Document:

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                                                                   EXHIBIT 10.19

          PENINSULA BANK OF CENTRAL FLORIDA DIRECTORS STOCK OPTION PLAN

1.       Purpose of the Plan.

         The purpose of the Directors Stock Option Plan of Peninsula Bank of
Central Florida is to promote the interests of the Bank and its shareholders by
strengthening the Bank's ability to attract, motivate and retain Directors of
experience and ability, and to encourage the highest level of Directors
performance by providing Directors with a proprietary interest in the Bank's
financial success and growth.

2.       Definitions.

         (a)      "Bank" means Peninsula Bank of Central Florida.

         (b)      "Board" means the Board of Directors of the Bank.

         (c)      "Cause" means inappropriate conduct as a Bank Director, as may
be determined by the Board of Directors, or unsafe or unsound banking practices
as established by State and Federal law and regulations.

         (d)      "Committee" means the Compensation and Stock Option Committee
of the Board as shall be appointed by the Board from time to time. The Committee
shall consist of three or more members of the Board none of whom shall be
Employees of the Bank.

         (e)      "Common Stock" means the Common Stock of the Bank.

         (f)      "Director" means a member of the Board.

         (g)      "Employee" means any full-time employee of the Bank, or of any
of its present or future parent or subsidiary corporations.

         (h)      "Fair Market Value" means the average of the high and low
quoted sales prices of a share of Common Stock on the date as of which fair
market value is to be determined, or if no such sales were made on such date,
the average of the high and low quoted sales prices of a share of Common Stock
on the next preceding date on which there were such sales, or, in the absence of
a trading market for the shares, the Fair market value as determined by the
Board, which fair market value shall not in any event be less than the book
value of a Common Share, pursuant to Section 658.35(2), Fla. Stat., determined
in accordance with generally accepted accounting principles, on the last day of
the month preceding the date as of which the fair market value is to be
determined.

         (i)      "Participant" means each Director.

         (j)      "Option" means an option to purchase Common Stock pursuant to
the provisions of this plan.

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         (k)      "Plan" means the Directors Stock Option Plan as set forth
herein, which may be amended from time to time.

3.       Shares of Common Stock Subject to the Plan.

         Subject to the provisions of Section 7, the aggregate number of shares
of Common Stock that may be issued or transferred pursuant to exercise of
Options under the Plan will not exceed 10% of the number of all shares of Common
Stock outstanding on the date the Plan is approved by the Board of Directors and
shareholders. Such shares may be either authorized but unissued shares or shares
issued and thereafter acquired by the Bank.

4.       Administration of the Plan.

         (a)      The Plan shall be administered by the Committee, which shall
have the power to interpret the Plan and, subject to its provisions, to
prescribe, amend and rescind rules and to make all other determinations
necessary for the Plan's administration.

         (b)      All action taken by the Committee in the administration and
interpretation of the Plan shall be final and binding on all concerned.

5.       Eligibility.

         Only Directors shall be eligible to participate in the Plan. Prior to
the termination of the Plan, each Director who is serving in such capacity on
the Date of Grant as hereinafter defined shall automatically be granted on the
1st day of February of each year (the "Date of Grant") an Option to acquire
1,000 shares of Common Stock. If on the date of the grant the number of shares
of Common Stock subject to the Plan with respect to which Options have not
previously been granted in insufficient to provide to each Director then serving
an Option to acquire 1,000 shares of Common Stock, then, on such date each
Director who is then serving in such capacity shall be granted an Option to
acquire such number of shares of Common Stock as will result in a pro rata
allocation of all of the remaining shares of Common Stock subject to the Plan.
Each Option will be evidenced by a written instrument including terms and
conditions consistent with the Plan, as the Committee may determine.

6.       Terms and Conditions of Stock Options.

         (a)      The purchase price of Common Stock under each Option will be
the Fair Market Value of the Common Stock on the Date of Grant, determined in
accordance with the provisions of Section 2(g). Notwithstanding any other
provision to the contrary contained in the Plan, each Option will expire not
later than ten years from the Date of Grant.

