<PAGE>   1
                                                                    EXHIBIT 10.3




                      AMENDED AND RESTATED PROMISSORY NOTE


<TABLE>
<CAPTION>
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     Principal         Date        Maturity    Loan       Call    Collateral     Account      Officer     Initials
                                               No.
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  <S>               <C>          <C>           <C>        <C>     <C>            <C>          <C>         <C>
  $14,000,000.00    02-27-1998   09-30-2000
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</TABLE>


Borrowers:                Search Financial Services Holding Company
                          Search Financial Services of Florida, Inc.
                          Search Financial Services of Georgia, Inc.
                          Search Financial Services of Louisiana, Inc.
                          Search Financial Services of Oklahoma, Inc.
                          Search Financial Services of Puerto Rico, Inc.
                          Search Financial Services of Tennessee, Inc.
                          Search Financial Services of Texas, Inc.

Lender:                   Hibernia National Bank
                          (TIN: 72-0210640)
                          313 Carondelet Street
                          Post Office Box 61540
                          New Orleans, Louisiana 70161

Principal Amount: $14,000,000.00                 Date of Note: February 27, 1998




PROMISE TO PAY.  Search Financial Services Holding Company, Search Financial
Services of Florida, Inc., Search Financial Services of Georgia, Inc., Search
Financial Services of Louisiana, Inc., Search Financial Services of Oklahoma,
Inc., Search Financial Services of Puerto Rico, Inc., Search Financial Services
of Tennessee, Inc., and Search Financial Services of Texas, Inc. (collectively,
"Borrowers" and individually "Borrower") promise to pay to the order of
HIBERNIA NATIONAL BANK ("Lender"), in lawful money of the United States of
America the sum of Fourteen Million and No/100 Dollars ($14,000,000.00) or such
other or lesser amounts as may be reflected from time to time on the books and
records of Lender as evidencing the aggregate unpaid principal balance of loan
advances made to Borrowers on a revolving line of credit basis as provided
below, together with simple interest assessed on a variable rate basis at the
rate per annum equal to 2.000 percentage points over the Index provided below,
as the Index under this Note may be adjusted from time to time, one or more
times, with interest being assessed on the unpaid principal balance of this
Note as outstanding from time to time, commencing on February 27, 1998, and
continuing until this Note is paid in full.





<PAGE>   2
LINE OF CREDIT.  This Note evidences a revolving line of credit "master note."
Advances under this Note may be requested orally by Borrowers or by an
authorized person.  Lender may, but need not, require that all oral requests be
confirmed in writing.  All communications, instructions, or directions by
telephone or otherwise to Lender are to be directed to Lender's office shown
above.  The following party or parties are authorized to request advances under
the line of credit until Lender receives from Borrowers at Lender's address
shown above written notice of revocation of their authority:  GEORGE C. EVANS,
ROBERT D. IDZI, ELLIS A. REGENBOGEN, and CAROLYN J. MALONE.  Requests for
advances will be made in accordance with the provisions contained in the Loan
Agreement among Borrowers, Search Funding II, Inc., and Lender dated October 6,
1997, as amended by a certain First Amendment to Loan Agreement and Related
Documents of even date herewith and as it may hereafter be amended or modified
from time to time (the "Loan Agreement").  Borrowers agree to be liable for all
sums either: (a) advanced in accordance with the instructions of an authorized
person or (b) credited to any deposit account maintained by any Borrower with
Lender.  The unpaid principal balance owing on this Note at any time may be
evidenced by endorsements on this Note or by Lender's internal records,
including daily computer print-outs.  Lender will have no obligation to advance
funds under this Note if: (i) any Borrower or any guarantor is in default under
the terms of this Note or any agreement that any Borrower or any guarantor has
with Lender, including any agreement made in connection with the signing of
this Note, (ii) any Borrower or any guarantor becomes insolvent, files a
petition in bankruptcy or similar proceedings, or is adjudged a bankrupt, (iii)
there occurs a material adverse change in the financial condition of any
Borrower or any guarantor, or in the total value of the collateral securing
repayment of this Note, or (iv) any guarantor seeks, claims or otherwise
attempts to limit, modify or revoke such guarantor's guaranty of this Note or
any other loan with Lender.

PAYMENT.  Borrowers will pay this loan in one payment of all outstanding
principal plus all accrued unpaid interest on September 30, 2000.  In addition,
Borrowers will pay regular monthly payments of accrued unpaid interest
beginning March 1, 1998, and all subsequent interest payments are due on the
first day of each month after that until this Note is paid in full.  Interest
on this Note is computed on a 365/360 simple interest basis; that is, by
applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding.  Borrowers will pay Lender
at Lender's address shown above or at such other place as Lender may designate
in writing.  Unless otherwise agreed or required by applicable law, payments
will be applied first to accrued unpaid interest, then to principal, and any
remaining amount to any unpaid collection costs.

