Document:

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                                                                   EXHIBIT 10.11

                      AGREEMENT AND PLAN OF SHARE EXCHANGE

                                      AMONG

                                OLD FLORIDA BANK

                                       AND

                          OLD FLORIDA BANKSHARES, INC.
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                               TABLE OF CONTENTS

<TABLE>
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                                                                                                     Page
                                                                                                     ----
<S>                                                                                                 <C>
ARTICLE I - THE SHARE EXCHANGE ...................................................................... 1
        Section 1.1   Consummation of Share Exchange; Closing Date .................................. 1
        Section 1.2   Effect of Share Exchange ...................................................... 2
        Section 1.3   Directors and Officers ........................................................ 3
        Section 1.4   Articles of Incorporation and Bylaws .......................................... 3

ARTICLE II - CONVERSION OF BANK SHARES .............................................................. 3
        Section 2.1   Manner of Conversion of the Bank Shares ....................................... 3
        Section 2.2   The Bank Stock Options and Related Matters .................................... 4
        Section 2.3   Fractional Shares ............................................................. 4
        Section 2.4   Effectuating Conversion ....................................................... 5
        Section 2.5   Laws of Escheat ............................................................... 6
        Section 2.6   The Company Shares ............................................................ 6

ARTICLE III - CONDITIONS TO THE OBLIGATIONS OF THE BANK
                      AND THE COMPANY ............................................................... 6
        Section 3.1   Conditions to Obligation to Close ............................................. 7
                (a)   Conditions to Obligation of the Company ....................................... 7
                (b)   Conditions to Obligation of the Bank .......................................... 7

ARTICLE IV - TERMINATION ............................................................................ 8
        Section 4.1   Termination ................................................................... 8
                (a)   Termination of Agreement ...................................................... 8
                (b)   Effect of Termination ......................................................... 9

ARTICLE V - MISCELLANEOUS ........................................................................... 9
        Section 5.1   Miscellaneous ................................................................. 9
                (a)   Survival ...................................................................... 9
                (b)   No Third Party Beneficiaries .................................................. 9
                (c)   Entire Agreement .............................................................. 9
                (d)   Successors and Assigns ....................................................... 10
                (e)   Counterparts ................................................................. 10
                (f)   Headings ..................................................................... 10
                (g)   Governing Law ................................................................ 10
                (h)   Amendments and Waivers ....................................................... 10
                (i)   Severability ................................................................. 10
                (j)   Expenses ..................................................................... 11
                (k)   Construction ................................................................. 11
                (l)   Jurisdiction and Venue ....................................................... 11
                (m)   Remedies Cumulative .......................................................... 11
</TABLE>

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                      AGREEMENT AND PLAN OF SHARE EXCHANGE

                                     AMONG

                                OLD FLORIDA BANK

                                      AND

                          OLD FLORIDA BANKSHARES, INC.

         This Agreement and Plan of Share Exchange (the "Agreement") is dated as
of the 12th day of March, 2001, by and among Old Florida Bank, a state banking
corporation (the "Bank") and Old Florida Bankshares, Inc., a Florida corporation
(the "Company").

                                   BACKGROUND

         The respective Boards of Directors of the Bank and the Company deem it
in the best interests of the Bank and the Company, respectively, that the
Company acquire by operation of law all of the issued and outstanding capital
stock of the Bank pursuant to this Agreement (the "Share Exchange") and the
Boards of Directors of the parties have approved this Agreement and the Share
Exchange.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants, representations, warranties and agreements herein contained, the
parties agree as follows:

                                   ARTICLE I

                               THE SHARE EXCHANGE

         Section 1.1 Consummation of Share Exchange; Closing Date. (a) Subject
to the provisions hereof, all of the issued and outstanding shares of capital
stock of the Bank shall be acquired by the Company (which has heretofore and
shall hereinafter be referred to as the "Share Exchange") pursuant to Sections
607.1102 through 607.1106 of the Florida Business Corporation Act (the "FBCA"),
and Section 658.30 of the Florida Financial Institutions Code (the "Florida
Code") and the existence of the Bank shall continue after the Effective Time of
the Share Exchange (as defined below). The Share Exchange shall become effective
on the date and at the time on which the Share Exchange is deemed effective by
each of the Regulatory Authorities (as defined below) and appropriate Articles
of Share Exchange are filed with the appropriate authorities (such time is
hereinafter referred to as the "Effective Time of the Share Exchange"). Subject
to the terms and conditions hereof, unless otherwise agreed upon by the Bank and
the Company, the Effective Time of the Share Exchange shall occur on the 10th
business day following the later to occur of (i) the effective date (including
the expiration of any applicable waiting period) of the last required Consent
(as defined below) of any Regulatory Authority (as defined below) having
authority over the

