Document:

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                                   EXHIBIT 4.5

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                               GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                           SOUTHWEST COMMUNITY BANCORP

                                       AND

                         U.S. BANK NATIONAL ASSOCIATION

                           DATED AS OF APRIL 22, 2003

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Form 10. Exhibit 4.5

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                               GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT (this "Guarantee"), dated as of April 22,
2003, is executed and delivered by Southwest Community Bancorp, a California
corporation (the "Guarantor"), and U.S. Bank National Association, a national
banking association, organized under the laws of the United States of America,
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
Southwest Community Statutory Trust I, a Connecticut statutory trust (the
"Issuer").

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of the date hereof among U.S. Bank National
Association, not in its individual capacity but solely as institutional trustee,
the administrators of the Issuer named therein, the Guarantor, 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 those undivided beneficial
interests, having an aggregate liquidation amount of $8,000,000.00 (the "Capital
Securities"); and

         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;

         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" or "Sections"
are to Articles or 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

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

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

Form 10. Exhibit 4.5

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

         "Capital Securities" has the meaning set forth in the recitals to this
Guarantee.

         "Common Securities" means the common securities issued by the Issuer to
the Guarantor pursuant to the Declaration.

         "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 is located at 225 Asylum Street, Goodwin Square,
Hartford, Connecticut 06103.

         "Covered Person" means any Holder of Capital Securities.

         "Debentures" means the debt securities of the Guarantor designated the
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2033 held
by the Institutional Trustee (as defined in the Declaration) of the Issuer.

         "Declaration Event of Default" means an "Event of Default" as defined
in the Declaration.

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

         "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 therefor, (ii) the Redemption
Price to the extent the Issuer has funds available therefor, with respect to any
Capital Securities called for redemption by the Issuer, (iii) the Special
Redemption Price to the extent the Issuer has funds available therefor, with
respect to Capital Securities redeemed upon the occurrence of a Special Event,
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 therefor,
and (b) the amount of assets of the Issuer remaining available for distribution
to Holders in liquidation of the Issuer (in either case, the "Liquidation
Distribution").

         "Guarantee Trustee" means U.S. Bank National Association, 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.

         "Guarantor" means Southwest Community Bancorp and each of its
successors and assigns.

         "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.

         "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

Form 10. Exhibit 4.5

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         "Indenture" means the Indenture dated as of the date hereof between the
Guarantor and U.S. Bank National Association, 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.

         "Issuer" has the meaning set forth in the opening paragraph to this
Guarantee.

         "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
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 the 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 the officer in rendering the
         Officer's Certificate;

                  (c)      a statement that the 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 the
         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.

         "Redemption Price" has the meaning set forth in the Indenture.

         "Responsible Officer" means, with respect to the Guarantee Trustee, any
officer within the Corporate Trust Office of the Guarantee Trustee 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.

         "Special Event" has the meaning set forth in the Indenture.

Form 10. Exhibit 4.5

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         "Special Redemption Price" has the meaning set forth in the Indenture.

         "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 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:

                  (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

Form 10. Exhibit 4.5

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                  to the Guarantee Trustee and conforming to the requirements of
                  this Guarantee; but in the case of any such certificates or
                  opinions that by any provision hereof are specifically
                  required to be furnished to the Guarantee Trustee, the
                  Guarantee Trustee shall be under a duty to examine the same to
                  determine whether or not 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 relating to the
         exercise of 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 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 any
         re-recording, refiling or re-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

Form 10. Exhibit 4.5

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         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 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.

                  (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 (i) may request instructions from the
         Holders of a Majority in liquidation amount of the Capital Securities,
         (ii) may refrain from enforcing such remedy or right or taking such
         other action until such instructions are received, and (iii) 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,
         without negligence, 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.

Form 10. Exhibit 4.5

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         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.

         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 the 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 and the Guarantor, 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 deemed to have knowledge of
any Event of Default unless the Guarantee Trustee shall have received written
notice from the Guarantor or a Holder of the Capital Securities (except in the
case of a payment default), or a Responsible Officer of the Guarantee Trustee
charged with the administration of this Guarantee shall have obtained 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 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.

Form 10. Exhibit 4.5

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         (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.

