<PAGE>
                               GUARANTEE AGREEMENT

                                    VIB CORP.

                          Dated as of November 28, 2001



<PAGE>

                               TABLE OF CONTENTS

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                                                                                          PAGE
<S>                   <C>                                                                 <C>
                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1.          Definitions and Interpretation........................................1

                                   ARTICLE II
                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 2.1.          Powers and Duties of the Guarantee Trustee............................4

SECTION 2.2.          Certain Rights of Guarantee Trustee...................................5

SECTION 2.3.          Not Responsible for Recitals or Issuance of Guarantee.................7

SECTION 2.4.          Events of Default; Waiver.............................................8

SECTION 2.5.          Events of Default; Notice.............................................8

                                   ARTICLE III
                                GUARANTEE TRUSTEE

SECTION 3.1.          Guarantee Trustee; Eligibility........................................8

SECTION 3.2.          Appointment, Removal and Resignation of Guarantee Trustee.............9

                                   ARTICLE IV
                                    GUARANTEE

SECTION 4.1.          Guarantee............................................................10

SECTION 4.2.          Waiver of Notice and Demand..........................................10

SECTION 4.3.          Obligations Not Affected.............................................10

SECTION 4.4.          Rights of Holders....................................................11

SECTION 4.5.          Guarantee of Payment.................................................12

SECTION 4.6.          Subrogation..........................................................12

SECTION 4.7.          Independent Obligations..............................................12

SECTION 4.8.          Enforcement..........................................................12

                                    ARTICLE V
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 5.1.          Limitation of Transactions...........................................12

SECTION 5.2.          Ranking..............................................................13

                                   ARTICLE VI
                                   TERMINATION

SECTION 6.1.          Termination..........................................................14
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                               TABLE OF CONTENTS
                                  (continued)
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                                   ARTICLE VII
                                 INDEMNIFICATION

SECTION 7.1.          Exculpation..........................................................14

SECTION 7.2.          Indemnification......................................................14

SECTION 7.3.          Compensation; Reimbursement of Expenses..............................16

                                  ARTICLE VIII
                                  MISCELLANEOUS

SECTION 8.1.          Successors and Assigns...............................................16

SECTION 8.2.          Amendments...........................................................16

SECTION 8.3.          Notices..............................................................16

SECTION 8.4.          Benefit..............................................................17

SECTION 8.5.          Governing Law........................................................17

SECTION 8.6.          Counterparts.........................................................17
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                                      -ii-
<PAGE>

                               GUARANTEE AGREEMENT

               This GUARANTEE AGREEMENT (the "Guarantee"), dated as of November
28, 2001, is executed and delivered by VIB Corp., a bank holding company
incorporated in California (the "Guarantor"), and Wilmington Trust Company, a
Delaware banking corporation, as trustee (the "Guarantee Trustee"), for the
benefit of the Holders (as defined herein) from time to time of the Capital
Securities (as defined herein) of Valley Capital Trust II, a Delaware statutory
business trust (the "Issuer").

               WHEREAS, pursuant to an Amended and Restated Declaration of Trust
(the "Declaration"), dated as of November 28, 2001, among the trustees named
therein of the Issuer, VIB Corp., as sponsor, and the Holders from time to time
of undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof securities, having an aggregate liquidation amount of
up to $19,700,000, designated the Floating Rate MMCapSSM (the "Capital
Securities");

               WHEREAS, as incentive for the Holders to purchase the Capital
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Guarantee, to pay to the Holders of Capital
Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

               NOW, THEREFORE, in consideration of the purchase by each Holder
of the Capital Securities, which purchase the Guarantor hereby agrees shall
benefit the Guarantor, the Guarantor executes and delivers this Guarantee for
the benefit of the Holders.

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1. Definitions and Interpretation

In this Guarantee, unless the context otherwise requires:

               (a) capitalized terms used in this Guarantee but not defined in
        the preamble above have the respective meanings assigned to them in this
        Section 1.1;

               (b) a term defined anywhere in this Guarantee has the same
        meaning throughout;

               (c) all references to "the Guarantee" or "this Guarantee" are to
        this Guarantee as modified, supplemented or amended from time to time;

               (d) all references in this Guarantee to Articles and Sections are
        to Articles and Sections of this Guarantee, unless otherwise specified;

               (e) terms defined in the Declaration as at the date of execution
        of this Guarantee have the same meanings when used in this Guarantee,
        unless otherwise defined in this Guarantee or unless the context
        otherwise requires; and

<PAGE>

               (f) a reference to the singular includes the plural and vice
        versa.

               "Beneficiary" means any Person to whom the Issuer is or hereafter
becomes indebted or liable.

               "Corporate Trust Office" means the office of the Guarantee
Trustee at which the corporate trust business of the Guarantee Trustee shall, at
any particular time, be principally administered, which office at the date of
execution of this Guarantee Agreement is located at Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890-0001.

               "Covered Person" means any Holder of Capital Securities.

               "Debentures" means the junior subordinated debentures of VIB
Corp., designated the Floating Rate Junior Subordinated Debt Securities due
2031, held by the Institutional Trustee (as defined in the Declaration) of the
Issuer.

               "Event of Default" has the meaning set forth in Section 2.4.

