Document:

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                                  EXHIBIT 10.1

                                   TIME NOTE

$12,000,000                                            Date: as of July 18, 2000
Chicago, Illinois                                            Due: August 1, 2005

    On or before August 1, 2005, SPECTRUM BANCORPORATION, INC. (the "Maker"),
whose address is 10834 Old Mill Road, Suite One, Omaha, Nebraska 68154, for
value received, promises to pay to the order of LASALLE BANK NATIONAL
ASSOCIATION (hereinafter, together with any holder thereof, called the "Bank"),
whose address is 135 South LaSalle Street, Chicago, Illinois 60603, the
principal sum of TWELVE MILLION DOLLARS ($12,000,000) or if less, the aggregate
unpaid principal amount of all loans made by the Bank to the Maker.

    A principal payment of $1,000,000 shall be paid on August 1, 2001 and each
August 1 thereafter with the full principal amount then outstanding being due
and payable on August 1, 2005.

    INTEREST RATE; INTEREST PAYMENTS.  The outstanding principal amount of this
Note outstanding from time to time shall bear interest at the Interest Rate (as
defined below). Interest shall be calculated on the basis of a year consisting
of 360 days and shall be paid for the actual number of days elapsed. As used
herein, the phrase "Interest Rate" shall mean either of the following rates as
selected by the Maker from time to time or, in the case of the Fixed Rate, at
the time of advance.

    (A)  PRIME RATE LOANS.  (i) If selected by the Maker, interest on all or a
portion of this Note may bear interest at the Prime Rate per annum. As used
herein, the phrase "Prime Rate" means the rate in effect from time to time as
set by the Bank and called its Prime Rate. The effective date of any change in
the Prime Rate shall for purposes hereof be the date the rate is changed by the
Bank. The Bank shall not be obligated to give notice of any change in the Prime
Rate.

    (ii) Interest on the portion of the unpaid principal balance bearing
interest at the Prime Rate shall be payable quarterly in arrears, commencing on
November 1, 2000 and continuing on the 1st day of each February, May, August and
November thereafter and at maturity. Any amount of principal or interest on
advances bearing interest at the Prime Rate which is not paid when due, whether
at the stated maturity, by acceleration or otherwise, shall bear interest
payable on demand at a fluctuating interest rate per annum equal at all times to
the Prime Rate plus two percent (2%) (the "Default Rate").

    (B)  LIBOR LOANS.  (i) If selected by the Maker, all or a portion of this
Note may bear interest at the LIBOR Rate (as defined below) per annum plus one
and one-half of one percent (1.5%). At any time and from time to time the Maker
may identify no more than three portions of the outstanding principal balance of
the Note which bear interest at the LIBOR Rate. Each LIBOR Rate loan must equal
a minimum of $250,000 or an integral multiple thereof. As used herein, the
phrase "LIBOR Rate" means the per annum rate of interest at which U.S. dollar
deposits in an amount comparable to the amount of the relevant LIBOR Rate loan
and for a period equal to the relevant "Interest Period" (hereinafter defined)
are offered generally to the Bank (rounded upward

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if necessary, to the nearest 1/16 of 1.00%) in the London Interbank
Eurodollar market at 11:00 a.m. (London time) two banking days prior to the
commencement of each Interest Period, such rate to remain fixed for such
Interest Period; and "Interest Period" shall mean successive one, two, three
or six month periods as selected from time to time by the Maker by notice
given to the Bank not less than three banking days prior to the first day of
each respective Interest Period; provided that: (a) each such one, two, three
or six month period occurring after such initial period shall commence on the
day on which the next preceding period expires; (b) the final Interest Period
shall be such that its expiration occurs on or before the stated maturity
date of the Note; and (c) if for any reason the Maker shall fail to select an
Interest Period on a timely basis, then it shall be deemed to have selected a
one month Interest Period, with the exception that if at any time an Interest
Period expires less than one month before the maturity date of the Note,
then, for the period commencing on such expiration date and ending on the
maturity date, such LIBOR Rate loan shall convert to a loan bearing interest
at the Prime Rate.

    (ii) Interest on each LIBOR Rate loan shall be payable on (a) the last
banking day of each Interest Period with respect thereto, (b) the date of any
principal repayment of this Note, and (c) at maturity of this Note except that
in the event the Maker shall have selected a six-month Interest Period, interest
shall be payable at the end of the third month during such Interest Period and
at the end of such Interest Period. Any amount of principal or interest on
advances bearing interest at the LIBOR Rate which is not paid when due, whether
at the stated maturity, by acceleration or otherwise, shall bear interest
payable on demand at the Default Rate.

   (iii) The Bank's determination of LIBOR as provided above shall be
conclusive, absent manifest error. Furthermore, if the Bank determines, in good
faith (which determination shall be conclusive, absent manifest error), prior to
the commencement of any Interest Period that (a) U.S. dollar deposits of
sufficient amount and maturity for funding any LIBOR Rate loan are not available
to the Bank in the London Interbank Eurodollar market in the ordinary course of
business, or (b) by reason of circumstances affecting the London Interbank
Eurodollar market, adequate and fair means do not exist for ascertaining the
rate of interest to be applicable to the relevant LIBOR Rate loan, the Bank
shall promptly notify the Maker and such LIBOR Rate loan shall automatically
convert on the last day of its then-current Interest Period to a loan bearing
interest at the Prime Rate. If, after the date hereof, the introduction of, or
any change in any applicable law, treaty, rule, regulation or guideline or in
the interpretation or administration thereof by any governmental authority or
any central bank or other fiscal, monetary or other authority having
jurisdiction over the Bank or its lending office (a "Regulatory Change"), shall,
in the opinion of counsel to the Bank, makes it unlawful for the Bank to make or
maintain any LIBOR Rate loan evidenced hereby, then the Bank shall promptly
notify the Maker and such LIBOR Rate loan shall automatically convert on the
last day of its then-current Interest Period to a loan bearing interest at the
Prime Rate.

