUMENTING YOUR
SPECIFIC ARRANGEMENT. IT IS NOT A FORM TO BE SIGNED, NOR IS IT TO BE CONSTRUED
AS LEGAL ADVICE. FAILURE TO ACCURATELY DOCUMENT YOUR ARRANGEMENT COULD RESULT IN
SIGNIFICANT LOSSES, WHETHER FROM CLAIMS OF THOSE PARTICIPATING IN THE
ARRANGEMENT, FROM THE HEIRS AND BENEFICIARIES OF PARTICIPANTS, OR FROM
REGULATORY AGENCIES SUCH AS THE INTERNAL REVENUE SERVICE AND THE DEPARTMENT OF
LABOR. LICENSE IS HEREBY GRANTED TO YOUR LEGAL COUNSEL TO USE THESE MATERIALS IN
DOCUMENTING SOLELY YOUR ARRANGEMENT.

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                                 [NAME OF BANK]
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT

      THIS AGREEMENT is made this _______ day of ________________, 2001, by and
between [NAME OF BANK], a [state/nationally-] chartered commercial bank, located
in [City], [State] (the "Company"), and [NAME OF EXECUTIVE] (the "Executive").

                                  INTRODUCTION

      To encourage the Executive to remain an employee of the Company, the
Company is willing to provide to the Executive a deferred compensation
opportunity [TOGETHER WITH MATCHING CONTRIBUTIONS BY THE COMPANY]. The Company
will pay the Executive's benefits from the Company's general assets.

                                    AGREEMENT

      The Executive and the Company agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

      Whenever used in this Agreement, the following words and phrases shall
have the meanings specified:

      1.1 "Anniversary Date" means December 31 of each year.

      1.2 "Change of Control" means the transfer of shares of the Company's
voting common stock such that one entity or one person acquires (or is deemed to
acquire when applying Section 318 of the Code) more than 50 percent of the
Company's outstanding voting common stock


<PAGE>

followed within twelve (12) months by the Executive's Termination of Employment
for reasons other than death, Disability or retirement.

      1.3 "Code" means the Internal Revenue Code of 1986, as amended.

      1.4 "Compensation" means the total salary and bonus paid to the Executive
during a Plan Year.

      1.5 "Deferral Account" means the Company's accounting of the Executive's
accumulated Deferrals plus accrued interest.

      1.6 "Deferrals" means the amount of the Executive's Compensation, which
the Executive elects to defer according to this Agreement.

      1.7 "Disability" means, if the Executive is covered by a Company sponsored
disability policy, total disability as defined in such policy without regard to
any waiting period. If the Executive is not covered by such a policy, Disability
means the Executive suffering a sickness, accident or injury, which, in the
judgment of a physician satisfactory to the Company, prevents the Executive from
performing substantially all of the Executive's normal duties for the Company.
As a condition to any Disability benefits, the Company may require the Executive
to submit to such physical or mental evaluations and tests as the Company's
Board of Directors deems appropriate.

      1.8 "Effective Date" means __________________________.

      1.9 "Election Form" means the Form attached as Exhibit 1.

      1.10 "Normal Retirement Age" means the Executive's ______ birthday.

      1.11 "Normal Retirement Date" means the later of the Normal Retirement Age
or Termination of Employment.

      1.12 "Plan Year" means the calendar year.

      1.13 "Termination of Employment" means that the Executive ceases to be
employed by the Company for any reason whatsoever other than by reason of a
leave of absence, which is approved by the Company. For purposes of this
Agreement, if there is a dispute over the employment status of the Executive or
the date of the Executive's Termination of Employment, the Company shall have
the sole and absolute right to decide the dispute.


                                       2
<PAGE>

                                    ARTICLE 2
                                DEFERRAL ELECTION

      2.1 Initial Election. The Executive shall make an initial deferral
election under this Agreement by filing with the Company a signed Election Form
within thirty (30) days after the Effective Date of this Agreement. The Election
Form shall set forth the amount of Compensation to be deferred and shall be
effective to defer only Compensation earned after the date the Election Form is
received by the Company.

      2.2 Election Changes

            2.2.1 Generally. Upon the Company's approval, the Executive may
      modify the amount of Compensation to be deferred annually by filing a new
      Election Form with the Company prior to the beginning of the Plan Year in
      which the Compensation is to be deferred. The modified deferral election
      shall not be effective until the calendar year following the year in which
      the subsequent Election Form is received and approved by the Company.

