Document:

EXHIBIT 10.2

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
<S>           <C>                           <C>            <C>            <C>
LOAN NUMBER          LOAN NAME               ACCT. NUMBER     NOTE DATE      INITIALS

              Lee County Bancshares, Inc.                     02/18/03          JG

NOTE AMOUNT       INDEX (W/ MARGIN)             RATE         MATURITY DATE   LOAN PURPOSE

500,000.00    Wall Street Journal Prime        3.750%          02/18/04       Commercial
                     minus 0.5%

                                  CREDITOR USE ONLY
-----------------------------------------------------------------------------------------
</TABLE>

                                PROMISSORY NOTE
                      (Commercial - Draw - Variable Rate)
--------------------------------------------------------------------------------

DATE AND PARTIES.  The date of this Promissory Note (Note) is February 18, 2003.
The  parties  and  their  addresses  are:

     LENDER:
               NEXITY BANK - ATLANTA LPO
               2839 Paces Ferry Road
               Suite 840
               Atlanta, Georgia 30339
               Telephone: (678) 556-0700

     BORROWER:
               LEE COUNTY BANCSHARES, INC.
               a Corporation
               PO Box 3770
               Auburn, Alabama 36830

1.  DEFINITIONS.  As  used  in this Note, the terms have the following meanings:

          A.  PRONOUNS.  The pronouns "I," "me," and "my" refer to each Borrower
          signing  this  Note,  individually  and  together  with  their  heirs,
          successors  and  assigns,  and  each  other  person  or  legal  entity
          (including guarantors, endorsers, and sureties) who agrees to pay this
          Note.  "You"  and "Your" refer to the Lender, with its participants or
          syndicators,  successors  and  assigns,  or any person or company that
          acquires  an  interest  in  the  Loan.

          B.  NOTE.  Note refers to this document, and any extensions, renewals,
          modifications  and  substitutions  of  this  Note.

          C.  LOAN.  Loan  refers  to  this  transaction  generally,  including
          obligations  and  duties  arising  from  the  terms  of  all documents
          prepared  or  submitted  for  this  transaction  such as applications,
          security  agreements,  disclosures  or  notes,  and  this  Note.

          D.  PROPERTY.  Property is any property, real, personal or intangible,
          that  secures  my  performance  of  the  obligations  of  this  Loan.

          E.  PERCENT.  Rates  and  rate  change  limitations  are  expressed as
          annualized  percentages.

2.  PROMISE  TO PAY.  For value received, I promise to pay you or your order, at
your  address,  or at such other location as you may designate, amounts advanced
from time to time under the terms of this Note up to the maximum total principal
balance of $500,000.00 (PRINCIPAL), plus interest from the date of disbursement,
on  the  unpaid  outstanding  Principal  balance until this Note matures or this
obligation  is  accelerated.

3.  ADVANCES.  Advances  under  this  Note  are  made according to the following
terms  and  conditions.

          A.  REQUESTS  FOR  ADVANCES.  My  requests are a warranty that I am in
          compliance  with  all  the  Loan documents. When required by you for a
          particular  method of advance, my requests for an advance must specify
          the  requested  amount  and  the  date  and  be  accompanied  with any
          agreements,  documents, and instruments that you require for the Loan.
          Any  payment  by you of any check, share draft or other charge may, at
          your  option,  constitute  an  advance on the Loan to me. All advances
          will  be  made in United States dollars. I will indemnify you and hold
          you  harmless  for  your reliance on any request for advances that you
          reasonably  believe  to  be genuine. To the extent permitted by law, I
          will  Indemnify  you  and hold you harmless when the person making any
          request represents that I authorized this person to request an advance
          even  when  this  person is unauthorized or this person's signature is
          not  genuine.

          I  or  anyone  I authorize to act on my behalf may request advances by
          the  following  methods.

               (1)  I make a request in person.
               (2)  I make a request by phone.
               (3)  I make a request by mail.

          B.  ADVANCE  LIMITATIONS.  In  addition  to any other Loan conditions,
          requests  for,  and  access  to, advances are subject to the following
          limitations.

               (1)  Obligatory Advances. You will make all Loan advances subject
               to  this  Agreement's  terms  and  conditions.
               (2) Advance Amount. Subject to the terms and conditions contained
               in  this  Note,  advances  will  be  made in exactly the amount I
               request.
               (3)  Cut-Off  Time. Requests for an advance received before 02:30
               PM will be made on any day that you are open for business, on the
               day  for  which  the  advance  is  requested.
               (4)  Disbursement  of  Advances. On my fulfillment of this Note's
               terms and conditions, you will disburse the advance in any manner
               as  you  and  I  agree.
               (5) Credit Limit. I understand that you will not ordinarily grant
               a request for an advance that would cause the unpaid principal of
               my  Loan to be greater than the Principal limit. You may, at your
               option,  grant such a request without obligating yourselves to do
               so  in  the  future.
               (6)  Records.  Your records will be conclusive evidence as to the
               amount  of advances, the Loan's unpaid principal balances and the
               accrued  interest.

4.  INTEREST.  Interest will accrue on the unpaid Principal balance of this Note
at  the  rate  of  3.750  PERCENT (INTEREST RATE) until February 19, 2003, after
which  time  it  may  change  as  described  in  the  Variable  Rate subsection.

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 1

<PAGE>
A.  INTEREST  AFTER  DEFAULT.  If  you declare a default under the terms of this
Loan,  including  for  failure  to pay in full at maturity, you may increase the
Interest  Rate  payable  on  the outstanding Principal balance of this Note.  In
such  event, interest will accrue on the outstanding Principal balance at 18.000
percent  until  paid  in  full.

B.  MAXIMUM INTEREST AMOUNT.  Any amount assessed or collected as interest under
the  terms  of  this  Note  or  obligation will be limited to the Maximum Lawful
Amount of interest allowed by state or federal law.  Amounts collected in excess
of  the  Maximum  Lawful  Amount  will  be applied first to the unpaid Principal
balance.  Any  remainder  will  be  refunded  to  me.

C.  STATUTORY  AUTHORITY.  The  amount  assessed  or  collected  on this Note is
authorized by the Georgia usury laws under Ga. Code title 7, ch. 4.

D.  ACCRUAL.  During  the  scheduled term of this Loan interest accrues using an
Actual/360  days  counting  method.

E.  DISCOUNTED RATE.  The stated rate reflects a discount of 1.250 percent, from
the  formula  used  to  determine  later  rates  (provided  in the Variable Rate
section). This Discounted Rate will be in effect until February 19, 2003.

F.  VARIABLE  RATE.  The  Interest  Rate  may  change  during  the  term of this
transaction.

               (1)  Index.  Beginning  with  the first Change Date, the Interest
               Rate  will be based on the following index: the highest base rate
               on  corporate  loans  posted  by  at least 75% of the nation's 30
               largest banks that The Wall Street Journal publishes as the Prime
               Rate. The Current Index is the most recent index figure available
               on each Change Date. You do not guaranty by selecting this Index,
               or  the  margin,  that the Interest Rate on this Note will be the
               same  rate  you  charge  on any other loans or class of loans you
               make  to  me  or  other  borrowers.  If  this  Index is no longer
               available,  you will substitute a similar index. You will give me
               notice  of  your  choice.
               (2)  Change Date. Each date on which the Interest Rate may change
               is  called  a  Change Date. The Interest Rate may change February
               19,  2003  and  daily  thereafter.
               (3)  Calculation  Of  Change.  On  each  Change  Date,  you  will
               calculate  the  Interest  Rate,  which  will be the Current Index
               minus 0.5 percent. The result of this calculation will be rounded
               up  to the nearest .001 percent. Subject to any limitations, this
               will  be  the  Interest  Rate until the next Change Date. The new
               Interest  Rate  will  become  effective  on each Change Date. The
               Interest  Rate  and  other charges on this Note will never exceed
               the  highest  rate  or  charge  allowed  by  law  for  this Note.
               (4)  Effect  Of Variable Rate. A change in the Interest Rate will
               the  following  effect  on  the payments. The amount of scheduled
               payments  and  the  amount  of  the  final  payment  will change.