Form 10. Exhibit 4.5

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                                   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 the 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
Guarantee is intended to be for the benefit of, and to be enforceable by, all
such Beneficiaries, whether or not such Beneficiaries 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);

         (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;

Form 10. Exhibit 4.5

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         (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
Section 2.1) the Guarantee Trustee shall have the right to decline to follow any
such direction if the Guarantee Trustee being advised by counsel determines that
the action or proceeding so directed may not lawfully be taken or if the
Guarantee 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.

         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 mandatory 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 BY A BENEFICIARY. 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

Form 10. Exhibit 4.5

                                       10
<PAGE>

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 mandatory 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 at
the time of any such payment, and 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 a Declaration 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 shall not and shall not permit any Affiliate to
(x) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Guarantor's
or such Affiliate's capital stock (other than payments of dividends or
distributions to the Guarantor) or make any guarantee payments with respect to
the foregoing 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 or
any Affiliate that rank pari passu in all respects with or junior in interest to
the Debentures (other than, with respect to clauses (x) and (y) above, (i)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Guarantor 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, in connection with a dividend reinvestment or
stockholder stock purchase plan or 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 the occurrence of the Event of Default, Declaration Event of Default or
Extension Period, as applicable, (ii) 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, (iii) 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, (iv) any declaration of a dividend in connection with
any stockholders' rights plan, or the issuance of rights, stock or other
property under any stockholders' rights plan, or the redemption or repurchase of
rights pursuant thereto, (v) 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 and any cash payments in lieu of fractional shares issued in connection
therewith, or (vi) payments under this Guarantee).

         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

Form 10. Exhibit 4.5

                                       11
<PAGE>

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 hereunder. 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 that the Guarantor may enter into in the
future or otherwise.

                                   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 Special
Redemption Price 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
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.

Form 10. Exhibit 4.5

                                       12
<PAGE>

         (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 reasonably 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 Person(s) 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.

         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.

         For purposes of clarification, this Section 7.3 does not contemplate
the payment by the Guarantor of acceptance or annual administration fees owing
to the Guarantee Trustee for services to be provided by the Guarantee Trustee
under this Guarantee or the fees and expenses of the Guarantee Trustee's counsel
in connection with the closing of the transactions contemplated by this
Guarantee. The provisions of this Section 7.3 shall survive the resignation or
removal of the Guarantee Trustee and the termination of this Guarantee.

Form 10. Exhibit 4.5

                                       13
<PAGE>

                                  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 at least 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 apply to the giving of such
approval.

         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:

         (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 and the Guarantor):

         U.S. Bank National Association
         225 Asylum Street, Goodwin Square
         Hartford, Connecticut 06103
         Attention: Corporate Trust Services Division
         Telecopy: 860-244-1889

         With a copy to:

         U.S. Bank National Association
         1 Federal Street - 3rd Floor
         Boston, Massachusetts 02110
         Attention: Paul D. Allen, Corporate Trust Services Division
         Telecopy:  617-603-6665

         (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):

         Southwest Community Bancorp
         5810 El Camino Real
         Carlsbad, California 92008
         Attention: Frank J. Mercardante
         Telecopy:  760-431-2164

Form 10. Exhibit 4.5

                                       14
<PAGE>

         (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
Beneficiaries 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 AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

         SECTION 8.6. COUNTERPARTS. This Guarantee may be executed in one or
more counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same instrument.

         SECTION 8.7 SEPARABILITY. In case one or more of the provisions
contained in this Guarantee shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Guarantee, but this Guarantee
shall be construed as if such invalid or illegal or unenforceable provision had
never been contained herein.

                     Signatures appear on the following page

Form 10. Exhibit 4.5

                                       15
<PAGE>

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

                                             SOUTHWEST COMMUNITY BANCORP, as
                                             Guarantor

                                             By: /s/ Frank J. Mercardante
                                                 -------------------------------
                                                     Name:  Frank J. Mercardante
                                                     Title: President & CEO

                                             U.S. BANK NATIONAL ASSOCIATION, as
                                             Guarantee Trustee

                                             By: /s/ Paul D. Allen
                                                 -------------------------------
                                                     Name:  Paul D. Allen
                                                     Title: Vice President

Form 10. Exhibit 4.5

                                       16<PAGE>
                                                                               .
                                                                               .
                                                                               .

