Document:

<PAGE>
                                                                     Exhibit 4.2

------------                                                        ------------
|  Number  |        CLASS C WARRANT CERTIFICATE TO PURCHASE         | WARRANTS |
| WC       |               SHARES OF COMMON STOCK OF                |          |
------------                                                        ------------

                              PANAMERICAN BANCORP
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
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|                                CLASS C WARRANT                               |
|  THIS CERTIFIES THAT:                                                        |
|                                                                              |
|                                                                              |
|  IS THE OWNER OF                                                             |
--------------------------------------------------------------------------------

PURCHASE OF SHARES: Subject to the terms and conditions set forth in this
Warrant, the holder of the Warrant is entitled, upon surrender of this Warrant
at the principal office of the Corporation (or at such place as the Corporation
may notify the holder in writing), to purchase from the Corporation 2.3 fully
paid and non-assessable shares of the Common Stock of the Corporation.

PURCHASE PRICE: The per share purchase price for the Shares is $.75.

EXERCISE PERIOD: 4.01 Exercise Date. This Warrant may be exercised at any time
at the sole discretion of the Purchaser (subject to the conditions of this
Warrant). 4.02 Termination Date. The Warrant shall terminate, if not duly
exercised, within five calendar years of the Warrant Issue Date. 4.03 The
Warrants May be Called. The Corporation may call and cancel this Warrant upon
thirty days written notice to the holder if all of the following conditions have
been met: a. the Common Stock of the Corporation underlying the warrant has been
registered with the United States Securities and Exchange Commission; b. a
public market has been established for the Common Stock of the Corporation and
the Common Stock Price has been at least $1.70 per share as set by the public
market for no less than 20 continuous trading days; and c. the Corporation shall
pay to the holder consideration of $1.73 per Warrant. Upon the Corporation's
exercise of its call rights, the holder may not exercise its Warrant and
purchase Common Stock of the Corporation as set forth herein unless the
Corporation has terminated its call of the Warrant. For purposes of computing
the Common Stock Price, the price shall be the average of the closing bid and
ask prices in the market in which the Common Stock is traded or the closing
price quoted on any exchange on which the Common Stock is listed, whichever is
applicable.

METHOD OF EXERCISE. While this Warrant remains outstanding and exercisable in
accordance with Paragraph 1 above, the holder of this Warrant may exercise the
purchase rights evidenced by this Warrant, in whole or in part, by delivering
the following to the Secretary of the Corporation at its principal office: a.
this Warrant together with a completed Election to Purchase; and b. collected
funds payable to the Corporation in an amount equal to the aggregate Exercise
Price for the number of Shares purchased.

ADJUSTMENT IN NUMBER OF SHARES. The number of and kind of securities subject to
exercise of this Warrant will be subject to adjustment. If the Corporation at
any time prior to the termination of the Warrant subdivides its Common Stock
combines its Common Stock or issues additional shares of its Common Stock as a
dividend or distribution with respect to any shares of its Common Stock, the
number of Shares issuable on the exercise of the Warrant will be proportionately
increased in the case of a subdivision of shares or decreased in the case of a
combination. When any adjustment is made as set forth above, the Corporation
must notify the holder of such event and the number of shares of Common Stock
subject to purchase upon exercise of this Warrant.

                                                     (Continued on reverse side)

     This certificate is not valid until countersigned by the Transfer Agent.

     WITNESS the facsimile seal of the Corporation and the facsimile signatures
     of its duly authorized officers.

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|    DATED:                                                |
------------------------------------------------------------
PANAMERICAN BANCORP

    /s/ [ILLEGIBLE]
          SECRETARY

                          COUNTERSIGNED:

                                          OLDE MONMOUTH STOCK TRANSFER CO., INC.
                              200 MEMORIAL PARKWAY, ATLANTIC HIGHLANDS, NJ 07716
                                                                  TRANSFER AGENT

                          BY:
                                                            AUTHORIZED SIGNATURE
                                                               /s/ [ILLEGIBLE]
                                                                  PRESIDENT

                          -------------------------
                          |  PANAMERICAN BANKCORP |
                          |       CORPORATE       |
                          |          SEAL         |
                          |          1996         |
                          |        DELAWARE       |
                          -------------------------

<PAGE>
                              PANAMERICAN BANCORP
                                   WARRANT C

(Continued from front)

NO FRACTIONAL SHARES. No fractional shares will be issued upon the exercise of
this Warrant, but, in lieu of such fractional shares, the Corporation will
round the number of shares issued to either the next higher or lower number of
whole shares, depending upon whether the exercise of this Warrant results in
shares above or below .50.