5.  REMEDIAL CHARGES.  In addition to interest or other finance charges, I agree
that I will pay these additional fees based on my method and pattern of payment.
Additional  remedial  charges  may  be  described  elsewhere  in  this  Note.

          A.  LATE  CHARGE.  If  a  payment is more than 10 days late, I will be
          charged  5.000  percent  of  the Unpaid Portion of Payment. I will pay
          this  late  charge  promptly  but  only  once  for  each late payment.

6.  PAYMENT.  I  agree  to  pay  this  Note  in installments of accrued interest
beginning  March 18, 2003, and then on the 18th day of each month thereafter.  I
agree  to pay the entire unpaid Principal and any accrued but unpaid interest on
February  18,  2004.

Payments  will be rounded up to the nearest $.01.  With the final payment I also
agree to pay any additional fees or charges owing and the amount of any advances
you  have  made  to  others  on my behalf.  Payments scheduled to be paid on the
29th,  30th  or  31st day of a month that contains no such day will, instead, be
made  on  the  last  day  of  such  month.

Each  payment  I make on this Note will be applied first to interest that is due
then  to principal that is due, and finally to any charges that I owe other than
principal  and  interest.  If  you  and  I  agree  to a different application of
payments,  we will describe our agreement on this Note.  The actual amount of my
final  payment  will  depend  on  my  payment  record.

7.  PREPAYMENT.  I  may  prepay  this  Loan in full or in part at any time.  Any
partial  prepayment  will not excuse any later scheduled payments until I pay in
full.

8.   LOAN PURPOSE. This is a business-purpose loan transaction.

9.   SECURITY. This Loan is not secured.

10.  DEFAULT. I will be in default if any of the following occur:

          A.  PAYMENTS.  I  fail  to  make  a  payment  in  full  when  due.

          B.  INSOLVENCY  OR BANKRUPTCY. I make an assignment for the benefit of
          creditors or became insolvent, either because my liabilities exceed my
          assets  or  I  am  unable  to  pay  my  debts as they become due; or I
          petition  for  protection  under  federal,  state or local bankruptcy,
          insolvency  or  debtor relief laws, or am the subject of a petition or
          action  under  such  laws  and  fail  to  have  the petition or action
          dismissed  within  a  reasonable period of time not to exceed 60 days.

          C.  BUSINESS  TERMINATION.  I  merge,  dissolve,  reorganize,  end  my
          business  or  existence,  or  a  partner  or majority owner dies or is
          declared  legally  incompetent.

          D.  FAILURE TO PERFORM. I fail to perform any condition or to keep any
          promise  or  covenant  of  this  Note.

          E.  OTHER  DOCUMENTS.  A  default  occurs under the terms of any other
          transaction  document.

          F.  OTHER AGREEMENTS. I am in default on any other debt or agreement I
          have  with  you.

          G.  MISREPRESENTATION.  I  make  any  verbal  or  written statement or
          provide  any  financial  information  that  is  untrue, inaccurate, or
          conceals  a  material  fact  at  the  time  it  is  made  or provided.

          H.  JUDGMENT.  I  fail  to  satisfy or appeal any judgment against me.

          I.  FORFEITURE. The Property is used in a manner or for a purpose that
          threatens  confiscation  by  a  legal  authority.

          J.  NAME CHANGE. I change my name or assume an additional name without
          notifying  you  before  making  such  a  change.

          K. PROPERTY TRANSFER. I transfer all or a substantial part of my money
          or  property.

Lee County Bancshares, Inc.                                         Initials
                                                                             ---
Georgia Promissory Note                                                   Page 2

<PAGE>
          L.  PROPERTY VALUE. The value of the Property declines or is impaired.

          M.  MATERIAL  CHANGE. Without first notifying you, there is a material
          change  in my business, including ownership, management, and financial
          conditions.

          N.  INSECURITY.  You  reasonably  believe  that  you  are  insecure.

11.  WAIVERS AND CONSENT.  To the extent not prohibited by law, I waive protest,
presentment  for  payment,  demand,  notice of acceleration, notice of intent to
accelerate  and  notice  of  dishonor.

          A.  ADDITIONAL  WAIVERS  BY BORROWER. In addition, I, and any party to
          this Note and Loan, to the extent permitted by law, consent to certain
          actions  you  may  take,  and  generally  waive  defenses  that may be
          available  based on these actions or based on the status of a party to
          this  Note.

               (1)  You may renew or extend payments on this Note, regardless of
               the  number  of  such  renewals  or  extensions.
               (2)  You  may  release any Borrower, endorser, guarantor, surety,
               accommodation  maker  or  any  other  co-signer.
               (3)  You  may release, substitute or impair any Property securing
               this  Note.
               (4)  You,  or  any  institution  participating  in this Note, may
               invoke  your  right  of  set-off.
               (5)  You  may enter into any sales, repurchases or participations
               of  this  Note to any person in any amounts and I waive notice of
               such  sales,  repurchases  or  participations.
               (6)  I  agree  that  any of us signing this Note as a Borrower is
               authorized  to  modify  the  terms of this Note or any instrument
               securing,  guarantying  or  relating  to  this  Note.
               (7)  I  agree  that  you may inform any party who guarantees this
               Loan  of  any  Loan  accommodations,  renewals,  extensions,
               modifications,  substitutions  or  future  advances.

          B.  NO  WAIVER  BY LENDER. Your course of dealing, or your forbearance
          from,  or  delay  in,  the  exercise  of any of your rights, remedies,
          privileges  or  right  to  insist  upon  my  strict performance of any
          provisions  contained in this Note, or other Loan documents, shall not
          be  construed as a waiver by you, unless any such waiver is in writing
          and  is  signed  by  you.

12.  REMEDIES.  After  I default, and after you give any legally required notice
and  opportunity  to cure the default, you may at your option do any one or more
of  the  following.

          A.  ACCELERATION.  You may make all or any part of the amount owing by
          the  terms  of  this  Note  immediately  due.

          B.  SOURCES.  You may use any and all remedies you have under state or
          federal  law  or  in  any  instrument  securing  this  Note.

          C.  INSURANCE BENEFITS. You may make a claim for any and all insurance
          benefits  or  refunds  that  may  be  available  on  my  default.

          D.  PAYMENTS  MADE ON MY BEHALF. Amounts advanced on my behalf will be
          immediately  due and may be added to the balance owing under the terms
          of  this  Note,  and  accrue  interest  at  the  highest post-maturity
          interest  rate.

          E.  TERMINATION. You may terminate my right to obtain advances and may
          refuse  to  make  any  further  extensions  of  credit.

          F.  SET-OFF.  You  may  use  the  right of set-off. This means you may
          set-off  any  amount  due  and  payable  under  the terms of this Note
          against  any  right  I  have  to  receive  money  from  you.