<Table>
<Caption>

<S>                                        <C>                                        <C>

                                                                                                    ------------------Warrants
NO. SWCB-WRT-                                                                                            To Purchase One Share
CUSIP 844919 11 8                              (SOUTHWEST COMMUNITY BANK LOGO)                            Of Common Stock Each
</Table>

              Organized Under the Laws of the State of California

   THIS CERTIFIES THAT, for value received,

the registered holder hereof or registered assigns (the "Holder"), is entitled
to purchase from Southwest Community Bank, a California banking corporation (the
"Bank"), at the purchase price of $28.60 per share (the "Warrant Price"), one
share of the Bank's Common Stock, no par value (the "Common Stock"), for each
Warrant comprising the aggregate number of Warrants set forth above. The number
of shares purchasable upon exercise of this Warrant and the Warrant Price per
share shall be subject to adjustment from time to time as set forth herein. This
Warrant shall expire at 5:00 p.m. Pacific Time on April 30, 2007 (the
"Expiration Date"), unless extended by the Bank, subject to regulatory approval.
   This Warrant is one of a duly authorized issue of up to 42,308 Warrants
evidencing the right to purchase an aggregate of up to 42,308 shares of Common
Stock and is issued in connection with the Bank's public offering consisting of
up to 211,540 shares of Common Stock and one Warrant for every five shares of
Common Stock purchased. The shares of Common Stock to be issued upon the
exercise of Warrants are referred to herein as "Warrant Shares." The offer and
sale of the Warrants and the Warrant Shares has been made pursuant to a Permit
issued by the California Department of Financial Institutions.
   1. EXERCISE PERIOD AND EXPIRATION DATE. The Warrants are exercisable from
issuance until the Expiration Date (the "Exercise Period"), unless extended.
This Warrant shall expire in its entirety and no longer be exercisable at 5:00
p.m., Pacific Time, on the Expiration Date, unless extended. The Bank shall use
its best efforts to qualify or register the Warrant Shares under the laws of the
states in which the Holders reside and under applicable federal securities laws
where no exemption from such registration or qualification is available.
   2. EXERCISE OF WARRANTS. This Warrant may be exercised at the Bank's
Administrative Office at 5810 El Camino Real, Carlsbad, California 92008, upon
presentation and surrender hereof, with the Warrant Exercise Form on the reverse
side hereof duly completed and signed, and upon payment to the Bank of the
Warrant Price (as adjusted in accordance with the provisions of Section 9
hereof), for the number of Warrant Shares in respect of which such Warrant is
then exercised. Payment of the aggregate Warrant Price shall be made in cash in
United States dollars, by certified or official bank check payable in United
States dollars to the order of the Bank, or by any combination thereof.
   The Bank shall not be required to issue fractional Warrant Shares on the
exercise of Warrants. When Warrants shall be presented for exercise in full at
the same time by the same Holder, the number of full Warrant Shares which shall
be issuable upon the exercise thereof shall be computed on the basis of the
aggregate number of Warrant Shares purchasable by such Holder on exercise of the
Warrants so presented. If any fraction of a Warrant Share would be issuable on
the exercise of any Warrants in full, the Bank shall pay an amount in cash equal
to the then current market price per Warrant Share multiplied by such fraction.
When Warrants shall be presented for exercise as to a specified portion, only
full Warrant Shares shall be issuable and a new Warrant shall be issuable
evidencing the remaining Warrant or Warrants.
   Upon such surrender of Warrants and payment of the Warrant Price as
aforesaid, the Bank or its Warrant Agent shall issue and cause to be delivered
with all reasonable dispatch to or upon the written order of the Holder and in
such name or names as the Holder may designate, a certificate or certificates
for the number of full Warrant Shares so purchased upon the exercise of such
Warrants, together with cash, as provided above in this Section 2, in respect of
any fractional Warrant Share otherwise issuable upon such surrender. Such
certificate or certificates shall be deemed to have been issued and any person
so designated to be named therein shall be deemed to become a holder of record
of such Warrant Shares as of the date of the surrender of such Warrants and
payment of the Warrant Price, as aforesaid; provided, however, that if, at the
date of surrender of such Warrants and payment of the Warrant Price, the
transfer books for the Warrant Shares or other class of stock purchasable upon
the exercise of such Warrants shall be closed, the certificates for the Warrant
Shares in respect of which such Warrants are then exercised shall be issuable as
of the date on which such books shall next be opened (whether before or after
the Expiration Date) and until such date the Bank shall be under no duty to
deliver any certificate for such Warrant Shares. The purchase rights represented
by the Warrants shall be exercisable, at the election of the Holders thereof,
either in full or from time to time in part and, in the event that a Warrant is
exercised in respect of less than all of the Warrant Shares purchasable on such
exercise at any time prior to the date of expiration of the Warrants, a new
Warrant evidencing the remaining Warrant or Warrants will be issued. All
Warrants surrendered in the exercise of the rights thereby evidenced shall be
cancelled by the Bank.
   3. EXCHANGE OF WARRANTS. This Warrant may be exchanged without charge for
another Warrant(s) entitling the Holder thereof to purchase a like aggregate
number of Warrant Shares as the Warrant(s) surrendered then entitle such Holder
to purchase. Any Holder desiring to exchange a Warrant(s) shall make such
request in writing delivered to the Bank or its Warrant Agent and shall
surrender, properly endorsed, the Warrant(s) to be so exchanged. Thereupon, the
Bank or its Warrant Agent shall deliver to the person(s) entitled thereto new
Warrant(s) as so requested.
   REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT SET FORTH
ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS IF SET FORTH AT THIS PLACE.
   WITNESS, the facsimile seal of the Bank and the facsimile signatures of its
duly authorized officers. This Warrant certificate is not valid until
countersigned by the Warrant Agent.

