Exhibit 14 Monarch Community Bancorp, Inc. /Monarch
Community Bank Code of Conduct I. INTRODUCTION This
Code of Conduct (the Code) of Monarch Community Bancorp, Inc. (the Company), Monarch Community Bank (the
Bank) and any subsidiary of either
the Company or the Bank (collectively, the Corporation) contains standards
for the transaction of business consistent with applicable laws and regulations
and standards of honesty, ethics, and integrity. Each director, officer,
employee, and agent of the Corporation (collectively, Covered Persons and
each a Covered Person) must follow the standards set forth in the Code. Covered
Persons must act professionally and appropriately and avoid conflicts of
interest through informed judgment and careful regard for the standards of
conduct and responsibilities set forth in the Code. In all situations, Covered
Persons must exercise good judgment in discharging their responsibilities. Covered
Persons must report any known or suspected violation of the Code. Compliance
with the Code is the responsibility of each Covered Person. II. SAFEGUARDING CONFIDENTIAL INFORMATION Safeguarding
of confidential information of the Corporation, its current and prospective
customers, and shareholders is vital to the Corporations business. Consistent
with the Gramm- Leach-Bliley Act of 1999, the Corporation has adopted and
maintains administrative, technical and physical safeguards for confidential
information of its customers. For more information about these safeguards, ask
Privacy Officer Andrew J. Van Doren. Covered
Persons play a vital role in protecting the confidential information of the
Corporations customers. Covered Persons should discuss with his or her
supervisor or the Privacy Officer the specific security responsibilities that
apply to their job or other responsibilities. Covered
Persons must protect nonpublic personal information about the Corporations
customers and must not disclose such information to the Corporations
affiliates and nonaffiliated third parties, except as required or permitted by
applicable laws and regulations. In addition, Covered Persons must not discuss
confidential information of the Corporations customers with anyone inside the
Corporation who does not have a business need for the information or with
anyone outside the Corporation, such as a family member or friend. A Covered
Persons obligation to safeguard confidential information continues to apply
after his or her employment or other service with the Corporation has ended. Covered
Persons must also safeguard the Corporations proprietary information,
including, without limitation, trademarks, patents, trade secrets, copyrights,
customer lists, customer information, reports, studies, records, data, computer
software, and other non-public information about the Corporation and its
business, relationships, customers, and prospective customers. Proprietary
information is entrusted to Covered Persons as representatives of the
Corporation. Covered Persons may not use proprietary information other than in
connection with Corporation business. All proprietary information of the
Corporation is the Corporations property and Covered Persons may not use or
disclose such information to any third party absent express written
authorization from the Corporation. A Covered Persons obligation to safeguard
proprietary information continues to apply after his or her employment or other
service with the Corporation has ended. Employees
must also comply with all confidentiality and other relevant sections of the
Employee Handbook. 99   III. ENSURING INTEGRITY OF RECORDS

Covered
Persons must ensure that all records created or maintained in the ordinary
course of business are accurate, complete, and maintained with reliability and
integrity. This includes all accounting and audit records, loan documents,
transaction records, time records, phone records, electronic records, and all
other records that are generated and maintained in the ordinary course of
business. All documents requiring notarization must be in full compliance with
notary requirements. All records must accurately reflect transactions in a
timely manner. Errors must be corrected promptly. Covered Persons must not
falsify or otherwise cause records to be inaccurate.

IV. INTERNAL CONTROL OVER ASSETS

Covered
Persons must comply with all Corporation policies and procedures established
for the safeguarding of Corporation assets and proper reporting and disclosure
of financial information. At a minimum, Covered Persons must adhere to the
following standards:

A.
No
  undisclosed or unrecorded asset is to be established for any purpose;B.
No false
  entry is to be made in the books of the Corporation for any reason, and no
  entry is to be used for any purpose other than the purpose described in the
  supporting documents;C.
No payment
  is to be approved or made with the intention that any part of it is to be
  used for any purpose other than the purpose described in the supporting
  documents; andD.
Any Covered
  Person who knows of any unrecorded assets of the Corporation or any
  prohibited act described in this Section IV must promptly report it to the
  Chief Executive Officer or Chief Financial Officer.V. CANDOR IN DEALING WITH AUDITORS,
REGULATORS, AND LEGAL COUNSEL

Covered
Persons must respond completely, honestly, and candidly in communications with
the Corporations auditors, regulators, and legal counsel. Incomplete or false
communications with the Corporations auditors, regulators, or legal counsel
are strictly prohibited.

