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                                    EXHIBIT 10.7

                             FIRST SAVINGS BANK, F.S.B.
                                 CLOVIS, NEW MEXICO


                                EMPLOYMENT AGREEMENT


   AGREEMENT, made this 22nd day of November, 1995, by and between First 
Savings Bank, F.S.B. (BANK), a federally chartered stock savings bank and 
Norman R. Corzine (Officer).

   The Officer is an employee of the BANK and has been duly elected.

   The BANK desires to provide for the employment of the Officer in order to 
reinforce and encourage his continued attention and dedication to the growth 
and success of the BANK as a member of the BANK's management;

   The Officer desires to serve the BANK on the terms and conditions 
contained in this Agreement;

   THEREFORE, in consideration of the premises and respective agreements 
contained herein and for other good and valuable consideration, the parties 
agree as follows:

   1.  EMPLOYMENT. The BANK agrees to employ and the Officer agrees to serve 
the BANK on the terms and conditions set forth in this Agreement.

   2.  TERM. The term of this Agreement shall commence on or before January 1, 
1996 and shall continue for a period of two years through JANUARY 1, 1998, 
subject to the terms and conditions herein set forth. As required by Thrift 
Regulatory Bulletin No. 27a (#RB 27a) the Board of Directors of the BANK must 
review and approve any renewals or extensions of this contract and if 
required the Board must obtain prior regulatory approval for any renewals or 
extensions hereof.

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                                                   NORMAN R. CORZINE - 11/22/95

   3.  POSITION AND RESPONSIBILITIES. It is intended that at all times during 
the term of this Agreement the Officer shall serve as Vice President and 
Strategic Planning Officer. The Officer shall devote time and attention to 
the business and affairs of the BANK (excluding periods of vacation, 
sickness, and permitted leaves of absence as provided for in the BANK's 
personnel policies).

   (a)  MAJOR DUTIES AND RESPONSIBILITIES. The Officer will provide 
leadership and direction in obtaining additional capital for the BANK, 
coordinate the BANK's strategic planning activities, and guide the BANK's 
investment activities to ensure the short-term and long-term profitability 
and liquidity of the BANK:

   (i)  Coordinate and guide the BANK's efforts to raise additional capital 
by working with current stockholders and/or potential investors; and

   (ii)  Coordinate the efforts of the BANK's investment activities through 
guidance and direction of the investment portfolio, interest rate risk 
management, and net interest margin management; and 

   (iii)  Contribute to the effective, profitable operation of the BANK by 
participating in asset management, executive, investment, stockholder, and 
marketing activities; and

   (iv)  Represent the BANK and provide leadership in key community 
activities, including business, charitable, civic, and social organizations 
to maintain a proper responsible citizen stature for the BANK.


   4.  COMPENSATION.  During the period of the Officer's employment, the BANK 
shall provide said Officer with the following compensation and other benefits:

   (a)  SALARY.  The BANK shall pay to the Officer a salary at a rate not 
less than $90,000.00 per annum, payable in accordance with the standard 
payroll practices of the BANK. This salary may be increased from time to time 
by the Board of Directors of the BANK (with regulatory approval when 
required), taking into account, among other things, individual performance 
and general business conditions.

   (b)  INCENTIVE/BONUS COMPENSATION.  The Officer shall be eligible to 
participate in Board-approved incentive or bonus compensation plans.

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                                                   NORMAN R. CORZINE - 11/22/95

   (c)  EMPLOYEE BENEFITS.  The Officer shall be eligible to participate in 
all benefit programs of the BANK, including but not limited to profit 
sharing/employee stock ownership, 401K plan, group life insurance, group 
health insurance, sick leave, salary continuation, disability, vacation, and 
holidays.

   (d)  PERQUISITES AND BUSINESS EXPENSES.  The Officer shall be entitled to 
prompt reimbursement of all reasonable expenses incurred by said Officer in 
performing services hereunder and is to be provided additional perquisites 
customary for the BANK. The BANK shall provide a late model automobile for 
use by the Officer during the term of this Agreement.