VARIABLE INTEREST RATE.  The interest rate on this Note is subject to change
from time to time based on changes in an independent Index which is THE CHASE
MANHATTAN BANK PRIME COMMERCIAL LENDING RATE (the "Index").  The Index is not
necessarily the lowest rate charged by Lender on its loans.  If the Index
becomes unavailable during the term of this loan, Lender may designate a
substitute Index after notice to Borrowers.  Lender will tell Borrowers the
current Index rate upon Borrowers' request.  Borrowers understand that Lender
may make loans based on other rates as well.  The interest rate change will not
occur more often than each day.  The Index currently is 8.500% per annum.  The
interest rate to be applied to the unpaid principal balance of this Note will
be at a rate of 2.000 percentage points over the Index, resulting in an initial
rate of 10.500% per annum.





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<PAGE>   3
OTHER FEES AND CHARGES.  In addition to the principal, interest and other fees
and charges provided for in this Note, Borrowers agree to also pay all other
amounts, fees and charges provided for in the Loan Agreement, including,
without limitation, all overlines, overadvances, interest on overlines and
overadvances, unused facility fees, facility charges and expenses, and
commitment cancellation charges provided for in the Loan Agreement.

PREPAYMENT.  Borrowers may prepay this Note in full at any time by paying the
then unpaid principal balance of this Note, plus accrued simple interest and
any unpaid late charges through date of prepayment.  Prepayment of the amounts
due under this Note shall not constitute termination of any agreement between
Borrowers and Lender, including, without limitation, the Loan Agreement.
Specifically, Borrowers acknowledge and agree that Lender may be entitled to a
commitment cancellation charge provided for in the Loan Agreement.  If
Borrowers prepay this Note in full, or if Lender accelerates payment, Borrowers
understand that, unless otherwise required by law, any prepaid fees or charges
will not be subject to rebate and will be earned by Lender at the time this
Note is signed.

DEFAULT.  The following actions and/or inactions shall constitute default
events under this Note:

                 Default Under This Note.  Should Borrowers default in the
         payment of any amounts due and payable under this Note.

                 Default Under Loan Agreement.  Should any Event of Default
         occur under the Loan Agreement (as the term "Event of Default" is
         defined in the Loan Agreement).

LENDER'S RIGHT UPON DEFAULT.  Should any one or more default events occur or
exist under this Note as provided above, Lender shall have the right, at its
sole option, to declare formally this Note to be in default and to accelerate
the maturity and insist upon immediate payment in full of the unpaid principal
balance then outstanding under this Note, plus accrued interest, together with
reasonable attorneys' fees, costs, expenses and other fees and charges as
provided herein.  Lender shall have the further right, again at its sole
option, to declare formal default and to accelerate the maturity and to insist
upon immediate payment in full of each and every other loan, extension of
credit, debt, liability and/or obligation of every nature and kind that any
Borrower may then owe to Lender, whether direct or indirect or by way of
assignment, and whether absolute or contingent, liquidated or unliquidated,
voluntary or involuntary, determined or undetermined, secured or unsecured,
whether any Borrower is obligated alone or with others on a "solidary" or
"joint and several" basis, as a principal obligor or otherwise, all without
further notice or demand, unless Lender shall otherwise elect.

ATTORNEYS' FEES.  If Lender refers this Note to an attorney for collection, or
files suit against Borrowers to collect this Note, or if any Borrower files for
bankruptcy or other relief from creditors, Borrowers agree to pay Lender's
reasonable attorneys' fees.

DEPOSIT ACCOUNTS.  As collateral security for repayment of this Note and all
renewals and extensions, as well as to secure any and all other loans, notes,
indebtedness and obligations that any





                                     - 3 -
<PAGE>   4
Borrower may now and in the future owe to Lender or incur in Lender's favor,
whether direct or indirect, absolute or contingent, due or to become due, of
any nature and kind whatsoever, each Borrower hereby grants Lender a continuing
security interest in any and all funds that each Borrower may now and in the
future have on deposit with Lender or in certificates of deposit on other
deposit accounts as to which each Borrower is an account holder (with the
exception of IRA, pension, and other tax-deferred deposits).  Borrowers further
agree that Lender may, at any time after a default event occurs, apply any
funds that any Borrower may have on deposit with Lender or in certificates of
deposit or other deposit accounts as to which any Borrower is an account holder
(with the exception of IRA, pension and other tax-deferred deposits) against
the unpaid balance of this Note and any and all other present and future
indebtedness and obligation that any Borrower may then owe to Lender, in
principal, interest fees, costs, expenses, and attorneys' fees.

GOVERNING LAW.  Borrowers agree that this Note and the loan evidenced hereby
shall be governed under the laws of the State of Louisiana.  Specifically, this
business or commercial Note is subject to La.-R.S. 9:3509, et seq.

INTEREST AFTER DEFAULT.  If Lender declares this Note to be in default, Lender
has the right prospectively to adjust and fix the simple interest rate under
this Note, until this Note is paid in full, to 3.000 percentage points in
excess of the interest rate under this Note at the time of default.