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transactions contemplated pursuant to this Agreement, (ii) the date on which the
shareholders of the Bank approve the transactions contemplated by this
Agreement, and (iii) the date of the satisfaction or waiver of all other
conditions precedent to the transactions contemplated by this Agreement. As used
in this Agreement, "Consent" shall mean a consent, approval, authorization,
waiver, clearance, exemption or similar affirmation by any person pursuant to
any contract, permit, law, regulation or order, and "Regulatory Authorities"
shall mean, collectively, the Florida Department of Banking and Finance (the
"Florida Department"), the Office of Thrift Supervision ("OTS"), the Federal
Trade Commission (the "FTC"), the United States Department of Justice (the
"Justice Department"), the Board of Governors of the Federal Reserve System (the
"FRB"), the Federal Deposit Insurance Corporation (the "FDIC"), the National
Association of Securities Dealers, Inc., all national securities exchanges and
the Securities and Exchange Commission (the "SEC").

                  (b) The closing of the Share Exchange (the "Closing") shall
take place at the principal offices of the Bank at 10:00 a.m. local time on the
day that the Effective Time of the Share Exchange occurs, or such other date,
time and place as the parties may agree (the "Closing Date"). Subject to the
provisions of this Agreement, at the Closing there shall be delivered to each of
the parties hereto the opinions, certificates and other documents and
instruments required to be so delivered pursuant to this Agreement.

         Section 1.2 Effect of Share Exchange. From and after the Effective Time
of the Share Exchange:

                  (a) All issued and outstanding capital stock of the Bank,
subject to the rights of dissent prescribed by law, shall immediately, by
operation of law, and without any further conveyance or transfer, become the
property of the Company.

                  (b) The business presently conducted by the Bank shall,
subject to the actions of the Board of Directors and Officers of the Bank,
continue to be conducted by the Bank as a wholly-owned subsidiary of the
Company.

                  (c) The Bank shall continue to have all the rights,
privileges, immunities and powers and shall be subject to all the duties and
liabilities of a banking corporation organized under the laws of Florida, as the
Bank had immediately prior to the Effective Time of the Share Exchange. No
rights or obligations of the Bank shall be affected or impaired by the Share
Exchange.

                  (d) The shareholders of the Bank as of the Effective Time of
the Share Exchange shall have the rights set forth in Article II hereof.

         Section 1.3 Directors and Officers. From and after the Effective Time
of the Share Exchange and until their successors shall be duly elected and
qualified, the directors and officers of the Bank shall be those individuals who
were serving in such capacities immediately prior to the Effective Time of the
Share Exchange.

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         Section 1.4 Articles of Incorporation and Bylaws. The Articles of
Incorporation and Bylaws under which the Bank will operate following the
Effective Time of the Share Exchange shall, subject to the actions of the board
of directors and shareholders of the Bank, be those Articles of Incorporation
and Bylaws under which the Bank operated immediately prior to the Effective Time
of the Share Exchange.

                                   ARTICLE II

                           CONVERSION OF BANK SHARES

         Section 2.1 Manner of Conversion of the Bank Shares. Subject to the
provisions hereof, as of the Effective Time of the Share Exchange and by virtue
of the Share Exchange and without any further action on the part of the holder
of any shares of common stock of the Bank, par value $5.00 per share (the "the
Bank Shares"):

                 (a) All the Bank Shares which are held by the Bank as treasury
stock, if any, shall be canceled and retired and no consideration shall be paid
or delivered in exchange therefor.