          My  right  to  receive  money  from  you includes any deposit or share
          account  balance  I  have  with  you;  any money owed to me on an item
          presented to you or in your possession for collection or exchange; and
          any  repurchase agreement or other non-deposit obligation. "Any amount
          due  and  payable under the terms of this Note" means the total amount
          to  which  you  are entitled to demand payment under the terms of this
          Note  at  the  time  you  set-off.

          Subject  to  any  other written contract, if my right to receive money
          from you is also owned by someone who has not agreed to pay this Note,
          your  right of set-off will apply to my interest in the obligation and
          to  any  other  amounts  I  could  withdraw  on  my  sole  request  or
          endorsement.

          Your right of set-off does not apply to an account or other obligation
          where  my rights arise only in a representative capacity. It also does
          not  apply  to any Individual Retirement Account or other tax-deferred
          retirement  account.

          You will not be liable for the dishonor of any check when the dishonor
          occurs because you set-off against any of my accounts. I agree to hold
          you harmless from any such claims arising as a result of your exercise
          of  your  right  of  set-off.

          G. WAIVER. Except as otherwise required by law, by choosing any one or
          more  of these remedies you do not give up your right to use any other
          remedy.  You do not waive a default if you choose not to use a remedy.
          By  electing  not  to  use  any remedy, you do not waive your right to
          later  consider  the  event  a  default and to use any remedies if the
          default  continues  or  occurs  again.

13.  COLLECTION  EXPENSES  AND  ATTORNEYS'  FEES.  On  or  after Default, to the
extent  permitted by law, I agree to pay all expenses of collection, enforcement
or  protection  of  your rights and remedies under this Note.  Expenses include,
but  are not limited to, attorneys' fees, court costs, and other legal expenses.
If  this  debt is collected by or through an attorney after maturity, I agree to
pay  15  percent  of the Principal and interest owing as attorneys' fees.  These
expenses  are  due  and  payable  immediately.  If  not  paid immediately, these
expenses  will  bear interest from the date of payment until paid in full at the
highest  interest rate in effect as provided for in the terms of this Note.  All
fees and expenses will be secured by the Property I have granted to you, if any.
To the extent permitted by the United States Bankruptcy Code, I agree to pay the
reasonable  attorneys'  fees  you  incur  to collect this Debt as awarded by any
court  exercising  jurisdiction  under  the  Bankruptcy  Code.

14.  WARRANTIES AND REPRESENTATIONS.  I make to you the following warranties and
representations  which  will  continue  as  long  as  this  Note  is  in effect:

          A.  POWER.  I  am  duly  organized,  and  validly existing and in good
          standing in all jurisdictions in which I operate. I have the power and
          authority  to  enter into this transaction and to carry on my business
          or  activity  as  it  is  now  being  conducted and, as applicable, am
          qualified  to  do  so  in  each  jurisdiction  in  which  I  operate.

          B. AUTHORITY. The execution, delivery and performance of this Note and
          the  obligation evidenced by this Note are within my powers, have been
          duly  authorized,  have  received all necessary governmental approval,
          will  not  violate  any  provision  of  law,  or  order  of  court  or
          governmental  agency, and will not violate any agreement to which I am
          a  party  or  to  which  I  am  or  any  of  my  Property  is subject.

          C.  NAME  AND  PLACE  OF  BUSINESS. Other than previously disclosed in
          writing  to  you  I  have  not  changed  my name or principal place of
          business within the last 10 years and have not used any other trade or
          fictitious name. Without your prior written consent, I do not and will
          not use any other name and will preserve my existing name, trade names
          and  franchises.

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 3

<PAGE>
15.  APPLICABLE  LAW.  This  Note is governed by the laws of Georgia, the United
States  of  America  and to the extent required, by the laws of the jurisdiction
where  the Property is located.  In the event of a dispute, the exclusive forum,
venue and place of jurisdiction will be in Georgia, unless otherwise required by
law.

16.  JOINT  AND  INDIVIDUAL LIABILITY AND SUCCESSORS.  My obligation to pay this
Loan is independent of the obligation of any other person who has also agreed to
pay  it.  You may sue me alone, or anyone else who is obligated on this Loan, or
any  number  of  us  together, to collect this Loan.  Extending this Loan or new
obligations  under this Loan, will not affect my duty under this Loan and I will
still  be obligated to pay this Loan.  The duties and benefits of this Loan will
bind  and  benefit  the  successors  and  assigns  of  you  and  me.

17.  AMENDMENT,  INTEGRATION  AND SEVERABILITY.  This Note may not be amended or
modified  by  oral  agreement.  No  amendment  or  modification  of this Note is
effective  unless  made in writing and executed by you and me.  This Note is the
complete  and  final expression of the agreement.  If any provision of this Note
is  unenforceable,  then  the  unenforceable  provision  will be severed and the
remaining  provisions  will  still  be  enforceable.

18.  INTERPRETATION.  Whenever  used,  the  singular includes the plural and the
plural includes the singular.  The section headings are for convenience only and
are  not  to  be  used  to  interpret  or  define  the  terms  of  this  Note.

19.  NOTICE,  FINANCIAL  REPORTS  AND  ADDITIONAL  DOCUMENTS.  Unless  otherwise
required  by  law,  any  notice  will be given by delivering it or mailing it by
first  class  mail  to  the  appropriate  party's address listed in the DATE AND
PARTIES  section,  or to any other address designated in writing.  Notice to one
party  will be deemed to be notice to all parties.  I will inform you in writing
of  any  change  in  my  name, address or other application information.  I will
provide  you  any financial statement or information you request.  All financial
statements  and information I give you will be correct and complete.  I agree to
sign,  deliver, and file any additional documents or certifications that you may
consider  necessary to perfect, continue, and preserve my obligations under this
Loan  and  to confirm your lien status on any Property.  Time is of the essence.

20.  CREDIT  INFORMATION.  I  agree  to supply you with whatever information you
reasonably  request.  You  will make requests for this information without undue
frequency,  and will give me reasonable time in which to supply the information.

21.  ERRORS  AND OMISSIONS.  I agree, if requested by you, to fully cooperate in
the  correction,  if  necessary.  In the reasonable discretion of you of any and
all  loan  closing  documents so that all documents accurately describe the loan
between  you  and  me.  I  agree  to  assume  all  costs  including  by  way  of
illustration  and  not  limitation,  actual  expenses,  legal fees and marketing
losses  for  failing  to reasonably comply with your requests within thirty (30)
days.

22.  AGREEMENT  TO  ARBITRATE.  You  or I may submit to arbitration any dispute,
claim or other matter in question between or among you and me that arises out of
or  relates to this Transaction (Dispute), except as otherwise indicated in this
section or as you and I agree to in writing.  For purposes of this section, this
Transaction includes this Note and any other documents, instruments and proposed
loans  or  extensions  of  credit  that  relate to this Note.  You or I will not
arbitrate  any  Dispute  within  any  "core proceedings" under the United States
bankruptcy  laws.

You  and  I  must  consent to arbitrate any Dispute concerning a debt secured by
real  estate  at  the  time  of  the proposed arbitration.  You may foreclose or
exercise any powers of sale against real property securing a debt underlying any
Dispute  before,  during  or after any arbitration.  You may also enforce a debt
secured by this real property and underlying the Dispute before, during or after
any  arbitration.