    (iv) If, for any reason, any LIBOR Rate loan is paid prior to the last
banking day of its then current Interest Period, the Maker agrees to indemnify
the Bank against any loss (including any loss on redeployment of the funds
repaid), cost or expense incurred by the Bank as a result of such prepayment. If
any Regulatory Change (whether or not having the force of law) shall
(a) impose, modify or deem applicable any assessment, reserve, special deposit
or similar requirement against assets held by, or deposits in or for the account
of or loans by, or any other

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acquisition of funds or disbursements by, the Bank; (b) subject the Bank or
any LIBOR Rate loan to any tax, duty, charge, stamp tax or fee or change the
basis of taxation of payments to the Bank of principal or interest due from
the Maker to the Bank hereunder (other than a change in the taxation of the
overall net income of the Bank); or (c) impose on the Bank any other
condition regarding such LIBOR Rate loan or the Bank's funding thereof, and
the Bank shall determine (which determination shall be conclusive, absent
manifest error) that the result of the foregoing is to increase the cost to
the Bank of making or maintaining such LIBOR Rate loan or to reduce the
amount of principal or interest received by the Bank hereunder, then the
Maker shall pay to the Bank, on demand, such additional amounts as the Bank
shall, from time to time, determine are sufficient to compensate and
indemnify the Bank for such increased cost or reduced amount.

    (C)  FIXED RATE.  If selected by the Maker at the time of advance, interest
on such portion of this Note being advanced may bear interest at a fixed rate
agreed at such time by the Bank and the Maker (the "Fixed Rate").

    If the Maker shall fail to indicate an interest rate option as aforesaid for
any loan advance, such advance shall be deemed to bear interest at the Prime
Rate option as set forth above.

PRINCIPAL PREPAYMENTS.  (i) The Maker may voluntarily prepay the principal
balance of this Note in whole or in part, in increments of no less than
$100,000, or multiples thereof, from time to time, on any interest payment
date, without penalty, if the Prime Rate loan or LIBOR loan selection is
made, or some combination thereof. If the Fixed Rate option is selected, the
Maker may voluntarily prepay the principal balance of this Note, but only in
whole at any time on or after the date hereof, subject to the following
conditions:

    (A) Not less than thirty (30) days prior to the date upon which the Maker
desires to make such prepayment, the Maker shall deliver to the Bank written
notice of its intention to prepay, which notice shall be irrevocable and state
the prepayment amount and the prepayment date (the "Prepayment Date");

    (B) With respect to a prepayment of principal balance subject to interest at
a Fixed Rate, the Maker shall pay to the Bank, concurrently with such
prepayment, a prepayment premium (the "Prepayment Premium") equal to the greater
of (1) the Yield Amount (as hereinafter defined) or (2) the Fixed Amount (as
hereinafter defined); and

    (C) The Maker shall pay to the Bank all accrued and unpaid interest on this
Note through the date of such prepayment on the principal balance being prepaid.

    (ii) The Maker acknowledges that, if the Fixed Rate option was selected, the
loan was made on the basis and assumption that the Bank would receive the
payments of principal and interest set forth herein for the full term thereof.
Therefore, whenever the maturity of this Note has been accelerated by the Bank
by reason of the occurrence of default, there shall be due, in addition to the
outstanding principal balance, accrued interest and other sums due hereunder,
the Prepayment Premium on the principal balance subject to interest at the Fixed
Rate.

   (iii) The "Fixed Amount" shall mean one percent (1.00%) of the amount
prepaid.

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    (iv) The "Yield Amount" shall be the amount calculated as follows:

    (A) There shall first be determined, as of the Prepayment Date, the amount,
if any, by which the Interest Rate exceeds the yield to maturity percentage (the
"Current Yield") for the United States Treasury Note closest in maturity to the
maturity date (the "Treasury Note") as published in The Wall Street Journal on
the fifth business day preceding the Prepayment Date. If publication of (1) The
Wall Street Journal, or (2) the Current Yield of the Treasury Note in The Wall
Street Journal, is discontinued, the Bank, in its sole discretion, shall
designate another daily financial or governmental publication of national
circulation to be used to determine the Current Yield;

    (B) The difference calculated pursuant to clause (iv)(A) above shall be
multiplied by the outstanding principal balance of this Note subject to interest
at the Fixed Rate as of the Prepayment Date;

    (C) The product calculated pursuant to clause (iv)(B) above shall be
multiplied by the quotient, rounded to the nearest one-hundredth of one percent,
obtained by dividing (1) the number of days from and including the Prepayment
Date to and including the maturity date, by (2) 365; and

    (D) The product calculated pursuant to clause (iv)(C) above shall be
discounted at the annual rate of the Current Yield to the present value thereof
as of the Prepayment Date, on the assumption that said sum would be received in
equal monthly installments on each monthly anniversary of the Prepayment date
prior to the maturity date, with the final such installment to be deemed
received on the maturity date.

    provided that the Maker shall not be entitled in any event to a credit
against, or a reduction of, the indebtedness being prepaid if the Current Yield
exceeds the Interest Rate or for any other reason.

    The Maker hereby authorizes the Bank to charge any account of the Maker for
all sums due hereunder. Principal payments submitted in funds not available
until collected shall continue to bear interest until collected. If payment
hereunder becomes due and payable on a Saturday, Sunday or legal holiday under
the laws of the United States or the State of Illinois, the due date thereof
shall be extended to the next succeeding business day, and interest shall be
payable thereon at the rate specified during such extension.