NO STOCKHOLDER RIGHTS. Prior to the exercise of this Warrant, the holder of
this Warrant will not be entitled to any rights of a shareholder. However, if
the Warrant holder otherwise owns the Common Stock of the Corporation such
rights as a shareholder will not be effected.

AMENDMENTS AND WAIVERS. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived with the written consent
of the Corporation and the Purchaser. Nevertheless, the Corporation may, in its
sole discretion, amend the Warrant by reducing its exercise price and extending
its term. Any waiver or amendment will be binding upon the Purchaser, each
holder of any Shares purchased under this Warrant at the time outstanding and
each future holder of all such Shares, and the Corporation.

GOVERNING LAW. This Warrant will be governed by the laws of the State of
Delaware.

REPLACEMENT WARRANT. On receipt of evidence reasonable satisfactory to the
Corporation of the loss, theft, destruction or mutilation of this Warrant and,
in the case of loss, theft, or destruction, on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Corporation, or
in case of mutilation, on surrender and cancellation of this Warrant, the
Corporation at its expense will execute and deliver, in lieu of this Warrant, a
new Warrant of like tenor and amount.

================================================================================

                              ELECTION TO PURCHASE
    (TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO EXERCISE WARRANTS)

     Pursuant to Section 5 of the Warrant Agreement, the undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant
Certificate, to purchase __________ shares of the Common Stock of PanAmerican
Bancorp and herewith tenders in payment for such securities, cash or a
certified or official bank check payable in New York Clearing House Funds to
the order of PANAMERICAN BANCORP in the amount of $_________, all in accordance
with the terms hereof. The undersigned requests that a certificate for such
securities be registered in the name of:

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                                         PLEASE INSERT SOCIAL SECURITY OR OTHER
                                                   IDENTIFYING NUMBER

and be delivered to:
                    -----------------------------------------------------------
                              (PLEASE PRINT OR TYPE NAME AND ADDRESS)

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and, if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered Holder
at the address stated below:

-------------------------------------------------------------------------------
                         (PLEASE PRINT OR TYPE ADDRESS)

Dated:
      -----------------------------     --------------------------------------
                                                     Signature(s)

                                        --------------------------------------

-----------------------------------     --------------------------------------
     Signature(s) Guaranteed                 (Social Security or Taxpayer
                                                Identification Number)

                                   ASSIGNMENT

     (TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO ASSIGN WARRANTS)
               FOR VALUE RECEIVED the undersigned hereby sell(s),
                         assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

of the Warrants represented by this Warrant Certificate, and hereby irrevocably
constitutes and appoints

---------------------------------------------------------------------- attorney
to transfer this Warrant Certificate on the books of the Corporation, with full
power of substitution in the premises.

Dated:
      -----------------------------     --------------------------------------
                                                     Signature(s)

                                        --------------------------------------

-----------------------------------     --------------------------------------
     Signature(s) Guaranteed                 (Social Security or Taxpayer
                                                Identification Number)

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THE SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF A NATIONAL OR REGIONAL OR
OTHER RECOGNIZED STOCK EXCHANGE IN CONFORMANCE WITH A SIGNATURE GUARANTEE
MEDALLION PROGRAM.
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STOCK MARKET INFORMATION - www.stockinformation.com
      PRINTED BY: COLUMBIA FINANCIAL PRINTING CORP., BOX 219, BETHPAGE, NY 11714<PAGE>
                                                                     Exhibit 4.3

------------                                                        ------------
|  Number  |                                                        |  SHARES  |
| PA       |                                                        |          |
------------                                                        ------------

