Exhibit 10.20.1





FORM OF


QUAKER CITY BANK


CHANGE IN CONTROL AGREEMENT





This AGREEMENT is made effective as of February 11, 2002 by and between Quaker City Bank (the Bank), a
federally chartered savings institution, with its principal administrative office at 7021 Greenleaf Avenue, Whittier, California, and Elizabeth A. Conrado (the Executive) and Quaker City Bancorp, Inc. (the Company), a
corporation organized under the laws of the State of Delaware which is the holding company of the Bank.





WHEREAS, the Bank
recognizes the substantial contribution Executive has made to the Bank and wishes to protect Executives position therewith for the period provided in this Agreement; and





WHEREAS, Executive has agreed to serve in the employ of the Bank.





NOW, THEREFORE, in consideration of the contribution and responsibilities of Executive, and upon the other terms and conditions hereinafter provided, the parties hereto agree as follows:





1.    TERM OF AGREEMENT.





The term of this Agreement shall be deemed to have commenced as of the date first above written and shall continue for an initial period of twenty (20) full weeks. Commencing on July 1, 2002, this agreement shall be renewed for
twenty-four (24) full calendar months, and continuing at each anniversary date thereafter, the Board of Directors of the Bank (Board) may extend this Agreement for an additional year. The Board will review the Agreement and the
Executives performance annually for purposes of determining whether to extend the Agreement, and the results thereof shall be included in the minutes of the Boards meeting.





2.    PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL.





(a)  Upon the occurrence of a Change in Control of the Bank or the Company (as herein defined) followed at any time during the term of this Agreement by the voluntary or involuntary termination of Executives
employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time
during the term of this Agreement following any demotion, loss of title, office or significant authority, reduction in his annual compensation or benefits, or relocation of his principal place of employment by more than 30 miles from its location
immediately prior to the Change in Control.





(b)  For purposes of this Plan, a Change in Control of
the Bank or Company shall mean an event of a nature that: (i) would be required to be reported in response to Item 1(a) of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities




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Exchange Act of 1934 (the Exchange Act); or (ii) results in a Change in Control of the Bank or the
Company within the meaning of the Home Owners Loan Act of 1933 and the Rules and Regulations promulgated by the Office of Thrift Supervision (or its predecessor agency), as in effect on the date hereof (provided, that in applying the
definition of change in control as set forth under the rules and regulations of the OTS, the Board shall substitute its judgment for that of the OTS); or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time
as (A) any person (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank
or the Company representing 20% or more of the Banks or the Companys outstanding securities except for any securities of the Bank purchased by the Company in connection with the conversion of the Bank to the stock form and any securities
purchased by any employee benefit plan of the Bank, or (B) individuals who constitute the Board on the date hereof (the Incumbent Board) cease for any reason to constitute at least a majority thereof, provided that any person becoming a
director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Companys stockholders was approved by the same
Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation, sale of all or substantially all
the assets of the Bank or the Company or similar transaction occurs in which the Bank or Company is not the resulting entity.





(c)  Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon Termination for Cause. The term Termination for Cause shall mean termination because of the
Executives personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material breach of any material provision of this Agreement. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the
savings institutions industry. Notwithstanding the foregoing, Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not
less than a majority of the Board of Directors of the Bank at a meeting of the Board called and held for that purpose (after reasonable notice to the Executive and an opportunity for him, together with counsel, to be heard before the Board at such
meeting and which such meeting shall be held not more than 30 days from the date of notice during which period Executive may be suspended with pay), finding that in the good faith opinion of the Board, the Executive was guilty of conduct justifying
Termination for Cause and specifying the particulars thereof in detail. The Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. Any stock options or limited rights granted to
Executive under any stock option plan of the Bank, the Company or any subsidiary or affiliate thereof, shall become null and void effective upon Executives receipt of Notice of Termination for Cause and shall not be exercisable by Executive at
any time subsequent to such Termination for Cause.




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3.    TERMINATION BENEFITS.