    As security for the payment of this Note and any and all other liabilities
and obligations of the Maker (and of any partnership in which the Maker is or
may be a partner) to the Bank, howsoever created, arising or evidenced, and
howsoever owned, held or acquired, whether now or hereafter existing, whether
now due or to become due, whether direct or indirect, or absolute or contingent,
and whether several, joint or joint and several (all of which liabilities and
obligations, including this Note, are hereinafter called the "Obligations"), the
Maker does hereby pledge, assign, transfer and deliver to the Bank and does
hereby grant to the Bank a continuing security interest in and to any property
of the Maker, of any kind or description, tangible or

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intangible, now or hereafter assigned, transferred or delivered to or left in
or coming into the possession, control or custody of, or in transit to, the
Bank or any agent or bailee for the Bank, by or for the account of the Maker,
whether expressly as collateral security or for any other purpose, including,
without limitation, all property left with the Bank whether held in a general
or special account or for safekeeping or otherwise, all dividends, interest,
or other rights in connection with any securities included in said property
coming into the possession of the Bank in any way and any property covered by
a security agreement signed or assigned by the Maker in favor of the Bank,
including, but not limited to: (1) cash, accounts, inventory, negotiable
instruments, documents of title, chattel paper, certificates of deposit,
securities, deposit accounts, other cash equivalents and all other property
of whatever description of the Maker, whether now existing or hereafter
acquired, and now or hereafter in the possession or control of or assigned to
the Bank, and the products and proceeds therefrom, including the proceeds of
insurance thereon; and (2) the additional property of the Maker, whether now
existing or hereafter arising or acquired, together with any substitutions
therefor, accessions thereto, or dividends and proceeds therefrom, set forth
as follows:

       100% of the shares of Citizens Bank, Mt. Ayr, Iowa; Citizens Bank
       of Princeton, Princeton, Missouri; Iowa State Bank; United
       National Bank of Iowa and Citizens Bank, Chariton, Iowa. (It is
       anticipated that Citizens Bank, Chariton, Iowa; Iowa State Bank
       and United National Bank of Iowa will be merged into Citizens
       Bank, Mt. Ayr, Iowa.)

       97.9% of the shares of F&M Bank.

       95% of the shares of Citizens Bank, Carlisle, Iowa

       90% of the shares of Rushmore Bank & Trust

       and any and all dividends, stock splits, interest or other rights
       issued or granted to the Maker in connection with any of the
       above-listed shares.

All of the aforesaid property and the products and proceeds therefrom, including
the proceeds of insurance thereon, are herein collectively called the
"Collateral". The terms used herein to identify the Collateral shall have the
respective meanings assigned to such terms as of the date hereof in the Illinois
Uniform Commercial Code. The cancellation or surrender of this Note, upon
payment or otherwise, shall not affect the right of the Bank to retain the
Collateral for any other of the Obligations.

    The Maker agrees to deliver to the Bank immediately upon its demand, such
other collateral as the Bank may request, from time to time, should the value,
in the Bank's sole discretion, of the Collateral decline, deteriorate,
depreciate or become impaired, or should the Bank deem itself insecure for any
reason whatsoever, including, but not limited to, a change in the financial
condition of the Maker, or any other party liable with respect to the
Obligations, and does hereby grant to the Bank a continuing security interest in
such other collateral, which, when pledged, assigned and transferred to the Bank
shall be and become part of the Collateral. The Bank's security interests in
each of the foregoing Collateral shall be valid, complete and perfected

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whether or not the same shall be covered by a specific assignment.

    The Bank shall have exercised reasonable care in the custody and
preservation of the Collateral if it takes such action for that purpose as
the Maker shall reasonably request in writing, provided that such request
shall not be inconsistent with the Bank's status as a secured party, but the
failure to comply with any such request shall not be deemed a failure to
exercise reasonable care. No failure of the Bank to preserve or protect any
rights with respect to the Collateral against prior or third parties, or to
do any act with respect to preservation of the Collateral, not so requested
by the Maker, shall be deemed a failure to exercise reasonable care in the
custody or preservation of the Collateral. The Maker shall have the sole
responsibility for taking such action as may be necessary, from time to time,
to preserve all rights of the Maker and the Bank in the Collateral against
prior or third parties. Without limiting the generality of the foregoing,
where Collateral consists in whole or in part of securities, the Maker
represents to, and covenants with, the Bank that the Maker has made
arrangements for keeping informed of changes or potential changes affecting
the securities (including, but not limited to, rights to convert, rights to
subscribe, payment of dividends, reorganization or other exchanges, tender
offers and voting rights), and the Maker agrees that the Bank shall have no
responsibility or liability for informing the Maker of any such or other
changes or potential changes or for taking any action or omitting to take any
action with respect thereto.

    All Obligations of the Maker and all rights, powers and remedies of the
Bank, expressed herein shall be in addition to, and not in limitation of, those
provided by law or in any written agreement or instrument (other than this Note)
relating to any of the Obligations or any security therefor. In addition to all
other rights possessed by it, the Bank may, from time to time, whether before or
after default (as hereinafter provided), at its sole discretion, and without
notice to the Maker, take any or all of the following actions: (1) transfer the
whole or any part of securities which may constitute Collateral into the name of
itself or its nominee without disclosing, if the Bank so desires, that such
securities so transferred are subject to the security interests granted
hereunder, and any corporation or association, or any of the managers or
trustees of any trust, issuing any of said securities, or any transfer agent,
shall not be bound to inquire, in the event that the Bank or said nominee makes
any further transfer of said securities, or any portion thereof, as to whether
the Bank or the nominee of the Bank has the right to make such further transfer,
and shall not be liable for transferring the same; (2) notify any obligors on
any of the Collateral to make payment to the Bank of any amounts due or to
become due with respect thereto; (3) enforce collection of any of the Collateral
by suit or otherwise, or surrender, release or exchange all or any part thereof;
(4) take possession or control of any proceeds and products of any of the
Collateral, including the proceeds of insurance thereon; (5) extend or renew or
modify for one or more periods (whether or not longer than the original period)
this Note, or any other of the Obligations, or any obligation of any nature of
any obligor with respect to this Note, or any other of the Obligations, or any
of the Collateral, and grant any releases, compromises or indulgences with
respect to this Note, or any other of the Obligations, or any extension or
renewal thereof, or any security therefor, or to any obligor hereunder or
thereunder; (6) vote the Collateral; (7) make an election with respect to the
Collateral under Section 1111 of the United States Bankruptcy Code or take
action under Section 364 or any other section of the United States Bankruptcy
Code, now existing or hereafter amended; provided, however, that any such action
of the Bank as herein set forth shall not, in any manner whatsoever, impair or
affect the liability

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hereunder, nor prejudice, nor waive, nor be construed to impair, affect,
prejudice or waive the Bank's rights and remedies at law, in equity or by
statute, nor release or discharge, nor be construed to release or discharge,
the Maker, or any guarantor or other person, firm, corporation or other
entity liable to the Bank for the Obligations and indebtedness, whether now
existing or hereafter created or arising; (8) at any time, and from time to
time, accept additions to, releases, reductions, exchanges or substitution of
the Collateral, without in any way altering, impairing, diminishing or
affecting the provisions of this Note, or any of the other Obligations, or
the Bank's rights hereunder and under any of the other Obligations.