                 (b) Subject to the terms and conditions of this Agreement,
including, without limitation, Section 2.3 hereof and except with regard to
Dissenting Bank Shares (as hereinafter defined), each Bank Share outstanding
immediately prior to the Effective Time of the Share Exchange shall be converted
into the right to receive one share of common stock of the Company, par value
$.0l per share (the "Company Shares"). The applicable amount of the Company
Shares issuable in the Share Exchange for each Bank Share pursuant to this
Section, as may be adjusted as provided herein, shall be hereinafter referred to
as the "Conversion Ratio." The Conversion Ratio, including the number of the
Company Shares issuable in the Share Exchange, shall be subject to an
appropriate adjustment in the event of any stock split, reverse stock split,
dividend payable in the Company Shares, reclassification or similar distribution
whereby the Company issues Company Shares or any securities convertible into or
exchangeable for the Company Shares without receiving any consideration in
exchange therefor, provided that the record date of such transaction is a date
after the date of this Agreement and prior to the Effective Time of the Share
Exchange.

                 (c) Each outstanding Bank Share, the holder of which has
perfected dissenters' rights in accordance with the provisions of Section
607.1301 through 607.1320 of the FBCA (the "Dissent Provisions") and has not
effectively withdrawn or lost such holder's right to such appraisal (the
"Dissenting Bank Shares"), shall not be converted into or represent a right to
receive the Company Shares issuable in the Share Exchange but the holder thereof
shall be entitled only to such rights as are granted by the Dissent Provisions.
The Bank shall give the Company prompt notice upon receipt by the Bank of any
written objection to the Share Exchange and any written demands for payment of
the fair or appraised value of the Bank Shares, and of withdrawals of such
demands, and any other instruments provided to the Bank pursuant to the Dissent
Provisions (any shareholder duly making such demand being hereinafter called a
"Dissenting Shareholder"). Each Dissenting Shareholder who becomes entitled,
pursuant to the Dissent Provisions, to payment of fair value of

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any Bank Shares held by such Dissenting Shareholder shall receive payment
therefor from the Surviving Bank (but only after the amount thereof shall have
been agreed upon or at the times and in the amounts required by the Dissent
Provisions) and all of such Dissenting Shareholder's Bank Shares shall be
canceled. If any Dissenting Shareholder shall have failed to perfect or shall
have effectively withdrawn or lost such right to demand payment of fair or
appraised value, the Bank Shares held by such Dissenting Shareholder shall
thereupon be deemed to have been converted into the right to receive the
consideration to be issued in the Share Exchange as provided by this Agreement.

         Section 2.2 The Bank Stock Options and Related Matters. As of the
Effective Time of the Share Exchange, all rights with respect to the Bank Shares
issuable pursuant to the exercise of stock purchase options ("the Bank Options")
granted by the Bank and which are outstanding at the Effective Time of Share
Exchange shall be converted into options for the Company Shares (the "Share
Exchange Options") in compliance with any restrictions contained in the plan or
agreement, if any, under which such the Bank Options were issued. Each holder of
a Bank Option shall have the right to acquire as of the Effective Time of the
Share Exchange a number of Company Shares equal to the product (rounded up to
the next whole share) of (i) the number of Bank Shares covered by such Bank
Option immediately prior to the Effective Time of the Share Exchange and (ii)
the Conversion Ratio; and the exercise price per share of the Company Shares at
which such the Bank Option is exercisable shall be an amount (rounded up to the
next whole cent) computed by dividing (i) the exercise price per share of the
Bank Shares at which such the Bank Option is exercisable immediately prior to
the Effective Time of the Share Exchange by (ii) the Conversion Ratio.

         Section 2.3 Fractional Shares. Notwithstanding any other provision of
this Agreement, each holder of Bank Shares converted pursuant to the Share
Exchange who would otherwise have been entitled to receive a fraction of a
Company Share (after taking into account all certificates delivered by such
holder), shall receive, in lieu thereof, cash (without interest) in an amount
equal to such fractional part of such the Company Share, multiplied by the book
value per Bank Share as of the end of the calendar month immediately preceding
or occurring on the Effective Time of the Share Exchange. No such holder shall
be entitled to dividends, voting rights or any other rights as a shareholder in
respect of any fractional share.