(a)  Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the termination of the Executives employment due to (1)
Executives dismissal or (2) Executives voluntary termination pursuant to Section 2(a), unless such termination is due to Termination for Cause, the Bank and the Company shall pay the Executive, or in the event of his subsequent death,
his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, a sum equal to two times Executives average annual compensation for the five preceding taxable years, such annual
compensation shall include any bonuses and any other cash compensation paid or to be paid to Executive in any such year, the amount of benefits paid or accrued to Executive pursuant to any employee benefit plan maintained by the Bank or Company in
any such year and the amount of any contributions made or to be made on behalf of Executive pursuant to any employee benefit plan maintained by the Bank or the Company in any such year. At the election of the Executive such payment may be made in a
lump sum or paid in equal monthly installments during the twenty-four (24) months following the Executives termination. In the event that no election is made, payment to the Executive will be made on a monthly basis during the remaining term
of this Agreement.





(b)  Upon the occurrence of a Change in Control of the Bank or the Company followed at any
time during the term of this Agreement by the Executives voluntary or involuntary termination of employment, other than for Termination for Cause, the Bank shall cause to be continued life, medical, dental and disability coverage substantially
identical to the coverage maintained by the Bank or Company for the Executive prior to his severance, except to the extent such coverage may be changed in its application to all Bank or Company employees. Such coverage and payments shall cease upon
the expiration of twenty-four full calendar months from the Date of Termination.





(c)  Upon the occurrence of a
Change in Control, Executive will be entitled to receive benefits due to him under or contributed by the Bank or Company on his behalf pursuant to any retirement, incentive, profit sharing, bonus, performance, disability or other employee benefit
plan maintained by the Bank or Company on Executives behalf.





(d)  As of the effective date of this
Agreement, and annually as of the first business day of January or soon thereafter, Executive shall make the election referred to in Section 3(a) hereof with respect to whether the amounts payable under said Section 3(a) shall be paid in a lump sum
or on a monthly basis. Such election shall be irrevocable for the year for which such election is made and shall continue in effect until the executive has made his next annual election.





(e)  Notwithstanding the preceding paragraphs of this Section 3, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said
paragraphs (the Termination Benefits) constitute an excess parachute payment under Section 280G of the Code or any successor thereto, and in order to avoid such a result Termination Benefits will be reduced, if necessary, to
an amount (the Non-Triggering Amount), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executives base amount, as determined in accordance with said Section 280G. The allocation of
the reduction required hereby among the Termination




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Benefits provided by the preceding paragraphs of this Section 3 shall be determined by the Executive.





4.    NOTICE OF TERMINATION.





(a)  Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a Notice of Termination
shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executives
employment under the provision so indicated.





(b)  Date of Termination shall mean the date specified
in the Notice of Termination (which, in the instance of Termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).





(c)  If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists
concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court
of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and
the party giving such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding the pendency of any such dispute, the Bank will continue to pay Executive his full compensation in effect when the notice giving rise to
the dispute was given (including, but not limited to his annual salary) and continue him as a participant in all compensation, benefit and insurance plans in which he was participating when the notice of dispute was given, until the dispute is
finally resolved in accordance with this Agreement.





5.    SOURCE OF PAYMENTS.





It is intended by the parties hereto that all payments provided in this Agreement shall be paid in cash or check from the general funds of the Bank.
The Company, however, guarantees payment and provision of all amounts and benefits due hereunder to the Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be
paid or provided by the Company.





6.    EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.





This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and the Executive,
except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that the Executive is subject to
receiving fewer benefits than those available to him without reference to this Agreement.




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Nothing in this Agreement shall confer upon the Executive the right to continue in the
employ of Bank or shall impose on the Bank any obligation to employ or retain the Executive in its employ for any period.





7.    NO ATTACHMENT.





(a)  Except as required by law, no right to
receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.





(b)  This Agreement shall be binding upon, and inure to the benefit of, the Executive, the Bank and their respective successors and assigns.





8.    MODIFICATION AND WAIVER.





(a)  This Agreement may not be
modified or amended except by an instrument in writing signed by the parties hereto.





(b)  No term or condition of
this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver
shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived.





9.    REQUIRED REGULATORY PROVISIONS.





(a)  The Board of Directors may terminate the Executives employment at any time, but any termination by the Board of Directors,
other than Termination for Cause, shall not prejudice the Executives right to compensation or other benefits under this Agreement. The Executive shall not have the right to receive compensation or other benefits for any period after
Termination for Cause as defined in Section 2 hereinabove.