    The Maker, without notice or demand of any kind, shall be in default
hereunder if: (1) any amount payable on any of the Obligations, or on the
obligations of any obligor hereunder, is not paid when due; or (2) the Maker
shall otherwise fail to perform any of the promises to be performed by the
Maker, hereunder or under any other security agreement or other agreement
with the Bank; or (3) the Maker, or any person who is or shall become
primarily or secondarily liable for any of the Obligations, who is a natural
person, dies; or (4) the Maker, or any other party liable with respect to the
Obligations, or any guarantor or accommodation endorser or third party
pledgor, shall make any assignment for the benefit of creditors, or there
shall be commenced any bankruptcy, receivership, insolvency, reorganization,
dissolution or liquidation proceedings by or against, or the entry of any
judgment, levy, attachment, garnishment or other process, or the filing of
any lien against the Maker or any guarantor, or any other party liable with
respect to the Obligations, or accommodation endorser or third party pledgor
for any of the Obligations, or against any of the Collateral or any of the
collateral under a separate security agreement signed by any one of them; or
(5) there be any deterioration or impairment of any of the Collateral
hereunder or any of the collateral under any security agreement executed by
the Maker, or any other party liable with respect to the Obligations, or any
guarantor or accommodation endorser or third party pledgor for any of the
Obligations, or any decline or depreciation in the value or market price
thereof (whether actual or reasonably anticipated), which causes said
Collateral or collateral in the sole opinion of the Bank acting in good
faith, to become unsatisfactory as to value or character, or which causes the
Bank to reasonably believe that it is insecure and that the likelihood for
repayment of the Obligations is or will soon be impaired, time being of the
essence; or (6) there is a discontinuance by any guarantor of any guaranty of
Obligations hereunder; or (7) the determination by the Bank that a material
adverse change has occurred in the financial condition of the Maker from the
condition set forth in the most recent financial statement of the Maker
furnished to the Bank, or from the financial condition of the Maker most
recently disclosed to the Bank in any manner; or (8) any oral or written
warranty, representation, certificate or statement of the Maker to the Bank
is untrue; or (9) the failure to do any act necessary to preserve and
maintain the value and collectability of the Collateral; or (10) failure of
the Maker after request by the Bank to furnish financial information or to
permit inspection by the Bank of the Maker's books and records; or (11) any
guarantor of this Note or of any of the other Obligations shall contest the
validity of such guaranty; or (12) the occurrence of any material adverse
event which causes a change in the financial condition of the Maker, or which
would have a material adverse effect on the business of the Maker; or (13)
any of Citizens Bank, Carlisle, Iowa; Citizens Bank, Mt. Ayr, Iowa; Citizens
Bank of Princeton, Princeton, Missouri; Iowa State Bank; United National Bank
of Iowa; F & M Bank and Rushmore Bank & Trust (each a "Subsidiary" and
collectively, the "Subsidiaries") fails to maintain such capital as is
necessary to cause such Subsidiary to be classified as a "well capitalized"
institution in accordance with the regulations of

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the Federal Deposit Insurance Corporation, currently measured on the basis of
information filed by such Subsidiary in its quarterly Consolidated Report of
Income and Condition (the "Call Report"); or (14) the ratios of the loan and
lease loss reserve to total loans of any Subsidiary is less than 1% at any
one time or for the combined Subsidiaries is less than 1.20% at any time; or
(15) the ratio of nonperforming loans to primary capital of the combined
Subsidiaries is more than 20% at any time (For purposes of this section,
"primary capital" shall mean the sum of the common stock, surplus and
retained earning accounts plus the reserve for loan and lease losses, and
nonperforming loans" shall mean the sum of all non-accrual loans and loans on
which any payment is 90 or more days past due); or (16) the net loan
charge-off ratio of the combined Subsidiaries exceeds 0.35%; or (17) the
combined return on assets of the Subsidiaries, determined on the basis of
information filed in their Call Reports, is less than 1%; or (18) the Maker
creates, assumes, incurs or in any manner becomes liable in respect of any
indebtedness for borrowed money other than unsecured loans from one or more
stockholders of the Maker; or (19) the Maker redeems any of its capital stock
in excess of an aggregate of $100,000 in any one calendar year, declares a
stock dividend or split or otherwise changes the capital structure of the
Maker or any Subsidiary without the prior written approval of the Bank or
(20) the combined equity capital of the Subsidiaries is less than $55,000,000
as determined in accordance with generally accepted accounting principles.

    Whenever the Maker shall be in default as aforesaid, without demand or
notice of any kind, the entire unpaid amount of all Obligations shall become
immediately due and payable, and: (1) the Bank may sell all or any of the
Collateral at public or private sale, upon such terms and conditions as the
Bank may deem proper, and the Bank may purchase any or all of the Collateral
at any such sale, and the Bank may apply the net proceeds, after deducting
all costs, expenses, attorneys' and paralegals' fees incurred or paid at any
time in the collection, protection and sale of the Collateral and the
Obligations, to the payment of this Note and/or any of the other Obligations,
returning the excess proceeds, if any, to the Maker, the Maker remaining
liable for any amount remaining unpaid after such application, with interest;
and (2) the Bank may exercise, from time to time, any and all rights and
remedies available to it under the Uniform Commercial Code of Illinois, or
otherwise available to it, including those available under any written
instrument (in addition to this Note) relating to any of the Obligations or
any security therefor, and may, without demand or notice of any kind,
appropriate and apply toward the payment of such of the Obligations, whether
matured or unmatured, including costs of collection and attorneys' and
paralegals' fees and in such order of application as the Bank may, from time
to time, elect, any balances, credits, deposits, accounts or moneys of the
Maker in possession, control or custody of, or in transit to the Bank. Any
notification of intended disposition of any of the Collateral required by law
shall be conclusively deemed reasonably and properly given if given at least
five (5) calendar days before such disposition hereby confirming, approving
and ratifying all acts and deeds of the Bank relating to the foregoing, and
each part thereof.