         (b)      Except as otherwise provided herein, an Option granted under
the Plan may not be exercised for a period of one year after the Date of Grant.
After such period, an Option may be exercised with respect to all shares of
Common Stock covered thereby during its term as provided thereunder.

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         (c)      Subject to the provisions of Section 6(a), each Option will
expire at the time the Participant ceases to be a Director, except as follows:

                  (i)      If the service of the Director is terminated by the
                  Bank other than for Cause, then the Option, will expire three
                  months after the date of termination.

                  (ii)     If the Director retires at normal retirement age or
                  retires with consent of the Bank, the Option will expire three
                  years after the date of termination,

                  (iii)    If the Director dies or becomes permanently disabled
                  while serving in such capacity, the Option will expire three
                  years after the date of death or permanent and total
                  disability. If the Director dies or becomes permanently and
                  totally disabled within the three months referred to in
                  subparagraph (i) above, the Option will expire one year after
                  the date of death or permanent and total disability. If the
                  Director dies or becomes permanently and totally disabled
                  within the three-year period referred to in subparagraph {ii}
                  above, the Option will expire upon the later of three years
                  after retirement or one year after the date of death or
                  permanent and total disability.

         (d)      Upon the exercise of an Option, the purchase price will be
payable in full in cash; or by the assignment and delivery to the Bank of shares
of Common Stock owned by the holder of the Option; or by a promissory note
secured by shares of Common Stock bearing interest at a rate equal to the
minimum rate permitted by the Internal Revenue Service; or by a combination of
any of the above. Any shares so assigned and delivered to the Bank in payment or
partial payment of the purchase price will be valued at their fair market value
on the exercise date. No payment by an assignment of shares or by a promissory
note or by any combination thereof will be allowed unless such payments are
allowed under applicable requirements of Federal and State tax, securities and
other laws, rules and regulations, and by any regulatory authority having
jurisdiction.

7.       Adjustment Provisions.

         If any subdivision or combination of shares of Common Stock, or any
stock dividend, capital reorganization, recapitalization, consolidation, or
merger with the Bank as the surviving corporation occurs after the adoption of
the Plan, the Committee will make such adjustments as are appropriate in the
number of shares of Common Stock mat may be issued or transferred in the future
under Section 3 and in the number of shares and the purchase price in all
outstanding Options granted before the event.

8.       General Provisions.

         (a)      Nothing in the Plan or in any instrument executed pursuant to
the Plan will confer upon any Participant any right to continue as a Director or
affect the right of the Bank to terminate the services of any Participant in
accordance with the By-Laws.

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         (b)      No shares of Common Stock will be issued or transferred
pursuant to an Option unless and until all then-applicable requirements imposed
by Federal and State banking securities and other laws, rules and regulations,
and by any regulatory agencies having jurisdiction, have been fully met. As a
condition precedent to the issuance of shares pursuant to the exercise of an
Option, the Bank may require the Participant to take any reasonable action to
meet such requirements.

         (c)      No Participant and no beneficiary or other person claiming
under or through such Participant will have any right, title or interest in or
to any shares of Common Stock allocated or reserved under the Plan or subject to
any Option except as to such shares of Common Stock, if any, that have been
issued or transferred to such Participant.

         (d)      No Option and no right under the Plan, contingent or
otherwise, will be transferable or assignable or subject to any encumbrance,
pledge or charge of any nature except that, under such rules and regulations as
the Committee may establish pursuant to the terms of the Plan, a beneficiary may
be designated with respect to an Option in the event of death of a Participant.
If such beneficiary is the executor or administrator of the estate of the
Participant, any rights with respect to such Option may be transferred to the
person or person or entity (including a trust) entitled thereto under the will
of the holder of such Option. A beneficiary, executor or administrator of the
estate of the Participant shall be bound by the terms and time frames contained
in said Option.

9.       Amendment and Termination.

         (a)      The Board will have the power, in its discretion, to amend,
suspend or terminate the Plan at any time. No such amendment will, without
approval of the shareholders of the Bank, except as provided in Section 7 of the
Plan:

                  (i)      Change the class of persons eligible to receive
         Options under the Plan;

                  (ii)     Materially increase the benefits accruing to
         Participants under the Plan;

                  (iii)    Increase the number of shares of Common Stock subject
         to the Plan; or

                  (iv)     Amend this Section 9.