VI. ANTI-BRIBERY

Covered
Persons must observe standard loan procedures in all transactions, including
loan committee review.

No
Covered Person may solicit for himself or herself or for a third party other
than the Corporation itself, anything of value from anyone in return for any
business, service, or confidential information of the Corporation.

No
Covered Person may accept anything of value (other than bona fide salaries,
wages, fees or other compensation paid, or expenses paid or reimbursed, in the
usual course of business of the Corporation) from anyone in connection with the
business of the Corporation either before or after a transaction is discussed
or consummated. Any Covered Person who is offered or receives something of
value from anyone beyond what is authorized in these guidelines must disclose
this fact in writing to the Donald L. Denney, President and CEO, Andrew J. Van
Doren, Vice President and General Counsel, or Stephen Ross, Chairman of the
Board.

Exceptions to the above:

Covered
Persons may accept small gifts or other items of value from customers, vendors,
or those attempting to become vendors of the Corporation as long as they are
properly disclosed and the dollar value is considered nominal. Gifts valued up
to $50 may be accepted without prior approval. Gifts to Directors and to
officers who are Vice President (Officers) and above estimated to be of a
value between $50 and $200 may be accepted with disclosure to the Chief
Executive Officer. Gifts to Directors and to Officers (as defined above)
exceeding $200 must receive the approval of the Chairman of the Board or the
Board of Directors before acceptance. Gifts to employees who are not Officers
(as defined above) exceeding $50 must receive the approval of the Chief
Executive Officer or the Chief Operating Officer before acceptance.

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Following
are examples of the types of gifts Covered Persons may accept from individuals
or companies doing or seeking to do business with the Corporation:


Meals,
  gratuities, amenities, or favors based on obvious family or personal
  relationships
Meals, refreshments, travel arrangements,
  accommodations, or entertainment of reasonable value in the course of a
  meeting or other bona fide business occasion
Loans from other financial institutions
  when made on customary terms for the purpose of financing usual and proper activities
  (Insiders must refer to the banks insider policy for additional guidance and
  regulatory requirements concerning loans from correspondent banks.)
Advertising or promotional material of
  reasonable value (pens, note pads, calendars, etc.)
Discounts or rebates on merchandise or
  services that are available to other similar customers
Gifts of reasonable value related to
  commonly recognized events or occasions such as a promotion, wedding,
  retirement, holiday, or other special occasion
Civic, charitable, education, or religious
  organizational awards for recognition of service and accomplishment
Other benefits or items of value, when
  approved in writing on a case-by-case basis.The Compliance Officer will keep all Policy Disclosure Forms
from Covered Persons.

The
observance of these standards is mandatory for all Covered Persons. Observance
also is for a Covered Persons personal benefit, because federal bank bribery
law provides that a person convicted of improperly receiving something with a
value of over $1000 can be fined up to 3 times the items value and imprisoned
for 30 years; if the value is less than $1000 the penalty can be a fine and/or
a year in prison.

VII. CONFLICTS OF INTEREST

A. In
General. Except for wages, salary, or other direct or indirect compensation
paid in the normal course of the Corporations business, no Covered Person
may directly or indirectly benefit personally from his or her position or
connection as a director, officer, employee, or agent of the Corporation or
from any other activity of the Corporation. For example:1. No
  Covered Person may have any interest, direct or indirect, in any organization
  which is seeking or doing business with the Corporation or which is the
  competitor of the Corporation except:a. When such
  interest comprises securities in a widely held corporation which are traded
  regularly in recognized security markets and such interest is not in excess
  of 1% of any class of securities of such a corporation, orb. When such
  interest has been fully disclosed in writing to senior management of the
  Corporation for a determination as to the substantiality of such interest and
  the propriety of retaining it.2. No Covered
  Person may serve as an officer, director, employer, or consultant of another
  company or organization which:a. Is a
  competitor of the Corporation;b. Is
  seeking or doing business with the Corporation;c. Is in
  substantial default to the Corporation on any loan, contract or other
  obligation;d. Is
  involved in a substantial dispute or litigation with the Corporation; ore. Otherwise
  presents a conflict of interest, except with the knowledge and written consent
  of senior management of the Corporation. If a Covered Person receives written
  consent to so serve, and at any time learns of a conflict of interest or
  potential conflict of interest arising from this position, (s)he must
  immediately disclose this fact to senior management of the Corporation.101