    THE MAKER WAIVES THE BENEFIT OF ANY LAW THAT WOULD OTHERWISE RESTRICT OR
LIMIT THE BANK IN THE EXERCISE OF ITS RIGHT, WHICH IS HEREBY ACKNOWLEDGED, TO
APPROPRIATE WITHOUT NOTICE AND REGARDLESS OF THE COLLATERAL, AT ANY TIME
HEREAFTER, ANY INDEBTEDNESS MATURED OR UNMATURED, OWING FROM THE BANK TO THE
MAKER. THE BANK MAY, FROM TIME TO TIME, WITHOUT DEMAND OR NOTICE OF ANY KIND,
APPROPRIATE AND APPLY TOWARD

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THE PAYMENT OF SUCH OF THE OBLIGATIONS, AND IN SUCH ORDER OF APPLICATION, AS
THE BANK MAY, FROM TIME TO TIME, ELECT ANY AND ALL SUCH BALANCES, CREDITS,
DEPOSITS, ACCOUNTS, MONEYS, CASH EQUIVALENTS AND OTHER ASSETS, OF OR IN THE
NAME OF THE MAKER, THEN OR THEREAFTER WITH THE BANK. THE MAKER DOES HEREBY
ASSIGN AND TRANSFER TO THE BANK ANY AND ALL CASH, NEGOTIABLE INSTRUMENTS,
DOCUMENTS OF TITLE, CHATTEL PAPER, SECURITIES, CERTIFICATES OF DEPOSIT,
DEPOSIT ACCOUNTS, OTHER CASH EQUIVALENTS AND OTHER ASSETS OF THE MAKER IN THE
POSSESSION OR CONTROL OF THE BANK FOR ANY PURPOSE.

    THE MAKER WAIVES EVERY DEFENSE, CAUSE OF ACTION, COUNTERCLAIM OR SETOFF
WHICH THE MAKER MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE BANK IN
ENFORCING THIS NOTE AND/OR ANY OF THE OTHER OBLIGATIONS, OR THE COLLATERAL AND
RATIFIES AND CONFIRMS WHATEVER THE BANK MAY DO PURSUANT TO THE TERMS HEREOF AND
WITH RESPECT TO THE COLLATERAL AND AGREES THAT THE BANK SHALL NOT BE LIABLE FOR
ANY ERROR OF JUDGMENT OR MISTAKES OF FACT OR LAW. THE BANK AND THE MAKER
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE IRREVOCABLY, THE RIGHT EITHER MAY
HAVE TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OF THE OTHER
OBLIGATIONS, OR THE COLLATERAL, OR ANY AGREEMENT, EXECUTED OR CONTEMPLATED TO BE
EXECUTED IN CONJUNCTION HEREWITH OR ANY COURSE OF CONDUCT OR COURSE OF DEALING,
IN WHICH THE BANK AND THE MAKER ARE ADVERSE PARTIES. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE BANK GRANTING ANY FINANCIAL ACCOMMODATION TO THE
MAKER.

    The Maker, and any other party liable with respect to the Obligations,
any guarantors, and any and all endorsers and accommodation parties, and each
one of them, waive any and all presentment, demand, notice of dishonor,
protest, and all other notices and demands in connection with the enforcement
of the Bank's rights hereunder, and hereby consent to, and waive notice of
release, with or without consideration, of any Collateral. No default shall
be waived by the Bank except in writing. No delay on the part of the Bank in
the exercise of any right or remedy shall operate as a waiver thereof, and no
single or partial exercise by the Bank of any right or remedy shall preclude
other or further exercise thereof, or the exercise of any other right or
remedy. This Note: (i) is valid, binding and enforceable in accordance with
its provisions, and no conditions exist to the legal effectiveness of this
Note; (ii) contains the entire agreement between the Maker and the Bank;
(iii) is the final expression of their intentions; and (iv) supersedes all
negotiations, representations, warranties, commitments, offers, contracts (of
any kind or nature, whether oral or written) prior to or contemporaneous with
the execution hereof. No prior or contemporaneous representations,
warranties, understandings, offers or agreements of any kind or nature,
whether oral or written, have been made by the Bank or relied upon by the
Maker in connection with the execution hereof. No modification, discharge,
termination or waiver of any of the provisions hereof shall be binding upon
the Bank, except as expressly set forth in a writing duly signed and
delivered on behalf of the Bank.

    The Maker agrees to pay all costs, legal expenses, attorneys' fees and
paralegals' fees of

<PAGE>

every kind, paid or incurred by the Bank in enforcing its rights hereunder,
including, but not limited to, litigation or proceedings initiated under the
United States Bankruptcy Code, or in respect to any other of the Obligations,
or in connection with the Collateral or in defending against any defense,
cause of action, counterclaim, setoff or crossclaim based on any act of
commission or omission by the Bank with respect to this Note or any other of
the Obligations or Collateral, or both, promptly on demand of the Bank or
other person paying or incurring the same.

    The Bank may at any time transfer this Note and the Bank's rights in any or
all of the Collateral, and the Bank thereafter shall be relieved from all
liability with respect to such Collateral.

