March 31, 2000

Southern Security Bank Corporation
Attention: Mr. Harold L. Connell, President and CEO
P.O. Box 6699
Hollywood, Florida  33081-6699

Dear Mr. Connell:

Please be advised that  effective  April 1, 2000, I  voluntarily  waive  certain
elements  expressed in my Executive  Employment  Agreement of June 11, 1992, and
all amendments  thereto as cited below. I further understand that based upon the
profitability  of the Bank and upon  approval  of the  Board of  Directors  some
additional benefits will be considered in the future. Those items as outlined in
previous documents as numbered below are waived or modified as follows:

1. Paragraph 4 (b) "Additional Compensation". In addition subparagraph (a) shall
establish an incentive bonus program which Executive shall participate in.

2. Future grants under Paragraph 5 "Stock Options" under which subparagraphs (a)
removes  provisions of previous  options granted (b) which provides for loans to
exercise options, and (d) removes any obligation to the company to reimburse for
taxes  assessed  on future  stock  options.  Subparagraph  (c) which  allows the
executive  ten (10) years from date of  termination  to exercise  stock  options
previously  granted.  It is  understood  that the  exercise  term of all options
previously granted shall remain in effect.

3. Paragraph  6,"Executive Benefits" except the subparagraphs (a), (f), and (h).
Paragraph  6(b) shall  read as  follows:  "Executive  shall  participate  in the
disability plan provided to all executives of the company". Paragraph 6(c) shall
be modified to providing the Executive with a Term Life  Insurance  Policy of $1
million.

4. Refers to Paragraph 5(b) Stock Options and those provisions to provide a loan
to exercise future stock options. This provision is removed in #2 above.

5. This provision refers to paragraph 5(d) which is removed under #2 above.

6. This  provision  refers  to  Paragraph  6(b)  "Executive  Benefits"  which is
addressed in #3 above under which the Executive shall  participate in the normal
disability  group  plan  offered to all  executive  officers.  Reference  to any
separate disability insurance is waived.

7. This provision  refers to paragraph 6 "Executive  Benefits"  subparagraph (c)
Term Life 7. Continued:

     Insurance  which is modified  under #3 above where by the company agrees to
provide  a $1  million  Term Life  Insurance  Policy  to the  Executive  and the
Executive has the right to name the beneficiary of his choice.

8. This provision  refers to paragraph 6 "Executive  Benefits"  subparagraph (f)
referring to the automobile allowance which shall remain in effect.

9. This provision  refers to paragraph 6 "Executive  Benefits"  subparagraph (a)
which refers to provision of comprehensive  medical and dental insurance for the
Executive and his family. This provision remains in effect.

In addition under the heading  "Termination  Payment" it is understood  that the
lump sum shall be modified from 200% to 100% or one years salary plus benefits.

If you have any questions on the above, please advise.

Sincerely yours,

Philip C. Modder
Executive

ACCEPTED BY:


-------------------------------------/--------------------
Harold L. Connell, President and CEO        Date

PCM/sp