3. No
  Covered Person, without written authorization of senior management of the
  Corporation, shall use or reveal any confidential information received in a
  Corporation capacity except as is authorized by applicable law or regulation
  or use or permit others to use Corporation property or services for personal
  purposes.4. Every
  Covered Person has an obligation immediately to report in writing to senior
  management of the Corporation any potential conflict of interest which may
  arise at any time for any reason, with respect to his/her association with
  the Corporation.B. Employees. Employees must also comply with all outside employment and other
relevant sections of the Employee Handbook.C. Principal
Shareholders. Principal
shareholders are shareholders who, directly or indirectly own, control or
have power to vote more than 10% of any class of the Corporations voting
securities. At the point at which a shareholder becomes a principal
shareholder, senior management must advise the principal shareholder of the
need for full disclosure of their direct or indirect involvement in any loan
or other transaction with the Corporation. This includes a statement that the
FDIC urges disclosure of any involvement in any project or business activity
that could pose a conflict of interest with the Corporation.D. Political
and Civic Activities. The Corporation encourages employees to participate in
activities outside of the Bank, including charitable or political activities.
However, federal law prohibits the Bank from making political contributions.
To ensure the Banks separation from any political contributions, employees
are prohibited, while on Bank property or while on duty, from soliciting
other employees for political contributions on behalf of candidates for
public office, political action committees, or political parties. Management
may disseminate to employees materials from banking related political action
committees, however, directors, officers and employees may not coerce other
employees into contributions to such political action committees. However,
the Federal Election Commission does permit the use of Corporation funds and
assets for limited political purposes, such as:1.
  Establishing political action committees to solicit contributions to separate
  political funds to be utilized for political purposes;2.
  Communicating direct political messages to shareholders; or3.
  Implementing non-partisan voter registration campaigns.While the
  Bancorp/Bank may support certain charitable organizations, directors,
  officers and employees may not coerce other employees into contributions to
  such organizations.E. Investment in Corporation Stock. Covered Persons that elect to purchase and
hold stock of the Corporation are encouraged to do so as a long-term
investment. Speculation or trading in the Stock of the Corporation based on
inside information is strictly prohibited. Inside information means material,
non-public information about the Corporation that a reasonably prudent person
would consider important in making an investment decision. Covered Persons
who are subject to the Corporations Insider Trading Policy shall also comply
with that Policy.F. Fiduciary
Appointment. Covered Persons must obtain the Chief Executive Officers
approval before accepting any appointment to act as a fiduciary or co
fiduciary (personal representative, conservator, guardian, or trustee) for a
customer of the Corporation, unless the customer is a member of the Covered
Persons Immediate Family. Immediate Family means parents, spouses,
children, or siblings.G. Beneficiary or Legacy under a Will or Trust. Covered Persons must report to
the Compliance Officer any gift of a beneficial interest or legacy under
wills or trusts of customers of the Corporation, unless the customer is a
member of the Covered Persons Immediate Family.H. Prohibited Lending Practices. Covered Persons are not permitted to approve
credit to members of their Immediate Family or to customers in which the
Covered Person or a member of the Covered Persons Immediate Family is a
director, officer, member, manager, or partner or has a controlling interest.
All such credit applications must be approved in accordance with the Banks
Loan Policies.102

I. Board
Consideration of Potential Conflicts. The Board of Directors of the Company
or the Bank or the Banks Director Loan Committee, as appropriate, will
specifically consider any proposed loan or other transaction into which the
Corporation is asked to enter, which presents a potential conflict of
interest. The Board will note its deliberations and its decision in the
minutes of the meeting at which such loan or transaction is considered.VIII. ANTITRUST COMPLIANCE

Covered
Persons are prohibited from entering into arrangements or relationships with
competitors of the Corporation for the purpose of or that have the effect of
setting or controlling prices, rates, trade practices, marketing policies, or
disclosing future plans or business strategies of the Corporation that have not
been disclosed generally to the public.