               "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Capital Securities, to
the extent not paid or made by the Issuer: (i) any accrued and unpaid
Distributions (as defined in the Declaration) which are required to be paid on
such Capital Securities to the extent the Issuer shall have funds available in
the Property Account (as defined in the Declaration) therefor at such time, (ii)
the Redemption Price (as defined in the Indenture) to the extent the Issuer has
funds available in the Property Account therefor at such time, with respect to
any Capital Securities called for redemption by the Issuer, (iii) the Special
Redemption Price (as defined in the Indenture) to the extent the Issuer has
funds available in the Property Account therefor at such time, with respect to
Capital Securities called for redemption upon the occurrence of a Special Event
(as defined in the Indenture), and (iv) upon a voluntary or involuntary
liquidation, dissolution, winding-up or termination of the Issuer (other than in
connection with the distribution of Debentures to the Holders of the Capital
Securities in exchange therefor as provided in the Declaration), the lesser of
(a) the aggregate of the liquidation amount and all accrued and unpaid
Distributions on the Capital Securities to the date of payment, to the extent
the Issuer shall have funds available in the Property Account therefor at such
time, and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer after satisfaction of
liabilities to creditors of the Issuer as required by applicable law (in either
case, the "Liquidation Distribution").

               "Guarantee Trustee" means Wilmington Trust Company, until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.

               "Holder" means any holder, as registered on the books and records
of the Issuer, of any Capital Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Capital
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.


                                       2
<PAGE>

               "Indemnified Person" means the Guarantee Trustee, any Affiliate
of the Guarantee Trustee (including in its individual capacity), or any
officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Guarantee Trustee.

               "Indenture" means the Indenture dated as of November 28, 2001,
between the Guarantor and Wilmington Trust Company, not in its individual
capacity but solely as trustee, and any indenture supplemental thereto pursuant
to which the Debentures are to be issued to the Institutional Trustee of the
Issuer.

               "Liquidation Distribution" has the meaning set forth in the
definition of "Guarantee Payments" herein.

               "Majority in liquidation amount of the Capital Securities" means
Holder(s) of outstanding Capital Securities, voting together as a class, but
separately from the holders of Common Securities, of more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to,
but excluding, the date upon which the voting percentages are determined) of all
Capital Securities then outstanding.

               "Obligations" means any costs, expenses or liabilities (but not
including liabilities related to taxes) of the Issuer, other than obligations of
the Issuer to pay to holders of any Trust Securities the amounts due such
holders pursuant to the terms of the Trust Securities.

               "Officer's Certificate" means, with respect to any Person, a
certificate signed by one Authorized Officer of such Person. Any Officer's
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Guarantee shall include:

               (a) a statement that each officer signing the Officer's
        Certificate has read the covenant or condition and the definitions
        relating thereto;

               (b) a brief statement of the nature and scope of the examination
        or investigation undertaken by each officer in rendering the Officer's
        Certificate;

               (c) a statement that each such officer has made such examination
        or investigation as, in such officer's opinion, is necessary to enable
        such officer to express an informed opinion as to whether or not such
        covenant or condition has been complied with; and

               (d) a statement as to whether, in the opinion of each such
        officer, such condition or covenant has been complied with.

               "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.


                                       3
<PAGE>

               "Responsible Officer" means, with respect to the Guarantee
Trustee, any officer within the Corporate Trust Office of the Guarantee Trustee
with direct responsibility for the administration of any matters relating to
this Guarantee, including any Vice President, Assistant Vice President,
Secretary, Assistant Secretary or any other officer of the Guarantee Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

               "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 3.1.

               "Trust Securities" means the Common Securities and the Capital
Securities.

                                   ARTICLE II
                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

SECTION 2.1. Powers and Duties of the Guarantee Trustee

               (a) This Guarantee shall be held by the Guarantee Trustee for the
        benefit of the Holders of the Capital Securities, and the Guarantee
        Trustee shall not transfer this Guarantee to any Person except a Holder
        of Capital Securities exercising his or her rights pursuant to Section
        4.4 (b) or to a Successor Guarantee Trustee on acceptance by such
        Successor Guarantee Trustee of its appointment to act as Successor
        Guarantee Trustee. The right, title and interest of the Guarantee
        Trustee shall automatically vest in any Successor Guarantee Trustee, and
        such vesting and cessation of title shall be effective whether or not
        conveyancing documents have been executed and delivered pursuant to the
        appointment of such Successor Guarantee Trustee.

               (b) If an Event of Default actually known to a Responsible
        Officer of the Guarantee Trustee has occurred and is continuing, the
        Guarantee Trustee shall enforce this Guarantee for the benefit of the
        Holders of the Capital Securities.

               (c) The Guarantee Trustee, before the occurrence of any Event of
        Default and after curing all Events of Default that may have occurred,
        shall undertake to perform only such duties as are specifically set
        forth in this Guarantee, and no implied covenants shall be read into
        this Guarantee against the Guarantee Trustee. In case an Event of
        Default has occurred (that has not been cured or waived pursuant to
        Section 2.4) and is actually known to a Responsible Officer of the
        Guarantee Trustee, the Guarantee Trustee shall exercise such of the
        rights and powers vested in it by this Guarantee, and use the same
        degree of care and skill in its exercise thereof, as a prudent person
        would exercise or use under the circumstances in the conduct of his or
        her own affairs.