    TO INDUCE THE BANK TO MAKE THE LOAN EVIDENCED BY THIS NOTE, THE MAKER
IRREVOCABLY AGREES THAT, ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT
OR IN CONSEQUENCE OF THIS NOTE OR ANY OTHER AGREEMENT WITH THE BANK, OR THE
COLLATERAL, SHALL BE INSTITUTED AND LITIGATED ONLY IN COURTS HAVING SITUS IN THE
CITY OF CHICAGO, ILLINOIS. THE MAKER HEREBY CONSENTS TO THE EXCLUSIVE
JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT LOCATED AND HAVING ITS
SITUS IN SAID CITY, AND WAIVES ANY OBJECTION BASED ON FORUM NONCONVENIENS. THE
MAKER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS, AND CONSENTS THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO THE MAKER AT THE ADDRESS INDICATED IN THE BANK'S RECORDS
IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.
FURTHERMORE, THE MAKER WAIVES ALL NOTICES AND DEMANDS IN CONNECTION WITH THE
ENFORCEMENT OF THE BANK'S RIGHTS HEREUNDER, AND HEREBY CONSENTS TO, AND WAIVES
NOTICE OF THE RELEASE, WITH OR WITHOUT CONSIDERATION, OF ANY COLLATERAL.

    No action shall be commenced by the Maker for any claim against the Bank
under the Obligations as herein defined unless a written notice specifically
setting forth said claim shall have been given to the Bank within thirty
(30) days after the occurrence of the event which the Maker alleges gave rise
thereto. Failure to give such notice shall constitute a waiver of any such
claim.

    The loan evidenced hereby has been made and this Note has been delivered
at the Bank's main office. This Note shall be governed and construed in
accordance with the laws of the State of Illinois, in which state it shall be
performed, and shall be binding upon the Maker and his respective heirs,
legal representatives, successors and assigns. If this Note contains any
blanks when executed by the Maker, the Bank is hereby authorized, without
notice to the Maker, to complete any such blanks according to the terms upon
which the loan or loans were granted. Wherever possible, each provision of
this Note shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Note shall be prohibited
by or be invalid under such law, such provision shall be severable, and be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remaining provisions of this Note. If more than one party
shall execute this Note, the term "Maker" as used herein shall mean all
parties signing this Note, and each one of them, and all such parties, their
respective heirs, executors,

<PAGE>

administrators, successors and assigns, shall be, jointly and severally,
obligated hereunder.

    NEGATIVE PLEDGE.  The Maker shall not create, assume, incur or suffer or
permit to exist any mortgage, pledge, encumbrance, security interest,
assignment, lien or charge of any kind or character upon any asset of the Maker
whether owned at the date hereof or hereafter acquired except (a) liens for
taxes, assessments or other governmental charges not yet due and payable,
(b) other liens charges and encumbrances incidental to the conduct of its
business or the ownership of its property and assets which were not incurred in
connection with the borrowing of money or the obtaining of an advance or credit,
and which do not in the aggregate materially detract from the value of its
property or assets or materially impair the use thereof in the operation of its
business, and (c) liens disclosed on the financial statements previously
delivered to the Bank.

    The Maker acknowledges and agrees that the lending relationship hereby
created with the Bank is and has been conducted on an open and arm's length
basis in which no fiduciary relationship exists and that the Maker has not
relied and is not relying on any such fiduciary relationship in consummating the
loan facility evidenced by this Note.

    As used herein, all provisions shall include the masculine, feminine,
neuter, singular and plural thereof, wherever the context and facts require such
construction and in particular the word "Maker" shall be so construed.

    IN WITNESS WHEREOF, the Maker has executed this Note on the date above set
forth.

                                          SPECTRUM BANCORPORATION, INC.

                                          By: Deryl F. Hamann
                                          Its: Chairman And CEO<PAGE>

                                  EXHIBIT 10.5

                                 CITIZENS BANK
                                 MT. AYR, IOWA

                                 June 30, 2000

TO:  Daniel A. Hamann

     RE:  Chairman's Phantom Stock Long-Term Incentive Plan (the "Plan")

Dear Dan:

          This letter shall constitute an agreement between you and Citizens
Bank, Mt. Ayr, Iowa (the "Bank"); shall supersede the Plan dated December 17,
1999 between yourself and Citizens Bank, Chariton, Iowa, which is to be
merged into this Bank; and shall supersede the Plan dated December 17, 1999
between yourself and this Bank.

          1.  OFFICE.  You have been appointed Chairman of the Bank and will
continue as such upon the merger into the Bank of Citizens Bank, Chariton,
Iowa State Bank, Hamburg and United National Bank of Iowa, Sidney. Your base
compensation will be determined and agreed from time to time.

          2.  STOCK OUTSTANDING.  There are 8,000 shares of common stock of
Bank outstanding. An undetermined number of additional common shares will be
issued upon conclusion of the merger. Other "deemed" shares are now
outstanding and others may be granted in the future.

          3.  PHANTOM STOCK.  As of January 1, 1998 you were "deemed" to have
been issued one hundred seventy-four (174) shares of common stock of Citizens
Bank, Chariton, or 2% of the outstanding shares, and one hundred sixty (160)
shares of common stock of this Bank, or 2% of the outstanding shares. Upon
conclusion of the merger, you will be deemed to have been issued 1.2% of the
shares to be outstanding upon conclusion of the merger. The Bank will
maintain a record of such "deemed" shares, but no actual acquisition of such
shares shall be made nor shall any shares be issued to you or on your
account. You shall pay nothing for the deemed shares nor shall the Bank pay
you or your beneficiaries anything therefor. Such deemed shares are solely
for the purpose of calculating accruals to your account pursuant to this
Agreement.