10.      Effective Date of Plan and Duration of Plan.

         This Plan shall become effective as of ________________________, 1999
or such later date as the Board may determine, subject to approval by the
holders of a majority of the shares represented in person or by proxy at the
1999 Annual Meeting of Shareholders of the Bank and approval of the Florida
Department of Banking. Unless the Plan is previously terminated, no further
Option will be granted under the Plan after____________________________, 2009.

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                                                                   EXHIBIT 10.20

              PENINSULA BANK OF CENTRAL FLORIDA OF CENTRAL FLORIDA

                         KEY EMPLOYEE STOCK OPTION PLAN

Section 1. Purpose. The purpose of Peninsula Bank of Central Florida's Key
Employee Stock Option Plan ("Employee Plan") is to promote the growth and
general prosperity of Peninsula Bank of Central Florida (the "Bank") by
permitting the Bank to grant options to purchase shares of its common stock to
certain key officers and employees. The Employee Plan is designed to help
attract and retain superior personnel for positions of responsibility with the
Bank, and to provide key employees with an additional incentive to contribute to
the success of the Bank. The Bank intends that options granted pursuant to the
provisions of the Employee Plan will qualify and will be identified as
"incentive stock options" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended ("Code").

Section 2. Administration. The Employee Plan shall be administered by a
committee which shall consist of three or more members of the Non Employee
Directors, within the meaning of Rule 16b-3 promulgated under the Securities
Exchange Act of 1934, as amended. The Committee, when acting to administer the
Employee Plan, is referred to as the "Plan Administrators." Any action of the
Plan Administrators shall be taken by majority vote or the unanimous written
consent of the Plan Administrators. No Plan Administrator shall be liable for
any action or determination made in good faith with respect to the Employee Plan
or to any option granted thereunder.

Section 3. Authority of Plan Administrators. Subject to the other provisions of
this Employee Plan, and with a view to effecting its purpose, the Plan
Administrators shall have sole authority in their absolute discretion: (i) to
construe and interpret the Employee Plan; (ii) to define the terms used herein;
(iii) to prescribe, amend and rescind rules and regulations relating to the
Employee Plan; (iv) to determine the employees to whom options shall be granted
under the Employee Plan; (v) to determine the time or times at which options
shall be granted under the Employee Plan; (vi) to determine the number of shares
subject to any option under the Employee Plan, the option price, the duration of
each option, and any other terms and conditions of options (vii) to terminate
the Employee Plan; and (viii) to make any other determinations necessary or
advisable for the administration of the Employee Plan. All decisions,
determinations and interpretations made by the Plan Administrators shall be
binding and conclusive on all participants in the Employee Plan and on their
legal representatives, heirs and beneficiaries.

Section 4. Maximum Number of Shares Subject to the Employee Plan. The maximum
aggregate number of shares of common stock available pursuant to the Employee
Plan, subject to adjustment as provided in Section 7 hereof, shall not exceed
10% of the number of all shares of common stock then outstanding on the date the
Plan is approved by the Board of Directors and Shareholders. If any of the
options granted under this Employee Plan expire or terminate for any reason
before they have been exercised in full, the unpurchased shares subject to those
expired or terminated options shall again be available for the purposes of the
Employee Plan.

Section 5. Eligibility and Participation. Only regular full-time employees of
the Bank, including officers whether or not directors of the Bank or any
subsidiary, shall be eligible for selection by

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the Plan Administrators to participate in the Employee Plan. Directors who are
not full-time, salaried employees of the Bank shall not be eligible to
participate in the Employee Plan. Full time employees are those employees who
work more than 20 hours per week.