(b)  If the Executive is suspended from office and/or
temporarily prohibited from participating in the conduct of the Banks affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. §1818(c)(3) or (g)(1)), the Banks obligations under
this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while
their contract obligations were suspended and (ii) reinstate (in whole or in part) any of the obligations which were suspended.





(c)  If the Executive is removed and/or permanently prohibited from participating in the conduct of the Banks affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal




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Deposit Insurance Act (12 U.S.C. §1818(e)(4) or (g)(1)), all obligations of the Bank under this contract
shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.





(d)  If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not
affect any vested rights of the contracting parties.





(e)  All obligations under this contract shall be
terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the institution: (i) by the Director of the Office of Thrift Supervision (or his or her designee) at the time the Federal
Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director
of the Office of Thrift Supervision (or his or her designee) at the time the Director (or his or her designee) approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in
an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.





(f)  Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and any rules and regulations promulgated thereunder.





10.    REINSTATEMENT OF BENEFITS UNDER SECTION 9(b).





In the event the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Banks affairs by a notice described in Section 9(b) hereof (the
Notice) during the term of this Agreement and a Change in Control, as defined herein, occurs, the Bank will assume its obligation to pay and the Executive will be entitled to receive all of the termination benefits provided for under
Section 3 of this Agreement upon the Banks receipt of a dismissal of charges in the Notice.





11.    SEVERABILITY.





If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity
shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.





12.    HEADINGS FOR REFERENCE ONLY.





The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.




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13.    GOVERNING LAW.





The validity, interpretation, performance, and enforcement of this Agreement shall be governed by California law but only to the extent not preempted by Federal law.





14.    ARBITRATION.





Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by the Executive within fifty
(50) miles from the location of the Banks main office, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators award in any court having jurisdiction; provided,
however, that the Executive shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.





15.    PAYMENT OF COSTS AND LEGAL FEES.





All reasonable costs and legal fees paid or incurred by the Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank (which payments are
guaranteed by the Company pursuant to Section 5 hereof) if Executive is successful on the merits pursuant to a legal judgment, arbitration or settlement.





16.    INDEMNIFICATION.





The Bank shall provide Executive (including his or her
legal representatives, successors and assigns) with coverage under a standard directors and officers liability insurance policy at its expense, or in lieu thereof, shall indemnify Executive (including his or her legal representatives,
successors and assigns) for reasonable costs and expenses incurred by Executive in defending or settling any judicial or administrative proceeding, or threatened proceeding, whether civil, criminal or otherwise, including any appeal or other
proceeding for review.





Indemnification by the Bank shall be made only upon the final judgment on the merits in the favor of
the Executive, in case of settlement, in case of final judgment against Executive or in the case of final judgment in favor of Executive other than on the merits, if a majority of the disinterested directors of the Bank determine Executive was
acting in good faith within the scope of Executives employment or authority in accordance with 12 C.F.R. section 545.121(c)(iii).





Any such indemnification of Executive must conform with the notice provisions of 12 C.F.R. part 545.121(c)(iii) to indemnify Executive to the fullest for such expenses and liabilities to include, but not be limited to, judgments,
court costs and attorneys fees and the cost of reasonable settlements, such settlements to be approved by the Board of Directors of the Bank, if such action is brought against Executive in his or her capacity as a officer or director of the
Bank, however, shall not extend to matters as to which Executive is finally adjudged to be liable for willful misconduct in the performance of his or her duties.




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17.    SUCCESSOR TO THE BANK.





The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets
of the Bank, expressly and unconditionally to assume and agree to perform the Banks obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had
taken place.





18.    SIGNATURES.





IN WITNESS WHEREOF, Quaker City Bank and Quaker City Bancorp, Inc. have caused this Agreement to be executed by their duly authorized officers, and Executives have signed this Agreement, on the 11th day of
February, 2002.





ATTEST:



QUAKER CITY BANK/s/    KATHRYN M. HENNIGAN



By:

/s/    FREDERIC R. MCGILL





SEAL








ATTEST:



QUAKER CITY BANCORP, INC. (GUARANTOR)/s/    KATHRYN M. HENNIGAN



By:

/s/    FREDERIC R. MCGILL





SEAL





WITNESS:/s/    MICHELLE DELHOYO





/s/    ELIZABETH A. CONRADOElizabeth A. Conrado Executive