          4.  EARNINGS ACCRUAL.  Subject to paragraphs 5 and 6 hereof,
starting as of July 1, 2000, and ending as of the end of the month preceding
the month in which occurs the date of termination of your employment by Bank,
the Bank shall accrue an amount payable to you which shall be equal to the
total earnings per share of the Bank common shares which are deemed owned by
you for a full fiscal year as if you had in fact purchased such common shares
from the Bank; PROVIDED, in no event shall an amount be so accrued in excess
of 50% of the base salary paid to you in such fiscal year. In calculating
such earnings per share, the "deemed" common shares shall be divided into the
net after tax earnings of the Bank allocable to common stock (including all
"deemed" shares). Payment of cash dividends on common stock outstanding shall
not affect the amount allocated to the common shares "deemed" purchased by

<PAGE>

you. Amounts so accrued shall not bear interest. Any partial year accruals
shall be computed on an annualized basis.

          5.  MINIMUM GOALS.  The full accrual of earnings per deemed share
in any year will be made only if both the following minimum goals are
achieved: First, the net after-tax earnings of the Bank must exceed 1.3% of
average daily assets of the Bank. Second, the net after-tax earnings of the
Bank must exceed the prior year's net after-tax earnings by 10%; HOWEVER, if
this second goal is not achieved, and the current year's earnings exceed 1%
of average assets for the year, AND cumulative earnings of the Bank over the
5-year period ending with the most recent year exceed the cumulative earnings
which would have resulted from 10% compound annual earnings growth over such
5-year period, then the 10% earnings growth goal will be deemed to have been
met. If only one of the two goals is met, then one-half the earnings per
deemed share calculated under paragraph 4 hereof shall be accrued. If neither
goal is met, nothing shall be accrued. The Bank retains full discretionary
right to adjust earnings for any year from those otherwise shown on the
Bank's financial statements to, in its judgment, make the year's income
reasonably comparable to prior years and amortize or adjust for
extraordinary items. Without limitation, such adjustments may include
elimination of tax benefits due to carryover deductions or credits; change in
or correction of accounting methods, etc. Any such decision shall be made
within 45 days after the Bank's financial statements are furnished to it by
outside-auditors. If no change be so made in such time, the figures on the
Bank's financial statement prepared by outside auditors, audited or
unaudited, shall be used for all purposes of this Agreement, prepared under
generally accepted accounting practices, including amortization of intangible
assets. Should the Bank elect "S" status for federal income tax purposes, all
calculations shall be made for the purposes hereof as if the Bank continued
to be a "C" corporation.

          6.  MINIMUM EMPLOYMENT PERIOD TO VEST.  In the event your
employment by Bank is terminated for reasons other than death, disability or
becoming employed by a company or bank affiliated with Bank, within six
months after the effective date of the merger described herein, all amounts
accrued to your account after June 30, 2000 shall be forfeited. There shall
be no forfeiture of amounts accrued to your account prior to July 1, 2000. An
"affiliate" for these purposes shall be deemed a bank or company 25% or more
of the voting stock of which is owned or controlled, directly or indirectly
by or for any holder (legally or beneficially) of Bank common stock, or
collectively by any spouse, parent or descendant or trust for such spouse,
parent or descendent of such holder.

          7.  PAYMENT ON RETIREMENT OR DISABILITY.  The total amount accrued
to your account pursuant to paragraph 4 hereof shall be paid to you in 120
equal monthly installments, beginning on the 31st day of January following
the year in which you shall have terminated your employment with Bank, due to
retirement after having attained an age of not less than 65 years or due to
total and permanent disability as solely determined by the Bank
(disability"). In the event of termination of employment prior to age 65 for
reasons other than disability or death, the monthly payments shall begin in
January of the year following the year in which you attain age 65 unless the
Bank in its sole discretion elects to commence the payments at an earlier
date, based on the then present value of the accrued amounts.

          8.  PAYMENT ON DEATH.  In the event of your death prior to age 65,
the monthly payments under this Agreement shall commence in the second month
following the month during which death occurred and payment shall be made to
the beneficiaries designated by you in writing or, in the absence of such
designation, to your spouse if such spouse survives

<PAGE>

you, otherwise to your estate. In the event of your death when installments
from the accrual accounts have become payable because of retirement at or
after age 65, or due to disability, or due to attainment of age 65 when no
longer in the employment of the Bank, unpaid monthly installments shall
continue to be paid to your living designated beneficiaries or, if none are
so designated, to your estate. The Bank may discharge its obligations by
delivery of an annuity or prepaying the present value at the current rate for
ten year U.S. Government Bonds.

          9.  NO TRUST.  The amount credited to your account shall not be
held by Bank in trust, escrow or similar fiduciary capacity and neither you
nor any legal representative shall have any right against the Bank with
respect to any portion of the account, except as a general unsecured creditor
of the Bank.

         10.  SPENDTHRIFT CLAUSE.  Neither you nor any beneficiary entitled
to payment hereunder shall have any right to anticipate, alienate, sell,
transfer, assign or encumber any benefit or payment hereunder nor shall such
rights thereto be subject to attachment or other legal process for your or a
beneficiary's debts.

         11.  ANTI DILUTION AND DILUTION.  In the event of any common stock
split or common stock dividend by which shares of common stock are issued for
no new consideration, the number of shares "deemed" owned by you hereunder
shall be adjusted accordingly. If new common shares are sold at more or less
than the then book value (as determined under generally accepted accounting
principles), or if capital is contributed to the bank without the issuance of
shares, an appropriate adjustment (upward or downward) will be made to adjust
the number of outstanding shares for the purpose of these calculations, as if
the issued shares had been sold at book value as of the end of the calendar
quarter preceding the sale, or as if shares had been issued at book value in
consideration of such contributions of capital. (This paragraph shall not
apply to the shares to be issued as a result of the merger contemplated
herein.)

         12.  TERMINATION OF PLAN.  The Bank reserves the right at its sole
option to terminate the Plan at the end of any fiscal year of the Bank by
written notice to you prior to the end of such fiscal year, and, in such
event, the deemed shares shall be cancelled and no further accruals shall be
made with respect thereto. In the event of such termination, subject to
paragraphs 6 and 13 hereof all amounts accrued to your account shall be
vested in you.