         Section 2.4 Effectuating Conversion. (a) The Company, or such other
institution as the Company may designate, shall serve as the exchange agent (the
"Exchange Agent"). The Exchange Agent may employ sub-agents in connection with
performing its duties. After the Effective Time of the Share Exchange, the
Company shall cause the Exchange Agent to deliver the consideration to be paid
by the Company for the Bank Shares, along with the appropriate cash payment in
lieu of fractional interests in the Company Shares. As promptly as practicable
after the Effective Time of the Share Exchange, the Exchange Agent shall send or
cause to be sent to each former holder of record of the Bank Shares transmittal
materials (the "Letter of Transmittal") for use in exchanging their certificates
formerly representing the Bank Shares for the consideration provided for in this
Agreement. The Letter of Transmittal shall contain instructions with respect to
the surrender of certificates representing the Bank Shares and the receipt of
the consideration contemplated by this

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Agreement and shall require each holder of the Bank Shares to transfer good and
marketable title to such Bank Shares to the Company, free and clear of all
liens, claims and encumbrances.

                  (b) At the Effective Time of the Share Exchange, the stock
transfer books of the Bank shall be closed as to holders of the Bank Shares
immediately prior to the Effective Time of the Share Exchange and no transfer of
the Bank Shares by any such holder shall thereafter be made or recognized and
each outstanding certificate formerly representing Bank Shares shall, without
any action on the part of any holder thereof, no longer represent Bank Shares.
If, after the Effective Time of the Share Exchange, certificates are properly
presented to the Company, such certificates shall be exchanged for the
consideration contemplated by this Agreement into which the Bank Shares
represented thereby were converted in the Share Exchange.

                  (c) In the event that any holder of Bank Shares is unable to
deliver the certificate which represents such holder's Bank Shares, the Company,
in the absence of actual notice that any Bank Shares theretofore represented by
any such certificate have been acquired by a bona fide purchaser, may, in its
discretion, deliver to such holder the consideration contemplated by this
Agreement and the amount of cash representing fractional Company Shares to which
such holder is entitled in accordance with the provisions of this Agreement upon
the presentation of all of the following:

                      (i)      An affidavit or other evidence to the reasonable
satisfaction of the Company that any such certificate has been lost, wrongfully
taken or destroyed;

                      (ii)     Such security or indemnity as may be reasonably
requested by the Company to indemnify and hold the Company harmless; and

                      (iii)    Evidence to the satisfaction of the Company
that such holder is the owner of the Bank Shares theretofore represented by each
certificate claimed by such holder to be lost, wrongfully taken or destroyed and
that such holder is the person who would be entitled to present each such
certificate for exchange pursuant to this Agreement.

                  (d) In the event that the delivery of the consideration
contemplated by this Agreement and the amount of cash representing fractional
Company Shares are to be made to a person other than the person in whose name
any certificate representing the Bank Shares surrendered is registered, such
certificate so surrendered shall be properly endorsed (or accompanied by an
appropriate instrument of transfer), with the signature(s) appropriately
guaranteed, and otherwise in proper form for transfer, and the person requesting
such delivery shall pay any transfer or other taxes required by reason of the
delivery to a person other than the registered holder of such certificate
surrendered or establish to the satisfaction of the Company that such tax has
been paid or is not applicable.

                  (e) No holder of the Bank Shares shall be entitled to receive
any dividends or distributions declared or made with respect to the Company
Shares with a record date before the

                                       5
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Effective Time of the Share Exchange. Neither the consideration contemplated by
this Agreement, any amount of cash representing fractional Company Shares nor
any dividend or other distribution with respect to the Company Shares where the
record date thereof is on or after the Effective Time of the Share Exchange
shall be paid to the holder of any unsurrendered certificate or certificates
representing the Bank Shares as provided for by this Agreement. Subject to
applicable laws, following surrender of any such certificate or certificates,
there shall be paid to the holder of the certificate or certificates then
representing the Company Shares issued in the Share Exchange, without interest
at the time of such surrender, the consideration contemplated by this Agreement,
the amount of any cash representing fractional Company Shares and the amount of
any dividends or other distributions with respect to the Company Shares to which
such holder is entitled as a holder of the Company Shares.