IX. TIE-IN ARRANGEMENTS

The
Corporation shall not and Covered Persons shall not cause the Corporation in
any manner to extend credit, lease or sell property of any kind, or furnish any
service, or fix or vary the consideration for any of the foregoing, on the
condition or requirement that:


A. The customer
  obtain some additional credit, property, or service from the Corporation or
  its affiliates, other than a loan, discount, deposit, or trust service;B. The customer
  provide some additional credit, property, or service to the Company or its
  affiliates, other than those related to and usually provided in connection
  with a loan, discount, deposit, or trust service; orC. The customer
  shall not obtain some other credit, property, or service from a competitor of
  the Corporation or its affiliates, other than a condition or requirement that
  the Corporation shall reasonably impose in a credit transaction to assure the
  soundness of the credit.X. SOCIAL SECURITY NUMBER PRIVACY

The
Corporation treats the social security numbers that it obtains as confidential
and otherwise complies with the Social Security Number Privacy Act. The
Corporation prohibits the unauthorized or unlawful use or disclosure of social
security numbers. Covered Persons are required to take steps to maintain the
confidentiality of any customer, employee or other social security numbers.
Covered Persons may not:

 publicly
  display social security numbers; or use or
  transmit more than four sequential digits of a social security number over
  the Internet or computer system or network unless the connection is secure or
  the transmission is encrypted; or include more
  than four sequential digits of a social security number in or on any document
  mailed or otherwise sent to an individual if the numbers are visible on the
  envelope or packaging.Covered
Persons also may not include more than four sequential digits of a social
security number in any document mailed to a person unless authorized or
required by law or unless it is for an administrative purpose, in the ordinary
course of business, to do any of the following:

 Verify an
  individuals identity, identify an individual, or do another similar
  administrative purpose related to an existing or proposed account,
  transaction, product, service, or employment; Investigate
  an individuals claim, credit, criminal, or driving history; Detect,
  prevent, or deter identity theft or another crime;103

 Lawfully
  pursue or enforce a persons legal rights, including, but not limited to, an
  audit, collection, investigation, or transfer of a tax, employee benefit,
  debt, claim, receivable, or account or an interest in a receivable or
  account; or Provide or
  administer employee or health insurance or membership benefits, claims, or
  retirement programs or to administer the ownership of shares of stock or
  other investments. Records and information containing social security numbers
  are accessible only to authorized individuals who have a valid, demonstrable
  need to obtain such records or information.All
records containing Social Security numbers shall be kept in accordance with the
Corporations Information Security Program.

Covered
persons should immediately report any suspected unauthorized disclosures of
social security numbers to Security Officer David McKinley or Compliance
Officer Andrew J. Van Doren. The Corporation will immediately investigate any
suspected security breaches or violations. Where appropriate, the Corporation
will notify law enforcement officials. The Corporation will take appropriate
action against any Covered Person who violates this policy, up to and including
suspending or terminating employment or other service with the Corporation. To
minimize the damage, Covered Persons are required to immediately report any
actions by them which may have resulted in an actual or suspected security
breach or unauthorized or improper disclosure of social security numbers. The
Corporation will take into consideration whether Covered Persons promptly
self-reported their own actions.

Covered
Persons should direct any questions or issues about the application or
enforcement of these security measures to the Security Officer or Compliance
Officer.

XI. POLICY PROHIBITING HARASSMENT

The
Corporation prohibits unlawful harassment on the basis of legally protected
status (such as harassment based on national origin, race, color, disability,
sex, age, familial status, height, weight, marital status, religion veteran
status) regardless of whether it is committed by Covered Persons, customers,
visitors or others. Sexual harassment is any unwelcome sexual advances,
requests for sexual favors and other verbal or physical conduct or
communication of a sexual nature when:

a. submission
  to such conduct or communication is made either explicitly or implicitly a
  condition of employment; orb. submission
  to or rejection of such conduct or communication is used as the basis for
  decisions affecting employment; orc. such conduct
  or communication has the purpose or effect of unreasonably interfering with
  anothers work performance or has the purpose or effect of creating an
  intimidating, hostile or offensive work environment.Examples
of sexual harassment include, but are not limited to: threatening adverse
action if sexual favors are not granted, promising preferential treatment in
return for sexual favors, unwelcome sexual advances, unnecessary physical
contact, offensive remarks, including unwelcome comments about appearance,
obscene jokes or other inappropriate use of sexually explicit or offensive
language, and the display of sexually suggestive objects or pictures. Other
forms of illegal harassment are any verbal or physical conduct or communication
that shows hostility or aversion toward another because of his/her race,
disability, religion, national origin, age, veteran status or other legally
protected status when such conduct or communication has the purpose or effect
of:

a.
unreasonably
  interfering with or adversely affecting anothers work performance; orb.
creating an
  intimidating, hostile or offensive work environment.Examples
of such harassment include, but are not limited to: epithets, slurs, negative
stereotyping or threatening, intimidating, or hostile acts that relate to race,
age, religion, national origin, disability, veteran status, etc., and written
material that is posted or displayed at work that shows hostility or aversion
toward another because of race, age, religion, national origin, disability, veteran
status, etc.