         13.  COVENANT NOT TO SOLICIT CUSTOMERS.

              a.  DURING EMPLOYMENT.  During the period of your employment with
    the Bank, you shall not, directly or indirectly, solicit or work for
    existing Bank customers, or prospective customers with whom Bank is
    discussing a business relationship, for your own account, or for the account
    of one or more of Bank's competitors, with a view to providing, then or at a
    future date, goods or services of a nature similar to those provided by
    Bank.

              b.  AFTER EMPLOYMENT.  For a period of twenty-four (24) months
    following your separation from employment with Bank, voluntarily or
    involuntarily, with or without cause, you shall not solicit or work for,
    directly or indirectly, existing Bank customers with whom you actually did
    business and had personal contact, or prospective Bank customers with whom
    you actually discussed a business relationship and had personal contact, for
    your own account or for the account of one or more of the Bank's
    competitors, with a view to providing, then or at a future date, goods or
    services of a nature similar to those provided

<PAGE>

    by the Bank to those customers, or offered or presented by the Bank to those
    prospective customers. Termination or other separation of your employment
    with the Bank shall not affect the validity or enforceability of the
    provisions of this Covenant.

              c.  SCOPE OF COVENANT.  This Covenant shall apply only to the
    following: (1) Existing Bank customers with whom you actually did
    business and had personal contact; and (2) Prospective Bank customers
    with whom you actually discussed a business relationship and had personal
    contact. A prospective Bank customer is defined as any person or entity
    you have actively solicited during the 12-month period immediately prior
    to the termination of your employment with the Bank. This Covenant shall
    apply only to goods or services similar in nature to those offered by the
    Bank.

              d.  VIOLATIONS.  Should you violate this Covenant not to compete,
    any amounts otherwise due you pursuant to this Agreement shall be forfeited,
    and any amounts previously paid hereunder shall be refunded by you to the
    Bank. Bank may further exercise its rights against you or any third party,
    in law or in equity, in the event you solicit Bank customers in violation of
    this Agreement or applicable statutory provisions.

         14.    TRADE SECRETS.  The parties agree that the following
information, without limitation, shall constitute "trade secrets" for the
purposes of Iowa's Trade Secrets Act and that the Bank makes reasonable
efforts to maintain the secrecy of its information:

              a.  Names, addresses, telephone and fax numbers, account balances,
    loan balances, trust relationships, financial statements and credit reports
    concerning Bank customers.

              b.  The Bank's pricing models for loans, deposits and other
    financial services.

              c.  The Bank's expansion plans, whether through new geographic
    locations, proposed products and services, or through new means of
    distributions such as the internet.

              d.  The Bank's strategic and marketing plans.

         By accepting this Agreement, you agree not to disclose the Bank's
trade secrets to anyone except other Bank personnel (or personnel of
affiliates or vendors in ordinary course of business) in the course of your
employment with Bank during or for a period of two years following
termination of your employment by the Bank.

         In the event you disclose the Bank's trade secrets in violation of
this Agreement, all amounts otherwise due you hereunder shall be forfeited,
and any amounts previously paid hereunder shall be refunded by you to the
Bank. Bank may further exercise its rights against you or any third party, in
law or in equity, in the event you reveal the Bank's trade secrets in
violation of this Agreement or applicable statutory provisions.

         15.  NON-HIRE AGREEMENT.  In the event of termination of your
employment, voluntarily or involuntarily, with or without cause, you shall
not, for a period of twelve (12) months following such termination, hire,
seek to hire, or encourage your employer or any other person to

<PAGE>

hire any person who was an employee of the Bank on the date of announcement
to the Bank or to any such employee of termination or the decision to
terminate your employment. Further, you shall not attempt to induce any such
employee to leave the employ of the Bank to work for you or any other person,
firm or corporation during such period. Should you violate this non-hire
agreement, any amounts otherwise due you pursuant to this Agreement shall be
forfeited and any amounts previously paid hereunder shall be refunded by you
to the Bank. Bank may further exercise its rights against you or any third
party, in law or in equity, in the event you violate this non-hire agreement
in violation of this Agreement or applicable statutory provisions.

         16.  SALE/SEVERANCE.  In the event of the sale of Bank, then there
shall thereafter be no forfeiture under paragraph 13 of amounts otherwise due
you because of your engaging in any act set forth herein if your employment
by Bank was terminated: (a) involuntarily, or (b) voluntarily in the event
you shall have been demoted from the position of President of the Bank or if
your base salary shall have been reduced below the level at which it stood at
the beginning of the year in which such sale was concluded. For these
purposes, a "sale" shall be deemed to have occurred in the event that both of
the following occur:

    (i) Deryl F. Hamann, his family and trusts, corporations or other
    entities controlled by him or his family (including descendants and spouses
    of descendants of Deryl F. Hamann) collectively fail to own directly, or
    indirectly whether through a holding company, outright or in trust, in the
    aggregate, at least 51% of the Voting stock of the Bank, and

    (ii) There is at least 25% ownership of Bank vested in some other person
    or entity.

         17.  CAPTIONS.  The captions of the paragraphs are for
identification only and do not affect the meaning of the text.

         18.  BINDING ON PARTIES.  This Agreement shall be binding on and
inure to the benefit of the parties hereto, their heirs, personal
representatives and successors in interest.

         19.  GOVERNING LAW.  This Agreement shall be governed by the laws of
the State of Iowa.

         20.  PRIOR PLAN.  The Chairman's Phantom Stock Long-Term Incentive
Plan dated December 17, 1999 with Citizens Bank, Chariton and with Citizens
Bank, Mt. Ayr, shall govern all benefits to be accrued thereunder through
June 30, 2000, and benefits thereafter shall be accrued hereunder. The Bank
will assume obligations to you of Citizens Bank, Chariton following the
merger. The Provisions of this Agreement shall determine all matters
concerning the Plan, and accrued benefits.

         Please indicate your acceptance of the terms of this Agreement by
signing below.

                                              CITIZENS BANK, Mt. Ayr, Iowa

<PAGE>

                                                  By:  /s/ John L. Hendren
                                                       --------------------
                                                           President

Accepted:

/s/ Daniel A. Hamann
----------------------

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