            2.2.2 Hardship. If an unforeseeable financial emergency arising from
      the death of a family member, divorce, sickness, injury, catastrophe or
      similar event outside the control of the Executive occurs, the Executive,
      by written instructions to the Company, may reduce future deferrals under
      this Agreement.

                                    ARTICLE 3
                                DEFERRAL ACCOUNT

      3.1 Establishing and Crediting. The Company shall establish a Deferral
Account on its books for the Executive and shall credit to the Deferral Account
the following amounts:

            3.1.1 Deferrals. The Compensation deferred by the Executive as of
      the time the Compensation would have otherwise been paid to the Executive.

      [MATCHING OPTION:
            3.1.2 Matching Contribution. A matching contribution equal to (and
      credited to the Deferral Account at the same time as) the amounts credited
      to the Deferral Account under Section 3.1.1, subject to an annual maximum
      matching contribution of [OPTION: $______________] [OPTION: THE LESSER OF
      $______________ OR _____% OF THE EXECUTIVE'S COMPENSATION] [OPTION: _____%
      OF THE EXECUTIVE'S COMPENSATION] [OPTION: _____% OF THE COMPENSATION
      DEFERRED BY THE EXECUTIVE]. ]

            3.1.3 Interest. On each Anniversary Date of this Agreement and
      immediately prior to the payment of any benefits, but only until
      commencement of the benefit payments under this Agreement, interest is to
      be accrued on the account balance and compounded at an annual rate equal
      to ________ percent, compounded monthly [OPTION: THE WALL STREET JOURNAL
      PRIME RATE [PLUS ONE PERCENT] ON THE FIRST BUSINESS DAY OF THE PLAN YEAR,
      COMPOUNDED MONTHLY].


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<PAGE>

      3.2 Statement of Accounts. The Company shall provide to the Executive,
within 120 days after each Anniversary Date, a statement setting forth the
Deferral Account balance.

      3.3 Accounting Device Only. The Deferral Account is solely a device for
measuring amounts to be paid under this Agreement. The Deferral Account is not a
trust fund of any kind. The Executive is a general unsecured creditor of the
Company for the payment of benefits. The benefits represent the mere Company
promise to pay such benefits. The Executive's rights are not subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by the Executive's creditors.

                                    ARTICLE 4
                                LIFETIME BENEFITS

      4.1 Normal Retirement Benefit. Upon the Normal Retirement Date, the
Company shall pay to the Executive the benefit described in this Section 4.1 in
lieu of any other benefit under this Agreement.

            4.1.1 Amount of Benefit. The benefit under this Section 4.1 is the
      Deferral Account balance at the Executive's Normal Retirement Date.

            4.1.2 Payment of Benefit. The Company shall pay the benefit to the
      Executive in [months] equal monthly installments commencing on the first
      day of the month following the Executive's Normal Retirement Date. The
      Company shall credit interest [OPTION: PURSUANT TO SECTION ____] [OPTION:
      AT AN ANNUAL RATE OF _____ PERCENT, COMPOUNDED MONTHLY] on the remaining
      account balance during any applicable installment period.

      4.2 Early Retirement Benefit. Upon Termination of Employment prior to the
Normal Retirement Age for reasons other than death, Change of Control or
Disability, the Company shall pay to the Executive the benefit described in this
Section 4.2 in lieu of any other benefit under this Agreement.

            4.2.1 Amount of Benefit. The benefit under this Section 4.2 is the
      Deferral Account balance at the Executive's Termination of Employment
      [OPTION: CALCULATED BY RECOMPUTING THE DEFERRAL ACCOUNT BALANCE FROM ITS
      INCEPTION WITH THE FOLLOWING MODIFICATION:

           [OPTION:
                  (a) INTEREST RATE REDUCTION. THE INTEREST RATE UNDER SECTION
            3.1.3 SHALL BE REDUCED [OPTION: TO ____%] [OPTION: BY ____
            PERCENTAGE POINTS]. ]

           [OPTION:
                  (b) COMPANY MATCH REDUCTION. THE COMPANY'S MATCHING
            CONTRIBUTIONS


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<PAGE>

            UNDER SECTION _____ SHALL BE [OPTION: ELIMINATED] [OPTION: REDUCED
            BY _____ PERCENT]. ]]

            4.2.2 Payment of Benefit. The Company shall pay the benefit to the
      Executive in [months] equal monthly installments commencing on the first
      day of the month following the Executive's Normal Retirement Age. The
      Company shall credit interest [OPTION: PURSUANT TO SECTION _____] [OPTION:
      AT AN ANNUAL RATE OF _____ PERCENT, COMPOUNDED MONTHLY] on the remaining
      account balance during any applicable installment period.