<Table>
<Caption>
<C>                                     <S>

                                        SOUTHWEST COMMUNITY BANK,
                                        a California corporation
                                            -s- Illegible
                                        By: ---------------------------------
                                             President
                                            -s- Paul M. Weil
                                        By: ---------------------------------
    [SOUTHWEST COMMUNITY BANK SEAL]          Secretary
                                        Dated: ------------------------------
                                        Countersigned:
                                        U.S. STOCK TRANSFER CORPORATION
                                        As Warrant Agent
                                        By: ---------------------------------
                                             Authorized Officer
</Table>
<PAGE>

   4. TRANSFER OF WARRANTS. This Warrant shall be transferable only on the books
of the Bank maintained by the Warrant Agent upon delivery hereof, with the
Assignment of Warrant Form below duly endorsed with signatures properly
guaranteed by a commercial bank or securities brokerage firm, or accompanied by
proper evidence of succession, assignment or authority to transfer. Upon any
registration of transfer, the Bank or its Warrant Agent shall deliver a new
Warrant or Warrants to the person(s) entitled thereto.
   5. PAYMENT OF TAXES. The Bank will pay all documentary stamp taxes, if any,
attributable to the initial issuance of Warrant Shares upon the exercise of
Warrants; provided, however, that the Bank shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the
issuance or delivery of any Warrants or certificates for Warrant Shares in a
name other than that of the registered Holder of the Warrants, and in such case
the Bank shall not be required to issue or deliver any certificates for shares
of Common Stock or any Warrant until the person requesting the same has paid to
the Bank the amount of such tax or has established to the Bank's satisfaction
that such tax has been paid.
   6. MUTILATED OR MISSING WARRANTS. In case any of the Warrants shall be
mutilated, lost, stolen or destroyed, the Bank or its Warrant Agent may, at its
discretion issue, upon cancellation of the mutilated Warrant, or in lieu of and
in substitution for the Warrant lost, stolen or destroyed, a new Warrant of like
tenor and representing an equivalent right or interest; but only upon receipt of
evidence satisfactory to the Bank or its Warrant Agent of such loss, theft or
destruction of such Warrant and indemnity, if requested, also satisfactory to
the Bank or its Warrant Agent. An applicant for such a substitute Warrant shall
reimburse Bank and its Warrant Agent for all reasonable expenses and shall also
comply with such other reasonable regulations as the Bank or its Warrant Agent
may prescribe.
   7. RESERVATION OF WARRANT SHARES. The Bank shall at all times, while the
Warrants are exercisable, keep reserved, out of its authorized Common Stock, a
number of shares of Common Stock sufficient to provide for the exercise of the
rights of purchase represented by the outstanding Warrants. Promptly after the
date of expiration of the Warrants, no shares shall be subject to reservation in
respect of such Warrants.
   8. CANCELLATION OF WARRANTS. The Bank or its Warrant Agent shall cancel any
Warrants surrendered for exchange, substitution, transfer or exercise in whole
or in part.
   9. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF WARRANT SHARES. The number and
kind of securities purchasable upon the exercise of each Warrant and the Warrant
Price shall be subject to adjustments from time to time upon the happening of
certain events, as hereinafter defined:
  9.1 MECHANICAL ADJUSTMENTS. The number of Warrant Shares purchasable upon the
 exercise of each Warrant and the Warrant Price shall be subject to adjustment
 as follows:
    (a) In case the Bank shall: (i) pay a dividend in shares of Common Stock or
   make a distribution in shares of Common Stock; (ii) subdivide its outstanding
   shares of Common Stock into a greater number of shares; (iii) combine its
   outstanding shares of Common Stock into a smaller number of shares of Common
   Stock; or (iv) issue by reclassification of its shares of Common Stock or
   capital reorganization other securities of the Bank, the number of Warrant
   Shares purchasable upon exercise of each Warrant immediately prior thereto
   shall be adjusted so that the Holder of each Warrant shall be entitled to
   receive the kind and number of Warrant Shares or other securities of the Bank
   which the Holder would have owned or would have been entitled to receive
   after the happening of any of the events described above, had such Warrant