         Section 2.5 Laws of Escheat. If any of the consideration due or other
payments to be paid or delivered to the holders of the Bank Shares is not paid
or delivered within the time period specified by any applicable laws concerning
abandoned property, escheat or similar laws, and if such failure to pay or
deliver such consideration occurs or arises out of the fact that such property
is not claimed by the proper owner thereof, the Company shall be entitled to
dispose of any such consideration or other payments in accordance with
applicable laws concerning abandoned property, escheat or similar laws. Any
other provision of this Agreement notwithstanding, none of the Bank, or the
Company, nor any other person acting on their behalf shall be liable to a holder
of the Bank Shares for any amount paid or property delivered in good faith to a
public official pursuant to and in accordance with any applicable abandoned
property, escheat or similar law.

         Section 2.6 The Company Shares. The one Company Share issued and
outstanding at the Effective Time of the Share Exchange shall be cancelled and
thus shall not be outstanding after the Share Exchange.

                                   ARTICLE III

            CONDITIONS TO THE OBLIGATIONS OF THE BANK AND THE COMPANY

         Section 3.1 Conditions to Obligation to Close.

                 (a) Conditions to Obligation of the Company. The obligation of
the Company to consummate the transactions to be performed by it in connection
with the Closing are subject to satisfaction of the following conditions:

                     (i) This Agreement and the Share Exchange shall have
received the requisite approval of the shareholders of the Bank and the number
of Dissenting the Bank Shares shall not exceed 5% of the number of the Bank
Shares issued and outstanding immediately prior to the Effective Time of the
Share Exchange;

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                      (ii) The parties shall have procured all approvals,
authorizations and Consents, including but not limited to all necessary
consents, authorizations and approvals of Regulatory Authorities which, with
respect to those from the Regulatory Authorities, shall not contain provisions
which (A) unduly impair or restrict the operations, or would have a material
adverse effect on the condition, of the Company, or (B) render consummation of
the Share Exchange unduly burdensome, in each case as determined in the
reasonable discretion of the Company;

                      (iii) No action, suit, or proceeding shall be pending
or threatened before any court or quasi-judicial or administrative agency of any
federal, state, local, or foreign jurisdiction wherein an unfavorable judgment,
order, decree, stipulation, injunction, or charge could (A) prevent consummation
of any of the transactions contemplated by this Agreement, (B) cause any of the
transactions contemplated by this Agreement to be rescinded following
consummation, or (C) affect adversely the right after the Effective Time of the
Share Exchange of the Bank to own, operate, or control substantially all of the
assets and operations of the Bank and/or the Company to own, operate, or control
substantially all of the assets and operations of the Bank (and no such
judgment, order, decree, stipulation, injunction, or charge shall be in effect);

                      (iv) The Company shall have received an opinion
satisfactory in form and substance to it to the effect that, under applicable
provisions of the Internal Revenue Code of 1986, as amended, no gain or loss
will be recognized for federal income tax purposes by the Bank, the Company or
the shareholders of the Bank who receive Company Shares in the Share Exchange,
and as to the such other matters as the Company shall deem desirable (the "Tax
Opinion"); and

                      (v) The Company may waive any condition specified in
this Section at or prior to the Closing.

               (b)    Conditions to Obligation of the Bank. The obligations of
the Bank to consummate the transactions to be performed by it in connection with
the Closing is subject to satisfaction of the following conditions:

                      (i) This Agreement and the Share Exchange shall have
received the requisite approval of the shareholders of the Bank and the number
of Dissenting the Bank Shares shall not exceed 5% of the number of the Bank
Shares issued and outstanding immediately prior to the Effective Time of the
Share Exchange;

                      (ii) The parties shall have procured all of the third
party approvals, authorizations and Consents, including but not limited to all
necessary consents, authorizations and approvals of Regulatory Authorities
which, with respect to those from the Regulatory Authorities, shall not contain
provisions which (A) unduly impair or restrict the operations, or would have a
material adverse effect on the condition, of the Company, or (B) render
consummation of the Share Exchange unduly burdensome, in each case as determined
in the reasonable discretion of the Bank;

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                      (iii)  No action, suit, or proceeding shall be pending
or threatened before any court or quasi-judicial or administrative agency of
any federal, state, local, or foreign jurisdiction wherein an unfavorable
judgment, order, decree, stipulation, injunction, or charge could (A) prevent
consummation of any of the transactions contemplated by this Agreement, (B)
cause any of the transactions contemplated by this Agreement to be rescinded
following consummation, or (C) affect adversely the right after the Effective
Time of the Share Exchange of the Bank, to own, operate, or control
substantially all of the assets and operations of the Bank (and no such
judgment, order, decree, stipulation, injunction or charge shall be in effect);
and

                      (iv)   The Bank shall have received the Tax Opinion in a
form reasonably satisfactory to the Bank.