You  or  I  may  seek  provisional  remedies  at  any  time  from a court having
jurisdiction  to  preserve the rights of or to prevent irreparable injury to you
or  me.  Foreclosing  or  exercising a power of sale, beginning and continuing a
judicial  action  or pursuing self-help remedies will not constitute a waiver of
the  right  to  compel  arbitration.

The  arbitrator  will  determine  whether  a  Dispute  is  arbitrable.  A single
arbitrator  will  resolve any Dispute, whether individual or joint in nature, or
whether  based  on contract, tort, or any other matter at law or in equity.  The
arbitrator  may  consolidate  any  Dispute  with any related disputes, claims or
other matters in question not arising out of this Transaction.  Any court having
jurisdiction  may  enter  a  judgment  or decree on the arbitrator's award.  The
judgment  or  decree  will  be  enforced  as  any  other  judgment  or  decree.

You  and  I  acknowledge  that the agreements, transactions or the relationships
which  result  from  the agreements or transactions between and among you and me
involve  interstate commerce.  The United States Arbitration Act will govern the
interpretation  and  enforcement  of  this  section.

The  American  Arbitration Association's Commercial Arbitration Rules, in effect
on  the  date  of this Note, will govern the selection of the arbitrator and the
arbitration process, unless otherwise agreed to in this Note or another writing.

23.  WAIVER  OF  TRIAL  FOR  ARBITRATION.  YOU AND I UNDERSTAND THAT THE PARTIES
HAVE  THE  RIGHT OR OPPORTUNITY TO LITIGATE ANY DISPUTE THROUGH A TRIAL BY JUDGE
OR  JURY,  BUT  THAT  THE PARTIES PREFER TO RESOLVE DISPUTES THROUGH ARBITRATION
INSTEAD  OF LITIGATION.  IF ANY DISPUTE IS ARBITRATED, YOU AND I VOLUNTARILY AND
KNOWINGLY  WAIVE  THE  RIGHT  TO  HAVE  A  TRIAL  BY  JURY  OR  JUDGE DURING THE
ARBITRATION.

24.  SIGNATURES.  By  signing under seal, I agree to the terms contained in this
Note.  I  also  acknowledge  receipt  of  a  copy  of  this  Note.

     BORROWER:

          Lee County Bancshares, Inc.

                              By: /s/ Michael P. Guy                   (Seal)
                                 --------------------------------------
                                  Michael  P.  Guy,  President

                              By: /s/ Martin D. Williams               (Seal)
                                 --------------------------------------
                                  Martin  D.  Williams,  Treasurer

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 4

<PAGE>
                                    GUARANTY
                           (Continuing Debt - Limited)
                           ---------------------------

DATE  AND PARTIES.  The date of this Guaranty is February 18, 2003.  The parties
and  their  addresses  are:

     LENDER:
               NEXITY BANK - ATLANTA LPO
               2839 Paces Ferry Road
               Suite 840
               Atlanta, Georgia 30339
               Telephone: (678) 556-0700

     BORROWER:
               LEE COUNTY BANCSHARES, INC.
               a Corporation
               PO Box 3770
               Auburn, Alabama 36830

     GUARANTOR:
               MICHAEL GUY
               2727 West Point Parkway
               Opelika, Alabama 36083

1.  DEFINITIONS.  As  used  in  this  Guaranty,  the  terms  have  the following
meanings:

          A.  PRONOUNS.  The pronouns "I," "me" and "my" refer to all persons or
          entities  signing  this Guaranty, individually and together with their
          heirs,  successors  and assigns. "You" and "your" refer to the Lender,
          with  its  participants or syndicators, successors and assigns, or any
          person  or  company  that  acquires  an  interest  in  the  Debt.

          B.  NOTE.  "Note" refers to the document that evidences the Borrower's
          indebtedness,  and  any  extensions,  renewals,  modifications  and
          substitutions  of  the  Note.

          C.  DEBT.  "Debt" refers to debts, liabilities, and obligations of the
          Borrower  (including,  but  not  limited to, amounts agreed to be paid
          under the terms of any notes or agreements securing the payment of any
          debt,  loan,  liability  or obligation, overdrafts, letters of credit,
          guaranties,  advances  for  taxes, insurance, repairs and storage, and
          all  extensions,  renewals,  refinancings  and  modifications of these
          debts)  whether now existing or created or incurred in the future, due
          or to become due, or absolute or contingent, including obligations and
          duties  arising  from the terms of all documents prepared or submitted
          for  the  transaction  such  as  applications,  security  agreements,
          disclosures,  the  Note,  and  this  Guaranty.

          D.  PROPERTY.  "Property"  means  any  property,  real,  personal  or
          intangible,  that  secures performance of the obligations of the Note,
          Debt,  or  this  Guaranty.

2.  AGREEMENT TO GUARANTY.  For good and valuable consideration, the receipt and
sufficiency  of which is hereby acknowledged, and to induce you, at your option,
to make loans or engage in any other transactions with the Borrower from time to
time,  I absolutely and unconditionally promise to pay and guaranty the full and
prompt  payment  of  the  following  Debt  when due (whether at maturity or upon
acceleration),  including  without  limitation, all principal, accrued interest,
attorneys'  fees  and collection costs, when allowed by law, that may become due
from  the  Borrower to you in collecting the Debt and in enforcing this Guaranty
and  all  other  agreements  with  respect  to  the  Borrower.

3.  SPECIFIC  AND  FUTURE DEBT GUARANTY.  I absolutely and unconditionally agree
to  all  terms  of  and  guaranty to you the payment and performance of each and
every  Debt,  of  every  type,  purpose and description that the Borrower either
individually,  among  all or a portion of themselves, or with others, may now or
at  any  time in the future owe you, including, but not limited to the following
described  Debt(s):  Promissory Note in the amount of $500,000.00 dated February
18,  2003.

My  liability  will not exceed $93,750.00 of the principal amount outstanding at
default,  and  will  include  accrued  interest,  attorneys' fees and collection
costs,  when  allowed  by law, and all other amounts agreed to be paid under all
agreements  evidencing  the Debt and securing the payment of the Debt.  You may,
without  notice,  apply  this  Guaranty  to such Debt of the Borrower as you may
select  from  time  to  time.

4.  EXTENSIONS.  I  consent  to  all  renewals,  extensions,  modifications  and
substitutions  of  the  Debt  which  may  be  made  by  you  upon such terms and
conditions as you may see fit from time to time without further notice to me and
without  limitation  as  to the number of renewals, extensions, modifications or
substitutions.

5.  PRIMARY LIABILITY.  I am primarily liable under this Guaranty, regardless of
whether or not you pursue any of your remedies against the Borrower, against any
other  maker, surety, guarantor or endorser of the Debt or against any Property.
You  may  sue me alone, or anyone else who is obligated on this Guaranty, or any
number  of us together, to collect the Debt.  My liability is not conditioned on
the  signing  of this Guaranty by any other person and further is not subject to
any  condition  not  expressly  set  forth  in  this  Guaranty or any instrument
executed  in  connection  with  the Debt.  My obligation to pay according to the
terms  of  this  Guaranty shall not be affected by the illegality, invalidity or
unenforceability  of  any notes or agreements evidencing the Debt, the violation
of any applicable usury laws, forgery, or any other circumstances which make the
indebtedness unenforceable against the Borrower.  I will remain obligated to pay
on  this  Guaranty  even  if  any other person who is obligated to pay the Debt,
including  the  Borrower,  has  such  obligation  discharged  in  bankruptcy,
foreclosure,  or  otherwise  discharged  by  law.