               (d) No provision of this Guarantee shall be construed to relieve
        the Guarantee Trustee from liability for its own negligent action, its
        own negligent failure to act, or its own willful misconduct, except
        that:


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                   (i) prior to the occurrence of any Event of Default and after
               the curing or waiving of all such Events of Default that may have
               occurred:

                       (A) the duties and obligations of the Guarantee Trustee
                   shall be determined solely by the express provisions of this
                   Guarantee, and the Guarantee Trustee shall not be liable
                   except for the performance of such duties and obligations as
                   are specifically set forth in this Guarantee, and no implied
                   covenants or obligations shall be read into this Guarantee
                   against the Guarantee Trustee; and

                       (B) in the absence of bad faith on the part of the
                   Guarantee Trustee, the Guarantee Trustee may conclusively
                   rely, as to the truth of the statements and the correctness
                   of the opinions expressed therein, upon any certificates or
                   opinions furnished to the Guarantee Trustee and conforming to
                   the requirements of this Guarantee; but in the case of any
                   such certificates or opinions furnished to the Guarantee
                   Trustee, the Guarantee Trustee shall be under a duty to
                   examine the same to determine whether or not on their face
                   they conform to the requirements of this Guarantee;

                   (ii) the Guarantee Trustee shall not be liable for any error
               of judgment made in good faith by a Responsible Officer of the
               Guarantee Trustee, unless it shall be proved that such
               Responsible Officer of the Guarantee Trustee or the Guarantee
               Trustee was negligent in ascertaining the pertinent facts upon
               which such judgment was made;

                   (iii) the Guarantee Trustee shall not be liable with respect
               to any action taken or omitted to be taken by it in good faith in
               accordance with the written direction of the Holders of not less
               than a Majority in liquidation amount of the Capital Securities
               relating to the time, method and place of conducting any
               proceeding for any remedy available to the Guarantee Trustee, or
               exercising any trust or power conferred upon the Guarantee
               Trustee under this Guarantee; and

                   (iv) no provision of this Guarantee shall require the
               Guarantee Trustee to expend or risk its own funds or otherwise
               incur personal financial liability in the performance of any of
               its duties or in the exercise of any of its rights or powers, if
               the Guarantee Trustee shall have reasonable grounds for believing
               that the repayment of such funds is not reasonably assured to it
               under the terms of this Guarantee, or security and indemnity,
               reasonably satisfactory to the Guarantee Trustee, against such
               risk or liability is not reasonably assured to it.

SECTION 2.2. Certain Rights of Guarantee Trustee

               (a) Subject to the provisions of Section 2.1:

                   (i) The Guarantee Trustee may conclusively rely, and shall be
               fully protected in acting or refraining from acting upon, any
               resolution, certificate, statement, instrument, opinion, report,
               notice, request, direction, consent, order, bond, debenture,
               note, other evidence of indebtedness or other paper or document


                                       5
<PAGE>

               believed by it to be genuine and to have been signed, sent or
               presented by the proper party or parties.

                   (ii) Any direction or act of the Guarantor contemplated by
               this Guarantee shall be sufficiently evidenced by an Officer's
               Certificate.

                   (iii) Whenever, in the administration of this Guarantee, the
               Guarantee Trustee shall deem it desirable that a matter be proved
               or established before taking, suffering or omitting any action
               hereunder, the Guarantee Trustee (unless other evidence is herein
               specifically prescribed) may, in the absence of bad faith on its
               part, request and conclusively rely upon an Officer's Certificate
               of the Guarantor which, upon receipt of such request, shall be
               promptly delivered by the Guarantor.

                   (iv) The Guarantee Trustee shall have no duty to see to any
               recording, filing or registration of any instrument or other
               writing (or any rerecording, refiling or registration thereof).

                   (v) The Guarantee Trustee may consult with counsel of its
               selection, and the advice or opinion of such counsel with respect
               to legal matters shall be full and complete authorization and
               protection in respect of any action taken, suffered or omitted by
               it hereunder in good faith and in accordance with such advice or
               opinion. Such counsel may be counsel to the Guarantor or any of
               its Affiliates and may include any of its employees. The
               Guarantee Trustee shall have the right at any time to seek
               instructions concerning the administration of this Guarantee from
               any court of competent jurisdiction.

                   (vi) The Guarantee Trustee shall be under no obligation to
               exercise any of the rights or powers vested in it by this
               Guarantee at the request or direction of any Holder, unless such
               Holder shall have provided to the Guarantee Trustee such security
               and indemnity, reasonably satisfactory to the Guarantee Trustee,
               against the costs, expenses (including attorneys' fees and
               expenses and the expenses of the Guarantee Trustee's agents,
               nominees or custodians) and liabilities that might be incurred by
               it in complying with such request or direction, including such
               reasonable advances as may be requested by the Guarantee Trustee;
               provided, however, that nothing contained in this Section
               2.2(a)(vi) shall be taken to relieve the Guarantee Trustee, upon
               the occurrence of an Event of Default, of its obligation to
               exercise the rights and powers vested in it by this Guarantee.