      4.3 Disability Benefit. If the Executive terminates employment due to
Disability prior to Normal Retirement Age, the Company shall pay to the
Executive the benefit described in this Section 4.3 in lieu of any other benefit
under this Agreement.

            4.3.1 Amount of Benefit. The benefit under this Section 4.3 is the
      Deferral Account balance at the Executive's Termination of Employment.

            4.3.2 Payment of Benefit. The Company shall pay the benefit to the
      Executive in [months] equal monthly installments commencing on the first
      day of the month following the Executive's Termination of Employment. The
      Company shall credit interest [OPTION: PURSUANT TO SECTION _____] [OPTION:
      AT AN ANNUAL RATE OF _____ PERCENT, COMPOUNDED MONTHLY] on the remaining
      account balance during any applicable installment period.

      4.4 Change of Control Benefit. Upon a Change of Control, the Company shall
pay to the Executive the benefit described in this Section 4.4 in lieu of any
other benefit under this Agreement.

            4.4.1 Amount of Benefit. The benefit under this Section 4.4 is the
      Deferral Account balance on the Executive's Termination of Employment.

            4.4.2 Payment of Benefit. The Company shall pay the benefit to the
      Executive in a lump sum within 60 days after the Executive's Termination
      of Employment.

            4.4.3 Excess Parachute Payment. Notwithstanding any provision of
      this Agreement to the contrary, the Company shall not pay any benefit
      under this Agreement to the extent the benefit would create an excise tax
      under the excess parachute rules of Section 280G of the Code.

      4.5 Hardship Distribution. Upon the Board of Director's determination
(following petition by the Executive) that the Executive has suffered an
unforeseeable financial emergency as described in Section 2.2.2, the Company
shall distribute to the Executive all or a portion of the Deferral Account
balance as determined by the Company, but in no event shall the distribution be
greater than is necessary to relieve the financial hardship.


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<PAGE>

                                    ARTICLE 5
                                 DEATH BENEFITS

      5.1 Death During Active Service. If the Executive dies while in the
employment of the Company, the Company shall pay to the Executive's beneficiary
the benefit described in this Section 5.1 in lieu of any other benefit under
this Agreement.

            5.1.1 Amount of Benefit. The benefit under Section 5.1 is the
      greater of: a) the Deferral Account balance; or b) $__________________.

            5.1.2 Payment of Benefit. The Company shall pay the benefit to the
      beneficiary in [months] equal monthly installments commencing on the first
      day of the month following the Executive's death. The Company shall credit
      interest [OPTION: PURSUANT TO SECTION _____] [OPTION: AT AN ANNUAL RATE OF
      _____ PERCENT, COMPOUNDED MONTHLY] on the remaining account balance during
      any applicable installment period.

      5.2 Death During Payment of a Lifetime Benefit. If the Executive dies
after any Lifetime Benefit payments have commenced under this Agreement but
before receiving all such payments, the Company shall pay the remaining benefits
to the Executive's beneficiary at the same time and in the same amounts they
would have been paid to the Executive had the Executive survived.

      5.3 Death After Termination of Employment But Before Payment of a Lifetime
Benefit Commences. If the Executive is entitled to a Lifetime Benefit under this
Agreement, but dies prior to the commencement of said benefit payments, the
Company shall pay the same benefit payments to the Executive's beneficiary that
the Executive was entitled to prior to death except that the benefit payments
shall commence on the first day of the month following the date of the
Executive's death.

                                    ARTICLE 6
                                  BENEFICIARIES

      6.1 Beneficiary Designations. The Executive shall designate a beneficiary
by filing a written designation with the Company. The Executive may revoke or
modify the designation at any time by filing a new designation. However,
designations will only be effective if signed by the Executive and accepted by
the Company during the Executive's lifetime. The Executive's beneficiary
designation shall be deemed automatically revoked if the beneficiary predeceases
the Executive or if the Executive names a spouse as beneficiary and the marriage
is subsequently dissolved. If the Executive dies without a valid beneficiary
designation, all payments shall be made to the Executive's estate.

      6.2 Facility of Payment. If a benefit is payable to a minor, to a person
declared incompetent, or to a person incapable of handling the disposition of
his or her property, the Company may pay such benefit to the guardian, legal
representative or person having the care or


                                       6
<PAGE>

custody of such minor, incompetent person or incapable person. The Company may
require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Such distribution shall
completely discharge the Company from all liability with respect to such
benefit.