6.  BANKRUPTCY.  If  a  bankruptcy  petition  should  at any time be filed by or
against  the  Borrower,  the  maturity  of  the  Debt, so far as my liability is
concerned, shall be accelerated and the Debt shall be immediately payable by me.
I  acknowledge  and  agree that this Guaranty, and the Debt secured hereby, will
remain  in  full  force  and  effect at all times, notwithstanding any action or
undertakings by, or against, you or against any Property, in connection with any
obligation  in  any  proceeding  in  the  United States Bankruptcy Courts.  Such
action  or  undertaking  includes,  without  limitation,  valuation of Property,
election  of  remedies  or  imposition of secured or unsecured claim status upon
claims  by  you,  pursuant to the United States Bankruptcy Code, as amended.  In
the  event  that  any  payment of principal or interest received and paid by any
other  guarantor,  borrower,  surety,  endorser  or co-maker is deemed, by final
order  of  a court of competent jurisdiction, to have been a voidable preference
under  the bankruptcy or insolvency laws of the United States or otherwise, then
my  obligation will remain as an obligation to you and will not be considered as
having  been  extinguished.

7.  REVOCATION.  I agree that this is an absolute and unconditional Guaranty.  I
agree that this Guaranty will remain binding on me, whether or not there are any
debts  outstanding,  until  you  have  actually  received  written  notice of my
revocation  or written notice of my death or incompetence.  Notice of revocation
or  notice of my death or incompetence will not affect my obligations under this
Guaranty  with  respect  to  any  Debts incurred by or for which you have made a
commitment  to  Borrower  before  you  actually  receive  such  notice,  and all
renewals,  extensions,  refinancings,  and modifications of such Debts.  I agree
that  if  any other person signing this Guaranty provides a notice of revocation
to  you,  I  will  still be obligated under this Guaranty until I provide such a
notice  of revocation to you.  If any other person signing this Guaranty dies or
is  declared  incompetent,  such  fact will not affect my obligations under this
Guaranty.

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 1

<PAGE>
8.  PROPERTY.  I agree that any Property may be assigned, exchanged, released in
whole  or  in  part  or  substituted without notice to me and without defeating,
discharging  or  diminishing  my  liability.  My obligation is absolute and your
failure  to  perfect  any  security interest or any act or omission by you which
impairs  the  Property  will not relieve me or my liability under this Guaranty.
You  are  under  no  duty  to  preserve or protect any Property until you are in
actual  or  constructive  possession.  For  purposes of this paragraph, you will
only  be  in "actual" possession when you have physical, immediate and exclusive
control  over  the Property and have accepted such control in writing.  Further,
you  will  only  be deemed to be in "constructive" possession when you have both
the  power  and  intent  to  exercise  control  over  the  Property.

9.  DEFAULT. I will be in default if any of the following occur:

          A.  PAYMENTS.  I  fail  to  make  a  payment  in  full  when  due.

          B.  INSOLVENCY  OR BANKRUPTCY. I make an assignment for the benefit of
          creditors or become insolvent, either because my liabilities exceed my
          assets  or  I  am  unable  to  pay  my  debts as they become due; or I
          petition  for  protection  under  federal,  state or local bankruptcy,
          insolvency  or  debtor relief laws, or am the subject of a petition or
          action  under  such  laws  and  fail  to  have  the petition or action
          dismissed  within  a  reasonable period of time not to exceed 60 days.

          C.  DEATH  OR  INCOMPETENCY. I die or am declared legally incompetent.

          D.  FAILURE TO PERFORM. I fail to perform any condition or to keep any
          promise  or  covenant  of  this  Guaranty.

          E.  OTHER  DOCUMENTS.  A  default  occurs under the terms of any other
          transaction  document.

          F.  OTHER AGREEMENTS. I am in default on any other debt or agreement I
          have  with  you.

          G.  MISREPRESENTATION.  I  make  any  verbal  or  written statement or
          provide  any  financial  information  that  is  untrue, inaccurate, or
          conceals  a  material  fact  at  the  time  it  is  made  or provided.

          H.  JUDGMENT.  I  fail  to  satisfy or appeal any judgment against me.

          I.  FORFEITURE. The Property is used in a manner or for a purpose that
          threatens  confiscation  by  a  legal  authority.

          J.  NAME CHANGE. I change my name or assume an additional name without
          notifying  you  before  making  such  a  change.

          K.  PROPERTY  TRANSFER. I transfer all or substantial part of my money
          or  property.

          L.  PROPERTY  VALUE. The value of the Property declines or is impaired

          M.  INSECURITY.  You  reasonably  believe  that  you  are  insecure.

10.  WAIVERS AND CONSENT.  To the extent not prohibited by law, I waive protest,
presentment  for  payment,  demand,  notice of acceleration, notice of intent to
accelerate  and  notice  of  dishonor.

     A.  ADDITIONAL  WAIVERS.  In  addition,  to  the extent permitted by law, I
consent  to  certain actions you may take, and generally waive defenses that may
be  available  based  on  these actions or based on the status of a party to the
Debt  or  this  Guaranty.

               (1)  You  may renew or extend payments on the Debt, regardless of
               the  number  of  such  renewals  or  extensions.
               (2)  You  may  release any Borrower, endorser, guarantor, surety,
               accommodation  maker  or  any  other  co-signer.
               (3)  You  may release, substitute or impair any Property securing
               the  Debt.
               (4) You, or any institution participating in the Debt, may invoke
               your  right  of  set-off.
               (5)  You  may enter into any sales, repurchases or participations
               of  the  Debt  to any person in any amounts and I waive notice of
               such  sales,  repurchases  or  participations.
               (6)  I  agree that the Borrower is authorized to modify the terms
               of  the  Debt or any instrument securing, guarantying or relating
               to  the  Debt.
               (7)  You  may undertake a valuation of any Property in connection
               with  any  proceedings  under  the  United States Bankruptcy Code
               concerning  the Borrower or me, regardless of any such valuation,
               or  actual  amounts received by you arising from the sale of such
               Property.
               (8)  I  agree  to consent to any waiver granted the Borrower, and
               agree  that  any delay or lack of diligence in the enforcement of
               the Debt, or any failure to file a claim or otherwise protect any
               of  the  Debt,  in  no  way  affects  or  impairs  my  liability.
               (9)  I  agree  to waive reliance on any anti-deficiency statutes,
               through  subrogation  or  otherwise,  and such statutes in no way
               affect  or impair my liability. In addition, I waive any right of
               subrogation,  contribution,  reimbursement,  indemnification,
               exoneration, and any other right I may have to enforce any remedy
               which you now have or in the future may have against the Borrower
               or  another  guarantor  or  as  to  any  Property.

               Any  Guarantor who is an "insider," as contemplated by the United
               States  Bankruptcy  Code,  11 U.S.C. 101, as amended, makes these
               waivers  permanently.  (An  insider  includes,  among  others,  a
               director,  officer,  partner,  or  other parson in control of the
               Borrower,  a  person  or  an entity that is a co-partner with the
               Borrower,  an  entity in which the Borrower is a general partner,
               director,  officer or other person in control or a close relative
               of  any  of  these  other  persons.)  Any Guarantor who is not an
               insider  makes  these  waivers  until  all  Debt is fully repaid.