                   (vii) The Guarantee Trustee shall not be bound to make any
               investigation into the facts or matters stated in any resolution,
               certificate, statement, instrument, opinion, report, notice,
               request, direction, consent, order, bond, debenture, note, other
               evidence of indebtedness or other paper or document, but the
               Guarantee Trustee, in its discretion, may make such further
               inquiry or investigation into such facts or matters as it may see
               fit.


                                       6
<PAGE>

                   (viii) The Guarantee Trustee may execute any of the trusts or
               powers hereunder or perform any duties hereunder either directly
               or by or through agents, nominees, custodians or attorneys, and
               the Guarantee Trustee shall not be responsible for any misconduct
               or negligence on the part of any agent or attorney appointed with
               due care by it hereunder.

                   (ix) Any action taken by the Guarantee Trustee or its agents
               hereunder shall bind the Holders of the Capital Securities, and
               the signature of the Guarantee Trustee or its agents alone shall
               be sufficient and effective to perform any such action. No third
               party shall be required to inquire as to the authority of the
               Guarantee Trustee to so act or as to its compliance with any of
               the terms and provisions of this Guarantee, both of which shall
               be conclusively evidenced by the Guarantee Trustee's or its
               agent's taking such action.

                   (x) Whenever in the administration of this Guarantee the
               Guarantee Trustee shall deem it desirable to receive instructions
               with respect to enforcing any remedy or right or taking any other
               action hereunder, the Guarantee Trustee (A) may request
               instructions from the Holders of a Majority in liquidation amount
               of the Capital Securities, (B) may refrain from enforcing such
               remedy or right or taking such other action until such
               instructions are received and (C) shall be protected in
               conclusively relying on or acting in accordance with such
               instructions.

                   (xi) The Guarantee Trustee shall not be liable for any action
               taken, suffered, or omitted to be taken by it in good faith and
               reasonably believed by it to be authorized or within the
               discretion or rights or powers conferred upon it by this
               Guarantee.

               (b) No provision of this Guarantee shall be deemed to impose any
        duty or obligation on the Guarantee Trustee to perform any act or acts
        or exercise any right, power, duty or obligation conferred or imposed on
        it, in any jurisdiction in which it shall be illegal or in which the
        Guarantee Trustee shall be unqualified or incompetent in accordance with
        applicable law to perform any such act or acts or to exercise any such
        right, power, duty or obligation. No permissive power or authority
        available to the Guarantee Trustee shall be construed to be a duty.

SECTION 2.3. Not Responsible for Recitals or Issuance of Guarantee

               The recitals contained in this Guarantee shall be taken as the
statements of the Guarantor, and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representation as to the validity or sufficiency of this Guarantee.


                                       7
<PAGE>

SECTION 2.4. Events of Default; Waiver

               (a) An Event of Default under this Guarantee will occur upon the
        failure of the Guarantor to perform any of its payment or other
        obligations hereunder.

               (b) The Holders of a Majority in liquidation amount of Capital
        Securities may, voting or consenting as a class, on behalf of the
        Holders of all of the Capital Securities, waive any past Event of
        Default and its consequences. Upon such waiver, any such Event of
        Default shall cease to exist, and shall be deemed to have been cured,
        for every purpose of this Guarantee, but no such waiver shall extend to
        any subsequent or other default or Event of Default or impair any right
        consequent thereon.

SECTION 2.5. Events of Default; Notice

               (a) The Guarantee Trustee shall, within 90 days after the
        occurrence of an Event of Default, transmit by mail, first class postage
        prepaid, to the Holders of the Capital Securities, notices of all Events
        of Default actually known to a Responsible Officer of the Guarantee
        Trustee, unless such defaults have been cured before the giving of such
        notice, provided, however, that the Guarantee Trustee shall be protected
        in withholding such notice if and so long as a Responsible Officer of
        the Guarantee Trustee in good faith determines that the withholding of
        such notice is in the interests of the Holders of the Capital
        Securities.

               (b) The Guarantee Trustee shall not be charged with knowledge of
        any Event of Default unless the Guarantee Trustee shall have received
        written notice thereof from the Guarantor or a Holder of the Capital
        Securities, or a Responsible Officer of the Guarantee Trustee charged
        with the administration of this Guarantee shall have actual knowledge
        thereof.

                                   ARTICLE III
                                GUARANTEE TRUSTEE

SECTION 3.1. Guarantee Trustee; Eligibility

               (a) There shall at all times be a Guarantee Trustee which shall:

                   (i) not be an Affiliate of the Guarantor; and

                   (ii) be a corporation organized and doing business under the
               laws of the United States of America or any State or Territory
               thereof or of the District of Columbia, or Person authorized
               under such laws to exercise corporate trust powers, having a
               combined capital and surplus of at least 50 million U.S. dollars
               ($50,000,000), and subject to supervision or examination by
               Federal, State, Territorial or District of Columbia authority. If
               such corporation publishes reports of condition at least
               annually, pursuant to law or to the requirements of the
               supervising or examining authority referred to above, then, for
               the purposes of


                                       8
<PAGE>

               this Section 3.1(a) (ii), the combined capital and surplus of
               such corporation shall be deemed to be its combined capital and
               surplus as set forth in its most recent report of condition so
               published.