Section 6. Effective Date and Term of Employee Plan. The Employee Plan shall
become effective upon its adoption by the Board of Directors of fee Bank, the
approval of the Florida Department of Banking and the approval by a majority of
the total votes eligible to be cast at a meeting of stockholders, which vote
shall be taken within 12 months of adoption of the Employee Plan by the Bank's
Board of Directors; provided, however, that options may be granted under this
Employee Plan prior to obtaining stockholder approval of the Employee Plan and,
further provided, that any such options shall be contingent upon such
stockholder approval being obtained and may not be exercised prior to such
approval. The Employee Plan shall continue in effect for a term of ten years,
unless sooner terminated under Section 3 herein.

Section 7. Adjustments. If the shares of common stock of the Bank as a whole are
increased, decreased, changed into or exchanged for a different number or kind
of shares or securities through merger, consolidation, combination, exchange of
shares, other reorganization, recapitalization, reclassification, stock
dividend, stock split or reverse stock split, an appropriate and proportionate
adjustment shall be made in the maximum number and kind of shares as to which
options may be granted under this Employee Plan. A corresponding judgment
changing the number or kind of shares allocated to unexercised options or
portions thereof, which shall have been granted prior to any such change, shall
likewise be made. Any such adjustment in outstanding options shall be made
without change in the aggregate purchase price applicable to the unexercised
portion of the option but with a corresponding adjustment in the price for each
share or other unit of any security covered by the option. In making any
adjustment pursuant to this Section 7, any fractional shares shall be
disregarded.

Section 8. Termination and Amendment of Employee Plan. The Employee Plan shall
terminate no later than ten years from the date such Employee Plan is adopted by
the Board of Directors or the date such Employee Plan is approved by the
stockholders, whichever is earlier. No options shall be granted under the
Employee Plan after that date. Subject to the limitation contained in Section 9,
the Plan Administrators may at any time amend or revise the terms of the
Employee Plan, including the form and substance of the option, agreements to be
used hereunder; provided that no amendment or revision shall: (i) increase the
maximum aggregate number of shares that may be sold, appreciated or distributed
pursuant to options granted under this Employee Plan, except as permitted under
Section 7; (ii) change the minimum purchase price for shares under Section 16
herein; (iii) increase the maximum term established under the Employee Plans for
any option, or (iv) permit the granting of an option, to anyone other than as
provided in Section 5 herein.

Section 9. Prior Rights and Obligations. No amendment, suspension or termination
of the Employee Plan shall, without the consent of the employee who has received
an option, alter or impair any of that employee's rights or obligations under
any option granted under the Employee Plan prior to such amendment, suspension
or termination.

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Section 10. Privileges of Stock Ownership. Notwithstanding the exercise of any
options granted pursuant to the terms of this Employee Plan, no employee shall
have any of the rights or privileges of a stockholder of the Bank with respect
to any shares of stock issuable upon the exercise of his or her option until
certificates representing the shares have been issued and delivered. No shares
shall be required to be issued and delivered upon exercise of any option or
unless and until all of the requirements of law and of all regulatory agencies
having jurisdiction over the issuance and delivery of the securities have been
met. No adjustment shall be made for dividends or any other distributions for
which the record date is prior to the date on which such stock certificate is
issued.

Section 11. Reservation of Shares of Common Stock. The Bank, during the term of
this Employee Plan, will at all times reserve and keep available such number of
shares of its common stock as shall be sufficient to satisfy the requirements of
the Employee Plan. The inability of the Bank to obtain from any regulatory
agency having jurisdiction, the authority deemed by the Bank's counsel to be
necessary, to permit the lawful issuance and sale of any shares of its stock
hereunder shall relieve the Bank of any liability in respect of the non-issuance
or sale of the stock as to which the requisite authority shall not have been
obtained.

Section 12. Tax Withholding. The exercise of any option is subject to the
condition that if at any time the Bank shall determine, in its discretion, that
the satisfaction of withholding tax or other withholding liabilities under any
state or federal law is necessary or desirable as a condition of, or in any
connection with, such exercise or the delivery or purchase of shares pursuant
thereto, then in such event, the exercise of the option shall not be effective
unless such withholding tax or other withholding liabilities shall have been
satisfied in a manner acceptable to the Bank.