         The Bank may waive any condition specified in this Section at or prior
to the Closing.

                                   ARTICLE IV

                                   TERMINATION

         Section 4.1 Termination.

                  (a) Termination of Agreement. Any of the parties may terminate
this Agreement with the prior authorization of its Board of Directors (whether
before or after approval of its or any other party's shareholders) as provided
below:

                      (i)    The parties may terminate this Agreement by mutual
written consent at any time prior to the Effective Time of the Share Exchange;

                      (ii)   The Company may terminate this Agreement by giving
written notice to the Bank at any time prior to the Effective Time of the
Share Exchange in the event the Bank is in breach, and the Bank may terminate
this Agreement by giving written notice to the Company at any time prior to the
Effective Time of the Share Exchange in the event the Company is in breach, of
any representation, warranty, or covenant contained in this Agreement in any
material respect. Each party shall have the right to cure any such breach, if
such breach is capable of being cured, within 15 days after receipt of written
notice of such breach or within any such longer period mutually agreed to in
writing by the parties hereto ("Cure Period"); provided, however, that in no
event shall the Cure Period extend beyond March 31,2002;

                      (iii)  If a material adverse development shall have
occurred affecting the condition of the Company, the Bank may terminate this
Agreement by giving written notice to the Company;

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                      (iv)   If a material adverse development shall have
occurred affecting the condition of the Bank, the Company may terminate this
Agreement by giving written notice to the Bank; and

                      (v)    Any party may terminate this Agreement by giving
written notice to the other parties at any time after March 31,2002 if the
Effective Time of the Share Exchange has not yet then occurred and such
termination was approved by a two-thirds vote of such party's full Board of
Directors.

                  (b) Effect of Termination. If any party terminates this
Agreement pursuant to Section 4(a) above, all obligations of the parties
hereunder shall terminate without any liability of any party to any other party
(except for any liability of any party then in breach); provided, however, that
the expense provisions in 5(j) below, shall survive any such termination.

                                    ARTICLE V

                                 MISCELLANEOUS

         Section 5.1 Miscellaneous.

                  (a) Survival. None of the representations, warranties, and
covenants of the parties (other than the provisions in Article II above
concerning issuance of the Company Shares) shall survive the Effective Time of
the Share Exchange.

                  (b) No Third Party Beneficiaries. This Agreement shall not
confer any rights or remedies upon any person other than the parties and their
respective successors and permitted assigns; provided, however, that the
provisions in Article II above concerning issuance of the Company Shares are
intended for the benefit of the Bank shareholders.

                  (c) Entire Agreement. This Agreement (including the documents
referred to herein) constitutes the entire agreement among the parties and
supersedes any prior understandings, agreements, or representations by or among
the parties, written or oral, that may have related in any way to the subject
matter hereof.

                  (d) Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties named herein and their respective
successors and permitted assigns. No party may assign either this Agreement or
any of its rights, interests, or obligations hereunder without the prior written
approval of the other parties.

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

                                       9
<PAGE>

                  (f) Headings. The section headings contained in this Agreement
are inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

                  (g) Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Florida without
regard to principles of conflict of laws.

                  (h) Amendments and Waivers. To the extent permitted by law,
the parties may amend any provision of this Agreement at any time prior to the
Effective Time of the Share Exchange by a subsequent writing signed by each of
the parties upon the approval of their respective Boards of Directors; provided,
however, that after approval of this Agreement by a party's shareholders, there
shall be made no amendment in the Conversion Ratio in a manner that adversely
affects the economic value of the Share Exchange to such shareholders without
their further approval. No amendment of any provision of this Agreement shall be
valid unless the same shall be in writing and signed by all of the parties. No
waiver by any party of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, shall be deemed to extend to any
prior or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any rights arising by virtue of any
prior or subsequent such occurrence.