   been exercised immediately prior to the happening of such event or any record
   date with respect thereto. An adjustment made pursuant to this Paragraph (a)
   shall become effective immediately after the effective date of such event
   retroactive to the record date, if any, for such event.
    (b) No adjustment in the number of Warrant Shares purchasable hereunder
   shall be required unless such adjustment would require an increase or
   decrease of at least one percent (1%) in the number of Warrant Shares
   purchasable upon the exercise of each Warrant; provided, however, that any
   adjustments which by reason of this Paragraph (b) are not required to be made
   shall be carried forward and taken into account in any subsequent
   adjustment(s). All calculations shall be made to the nearest one hundredth
   (1/100) of a share.
    (c) Whenever the number of Warrant Shares purchasable upon the exercise of
   each Warrant is adjusted, as herein provided, each Warrant Price payable upon
   exercise of each Warrant shall be adjusted by multiplying the Warrant Price
   immediately prior to the adjustment by a fraction, of which the numerator
   shall be the number of Warrant Shares purchasable upon the exercise of each
   Warrant immediately prior to the adjustment, and of which the denominator
   shall be the number of Warrant Shares so purchasable immediately thereafter.
   All calculations shall be made to the nearest whole penny.
    (d) For the purpose of this Subsection 9.1, the term "shares of Common
   Stock" shall mean: (i) the class of stock designated as the Common Stock of
   the Bank at the date of this Warrant; or (ii) any other class of stock
   resulting from successive changes or reclassifications of such shares
   consisting solely of changes in par value, or from par value to no par value,
   or from no par value to par value. In the event that at any time, as a result
   of an adjustment made pursuant to Paragraph (a) above, the Holder shall
   become entitled to purchase any shares of the Bank other than shares of
   Common Stock, thereafter the number of such other shares so purchasable upon
   exercise of each Warrant and the Warrant Price of such shares shall be
   subject to adjustment from time to time in a manner and on terms as nearly
   equivalent as practicable to the provisions with respect to the Warrant
   Shares contained in Paragraphs (a) through (c), inclusive, above, and the
   provisions of Sections 1 and 2 and Subsections 9.2 through 9.4, inclusive,
   with respect to the Warrant Shares, shall apply on like terms to any such
   other shares.
  9.2 VOLUNTARY ADJUSTMENT BY THE BANK. The Bank may at its option, at any time
 during the term of the Warrants, reduce the then current Warrant Price to any
 amount deemed appropriate by the Board of Directors of the Bank, subject to
 regulatory approval.
  9.3 NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares purchasable
 upon the exercise of each Warrant and the Warrant Price of such Warrant Shares
 are adjusted, as herein provided, the Bank shall cause to be mailed by first
 class mail, postage prepaid, to each Holder, notice of such adjustment or
 adjustments setting forth the number of Warrant Shares purchasable upon the
 exercise of each Warrant and the Warrant Price of such Warrant Shares after
 such adjustment, setting forth a brief statement of the facts requiring such
 adjustment and setting forth the computation by which such adjustment was made.
 Any failure by the Bank to give notice to any Holder or any defect therein
 shall not affect the validity of such adjustment or of the event resulting in
 the adjustment, nor of the Holder's rights to such adjustment.
  9.4 NO ADJUSTMENT FOR DIVIDENDS OR DISTRIBUTIONS. Except as provided in
 Subsections 9.1 and 9.6, no adjustment in respect of any dividends or
 distributions shall be made during the term of a Warrant or upon the exercise
 of a Warrant.
  9.5 RIGHTS UPON CONSOLIDATION, MERGER, ETC.
    (a) In the case of any consolidation of the Bank with or merger of the Bank
   into another corporation or in the case of any sale or conveyance to another
   corporation of the property of the Bank as an entirety or substantially as an
   entirety, such successor or purchasing corporation may assume the obligations
   hereunder, and may execute with the Bank an agreement that each Holder shall
   have the right thereafter upon payment of the Warrant Price in effect
   immediately prior to such transaction to purchase upon exercise of each
   Warrant the kind and amount of shares and other securities and property
   (including cash) which each Holder would have owned or would have been
   entitled to receive after the happening of such consolidation, merger, sale
   or conveyance had such Warrant been exercised immediately prior to such