                                    ARTICLE 7
                               GENERAL LIMITATIONS

      7.1 Termination for Cause. Notwithstanding any provision of this Agreement
to the contrary, the Company shall not pay any benefit under this Agreement that
is in excess of the Executive's Deferrals ([THE COMPANY MATCH CREDITED UNDER
SECTION 3.1.2 AND] the interest earned on the Deferral Account) if the Company
terminates the Executive's employment for:

            (a) Gross negligence or gross neglect of duties to the Company;

            (b) Commission of a felony or of a gross misdemeanor involving moral
      turpitude in connection with the Executive's employment with the Company;
      or

            (c) Fraud, disloyalty, dishonesty or willful violation of any law or
      significant Company policy committed in connection with the Executive's
      employment and resulting in an adverse effect on the Company.

      7.2 Suicide or Misstatement. Notwithstanding any provision of this
Agreement to the contrary, the Company shall not pay any death benefit under
this Agreement exceeding the Deferral Account if the Executive commits suicide
within two years after the date of this Agreement, or if the Executive has made
any material misstatement of fact on any application for life insurance
purchased by the Company.

                                    ARTICLE 8
                          CLAIMS AND REVIEW PROCEDURES

      8.1 Claims Procedure. The Company shall notify any person or entity that
makes a claim against the Agreement (the "Claimant") in writing, within 90 days
of Claimant's written application for benefits, of his or her eligibility or
non-eligibility for benefits under the Agreement. If the Company determines that
the Claimant is not eligible for benefits or full benefits, the notice shall set
forth (1) the specific reasons for such denial, (2) a specific reference to the
provisions of the Agreement on which the denial is based, (3) a description of
any additional information or material necessary for the Claimant to perfect his
or her claim, and a description of why it is needed, and (4) an explanation of
the Agreement's claims review procedure and other appropriate information as to
the steps to be taken if the Claimant wishes to have the claim reviewed. If the
Company determines that there are special circumstances requiring additional
time to make a decision, the Company shall notify the Claimant of the special


                                       7
<PAGE>

circumstances and the date by which a decision is expected to be made, and may
extend the time for up to an additional 90 days.

      8.2 Review Procedure. If the Claimant is determined by the Company not to
be eligible for benefits, or if the Claimant believes that he or she is entitled
to greater or different benefits, the Claimant shall have the opportunity to
have such claim reviewed by the Company by filing a petition for review with the
Company within 60 days after receipt of the notice issued by the Company. Said
petition shall state the specific reasons which the Claimant believes entitle
him or her to benefits or to greater or different benefits. Within 60 days after
receipt by the Company of the petition, the Company shall afford the Claimant
(and counsel, if any) an opportunity to present his or her position to the
Company verbally or in writing, and the Claimant (or counsel) shall have the
right to review the pertinent documents. The Company shall notify the Claimant
of its decision in writing within the 60-day period, stating specifically the
basis of its decision, written in a manner to be understood by the Claimant and
the specific provisions of the Agreement on which the decision is based. If,
because of the need for a hearing, the 60-day period is not sufficient, the
decision may be deferred for up to another 60 days at the election of the
Company, but notice of this deferral shall be given to the Claimant.

                                    ARTICLE 9
                           AMENDMENTS AND TERMINATION

      This Agreement may be amended or terminated only by a written agreement
signed by the Company and the Executive.

[OPTION
      Notwithstanding the previous paragraph in this Article 9, the Company may
amend or terminate this Agreement at any time if, pursuant to legislative,
judicial or regulatory action, continuation of the Agreement would (i) cause
benefits to be taxable to the Executive prior to actual receipt, or (ii) result
in significant financial penalties or other significantly detrimental
ramifications to the Company (other than the financial impact of paying the
benefits). In no event shall this Agreement be terminated under this section
without payment to the Executive of the Deferral Account balance attributable to
the Executive's Deferrals and interest credited on such amounts. ]

                                   ARTICLE 10
                                  MISCELLANEOUS

      10.1 Binding Effect. This Agreement shall bind the Executive and the
Company and their beneficiaries, survivors, executors, administrators and
transferees.

      10.2 No Guarantee of Employment. This Agreement is not a contract for
employment. It does not give the Executive the right to remain an employee of
the Company, nor does it interfere with the Company's right to discharge the
Executive. It also does not require the Executive to


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<PAGE>

remain an employee nor interfere with the Executive's right to terminate
employment at any time.