                  (i) Severability. Any term or provision of this Agreement that
is invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the remaining terms and provision
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction. If the final judgment of a
court of competent jurisdiction declares that any term or provision hereof is
invalid or unenforceable, the parties agree that the court making the
termination of invalidity or unenforceability shall have the power to reduce the
scope, duration, or area of the term or provision, to delete specific words or
phrases, or to replace any invalid or unenforceable term or provisions with a
term or provisions that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision, and
this Agreement shall be enforceable as so modified after the expiration of the
time within which the judgment may be appealed.

                  (j) Expenses. Each party shall bear its own expenses in
connection with the negotiation and execution of this Agreement and the
implementation and effectiveness of the Share Exchange. Notwithstanding the
foregoing, if any legal action or other proceeding is brought for the
enforcement of this Agreement, or because of an alleged dispute, breach, default
or misrepresentation in connection with any provision of this Agreement, the
successful or prevailing party or parties shall be entitled to recover
reasonable attorneys' fees, sales and use taxes, court costs and all expenses
even if not taxable as court costs (including, without limitation, all such
fees, taxes, costs and expenses incident to arbitration, appellate, bankruptcy
and post-judgment proceedings), incurred in that action or proceeding, in
addition to any other relief to which such party or parties may be entitled.
Attorneys' fees shall include, without limitation, paralegal fees, investigative
fees,

                                       10
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administrative costs, sales and use taxes and all other charges billed by the
attorney to the prevailing party.

                  (k) Construction. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any party.
Any reference to any federal, state, local or foreign statute or law shall be
deemed also to refer to all rules and regulations promulgated thereunder, unless
the context otherwise requires.

                  (l) Jurisdiction and Venue. The parties acknowledge that a
substantial portion of negotiations and anticipated performance and execution
of this Agreement occurred or shall occur in the County where the main office of
the Bank is located, and that, therefore, without limiting the jurisdiction or
venue of any other federal or state courts, each of the parties irrevocably and
unconditionally (a) agrees that any suit, action or legal proceeding arising out
of or relating to this Agreement may be brought in a state or federal court of
record in the County where the main office of the Bank is located; (b) consents
to the jurisdiction of each such Court in any suit, action or proceeding; (c)
waives any objection which it may have to the laying of venue of any such suit,
action or proceeding in any of such courts; and (d) agrees that service of any
court paper may be effected on such party by mail, as provided in this
Agreement, or in such other manner as may be provided under applicable laws or
court rules in said state.

                  (m) Remedies Cumulative. Except as otherwise expressly
provided herein, no remedy herein conferred upon any party is intended to be
exclusive of any other remedy, and each and every such remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute or otherwise. No single
or partial exercise by any party of any right, power or remedy hereunder shall
preclude any other or further exercise thereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written, each by its President and Chief Executive
Officer pursuant to a resolution of its Board of Directors.

OLD FLORIDA BANKSHARES, INC.                    OLD FLORIDA BANK

/s/ Larry W. Johnson                            /s/ Larry W. Johnson
-----------------------------                   --------------------------------
By: Larry W. Johnson                            By: Larry W. Johnson
    President and Chief                             President and Chief
    Executive Officer                               Executive Officer

                                       11<PAGE>
                                                                   EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT, dated as of the l6th day of December, 1996, by and
among FIRST NATIONAL BANK OF NAPLES, a national banking association organized
and existing under the laws of the United States (the "Bank"), SOUTHWEST BANKS,
INC., a Florida corporation (the "company"), and GARRETT S. RICHTER (the
"Executive").

                              W I T N E S S E T H:

         WHEREAS, the Company owns 100% of the outstanding stock of the Bank;
and

         WHEREAS, the Board of Directors of the Company and the Bank,
recognizing the experience and knowledge of Executive in the banking industry,
desires to retain the valuable services and business counsel of Executive, it
being in the best interest of the Company to arrange terms of employment for
Executive so as to reasonably induce Executive to remain in his capacities with
the Bank for the term hereof; and

         WHEREAS, Executive is willing to provide services to the Bank, in
accordance with the terms and conditions hereinafter set forth;

         NOW, THEREFORE, for and in consideration of the mutual premises and
covenants herein contained, the parties hereto agree as follows:

                           Section 1. Term of Employment.