               (b) If at any time the Guarantee Trustee shall cease to be
        eligible to so act under Section 3.1(a), the Guarantee Trustee shall
        immediately resign in the manner and with the effect set out in Section
        3.2(c).

               (c) If the Guarantee Trustee has or shall acquire any
        "conflicting interest" within the meaning of Section 310(b) of the Trust
        Indenture Act, the Guarantee Trustee shall either eliminate such
        interest or resign to the extent and in the manner provided by, and
        subject to this Guarantee.

SECTION 3.2. Appointment, Removal and Resignation of Guarantee Trustee

               (a) Subject to Section 3.2(b), the Guarantee Trustee may be
        appointed or removed without cause at any time by the Guarantor except
        during an Event of Default.

               (b) The Guarantee Trustee shall not be removed in accordance with
        Section 3.2(a) until a Successor Guarantee Trustee has been appointed
        and has accepted such appointment by written instrument executed by such
        Successor Guarantee Trustee and delivered to the Guarantor.

               (c) The Guarantee Trustee appointed to office shall hold office
        until a Successor Guarantee Trustee shall have been appointed or until
        its removal or resignation. The Guarantee Trustee may resign from office
        (without need for prior or subsequent accounting) by an instrument in
        writing executed by the Guarantee Trustee and delivered to the
        Guarantor, which resignation shall not take effect until a Successor
        Guarantee Trustee has been appointed and has accepted such appointment
        by an instrument in writing executed by such Successor Guarantee Trustee
        and delivered to the Guarantor and the resigning Guarantee Trustee.

               (d) If no Successor Guarantee Trustee shall have been appointed
        and accepted appointment as provided in this Section 3.2 within 60 days
        after delivery of an instrument of removal or resignation, the Guarantee
        Trustee resigning or being removed may petition any court of competent
        jurisdiction for appointment of a Successor Guarantee Trustee. Such
        court may thereupon, after prescribing such notice, if any, as it may
        deem proper, appoint a Successor Guarantee Trustee.

               (e) No Guarantee Trustee shall be liable for the acts or
        omissions to act of any Successor Guarantee Trustee.

               (f) Upon termination of this Guarantee or removal or resignation
        of the Guarantee Trustee pursuant to this Section 3.2, the Guarantor
        shall pay to the Guarantee Trustee all amounts owing to the Guarantee
        Trustee under Sections 7.2 and 7.3 accrued to the date of such
        termination, removal or resignation.


                                       9
<PAGE>

                                   ARTICLE IV
                                    GUARANTEE

SECTION 4.1. Guarantee

               (a) The Guarantor irrevocably and unconditionally agrees to pay
        in full to the Holders the Guarantee Payments (without duplication of
        amounts theretofore paid by the Issuer), as and when due, regardless of
        any defense (except as defense of payment by the Issuer), right of
        set-off or counterclaim that the Issuer may have or assert. The
        Guarantor's obligation to make a Guarantee Payment may be satisfied by
        direct payment of the required amounts by the Guarantor to the Holders
        or by causing the Issuer to pay such amounts to the Holders.

               (b) The Guarantor hereby also agrees to assume any and all
        Obligations of the Issuer and in the event any such Obligation is not so
        assumed, subject to the terms and conditions hereof, the Guarantor
        hereby irrevocably and unconditionally guarantees to each Beneficiary
        the full payment, when and as due, of any and all obligations to such
        Beneficiaries. This Agreement is intended to be for the Beneficiaries
        who have received notice hereof.

SECTION 4.2. Waiver of Notice and Demand

               The Guarantor hereby waives notice of acceptance of this
Guarantee and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Issuer
or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands.

SECTION 4.3. Obligations Not Affected

               The obligations, covenants, agreements and duties of the
Guarantor under this Guarantee shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

               (a) the release or waiver, by operation of law or otherwise, of
        the performance or observance by the Issuer of any express or implied
        agreement, covenant, term or condition relating to the Capital
        Securities to be performed or observed by the Issuer;

               (b) the extension of time for the payment by the Issuer of all or
        any portion of the Distributions, Redemption Price, Special Redemption
        Price, Liquidation Distribution or any other sums payable under the
        terms of the Capital Securities or the extension of time for the
        performance of any other obligation under, arising out of, or in
        connection with, the Capital Securities (other than an extension of time
        for payment of Distributions, Redemption Price, Special Redemption
        Price, Liquidation Distribution or other sum payable that results from
        the extension of any interest payment period on the Debentures or any
        extension of the maturity date of the Debentures permitted by the
        Indenture);


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<PAGE>

               (c) any failure, omission, delay or lack of diligence on the part
        of the Holders to enforce, assert or exercise any right, privilege,
        power or remedy conferred on the Holders pursuant to the terms of the
        Capital Securities, or any action on the part of the Issuer granting
        indulgence or extension of any kind;

               (d) the voluntary or involuntary liquidation, dissolution, sale
        of any collateral, receivership, insolvency, bankruptcy, assignment for
        the benefit of creditors, reorganization, arrangement, composition or
        readjustment of debt of, or other similar proceedings affecting, the
        Issuer or any of the assets of the Issuer;

               (e) any invalidity of, or defect or deficiency in, the Capital
        Securities;

               (f) the settlement or compromise of any obligation guaranteed
        hereby or hereby incurred; or

               (g) any other circumstance whatsoever that might otherwise
        constitute a legal or equitable discharge or defense of a guarantor, it
        being the intent of this Section 4.3 that the obligations of the
        Guarantor hereunder shall be absolute and unconditional under any and
        all circumstances.