   action. The Bank shall mail by first class mail, postage prepaid, to each
   Holder, notice of the execution of any such agreement. Such agreement shall
   provide for adjustments, which shall be as nearly equivalent as may be
   practicable to the adjustments provided for in this Section 9. The provisions
   of this Subsection 9.5 shall similarly apply to successive consolidations,
   mergers, sales or conveyances.
    (b) In the event that such successor corporation does not execute such an
   agreement with the Bank as provided in Paragraph (a), then each Holder shall
   be entitled to exercise outstanding Warrants, during a period of at least 30
   days, which period shall terminate at least 5 days prior to consummation of
   the consolidation, merger, sale or conveyance, and thereby receive
   consideration in the transaction on the same basis as other previously
   outstanding shares of the same class as the Warrant Shares acquired upon
   exercise. The Bank shall use its best efforts to qualify or register the
   Warrant Shares issued pursuant to this Paragraph (b) under the laws of the
   states in which the holders reside and under applicable federal securities
   laws where no exemption from registration or qualification is available.
   Warrants not exercised in accordance with this Paragraph (b) before
   consummation of the transaction will be canceled and become null and void.
   The Bank shall mail by first class mail, postage prepaid, to each Holder, at
   least 10 days prior to the first date on which the Warrants shall become
   exercisable, notice of the proposed transaction setting forth the first and
   last date on which the Holder may exercise outstanding Warrants and a
   description of the terms of this Warrant providing for cancellation of the
   Warrants in the event that Warrants are not exercised by the prescribed date.
    (c) The Bank's failure to give any notice required by this Subsection 9.5 or
   any defect therein shall not affect the validity of any such agreement,
   consolidation, merger, sale or conveyance of property.
  9.6 RIGHTS UPON LIQUIDATION. In case: (i) the Bank shall make any distribution
 of its assets to holders of its shares of Common Stock as a liquidation or
 partial liquidation dividend or by way of return of capital, or other than as a
 dividend payable out of capital and unimpaired surplus legally available for
 dividends under California law; or (ii) the Bank shall liquidate, dissolve or
 wind up its affairs (other than in connection with a consolidation, merger or
 sale of all or substantially all of its property, assets, and business as an
 entirety), then the Bank shall cause to be mailed to each Holder, by first
 class mail, postage prepaid, at least 20 days prior to the applicable record
 date, a notice stating the date on which such distribution, liquidation,
 dissolution or winding up is expected to become effective, and the date on
 which it is expected that holders of shares of Common Stock of record shall be
 entitled to exchange their shares of Common Stock for securities or other
 property or assets (including cash) deliverable upon such distribution,
 liquidation, dissolution or winding up. The Bank's failure to give the notice
 required by this Subsection 9.6 or any defect therein shall not affect the
 validity of such distribution, liquidation, dissolution or winding up.
  9.7 STATEMENT ON WARRANT. Irrespective of any adjustments in the Warrant Price
 or the number or kind of shares purchasable upon the exercise of the Warrants,
 Warrants theretofore or thereafter issued may continue to express the same
 price and number and kind of shares as are stated in the Warrants initially
 issued.
  10. NO RIGHTS AS STOCKHOLDERS. Nothing contained in this Warrant shall be
 construed as conferring upon the Holder hereof or the Holder's transferees the
 right to vote or to receive dividends or to consent to or to receive notice as
 stockholders in respect of any meeting of stockholders for the election of
 directors of the Bank or any other matter, or any rights whatsoever as
 stockholders of the Bank.
  11. NOTICES. Any notice pursuant to this Warrant by any Holder to the Bank or
 by the Bank to the Holder, shall be in writing and shall be mailed first class,
 postage prepaid, or delivered: (a) if to the Bank, at its Administrative Office
 at 5810 El Camino Real, Carlsbad, California 92008; or (b) if to the Holder, at
 the Holder's respective address on the books of the Bank.
  12. APPLICABLE LAW. This Warrant shall be governed by and construed in
 accordance with the laws of the State of California, without giving effect to
 principles of conflict of laws.
  13. CAPTIONS. The captions of the Sections and Subsections of this Warrant
 have been inserted for convenience only and shall have no substantive effect.