104

Any
Corporation Employee who believes that he or she has been a victim of or
witness to harassment should follow the procedures contained in the Employee
Handbook. Any other individual who believes he or she has been the victim of or
witness to harassment should immediately notify the Chief Executive Officer
Denney or General Counsel Van Doren. The Corporation will investigate all
reports of harassment promptly and take appropriate corrective action, as
warranted.

Any
Covered Person who is determined to have engaged in harassment in violation of
this policy will be subject to appropriate action. For employees, this may
include suspension or termination of employment. For others, it may include
termination of their service to or relationship with the Corporation.

Retaliation
in any form against an individual who makes a report or who cooperates in an
investigation of alleged harassment under this policy is also prohibited. Any
Covered Person who is determined to have retaliated against another will be
subject to appropriate action. For employees, this may include suspension or
termination of employment. For others, it may include termination of their
service to or relationship with the Corporation.

XII. OBSERVING APPLICABLE LAWS

The
Corporation places a high priority on compliance with all applicable laws and
regulations. Covered Persons who knowingly violate applicable laws or
regulations or the Corporations policies and procedures regarding compliance
with laws and regulations shall be subject to disciplinary action, including
termination.

XIII. ADMINISTRATION OF THE CODE

The
Boards of Directors of the Company and the Bank have adopted the Code and
delegated to their respective Chief Executive Officers the responsibility for
its administration throughout their respective institutions. Each Covered
Person is responsible for knowing, understanding, and complying with the Code
at all times. All Covered Persons are provided with a copy of the Code at the
time of their hiring or orientation and shall sign and deliver to the Banks
Human Resources manager, an acknowledgement of receipt in form provided in the
Code both at the time of their hire or orientation and after any material changes
to the Code are announced by the Corporation. Newly appointed officers of the
Corporation are required to submit a statement of personal interest as evidence
of their compliance with the Code. Directors and Executive Officers are
required to submit an annual statement of personal interest, as required under
the Banks Extension of Credit to Insiders Policy. Each director, officer and
employee will receive his or her own copy of this policy annually and will sign
a written acknowledgement of its receipt and an agreement to comply with the
policy. All auditors and attorneys engaged by the Corporation shall receive a
copy of this policy, and such auditor or attorneys engagement by the
Corporation shall be subject to the requirements of this policy. Supervising
officers are expected to make reasonable efforts to ensure that Covered Persons
whom they supervise comply with the Code.

XIV. MONITORING COMPLIANCE WITH THE CODE

The
Corporations Audit Committee shall
monitor compliance with the Code with an effective audit program designed to
identify operational weaknesses and to ensure corrective action and compliance
with applicable laws, regulations, the Code, and internal policies.

XV. REPORTING VIOLATIONS OF THE CODE OR OTHER
QUESTIONABLE ACTIVITY

Covered
Persons are obligated to report violations of the Code and other questionable
activity in accordance with the Corporations Complaint
Procedure,which is attached as Addendum I.The Corporation will not permit retaliation of any kind against
Covered Persons making good faith reports of violations of the Code.

XVI. PENALTIES FOR VIOLATIONS OF THE CODE

Covered
Persons who are found to have violated the Code will be subject to disciplinary
action and penalties, including possible termination of an employment or other
relationship or service with the Corporation.

105

XVII. TRAINING

The
Corporation shall provide Covered Persons with initial and periodic training on
complying with the Code.

XVIII. UPDATING THE CODE

The
Corporation shall review the Code annually and update the Code from time to
time to account for new business activities, changes in business conditions or
as changes in applicable laws and regulations may dictate. The Corporation
reserves the right to modify or amend the Code at any time without prior
notice.

Employee
Acknowledgement

I have
received and read the Monarch Community Bank Code of Conduct Policy.

I understand
its contents and that I must abide by the policies stated there.

(Employee
  Signature)

(Date)(Print
  Name)106