               There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

SECTION 4.4. Rights of Holders

               (a) The Holders of a Majority in liquidation amount of the
        Capital Securities have the right to direct the time, method and place
        of conducting any proceeding for any remedy available to the Guarantee
        Trustee in respect of this Guarantee or to direct the exercise of any
        trust or power conferred upon the Guarantee Trustee under this
        Guarantee; provided, however, that (subject to Sections 2.1 and 2.2) the
        Guarantee Trustee shall have the right to decline to follow any such
        direction if the Guarantee Trustee shall determine that the actions so
        directed would be unjustly prejudicial to the Holders not taking part in
        such direction or if the Guarantee Trustee being advised by counsel
        determines that the action or proceeding so directed may not lawfully be
        taken or if the Guarantor Trustee in good faith by its board of
        directors or trustees, executive committees or a trust committee of
        directors or trustees and/or Responsible Officers shall determine that
        the action or proceedings so directed would involve the Guarantee
        Trustee in personal liability.

               (b) Any Holder of Capital Securities may institute a legal
        proceeding directly against the Guarantor to enforce the Guarantee
        Trustee's rights under this Guarantee, without first instituting a legal
        proceeding against the Issuer, the Guarantee Trustee or any other
        Person. The Guarantor waives any right or remedy to require that any
        such action be brought first against the Issuer, the Guarantee Trustee
        or any other Person before so proceeding directly against the Guarantor.


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<PAGE>

SECTION 4.5. Guarantee of Payment

               This Guarantee creates a guarantee of payment and not of
collection.

SECTION 4.6. Subrogation

               The Guarantor shall be subrogated to all (if any) rights of the
Holders of Capital Securities against the Issuer in respect of any amounts paid
to such Holders by the Guarantor under this Guarantee; provided, however, that
the Guarantor shall not (except to the extent required by applicable provisions
of law) be entitled to enforce or exercise any right that it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Guarantee, if, after giving effect to any such
payment, any amounts are due and unpaid under this Guarantee. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the
Guarantor agrees to hold such amount in trust for the Holders and to pay over
such amount to the Holders.

SECTION 4.7. Independent Obligations

               The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Capital
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 4.3 hereof.

SECTION 4.8. Enforcement

               A Beneficiary may enforce the obligations of the Guarantor
contained in Section 4.1(b) directly against the Guarantor, and the Guarantor
waives any right or remedy to require that any action be brought against the
Issuer or any other person or entity before proceeding against the Guarantor.

               The Guarantor shall be subrogated to all rights (if any) of any
Beneficiary against the Issuer in respect of any amounts paid to the
Beneficiaries by the Guarantor under this Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by applicable provisions of
law) be entitled to enforce or exercise any rights that it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee, if, after giving effect to such
payment, any amounts are due and unpaid under this Guarantee.

                                    ARTICLE V
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 5.1. Limitation of Transactions

               So long as any Capital Securities remain outstanding, if (a)
there shall have occurred and be continuing an Event of Default or (b) the
Guarantor shall have selected an Extension Period as provided in the Declaration
and such period, or any extension thereof, shall have commenced and be
continuing, then the Guarantor may not (x) declare or pay any


                                       12
<PAGE>

dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Guarantor's capital stock or (y)
make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Guarantor that rank pari passu
in all respects with or junior in interest to the Debentures (other than (i)
payments under this Guarantee, (ii) repurchases, redemptions or other
acquisitions of shares of capital stock of the Guarantor (A) in connection with
any employment contract, benefit plan or other similar arrangement with or for
the benefit of one or more employees, officers, directors, or consultants, (B)
in connection with a dividend reinvestment or stockholder stock purchase plan or
(C) in connection with the issuance of capital stock of the Guarantor (or
securities convertible into or exercisable for such capital stock), as
consideration in an acquisition transaction entered into prior to occurrence of
the Event of Default or the applicable Extension Period, (iii) as a result of
any exchange or conversion of any class or series of the Guarantor's capital
stock (or any capital stock of a subsidiary of the Guarantor) for any class or
series of the Guarantor's capital stock or of any class or series of the
Guarantor's indebtedness for any class or series of the Guarantor's capital
stock, (iv) the purchase of fractional interests in shares of the Guarantor's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (v) any declaration of a
dividend in connection with any stockholder's rights plan, or the issuance of
rights, stock or other property under any stockholder's rights plan, or the
redemption or repurchase of rights pursuant thereto, or (vi) any dividend in the
form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the
same stock as that on which the dividend is being paid or ranks pari passu with
or junior to such stock).

SECTION 5.2. Ranking

               This Guarantee will constitute an unsecured obligation of the
Guarantor and will rank subordinate and junior in right of payment to all
present and future Senior Indebtedness (as defined in the Indenture) of the
Guarantor. By their acceptance thereof, each Holder of Capital Securities agrees
to the foregoing provisions of this Guarantee and the other terms set forth
herein.