          B.  NO  WAIVER  BY LENDER. Your course of dealing, or your forbearance
          from,  or  delay  in,  the  exercise  of any of your rights, remedies,
          privileges  or  right  to  insist  upon  my  strict performance of any
          provisions  contained  in the Debt instruments, shall not be construed
          as a waiver by you, unless any such waiver is in writing and is signed
          by  you.

          C.  WAIVER  OF CLAIMS. I waive all claims for loss or damage caused by
          your  acts  or omissions where you acted reasonably and in good faith.

11.  REMEDIES.  After  the Borrower or I default, and after you give any legally
required  notice  and opportunity to cure the default, you may at your option do
any  one  or  more  of  the  following.

          A.  ACCELERATION.  You may make all or any part of the amount owing by
          the  terms  of  this  Guaranty  immediately  due.

          B.  SOURCES.  You may use any and all remedies you have under state or
          federal  law  or  in  any  instrument  securing  the  Debt.

          C.  INSURANCE BENEFITS. You may make a claim for any and all insurance
          benefits  or  refunds  that  may  be  available  on  default.

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 2

<PAGE>
          D.  PAYMENTS  MADE  ON  THE BORROWER'S BEHALF. Amounts advanced on the
          Borrower's  behalf  will  be  immediately  due and may be added to the
          balance  owing  under  the  Debt.

          E.  TERMINATION. You may terminate my right to obtain advances and may
          refuse  to  make  any  further  extensions  of  credit.

          F.  ATTACHMENT.  You  may  attach  or  garnish  my  wages or earnings.

          G.  SET-OFF.  You  may  use  the  right of set-off. This means you may
          set-off  any  amount  due and payable under the terms of this Guaranty
          against  any  right  I  have  to  receive  money  from  you.

          My  right  to  receive  money  from  you includes any deposit or share
          account  balance  I  have  with  you;  any money owed to me on an item
          presented to you or in your possession for collection or exchange; and
          any  repurchase agreement or other non-deposit obligation. "Any amount
          due  and  payable  under  the  terms of this Guaranty" means the total
          amount  to which you are entitled to demand payment under the terms of
          this  Guaranty  at  the  time  you  set-off.

          Subject  to  any  other written contract, if my right to receive money
          from  you is also owned by someone who has not agreed to pay the Debt,
          your  right of set-off will apply to my interest in the obligation and
          to  any  other  amounts  I  could  withdraw  on  my  sole  request  or
          endorsement.

          Your right of set-off does not apply to an account or other obligation
          where  my rights arise only in a representative capacity. It also does
          not  apply  to any Individual Retirement Account or other tax-deferred
          retirement  account.

          You will not be liable for the dishonor of any check when the dishonor
          occurs because you set-off against any of my accounts, I agree to hold
          you harmless from any such claims arising as a result of your exercise
          of  your  right  of  set-off.

          H. WAIVER. Except as otherwise required by law, by choosing any one or
          more  of these remedies you do not give up your right to use any other
          remedy.  You do not waive a default if you choose not to use a remedy.
          By  electing  not  to  use  any remedy, you do not waive your right to
          later  consider  the  event  a  default and to use any remedies if the
          default  continues  or  occurs  again.

12.  COLLECTION  EXPENSES  AND  ATTORNEYS'  FEES.  On  or  after Default, to the
extent  permitted by law, I agree to pay all expenses of collection, enforcement
or  protection of your rights and remedies under this Guaranty or any instrument
executed  in  connection  with  the  creation  of  any  Debt  guarantied by this
Guaranty.  All  fees and expenses will be secured by the Property I have granted
you,  if  any.  To  the extent permitted by the United States Bankruptcy Code, I
agree  to  pay  the  reasonable  attorneys'  fees  you incur to collect the Debt
guarantied  by  this  Guaranty  as  awarded by any court exercising jurisdiction
under  the  Bankruptcy  Code.

13.  WARRANTIES  AND  REPRESENTATIONS.  I  have the right and authority to enter
into  this  Guaranty.  The  execution  and  delivery  of  this Guaranty will not
violate  any  agreement  governing  me  or  to  which  I  am  a  party.

In  addition, I represent and warrant that this Guaranty was entered into at the
request  of  the  Borrower,  and  that  I  am satisfied regarding the Borrower's
financial  condition  and existing indebtedness, authority to borrow and the use
and  intended  use of all Debt proceeds.  I further represent and warrant that I
have  not relied on any representations or omissions from you or any information
provided  by you respecting the Borrower, the Borrower's financial condition and
existing  indebtedness, the Borrower's authority to borrow or the Borrower's use
and  intended  use  of  all  Debt  proceeds.

14.  RELIANCE.  I acknowledge that you are relying on this Guaranty in extending
credit  to the Borrower, and I have signed this Guaranty to induce you to extend
such  credit.  I  represent  and  warrant  to  you  that  I  have  a  direct and
substantial  economic  interest in the Borrower and expect to derive substantial
benefits  from  any loans and financial accommodations resulting in the creation
of  indebtedness guarantied hereby.  I agree to rely exclusively on the right to
revoke  this  Guaranty  prospectively as to future transactions in the manner as
previously  described  in  this  Guaranty  if  at  any  time, in my opinion, the
benefits  then  being  received  by  me in connection with this Guaranty are not
sufficient  to  warrant  the  continuance  of  this  Guaranty.  You  may  rely
conclusively  on  a  continuing warranty that I continue to be benefited by this
Guaranty and you will have no duty to inquire into or confirm the receipt of any
such  benefits,  and  this  Guaranty  will  be  effective and enforceable by you
without  regard  to  the  receipt,  nature  or  value  of  any  such  benefits.

15.  APPLICABLE  LAW.  This  Guaranty  is  governed  by the laws of Georgia, the
United  States  of  America  and  to  the  extent  required,  by the laws of the
jurisdiction  where  the  Property  is  located.

16.  AMENDMENT,  INTEGRATION AND SEVERABILITY.  This Guaranty may not be amended
or modified by oral agreement.  No amendment or modification of this Guaranty is
effective  unless  made in writing and executed by you and me.  This Guaranty is
the  complete  and  final expression of the agreement.  If any provision of this
Guaranty  is unenforceable, then the unenforceable provision will be severed and
the  remaining  provisions  will  still  be  enforceable.

17.  INTERPRETATION.  Whenever  used,  the  singular includes the plural and the
plural includes the singular.  The section headings are for convenience only and
are not to be used to interpret or define the terms of this Guaranty.

18.  NOTICE,  FINANCIAL  REPORTS  AND  ADDITIONAL  DOCUMENTS.  Unless  otherwise
required  by  law,  any  notice  will be given by delivering it or mailing it by
first  class  mail  to  the  appropriate  party's address listed in the DATE AND
PARTIES  section,  or to any other address designated in writing.  Notice to one
party  will be deemed to be notice to all parties.  I will inform you in writing
of  any  change  in  my  name, address or other application information.  I will
provide  you  any financial statement or information you request.  All financial
statements  and information I give you will be correct and complete.  I agree to
sign,  deliver, and file any additional documents or certifications that you may
consider  necessary to perfect, continue, and preserve my obligations under this
Guaranty  and  to  confirm  your  lien  status  on any Property.  Time is of the
essence.

19.  CREDIT  INFORMATION.  I  agree that from time to time you may obtain credit
information  about  me from others, including other lenders and credit reporting
agencies,  and  report to others (such as a credit reporting agency) your credit
experience  with  me.  I agree that you will not be liable for any claim arising
from  the  use  of  information  provided to you by others or for providing such
information  to  others.

