EXHIBIT 10.16
                     FORM OF FLEXIBLE PREMIUM LIFE INSURANCE
                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN
                     AGREEMENT (Pursuant to Executive Salary
               Continuation Plan for First Federal Savings Bank of
                    LaGrange) for the following individuals:



     John S. Holle
     Ellison C. Rudd



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                     FORM OF FLEXIBLE PREMIUM LIFE INSURANCE
                 ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT



     Insurer:                             Guardian Life Insurance Company of
                                                America

     Policy Number:                       3582095

     Bank:                                First Federal Savings Bank of LaGrange

     Insured:

     Relationship of Bank to Insured:     Employer

The  respective  rights  and duties of the Bank and the  Insured in the  subject
policy shall be as defined in the following:

I.       DEFINITIONS

         Refer to  the-policy  contract for the  definition of all terms in this
         Agreement.

II.      POLICY TITLE AND OWNERSHIP

         Title and  ownership  shall  reside in the Bank for its use and for the
         use of the  Insured all in  accordance  with this  Agreement.  The Bank
         alone may, to the extent of its interest,  exercise the right to borrow
         or withdraw on the policy cash  values.  Where 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 policy, 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  his 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 Bank
         may have in such proceeds, as provided in this Agreement.


IV.      PREMIUM PAYMENT METHOD

         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.
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V.       TAXABLE BENEFIT

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


VI.      DIVISION OF DEATH PROCEEDS

         Subject to paragraph VII herein,  the division of the death proceeds of
         the policy is as follows:

         A.       The Insured's beneficiary(ies),  designated in accordance with
                  Paragraph  III, shall be entitled to an amount equal to eighty
                  percent  (80%)  of the net at risk  insurance  portion  of the
                  proceeds.  The  net at risk  insurance  portion  is the  total
                  proceeds less the cash value of the policy.

         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.


VII.     DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

         The Bank  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 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.    PREMIUM WAIVER

         If the policy contains a premium waiver provision,  such waived amounts
         shall be considered  for all purposes of this  Agreement as having been
         paid by the Bank.

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

         In the event the policy involves an endowment or annuity  element,  the
         Bank's  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.

X.       TERMINATION OF AGREEMENT

         This  agreement  shall  terminate  at the option of the Bank  following
         thirty (30) days written  notice to the Insured  upon the  happening of
         any one of the following:

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         1.     The Insured shall leave the employ of the Bank  (voluntarily  or
                involuntarily) prior to five (5) years from the date of
                employment, or

         2.     The Insured shall be discharged  from  employment  with the Bank
                for cause.  The term "for cause" shall mean gross  negligence or
                gross neglect or the commission of a felony or gross-misdemeanor
                involving  moral   turpitude,   fraud,   dishonesty  or  willful
                violation of any law that  results in any adverse  effect on the
                bank.

         Upon such  termination,  the Insured (or assignee)  shall have a ninety
         (90) day option to receive from the Bank an absolute  assignment of the
         policy in consideration  of a cash payment to the Bank,  whereupon this
         Agreement shall terminate. Such cash payment shall be the greater of:

         1.     The  Bank's  share of the cash value of the  policy on the date 
                of such  assignment,  as defined in this Agreement.

         2.     The amount of the premiums which have been paid by the Bank
                prior to the date of such assignment.

         Should the Insured (or  assignee)  fail to exercise  this option within
         the prescribed ninety (90) day period, the Insured (or assignee) agrees
         that  all of his  rights,  interest  and  claims  in the  policy  shall
         terminate as of the date of the termination of this Agreement.

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

XI.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         The Insured may not, without the written consent 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.


XII.     AGREEMENT BINDING UPON THE PARTIES

         This  Agreement  shall  bind the  Insured  and the Bank,  their  heirs,
         successors, personal representatives and assigns.

XIII.    NAMED FIDUCIARY AND PLAN ADMINISTRATOR

         First Federal Savings Bank of LaGrange is hereby  designated the "Named
         Fiduciary" until  resignation or removal by the board of directors.  As
         Named  Fiduciary,  First  Federal  Savings  Bank of  LaGrange  shall be
         responsible for the management,  control,  and  administration  of this
         Split  Dollar  Plan as  established  herein.  The Named  Fiduciary  may
         allocate 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.

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XIV.     FUNDING POLICY

         The funding  policy for this Split Dollar Plan shall be to maintain the
         subject policy in force by paying, when due, all premiums required.


XV.      CLAIMS PROCEDURE FOR LIFE INSURANCE POLICY AND SPLIT DOLLAR PLAN

         Claim  forms or  claim  information  as to the  subject  policy  can be
         obtained   by   contacting   The   Benefit    Marketing   Group,   Inc.
         (404-952-1529).  When the  Named  Fiduciary  has a claim  which  may be
         covered  under the  provisions  described in the insurance  policy,  he
         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 named  Fiduciary  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 to the Named
         Fiduciary.

         In the event that a claim is not eligible under the policy, the Insurer
         will  notify  the  Named  Fiduciary  of  the  denial  pursuant  to  the
         requirements  under the terms of the policy.  If the Named Fiduciary is
         dissatisfied  with the denial of the claim and  wishes to contest  such
         claim  denial,  he should  contact the office named above and they will
         assist  in  making  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.


XVI.     GENDER

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

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


Executed at LaGrange, Georgia, this 3rd day of February, 1995.


                                       FIRST FEDERAL SAVINGS BANK OF LAGRANGE



                                       By:
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Witness                                Title


                                       By:
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Witness


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                          BENEFICIARY DESIGNATION FORM




Primary Designation:


              Name                                    Relationship
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Contingent Designation:


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                                             7/20/95
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John S. Holle                                Date





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