               The right of the Guarantor to participate in any distribution of
assets of any of its subsidiaries upon any such subsidiary's liquidation or
reorganization or otherwise is subject to the prior claims of creditors of that
subsidiary, except to the extent the Guarantor may itself be recognized as a
creditor of that subsidiary. Accordingly, the Guarantor's obligations under this
Guarantee will be effectively subordinated to all existing and future
liabilities of the Guarantor's subsidiaries, and claimants should look only to
the assets of the Guarantor for payments thereunder. This Guarantee does not
limit the incurrence or issuance of other secured or unsecured debt of the
Guarantor, including Senior Indebtedness of the Guarantor, under any indenture
or agreement that the Guarantor may enter into in the future or otherwise.


                                       13
<PAGE>

                                   ARTICLE VI
                                   TERMINATION

SECTION 6.1. Termination

               This Guarantee shall terminate as to the Capital Securities (i)
upon full payment of the Redemption Price or the Special Redemption Price, as
the case may be, of all Capital Securities then outstanding, (ii) upon the
distribution of all of the Debentures to the Holders of all of the Capital
Securities or (iii) upon full payment of the amounts payable in accordance with
the Declaration upon dissolution of the Issuer. This Guarantee will continue to
be effective or will be reinstated, as the case may be, if at any time any
Holder of Capital Securities must restore payment of any sums paid under the
Capital Securities or under this Guarantee.

                                   ARTICLE VII
                                 INDEMNIFICATION

SECTION 7.1. Exculpation

               (a) No Indemnified Person shall be liable, responsible or
        accountable in damages or otherwise to the Guarantor or any Covered
        Person for any loss, damage or claim incurred by reason of any act or
        omission performed or omitted by such Indemnified Person in good faith
        in accordance with this Guarantee and in a manner that such Indemnified
        Person reasonably believed to be within the scope of the authority
        conferred on such Indemnified Person by this Guarantee or by law, except
        that an Indemnified Person shall be liable for any such loss, damage or
        claim incurred by reason of such Indemnified Person's negligence or
        willful misconduct with respect to such acts or omissions.

               (b) An Indemnified Person shall be fully protected in relying in
        good faith upon the records of the Issuer or the Guarantor and upon such
        information, opinions, reports or statements presented to the Issuer or
        the Guarantor by any Person as to matters the Indemnified Person
        reasonably believes are within such other Person's professional or
        expert competence and who, if selected by such Indemnified Person, has
        been selected with reasonable care by such Indemnified Person, including
        information, opinions, reports or statements as to the value and amount
        of the assets, liabilities, profits, losses, or any other facts
        pertinent to the existence and amount of assets from which Distributions
        to Holders of Capital Securities might properly be paid.

SECTION 7.2. Indemnification

               (a) The Guarantor agrees to indemnify each Indemnified Person
        for, and to hold each Indemnified Person harmless against, any and all
        loss, liability, damage, claim or expense incurred without negligence or
        willful misconduct on the part of the Indemnified Person, arising out of
        or in connection with the acceptance or administration of the trust or
        trusts hereunder, including but not limited to the costs and expenses
        (including reasonable legal fees and expenses) of the Indemnified Person
        defending itself


                                       14
<PAGE>

        against, or investigating, any claim or liability in connection with the
        exercise or performance of any of the Indemnified Person's powers or
        duties hereunder. The obligation to indemnify as set forth in this
        Section 7.2 shall survive the resignation or removal of the Guarantee
        Trustee and the termination of this Guarantee.

               (b) Promptly after receipt by an Indemnified Person under this
        Section 7.2 of notice of the commencement of any action, such
        Indemnified Person will, if a claim in respect thereof is to be made
        against the Guarantor under this Section 7.2, notify the Guarantor in
        writing of the commencement thereof; but the failure so to notify the
        Guarantor (i) will not relieve the Guarantor from liability under
        paragraph (a) above unless and to the extent that the Guarantor did not
        otherwise learn of such action and such failure results in the
        forfeiture by the Guarantor of substantial rights and defenses and (ii)
        will not, in any event, relieve the Guarantor from any obligations to
        any Indemnified Person other than the indemnification obligation
        provided in paragraph (a) above. The Guarantor shall be entitled to
        appoint counsel of the Guarantor's choice at the Guarantor's expense to
        represent the Indemnified Person in any action for which indemnification
        is sought (in which case the Guarantor shall not thereafter be
        responsible for the fees and expenses of any separate counsel retained
        by the Indemnified Person or Persons except as set forth below);
        provided, however, that such counsel shall be satisfactory to the
        Indemnified Person. Notwithstanding the Guarantor's election to appoint
        counsel to represent the Guarantor in an action, the Indemnified Person
        shall have the right to employ separate counsel (including local
        counsel), and the Guarantor shall bear the reasonable fees, costs and
        expenses of such separate counsel if (i) the use of counsel chosen by
        the Guarantor to represent the Indemnified Person would present such
        counsel with a conflict of interest, (ii) the actual or potential
        defendants in, or targets of, any such action include both the
        Indemnified Person and the Guarantor and the Indemnified Person shall
        have reasonably concluded that there may be legal defenses available to
        it and/or other Indemnified Persons which are different from or
        additional to those available to the Guarantor, (iii) the Guarantor
        shall not have employed counsel satisfactory to the Indemnified Person
        to represent the Indemnified Person within a reasonable time after
        notice of the institution of such action or (iv) the Guarantor shall
        authorize the Indemnified Person to employ separate counsel at the
        expense of the Guarantor. The Guarantor will not, without the prior
        written consent of the Indemnified Persons, settle or compromise or
        consent to the entry of any judgment with respect to any pending or
        threatened claim, action, suit or proceeding in respect of which
        indemnification or contribution may be sought hereunder (whether or not
        the Indemnified Persons are actual or potential parties to such claim or
        action) unless such settlement, compromise or consent includes an
        unconditional release of each Indemnified Person from all liability
        arising out of such claim, action, suit or proceeding.