                              PANAMERICAN BANCORP
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS
--------------------------------------------------------------------------------
|                                  COMMON STOCK          CUSIP 697938 20       |
|  THIS CERTIFIES THAT:                                                        |
|                                                                              |
|  IS THE OWNER OF                                                             |
--------------------------------------------------------------------------------

FULLY PAID AND NON-ASSESSABLE xxxxxxxxxxxxxxxxxxxxxxx OF $.01 PAR VALUE EACH  OF
     ----------------------------------------------------------------------
--------------------------------------------------------------------------------
     ----------------------------------------------------------------------
transferable on the books of the Corporation xxxxxxxxxxxxxxxxxxxx attorney upon
surrender of this certificate duly endorsed or assigned. This certificate and
the xxxxxxxxxxxxxx hereby are subject to the laws of the State of Delaware, and
to the Certificate of Incorporation and By-Laws of the Corporation xxxxxxxxxxx
hereafter amended.
This certificate is not valid until countersigned by the Transfer Agent.
     WITNESS the facsimile seal of the Corporation and the facsimile signatures
     of its duly authorized officers.

------------------------------------------------------------
|    DATED:                                                |
------------------------------------------------------------

                          COUNTERSIGNED:

                                          OLDE MONMOUTH STOCK TRANSFER CO., INC.
                               200 MEMORIAL PARKWAY, ATLANTIC HIGHLANDS, NJ07716
                                                                  TRANSFER AGENT

                          BY:

                                                            AUTHORIZED SIGNATURE

                          -------------------------
                          |  PANAMERICAN BANCORP |
                          |       CORPORATE       |
                          |          SEAL         |
                          |          1996         |
                          |        DELAWARE       |
                          -------------------------

 /s/ [ILLEGIBLE]                                            /s/ [ILLEGIBLE]
      SECRETARY                                                  PRESIDENT

(C) 1998 COLUMBIA FINANCIAL PRINTING CO. XXXXXXXXXXXXXXXXX
<PAGE>
     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<Caption>

 <S>                                      <C>
 TEN COM - as tenants in common           UNIF GIFT MIN ACT- ---------- Custodian -----------
 TEN ENT - as tenants by the entireties                           (Cust)                (Minor)
 JT TEN - as joint tenants with right of                      under Uniform Gifts to Minors
          survivorship and not as tenants
          in common                                                  Act ------------
                                                                              (State)

</Table>

    Additional abbreviations may also be used though not in the above list.

      For Value Received, _________ hereby sell, assign and transfer unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER
         IDENTIFYING NUMBER OF ASSIGNEE
      ____________________________________
     |                                    |
     |____________________________________|

_______________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares
of the stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint

_______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated ___________________

                             _________________________________________________
                             NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
                             CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE
                             OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
                             ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER, UPON REQUEST AND WITHOUT
CHARGE. A FULL STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES AND
LIMITATIONS OF THE SHARES OF EACH CLASS AND SERIES AUTHORIZED TO BE ISSUED. SO
FAR AS THE SAME HAVE BEEN DETERMINED, AND OF THE AUTHORITY, IF ANY, OF THE
BOARD TO DIVIDE THE SHARES INTO CLASSES OR SERIES AND TO DETERMINE AND CHANGE
THE RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS OF ANY CLASS OR SERIES. SUCH
REQUEST MAY BE MADE TO THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER
AGENT NAMED ON THIS CERTIFICATE.
______________________________________________________________________________
THE SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND TO THE NAME AS WRITTEN UPON THE
FACE OF THIS CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST
COMPANY OR A MEMBER FIRM OF A NATIONAL OR REGIONAL OR OTHER RECOGNIZED STOCK
EXCHANGE IN CONFORMANCE WITH A SIGNATURE GUARANTEE MEDALLION PROGRAM.
______________________________________________________________________________

STOCK MARKET INFORMATION
www.xxxx-exchange.com                         COLUMBIA FINANCIAL PRINTING CO.,
                                              P.O. BOX 219 BETHPAGE, NY 11714

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