20.  AGREEMENT  TO  ARBITRATE.  You  or I may submit to arbitration any dispute,
claim or other matter in question between or among you and me that arises out of
or  relates to this Transaction (Dispute), except as otherwise indicated in this
section or as you and I agree to in writing.  For purposes of this section, this
Transaction  includes  this  Guaranty  and  any other documents, instruments and
proposed  loans  or extensions of credit that relate to this Guaranty.  You or I
will  not  arbitrate  any Dispute within any "core proceedings" under the United
States  bankruptcy  laws.

You  and  I must consent to arbitrate any Dispute concerning the Debt secured by
real  estate  at  the  time  of  the proposed arbitration.  You may foreclose or
exercise  any  powers of sale against real property securing the Debt underlying
any  Dispute  before, during or after any arbitration.  You may also enforce the
Debt  secured by this real property and underlying the Dispute before, during or
after  any  arbitration.

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 3

<PAGE>
You  or  I  may  seek  provisional  remedies  at  any  time  from a court having
jurisdiction  to  preserve the rights of or to prevent irreparable injury to you
or  me.  Foreclosing  or  exercising a power of sale, beginning and continuing a
judicial  action  or pursuing self-help remedies will not constitute a waiver of
the  right  to  compel  arbitration.

The  arbitrator  will  determine  whether  a  Dispute  is  arbitrable.  A single
arbitrator  will  resolve any Dispute, whether individual or joint in nature, or
whether  based  on contract, tort, or any other matter at law or in equity.  The
arbitrator  may  consolidate  any  Dispute  with any related disputes, claims or
other matters in question not arising out of this Transaction.  Any court having
jurisdiction  may  enter  a  judgment  or decree on the arbitrator's award.  The
judgment  or  decree  will  be  enforced  as  any  other  judgment  or  decree.

You  and  I  acknowledge  that the agreements, transactions or the relationships
which  result  from  the agreements or transactions between and among you and me
involve  interstate commerce.  The United States Arbitration Act will govern the
interpretation  and  enforcement  of  this  section.

The  American  Arbitration Association's Commercial Arbitration Rules, in effect
on  the  date  of this Guaranty, will govern the selection of the arbitrator and
the  arbitration process, unless otherwise agreed to in this Guaranty or another
writing.

21.  WAIVER  OF  TRIAL  FOR  ARBITRATION.  You and I understand that the parties
have  the  right or opportunity to litigate any Dispute through a trial by judge
or  jury,  but  that  the parties prefer to resolve Disputes through arbitration
instead  of litigation.  If any Dispute is arbitrated, you and I voluntarily and
knowingly  waive  the  right  to  have  a  trial  by  jury  or  judge during the
arbitration.

22.  SIGNATURES.  By  signing under seal, I agree to the terms contained in this
Guaranty.  I  also  acknowledge  receipt  of  a  copy  of  this  Guaranty.

     GUARANTOR:

     ---------------------------------------------(Seal)
     Michael  P.  Guy
     Individually

Lee County Bancshares, Inc.                                          Initials
                                                                             ---
Georgia Promissory Note                                                   Page 4

<PAGE>EXHIBIT 10.3

                                     FORM OF
                                WARRANT AGREEMENT

     THIS  AGREEMENT is made and entered into as of the ____ day of ___________,
2003 by and between LEE COUNTY BANCSHARES, INC., a Georgia corporation (the
"Corporation"), and _________________________ (the "Warrant Holder").

                               W I T N E S S E T H
                               -------------------

     WHEREAS, the Warrant Holder has served as an organizer in the formation of
the Corporation and the formation and establishment of First National Bank of
Lee County (Proposed) (the "Bank"), the wholly owned subsidiary of the
Corporation; and

     WHEREAS, the Warrant Holder has purchased __________ shares of the
Corporation's common stock, $1.00 par value per share (the "Common Stock"), at a
price of $_____ per share; and

     WHEREAS, the Warrant Holder will provide services to the Corporation as a
director of the Corporation and the Bank; and

     WHEREAS, the Corporation, in recognition of the financial risk undertaken
by the Warrant Holder in organizing the Bank and the Corporation and in order to
encourage the Warrant Holder's continued involvement in the successful operation
of the Corporation and the Bank, desires to issue to the Warrant Holder the
right to acquire additional shares of the Corporation's Common Stock.

     NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement agree as follows:

     1.     Grant of Warrant.  Subject to the terms, restrictions, limitations
            ----------------
and conditions stated in this Agreement, the Corporation hereby grants to the
Warrant Holder the right (the "Warrant") to purchase all or any part of an
aggregate of _____________ shares of the Common Stock, subject to adjustment in
accordance with Section 6 of this Agreement. The aggregate number of shares of
Common Stock which the Company grants the Warrant Holder the right to purchase
under this Agreement shall be no greater than the number of shares of Common
Stock subscribed by the Warrant Holder upon organizing the Bank.

     2.     (a).     Term.  The term for the exercise of this Warrant begins at
                     ----
9:00 a.m., Eastern Time, on the first anniversary of the date that the
Corporation first issues its common stock (the "Issue Date"). The term for the
exercise of this Warrant ends at 5:00 p.m., Eastern Time (the "Expiration
Time"), on the earlier of:

<PAGE>
          (i)  the tenth anniversary of the Issue Date, or

          (ii) 90 days after the Warrant Holder ceases to serve as a director of
     the Corporation; provided, however, that if the Warrant Holder ceases to be
                      --------  -------
     a director because he is disabled or is deceased, then the Warrant Holder
     (or his estate) will have until twelve months after the Warrant Holder
     ceases to serve as a director of the Company to exercise this Warrant.

          (b) Required Exercise. Notwithstanding any other provision of this
              -----------------
     Agreement, if the Bank's capital falls below the minimum requirements as
     determined by the primary federal or state regulator of the Corporation or
     the Bank (the "Regulator"), the Regulator may direct the Corporation to
     require the Warrant Holder to exercise or forfeit his or her Warrant. The
     Corporation will notify the Warrant Holder within 45 days from the date the
     Regulator notifies the Corporation in writing that the Warrant Holder must
     exercise or forfeit his or her Warrant. The Corporation will cancel this
     Warrant if it is not exercised within 21 days of the Corporation's
     notification to the Warrant Holder. The Corporation agrees to comply with
     any Regulator's request that the Corporation invoke its right to require
     the Warrant Holder to exercise or forfeit his or her Warrant under the
     circumstances stated above.

          (c) Vesting. The Warrant will vest in annual one-third (1/3)
              -------
     increments over a period of three years, beginning on the first anniversary
     of the Issue Date. The vested portion of the Warrant may be exercised in
     whole, or from time to time in part, at any time prior to the Expiration
     Time. In the event of permanent disability or death of the Warrant Holder,
     any unvested portion of the Warrant shall become fully vested to the
     Warrant Holder (or his or her estate).

     3.     Purchase Price.  The price per share to be paid by the Warrant
            --------------
Holder for the shares of Common Stock subject to this Warrant shall be $10,
subject to adjustment as set forth in Section 6 of this Agreement (the price, as
adjusted, is called the "Purchase Price").