Section 13. Employment. Nothing in the Employee Plan or in any option, shall
confer upon any eligible employee any right to continued employment by the Bank
or by any subsidiary corporation or limit in any way the right of the Bank or
its subsidiary corporations at any time to terminate or alter the terms of that
employment.

Section 14. Option Terms and Conditions. The terms and conditions of options
granted under the Employee Plan may differ from one another as the Plan
Administrators shall, in their discretion determine, as long as all options
granted under the Employee Plan satisfy the requirements therein.

Section 15. Duration of Options. Each option and all rights thereunder granted
pursuant to the terms of the Employee Plan shall expire on the date determined
by the Plan Administrators, but in no event shall any option granted under the
Employee Plan expire later than ten years from the date on which the option is
granted, except that any employee who owns more than 10% of the combined voting
power of all classes of stock of the Bank must exercise any options granted
thereto within five years from the date of grant. In addition, each option shall
be subject to early termination as provided in the Employee Plan.

Section 16. Purchase Price. The purchase price for shares acquired pursuant to
the exercise, in whole or in part, of any option shall not be less than the fair
market value of the shares at the time of the grant of the option or the book
value of the stock as reflected by the records of the

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Bank on the last day of month immediately preceding the grant, whichever is
greater; except that for any employee who owns more than 10% of the combined
voting power of all classes of stock of the Bank, the purchase price shall not
be less than 110% of fair market value or the book value of the stock as
reflected by the Bank on the last day of month immediately preceding the grant,
whichever is greater.

Section 17. Maximum Amount of Options in Any Calendar Year. The aggregate fair
market value (determined as of the time the option is granted) of the common
stock with respect to which stock options are exercisable for the first time by
any employee during any calendar year (under the terms of this Employee Plan and
all such plans of the Bank) shall not exceed $100,000.

Section 18. Exercise of Options. Each option shall be exercisable in one or more
installments during its term, and the right to exercise may be cumulative as
determined by the Plan Administrators, provided, however, that no option may be
exercisable for the first six months following the date the option is granted.
No option may be exercised for a fraction of a share of common stock. The
purchase price of any shares purchased shall be paid in full in cash or by
certified or cashier's check payable to the order of the Bank or by shares of
common stock (including shares acquired pursuant to the exercise of an option),
if permitted by the Plan Administrators, or by a combination of cash, check or
shares of common stock, at the time of exercise of the option, provided that the
form(s) of payment allowed the employee shall be established when the option is
granted. If any portion of the purchase price is paid in shares of common stock,
those shares shall be tendered at their then fair market value as determined by
the Plan Administrators in accordance with Section 16 herein.

Section 19. Acceleration of Right of Exercise of Installments. Notwithstanding
the first sentence of Section 18 of this Employee Plan with respect to the
ability to exercise options in installments, in the event the Bank or its
stockholders enter into an agreement to dispose of all or substantially all of
the assets or stock of the Bank by means of a sale, merger or other
reorganization, liquidation or otherwise, any option granted pursuant to the
terms of the Employee Plan shall become immediately exercisable with respect to
the full number of shares subject to that option during the period commencing as
of the date of the agreement to dispose of all or substantially all of the
assets or stock of the Bank and, subject to the provisions hereof, ending when
the disposition of assets or stock contemplated by that agreement is consummated
or the option is otherwise terminated in accordance with its provisions or the
provisions of this Employee Plan, whichever occurs first; provided, however,
that no option shall be immediately exercisable under this Section 19 on account
of any agreement to dispose of all or substantially all of the assets or stock
of the Bank by means of a sale, merger or other reorganization, liquidation or
otherwise where the stockholders of the Bank immediately before the consummation
of the transaction will own at least 50% of the total combined voting power of
all classes of stock of the surviving entity entitled to vote immediately after
the consummation of the transaction whether the Bank or some other entity,
however, that notwithstanding the foregoing, no option may be exercised before
the date that is six months after the date on which the option was granted. In
the event the transaction contemplated by the agreement referred to in this
Section 19 is not consummated, but rather is terminated, cancelled or expires,
the options granted pursuant to the Employee Plan shall thereafter be treated as
if that agreement had never been entered into.