   (e)  STOCK OPTION PLAN.  Subject to the approval of this Agreement by the 
Office of Thrift Supervision (OTS), the Board of Directors shall cause the 
BANK to grant under its stock option plan (First Savings Bank, F.S.B., 1986 
Stock Option and Incentive Plan) 17,000 shares of BANK common stock to the 
Officer effective July 18, 1995. The option may be exercisable during this 
Agreement and any extension thereof at the fair market price of the common 
stock at the date of the grant, unless an earlier expiration date is 
indicated by the stock option plan.

   (f)  12 USC 1828(k) COMPLIANCE.  Any payments made to the Officer pursuant 
to this agreement, or otherwise, are subject to, and conditioned upon, their 
compliance with 12 USC 1828(k) and any regulations promulgated thereunder.


   5.  TERMINATION.

   The following events shall constitute grounds for termination:

   (a)  DISABILITY OR DEATH.  If, as a result of the Officer's incapacity due 
to physical or mental illness, the Officer shall have been absent from his 
duties hereunder on a full-time basis for 150 consecutive days, then the BANK 
shall be entitled to deliver written notice of termination to the Officer, 
and if, within 30 days after any such written notice of termination is given, 
the Officer shall not have returned to the performance of his duties 
hereunder on a full-time basis, the BANK may terminate the Officer's 
employment hereunder. Upon the death of the Officer, the BANK shall continue 
to pay the Officer's estate the Base salary for a period of 180 days 
following the Officer's death, following which the obligations of the BANK 
hereunder shall terminate. Termination hereunder shall not affect the 

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                                                 NORMAN R. CORZINE - 11/22/95

Officer's entitlement to any vested benefits of the Officer hereunder or 
under any plan or arrangement contemplated by Section 4 above.

   (b)  CAUSE.  The BANK may terminate the Officer's employment at any time, 
but any termination by the BANK other than termination for cause, shall not 
prejudice the Officer's right to receive compensation or other benefits under 
this Agreement. The Officer shall have no right to receive compensation or 
other benefits for any period after termination for cause. Termination for 
cause shall include termination because of the Officer'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.

   If the Officer is suspended and/or temporarily prohibited from 
participation in the conduct of the BANK's affairs by a notice served under 
section 8(e)(3) or (g)(1) of [the] Federal Deposit Insurance Act (12 U.S.C. 
1818(e)(3) and (g)(1)) 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, at its discretion, 
(i) pay the Officer all or part of the compensation withheld while its 
Contract (Agreement) obligations were suspended and (ii) reinstate (in whole 
or in part) any of its obligations which were suspended.

   If the Officer is removed and/or permanently prohibited from participating 
in the conduct in the BANK's affairs by an order issued under section 8(e)(4) 
or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or 
(g)(1)), all obligations of the BANK under this Agreement shall terminate as 
of the effective date of the order, but vested rights of the contracting 
parties shall not be affected.

   The BANK shall exercise its right to terminate the Officer's employment 
for Cause by giving him a prompt written notice of termination specifying in 
reasonable detail the circumstances constituting such Cause and specifying 
such date of termination as the BANK shall determine.

   In the event of a termination for Cause, the BANK shall have no further 
liability for payments (other than previously accrued and unpaid 
compensation) under section 4 of this Agreement.

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                                                   NORMAN R. CORZINE - 11/22/95

    (c) DEFAULT. If the BANK is in default (as defined in section 3(x)(1) of 
the Federal Deposit Insurance Act), all obligations under this Agreement shall 
terminate as of the date of default, but this paragraph shall not affect any 
vested rights of the contracting parties.

     Further, all obligations under this Agreement shall be terminated, 
except to the extent determined that continuation of this Agreement is 
necessary [for] the continued operation of the BANK[:]

     (i) by the Director of the Office of Thrift Supervision or his or her 
designee, at the time of the Federal Deposit Insurance Corporation or the 
Resolution Trust Corporation enters into an agreement to provide assistance 
to or on behalf of the BANK under the authority contained in section 13(c) of 
the Federal Deposit Insurance Act; or

     (ii) by the Director of the Office of Thrift Supervision or his or her 
designee, at the time the Director or his or her designee approves a 
supervisory merger to resolve problems related to operation of the BANK or 
when the BANK is determined by the Director to be in an unsafe or unsound 
condition.