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                             ASSIGNMENT OF WARRANT
           (TO BE SIGNED ONLY UPON ASSIGNMENT OR TRANSFER OF WARRANT)

<Table>
<S>                                         <C>
To: SOUTHWEST COMMUNITY BANK                To: U.S. STOCK TRANSFER CORPORATION
  5810 El Camino Real                         1745 Gardena Avenue
  Carlsbad, California 92008           or     Glendale, California 91204
</Table>

   FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s)
unto

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   PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF

ASSIGNEE:
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         (Name and Address of Assignee Must be Printed or Typewritten)

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the within Warrant, hereby irrevocably constituting and appointing ____________
Attorney to transfer said Warrant on the books of the Bank, with full power of
substitution in the premises.

Dated: ________________________

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                           Signature of Record Holder

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                           Signature of Record Holder

NOTE: The above signatures(s) must correspond with the names(s) as written upon
the face of this Warrant in every particular, without alteration or enlargement
or any change whatsoever.

SIGNATURE(S) GUARANTEED BY:

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                             WARRANT EXERCISE FORM
                  (TO BE SIGNED ONLY UPON EXERCISE OF WARRANT)

To: SOUTHWEST COMMUNITY BANK
  5810 El Camino Real
  Carlsbad, California 92008

   The undersigned hereby irrevocably elect(s) to exercise the right of purchase
represented by the within Warrant for, and to purchase thereunder, ____________
shares of the Bank's Common Stock, and request(s) that certificates for such
shares be issued in the name of:

   Please print name and address:

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   Please provide Social Security or Federal Tax I.D. No.:

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and, if said number of shares shall not be all the shares purchasable
thereunder, that a new Warrant for the balance remaining of the whole number of
shares purchasable under the within Warrant be registered in the name of the
undersigned Holder or assignee as indicated below and delivered to the address
stated below.

DATED: ________________________
Address:

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                     Signature of Record Holder or Assignee

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                     Signature of Record Holder or Assignee

NOTE: The above signatures(s) must correspond with the name(s) as written upon
the face of this Warrant in every particular, without alteration or enlargement
or any change whatsoever, unless this Warrant has been assigned.

SIGNATURE(S) GUARANTEED BY: __________________________________________________

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