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         Notwithstanding the first sentence of Section 18 of this Employee Plan
with respect to the ability to exercise options in installments, and subject to
the provisions of the first paragraph of this Section 19, in the event of a
change in control of the Bank or threatened change in control of the Bank as
determined by a vote of not less than a majority of the Board of Directors of
the Bank, all options granted prior to such change in control or threatened
change of control shall become immediately exercisable, except that any option
granted for less than six months shall not become exercisable until the sixth
month anniversary of the date the option was granted. The term "control" for
purposes of this Section shall refer to the acquisition of 10% or more of the
voting securities of the Bank by an person or by persons acting as a group
within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as
amended; provided, however, that for purposes of this Employee Plan, except
under the circumstances as set forth in the first paragraph of this Section 19,
no change in control or threatened change in control shall be deemed to have
occurred if prior to the acquisition of or offer to acquire 10% or more of the
voting securities of the Bank, the full Board of Directors of the Bank shall
have adopted by not less than two-thirds vote a resolution specifically
approving such acquisition or offer. The term "person" for purposes of this
Section refers to an individual or a corporation, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein.

Section 20. Written Notice Required. Any option granted pursuant to the terms of
the Employee Plan shall be exercised when written notice of that exercise has
been given to the Bank at its principal office by the person entitled to
exercise the option and full payment for the shares with respect to which the
option is exercised has been received by the Bank.

Section 21. Employment of Optionee. Each Optionee, if requested by the Plan
Administrators when the option is granted, must agree in writing as a condition
of receiving his or her option that he or she will remain in the employ of the
Bank following the date of the granting of that option for a period specified by
the Plan Administrators, which period shall in no event exceed three years.
Nothing in the Employee Plan or in any option granted hereunder shall confer
upon any Optionee any right to continued employment by the Bank, or limit in any
way the right of the Bank at any time to terminate or alter the terms of that
employment.

Section 22. Option Rights Upon Termination of Employment. If an Optionee ceases
to be employed by the Bank for any reason other than death, disability or cause,
his or her option shall immediately terminate; provided, however, that the Plan
Administrators may, in their discretion, allow such option to be exercised (to
the extent exercisable on the date of termination of employment) at any time
within three months after the date of termination of employment, unless either
the option or this Employee Plan otherwise provides for earlier termination. If
an Optionee is terminated for cause, any options granted thereto under the
provision of this Employee Plan shall terminate as of the effective date of such
termination of employment.

Section 23. Option Rights upon Disability. If an Optionee becomes disabled
within the meaning of Section 22(e)(3) of the Code while employed by the Bank,
the option may be exercised, to the extent exercisable on the date of
termination of employment, at any time within one year after the date of
termination of employment due to disability, unless either the option or this
Employee

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Plan otherwise provides for earlier termination.

Section 24. Option Rights Upon Death of Optionee. Except as otherwise limited by
the Plan Administrators at the time of the grant of an option, if an Optionee
dies while employed by the Bank or within three months after ceasing to be an
employee thereof, his or her option shall expire one year after the date of
death unless by its term it expires sooner. During this one year or shorter
period, the option may be exercised, to the extent that it remains unexercised
on the date of death, by the person or persons to whom the Optionee's rights
under the option shall pass by will or by the laws of descent and distribution,
but only to the extent that the Optionee was entitled to exercise the option at
the date of death.

Section 25. Options Not Transferable. Options granted pursuant to the terms of
this Employee Plan may not be sold, pledged, assigned or transferred in any
manner otherwise than by will or by the laws of descent and distribution and
may be exercised during the lifetime of an Optionee only by that Optionee or his
guardian or legal representative.

Section 26. Conversion of Option Granted Under Employee Plan. Options granted
pursuant to the terms of this Employee Plan may be converted with the written
consent of the Optionee to compensatory nonqualified stock options.

        Adopted by the Board of Directors of the Bank at a meeting called for
that purpose on the ______________day of March 1999.

                                        PENINSULA BANK OF CENTRAL FLORIDA

                                        By:
                                           ------------------------------------
                                           P.T. Fleuchaus, Chairman of the Board

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