     (d) OTHER. The BANK may terminate the Officer's employment for reasons 
other than for cause. In such circumstances, the BANK shall pay to said 
Officer salary and employee benefits for the remainder of the term of the 
Agreement, unless otherwise prohibited herein.

     (e) TOTAL COMPENSATION. The total compensation to the Officer upon 
departure, for any reason, will not exceed three times the Officer's average 
annual compensation, based on the five most recent taxable years. In the case 
of termination for cause, however, no payments will be made.

     6. Other Miscellaneous Covenants.

     (a) TAX WITHHOLDING. The  BANK shall have the right to deduct from any 
payment required to be made to the Officer or said Officer's estate or 
beneficiaries, any federal, state, or local taxes of any kind required by law 
to be withheld with respect to such payments.

     (b) NOTICES. Any notice hereunder to the BANK shall be addressed to 
Chairman of the Board of Directors, P.O. Drawer 1569, Clovis, New Mexico 
88102-1569. Any notice to the Officer shall be directed to said Officer at 
Officer's last known address contained in the BANK'S files. Either party may 
designate an address at any time hereafter in writing.

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                                                   NORMAN R. CORZINE - 11/22/95

     (c) ENTIRE AGREEMENT. This Agreement sets forth the entire Agreement and 
understanding of the parties with respect to the subject matter herein and is 
subject to prior approval (no objection) by the Office of Thrift Supervision 
(OTS).

    (d) SUCCESSORS; ASSIGNS. Except as herein expressly provided, the 
respective rights and obligations of the Officer and the BANK under this 
Agreement shall not be assigned by either party without the written consent 
of the other party but shall inure to the benefit of, and be binding upon, 
the parties or its permitted successors or assigns. With respect to the BANK, 
successors shall include any other corporation or entity with which the BANK 
may be merged or otherwise combined or which may acquire all or substantially 
all of the business (ownership) of the BANK. With respect to the Officer, 
successors shall include Officer's estate, beneficiaries, or other legal 
representatives. Nothing herein expressed or implied is intended to confer on 
any person other than the parties hereto any rights, remedies, obligations, 
or liabilities under or by reason of this Agreement.

     (e) AMENDMENT; WAIVER. No provision of this Agreement may be amended or 
waived without written authorization of both the Board of Directors and the 
Officer.

     (f) SEVERABILITY. In the event that any provision of this Agreement shall 
be determined to be invalid or unenforceable, the remaining provisions of the 
Agreement shall remain in full force and effect.

     (g) GOVERNING LAW. This Agreement shall be deemed a Contract under, and 
for all purposes shall be construed with, the laws of the State of New Mexico.

     (h) ARBITRATION. Any dispute or disagreement arising under this Agreement 
shall be settled by arbitration conducted by a member of the American 
Arbitration Association in accordance with the rules of said association. 
Judgment may be entered on the arbitrator's award in any court having 
jurisdiction. The expense of such arbitration shall be borne by the BANK if 
the Officer receives a judgment in said Officer's favor against the BANK.

     (i) INVESTMENTS. Nothing contained in this contract shall prevent the 
Officer from investing or trading stocks, bonds, securities, real estate, or 
other forms of investment for said Officer's own benefit (directly or 
indirectly), provided such investments do not significantly interfere or 
conflict with Officer's services to be rendered hereunder.

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IN WITNESS WHEREOF, the parties have executed this Agreement on the day, 
month, and year first written above.

FIRST SAVINGS BANK, F.S.B.

By: /s/ Robert C. Lydick
   --------------------------------------
   Robert "Chad" Lydick, Chairman 
   Board of Directors

OFFICER

By: /s/ Norman R. Corzine
   ---------------------------------------
   Norman R. Corzine











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