MAXIMUM INTEREST RATE.  Anything to the contrary contained herein
notwithstanding, no provision of this Note shall require the payment or permit
the collection of interest in excess of the maximum permitted by applicable law
(the "Maximum Rate").  If interest in excess of the Maximum Rate is provided
for in this Note or otherwise in connection with the loan transaction
represented by this Note, or is adjudicated to be so provided, the provisions
of this paragraph shall govern and prevail, and no Borrower or any guarantor
shall be obligated to pay the excess amount of such interest or any other
excess sum paid for the use, forbearance, or detention of Advances made under
this Agreement.  In the event Lender ever receives, collects or applies, as
interest due and payable under this Note, any sum in excess of the Maximum
Rate, the amount of the excess shall be applied as a payment and reduction of
the principal of the Indebtedness represented by this Note; and if the
principal of the Indebtedness represented by this Note has been fully paid, any
remaining excess shall forthwith be paid to Borrowers.  In determining whether
or not interest paid or payable exceeds the Maximum Rate, Borrowers and Lender
shall, to the extent permitted by applicable law, (a) characterize any
non-principal payment as an expense, fee or premium rather than as interest,
(b) exclude voluntary prepayments and the effects thereof; and (c) amortize,
prorate, allocate and spread, in equal or unequal parts, the total amount of
interest throughout the entire contemplated term of the Indebtedness
represented by this Note so that interest for the entire term does not exceed
the Maximum Rate.

WAIVERS.  Each Borrower and each guarantor of this Note hereby waives demand,
presentment for payment, protest, notice of protest, notice of nonpayment,
notice of acceleration and notice of intent to accelerate, and all pleas of
division and discussion, and agrees that its obligation and liabilities to
Lender hereunder shall be on a "solidary" or "joint and several" basis.  Each
Borrower and each guarantor further severally agrees that discharge or release
of any party who is or may be liable to Lender for the Indebtedness represented
hereby, or the release of any collateral directly or





                                     - 4 -
<PAGE>   5
indirectly securing repayment hereof, shall not have the effect of release any
other party or parties, who shall remain liable to Lender or of releasing any
other collateral that is not expressly released by Lender.  Each Borrower and
each guarantor additionally agrees that Lender's acceptance of payment other
than in accordance with the terms of this Note, or Lender's subsequent
agreement to extend or modify such repayment terms, or Lender's failure or
delay in exercising any rights or remedies granted to Lender, shall likewise
not have the effect of releasing any Borrower or any other party or parties
from their respective obligations to Lender, or of releasing any collateral
that directly or indirectly secures repayment hereof.  In addition, any failure
or delay on the part of Lender to exercise any of the rights and remedies
granted to Lender shall not have the effect of waiving any of Lender's rights
and remedies.  Any partial exercise of any rights and/or remedies granted to
Lender shall furthermore not be construed as a waiver of any other rights and
remedies; it being each Borrower's intent and agreement that Lender's rights
and remedies shall be cumulative in nature.  Each Borrower and each guarantor
further agrees that, should any default event occur or exist under this Note,
any waiver or forbearance on the part of Lender to pursue the rights and
remedies available to Lender, shall be binding upon Lender only to the extent
that Lender specifically agrees to any such waiver or forbearance in writing.
A waiver or forbearance on the part of Lender as to one default event shall not
be construed as a waiver or forbearance as to any other default.

SUCCESSORS AND ASSIGNS LIABLE.  Each Borrower's and each guarantor's
obligations and agreements under this Note shall be binding upon each
Borrower's and each guarantor's respective successors, heirs, legatees,
devisees, administrators, executors and assigns.  The rights and remedies
granted to Lender under this Note shall inure to the benefit of Lender's
successors and assigns, as well as to any subsequent holder or holders of this
Note.

CAPTION HEADINGS.  Caption headings of the sections of this Note are for
convenience purposes only and are not to be used to interpret or to define
their provisions.  In this Note, whenever the context so requires, the singular
includes the plural and the plural also includes the singular.

SEVERABILITY.  If any provision of this Note is held to be invalid, illegal or
unenforceable by any court, that provision shall be deleted from this Note and
the balance of this Note shall be interpreted as if the deleted provision never
existed.

PRIOR TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.
LENDER AND BORROWERS HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR ANY BORROWER AGAINST
THE OTHER.





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<PAGE>   6
AMENDMENT.  This Note is given in amendment, restatement, and modification, but
not in extinguishment or novation of, that certain Promissory Note dated
October 6, 1997 in the original principal amount of $25,000,000.00 executed by
the Borrowers and Search Funding II, Inc. and payable to the order of the
Lender.

                                     BORROWERS:


                                     SEARCH FINANCIAL SERVICES
                                       HOLDING COMPANY
                                     SEARCH FINANCIAL SERVICES
                                       OF FLORIDA, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF GEORGIA, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF LOUISIANA, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF OKLAHOMA, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF PUERTO RICO, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF TENNESSEE, INC.
                                     SEARCH FINANCIAL SERVICES
                                       OF TEXAS, INC.



                                     By:             /s/ Robert D. Idzi
                                              ----------------------------------
                                              Robert D. Idzi
                                              President of each entity





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