     4.     Exercise of Warrant.  The Warrant Holder may exercise this Warrant
            -------------------
from time to time, in whole or in part, by delivering the following to the
Corporation:

          (a) Written notice of exercise specifying the number of shares of
     Common Stock with respect to which this Warrant is being exercised at such
     time; And

          (b) A cashier's or certified check payable to the Corporation for the
     full amount of the aggregate Purchase Price for the number of shares as to
     which this Warrant is being exercised at such time.

     The Warrant Holder must deliver the notice of exercise and the cashier's or
certified check to the address of the Corporation as set forth in Section 11(a)
of this Agreement or any other address that the Corporation requests.

                                        2
<PAGE>
     5.     Issuance  of Shares.  Upon receipt of the items set forth in Section
            -------------------
4 of this Agreement, and subject to the terms of this Agreement, the Corporation
shall deliver to the Warrant Holder stock certificates for the number of shares
specified in the notice to exercise, and shall register the share or shares in
the name of the Warrant Holder. In no event shall the Corporation be required to
issue or deliver any certificate for shares of Common Stock purchased upon the
exercise of this Warrant or any portion of this Warrant prior to the fulfillment
of the following conditions:

          (a) The admission of such shares for listing on all stock exchanges on
     which the Common Stock is then listed;

          (b) The completion of any registration or other qualification of such
     shares which the Corporation shall deem necessary or advisable under any
     federal or state law or under the rulings or regulations of the Securities
     and Exchange Commission or any other governmental regulatory body; or

          (c) The obtaining of any approval or other clearance from any federal
     agency or body, which the Corporation shall determine to be necessary or
     advisable.

          (d) The lapse of such reasonable period of time following the exercise
     of this Warrant as the Corporation may from time to time establish for
     reasons of administrative convenience.

     The Corporation shall have no obligation to obtain the fulfillment of these
conditions; provided, however, that the Warrant Holder shall have one full
calendar year after these conditions have been fulfilled to exercise his or her
Warrant, notwithstanding any other provision in this Agreement.

     6.     Antidilution, Etc.
            ------------------

          (a) If, prior to the Expiration Time, the Corporation shall subdivide
     its outstanding shares of Common Stock into a greater number of shares, or
     declare and pay a dividend of its Common Stock payable in additional shares
     of its Common Stock, the Purchase Price, as then in effect, shall be
     proportionately reduced, and the Corporation shall proportionately increase
     the number of shares of Common Stock then subject to exercise under this
     Warrant (and not previously exercised).

          (b) If, prior to the Expiration Time, the Corporation shall combine
     its outstanding shares of the Common Stock into a smaller number of shares,
     the Purchase Price, as then in effect, shall be proportionately increased,
     and the Corporation shall proportionately reduce the number of shares of
     Common Stock then subject to exercise under this Warrant (and not
     previously exercised).

     7.     Reorganization, Reclassification, Consolidation or Merger. If,
            ---------------------------------------------------------
prior to the Expiration Time, there shall be any reorganization or
reclassification of the Common Stock (other than a subdivision or combination of
shares provided for in Section 6 of this Agreement), or any consolidation or
merger of the Corporation with another entity, the Warrant Holder shall be

                                        3
<PAGE>
entitled to receive, during the remainder of the term of this Agreement and upon
payment of the Purchase Price, the number of shares of stock or other securities
or property of the Corporation or of the successor entity (or its parent
company) resulting from such consolidation or merger, as the case may be, to
which a holder of the Common Stock, deliverable upon the exercise of this
Warrant, would have been entitled upon such reorganization, reclassification,
consolidation or merger; and in any case, the Corporation shall make appropriate
adjustments (as determined by the Board of Directors of the Corporation in its
sole discretion) in the application of the provisions with respect to the rights
and interests of the Warrant Holder so that the provisions set forth in this
Agreement (including the adjustment of the Purchase Price and the number of
shares issuable upon the exercise of this Warrant) shall be applicable, as near
as may reasonably be practicable, to any shares or other property thereafter
deliverable upon the exercise of this Warrant.

     8.     Transfer and Assignment.
            -----------------------

          (a) During the Warrant Holder's lifetime, this Warrant and any rights
     under this Agreement shall be exercisable only by the Warrant Holder (or by
     the Warrant Holder's guardian or legal representative, should one be
     appointed). Except assignments or transfers of the vested portion of this
     Warrant made by will or under the laws of descent and distribution, this
     Warrant or any rights under this Agreement may not be assigned,
     transferred, pledged or hypothecated in any way (whether by operation of
     law or otherwise) and shall not be subject to execution, attachment or
     similar process. Any attempted assignment, transfer, pledge, hypothecation
     or other disposition of this Warrant except as provided for in this Section
     8 shall be null and void and without legal effect.

          (b) Shares of Common Stock acquired by exercise of this Warrant
     granted in this Agreement may not be transferred or sold unless the
     transfer is exempt from further regulatory approval or otherwise
     permissible under applicable law, including state and federal securities
     laws, and will bear a legend to this effect.

     9.     Notice  of  Adjustments.  Within thirty (30) days following the
            -----------------------
determination of any adjustment provided for in Section 6 or Section 7 of this
Agreement, the Corporation shall give written notice of such adjustment to the
Warrant Holder at the address set forth in Section 10(a) of this Agreement or
such other address as the Warrant Holder may request. The notice shall state the
Warrant Purchase Price as adjusted and the increased or decreased number of
shares purchasable upon the exercise of this Warrant and shall set forth in
reasonable detail the method of calculation of each.

     10.     Miscellaneous.
             -------------

          (a) All notices, requests, demands and other communications required
     or permitted hereunder shall be in writing and shall be deemed to have been
     duly given when delivered by hand, telegram or facsimile transmission, or
     if mailed, by postage prepaid first class mail, on the third business day
     after mailing, to the following address (or at such other address as a
     party may notify the other hereunder):

                                        4
<PAGE>
               To the Corporation:

                    Lee County Bancshares, Inc.
                    Executive Park Drive
                    Suite 2006B
                    Opelika, Alabama 36801
                    Attention:  __________

               To the Warrant Holder:

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

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

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

          (b) The Corporation covenants that it has reserved and will keep
     available, solely for the purpose of issue upon the exercise of this
     Warrant, a sufficient number of shares of Common Stock to permit the
     exercise hereof in full.

          (c) No holder of this Warrant, as such, shall be entitled to vote or
     receive dividends with respect to the shares of Common Stock subject to
     this Warrant or be deemed to be a shareholder of the Corporation for any
     purpose until such Common Stock has been issued.

          (d) This Agreement shall constitute the entire agreement contemplated
     by the Corporation and the Warrant Holder and may be amended only by an
     instrument in writing executed by the party against whom enforcement of the
     amendment is sought.

          (e) This Agreement may be executed in counterparts, each of which
     shall be deemed an original, but all of which shall constitute one and the
     same instrument.

          (f) This Agreement shall be governed by and construed and enforced in
     accordance with the laws of the State of Georgia.

            [The remainder of this page is intentionally left blank.]

                                        5
<PAGE>

     IN  WITNESS WHEREOF, the Corporation has caused this Agreement to be signed
by its duly authorized officers and its corporate seal to be affixed hereto, and
the Warrant Holder has executed this Agreement under seal, all as of the day and
year  first  above  written.

                                  LEE  COUNTY  BANCSHARES,  INC.

                                  By:
                                     ------------------------------------

                                  Print Name:
                                             ----------------------------

                                  Title:
                                        ---------------------------------

                                  WARRANT HOLDER

                                  ------------------------------------(SEAL)

                                  Print Name:
                                             -------------------------------

                                        6
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]