      10.3 Non-Transferability. Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached or encumbered in any manner.

      10.4 Tax Withholding. The Company shall withhold any taxes that are
required to be withheld from the benefits provided under this Agreement.

      10.5 Applicable Law. The Agreement and all rights hereunder shall be
governed by the laws of [State], except to the extent preempted by the laws of
the United States of America.

      10.6 Unfunded Arrangement. The Executive and the Executive's beneficiary
are general unsecured creditors of the Company for the payment of benefits under
this Agreement. The benefits represent the mere promise by the Company to pay
such benefits. The rights to benefits are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors. Any insurance on the Executive's life
is a general asset of the Company to which the Executive and the Executive's
beneficiary have no preferred or secured claim.

      10.7 Reorganization. The Company shall not merge or consolidate into or
with another company, or reorganize, or sell substantially all of its assets to
another company, firm, or person unless such succeeding or continuing company,
firm, or person agrees to assume and discharge the obligations of the Company
under this Agreement. Upon the occurrence of such event, the term "Company" as
used in this Agreement shall be deemed to refer to the successor or survivor
company

      10.8 Entire Agreement. This Agreement constitutes the entire agreement
between the Company and the Executive as to the subject matter hereof. No rights
are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

      10.9 Administration. The Company shall have powers which are necessary to
administer this Agreement, including but not limited to:

            (a) Interpreting the provisions of the Agreement;

            (b) Establishing and revising the method of accounting for the
      Agreement;

            (c) Maintaining a record of benefit payments; and

            (d) Establishing rules and prescribing any forms necessary or
      desirable to administer the Agreement.

      10.10 Named Fiduciary. For purposes of the Employee Retirement Income
Security Act of


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1974, if applicable, the Company shall be the named fiduciary and plan
administrator under this Agreement. The named fiduciary may delegate to others
certain aspects of the management and operation responsibilities of the plan
including the employment of advisors and the delegation of ministerial duties to
qualified individuals.

      IN WITNESS WHEREOF, the Executive and a duly authorized Company officer
have signed this Agreement.


EXECUTIVE:                             COMPANY:

                                       [NAME OF BANK]

                                       BY
-----------------------------------      ---------------------------------------
[NAME OF EXECUTIVE]                    TITLE
                                            ------------------------------------











                                       10
<PAGE>

                                    EXHIBIT 1
                                       TO
                                 [NAME OF BANK]
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT

                                DEFERRAL ELECTION

I elect to defer my Compensation received under this Agreement with the Company,
as follows:

<TABLE>
<CAPTION>

           AMOUNT OF DEFERRAL                           DURATION
           ------------------                           --------

     [INITIAL AND COMPLETE ONE]                   [INITIAL ONE]
<S>                                               <C>

     ____  I elect to defer ____% of my           ____  One Year only
           Compensation.
                                                  ____  For ______ [INSERT
     ____  I elect to defer $_____ of all               NUMBER] Years
           Compensation.
                                                  ____  Until Termination
     ____  I elect not to defer any of my               of Employment
           Compensation.
                                                  ____  Until ___________,

                                                        ___________ (date)
</TABLE>

Upon the Company's approval, I understand that I may change the amount and
duration of my deferrals by filing a new election form with the Company;
provided, however, that any subsequent election will not be effective until the
calendar year following the year in which the new election is received by the
Company.

Signature
          ----------------------------------
Date
     --------------------------------


Accepted by the Company this       day of           , 2001.
                             -----        ----------

By
  -------------------------------------------
Title
     --------------------------------


                                       11
<PAGE>

                             BENEFICIARY DESIGNATION

                                 [NAME OF BANK]
                    EXECUTIVE DEFERRED COMPENSATION AGREEMENT

I designate the following as beneficiary of benefits under this Agreement
payable following my death:

Primary:
        ------------------------------------------------------------------------

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Contingent:
           ---------------------------------------------------------------------

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NOTE: TO NAME A TRUST AS BENEFICIARY, PLEASE PROVIDE THE NAME OF THE TRUSTEE(s)
      AND THE EXACT NAME AND DATE OF THE TRUST AGREEMENT.

I understand that I may change these beneficiary designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved.

Signature
         -------------------------------------

Date
    ---------------------------------



Acknowledged by the Company this       day of           , 2001.
                                 -----        ----------

By
  --------------------------------------------
Title
     --------------------------------




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