                                       15
<PAGE>

        SECTION 7.3. Compensation; Reimbursement of Expenses

               The Guarantor agrees:

               (a) to pay to the Guarantee Trustee from time to time such
        compensation for all services rendered by it hereunder as the parties
        shall agree to from time to time (which compensation shall not be
        limited by any provision of law in regard to the compensation of a
        trustee of an express trust); and

               (b) except as otherwise expressly provided herein, to reimburse
        the Guarantee Trustee upon request for all reasonable expenses,
        disbursements and advances incurred or made by it in accordance with any
        provision of this Guarantee (including the reasonable compensation and
        the expenses and disbursements of its agents and counsel), except any
        such expense, disbursement or advance as may be attributable to its
        negligence or willful misconduct.

               The provisions of this Section 7.3 shall survive the resignation
or removal of the Guarantee Trustee and the termination of this Guarantee.

                                  ARTICLE VIII
                                  MISCELLANEOUS

SECTION 8.1. Successors and Assigns

               All guarantees and agreements contained in this Guarantee shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Capital
Securities then outstanding. Except in connection with any merger or
consolidation of the Guarantor with or into another entity or any sale, transfer
or lease of the Guarantor's assets to another entity, in each case, to the
extent permitted under the Indenture, the Guarantor may not assign its rights or
delegate its obligations under this Guarantee without the prior approval of the
Holders of not less than a Majority in liquidation amount of the Capital
Securities.

SECTION 8.2. Amendments

               Except with respect to any changes that do not adversely affect
the rights of Holders of the Capital Securities in any material respect (in
which case no consent of Holders will be required), this Guarantee may be
amended only with the prior approval of the Holders of not less than a Majority
in liquidation amount of the Capital Securities. The provisions of the
Declaration with respect to amendments thereof shall apply equally with respect
to amendments of the Guarantee.

SECTION 8.3. Notices

               All notices provided for in this Guarantee shall be in writing,
duly signed by the party giving such notice, and shall be delivered, telecopied
or mailed by first class mail, as follows:


                                       16
<PAGE>

               (a) If given to the Guarantee Trustee, at the Guarantee Trustee's
        mailing address set forth below (or such other address as the Guarantee
        Trustee may give notice of to the Holders of the Capital Securities):

                      Wilmington Trust Company
                      Rodney Square North
                      1100 North Market Street
                      Wilmington, Delaware 19890-0001
                      Attention:  Corporate Trust Administration
                      Telecopy:   302-651-8882
                      Telephone:  302-651-1000

               (b) If given to the Guarantor, at the Guarantor's mailing address
        set forth below (or such other address as the Guarantor may give notice
        of to the Holders of the Capital Securities and to the Guarantee
        Trustee):

                      VIB Corp.
                      1498 Main Street
                      El Centro, California  92243
                      Attention: Harry G. Gooding, III
                      Telecopy: 760-337-3229
                      Telephone: 760-337-3200

               (c) If given to any Holder of the Capital Securities, at the
        address set forth on the books and records of the Issuer.

               All such notices shall be deemed to have been given when received
in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 8.4. Benefit

               This Guarantee is solely for the benefit of the Holders of the
Capital Securities and, subject to Section 2.1(a), is not separately
transferable from the Capital Securities.

SECTION 8.5. Governing Law

               THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES THEREOF.

SECTION 8.6. Counterparts

               This Guarantee may contain more than one counterpart of the
signature page and this Guarantee may be executed by the affixing of the
signature of the Guarantor and the Guarantee Trustee to any of such counterpart
signature pages. All of such counterpart signature


                                       17
<PAGE>

pages shall be read as though one, and they shall have the same force and effect
as though all of the signers had signed a single signature page.


                                       18
<PAGE>

               THIS GUARANTEE is executed as of the day and year first above
written.

                                   VIB CORP.,
                                       as Guarantor


                                   By:  /s/ Dennis Kern
                                        -----------------------------------
                                        Dennis Kern
                                        President and Chief Executive Officer


                                   WILMINGTON TRUST COMPANY, as
                                       Guarantee Trustee

                                   By:  /s/ Anita Dallago
                                        -----------------------------------
                                        Name:  Anita Dallago
                                        Title: Financial Services Officer


                                       19