         (a) The term of employment of the Executive under this Agreement shall
be, initially, the five year period commencing on January 1, 1997 and ending on
December 31, 2001. Said term shall be subject to automatic extension by
operation of the provisions of Section l(b) hereof to a date not later than
December 31, 2015 (beyond which the term of employment shall not be extended
pursuant to Section l(b) hereof).

         (b) At December 31, 1999, and December 31 of each succeeding calendar
year to and including December 31, 2012, the term of employment of the Executive
under this Agreement shall be automatically extended to December 31 of the third
calendar year thereafter unless either party, acting under this Section l(b),
shall have elected to fix the expiration date of the Executive's term of
employment hereunder. Each of the parties shall have the right, exercisable by
written notice to the other, to terminate the automatic renewal and thereby fix
the expiration of the term of employment under this Section 1, provided such
notice shall have been delivered no earlier than October 1 nor later than
December 31 in any calendar year (commencing in 1998). Notice of termination of
automatic renewal having been given as aforesaid, the term of employment of the
Executive under this Section 1 shall continue until December 31 of the third
calendar year after the year in which such notice is so given. Said term shall
not continue after December 31, 2015 whether or not such notice shall have been
given in the year 2012 as aforesaid.

                           Section 2. Services to be Rendered.

         The Company hereby agrees to employ the Executive as President and
Chief Executive Officer of the Bank and Executive Vice President and Secretary
of the Company to serve at its headquarters office located in the Naples,
Florida area, subject to the terms, conditions and provisions of this Agreement.
The Executive hereby accepts such employment and agrees to serve without
additional compensation, except as indicated in Section 3(i), if elected, in any
other senior executive position of the Company reasonably requested of him and
as an officer and/or director of any subsidiary of the Company in accordance
with Section 7 hereof. The Executive shall devote his full-time best efforts to
such employment and shall apply substantially that degree of skill and diligence
in

<PAGE>

rendering services to the Company and its subsidiaries under this Agreement
as would be applied by a person of ordinary prudence and comparable experience
under similar circumstances. In connection therewith, the Executive shall report
to and be subject to the direction of the Chairman of the Board and/or the Board
of Directors of the Bank. Notwithstanding the foregoing, the Executive may
devote a reasonable amount of his time to his personal investments and business
affairs (including service as a director of unaffiliated companies) and to civic
and charitable activities; provided, however, the Executive shall not accept any
position as a director of any unaffiliated for-profit business organization
without advance approval of the Company's Board of Directors (which approval
shall not be unreasonably withheld).

                           Section 3. Compensation.

          In consideration for services rendered to the Company under this
Agreement (but excluding any directors' fees payable to the Executive), the
Company shall pay and provide to the Executive the following compensation and
benefits.

          (a) Salary. The Company shall pay the Executive a minimum base salary
at the rate of $189,852 per year during the term hereof, to be paid in
accordance with the Company's normal payroll practice, with such minimum base
salary to be adjusted from time to time to reflect (i) such merit increases as
the Board of Directors of the Company may determine are appropriate and (ii)
annual cost of living increases commensurate with those given other key
executive officers of Southwest Banks, Inc. The stated minimum base salary, as
the same may be adjusted, shall be and remain in effect during the term of
employment established by Section l(a) as the same may be extended pursuant to
Section l(b) hereof.

          (b) Life Insurance. The Company shall promptly pay or reimburse the
premiums due and payable for $1,410,000 in the aggregate of "split-dollar"
guaranteed death benefit life insurance on the life of the Executive presently
in force under Policy No. 13618376 issued by Northwestern Mutual Life Insurance
Company, or such other comparabel policy or policies as the Company and the
Executive may select from time to time by mutual agreement. All such policies
shall be owned by the Executive; and provided an amount equal to 100% of all
premiums paid by the Company in maintaining all such policies shall be repaid to
the Company; the death benefits thereunder shall be payable to one or more
beneficiaries as designated by the Executive.

          (c) Working Facilities. The Executive shall have such assistants,
perquisites, facilities and services as are suitable to his position and
appropriate for the performance of his duties, including a membership at the
Collier's Reserve Country Club or any other comparably priced club (including
dues, assessments and initiation fees).

          (d) Expenses. The Executive may incur reasonable expenses for
promoting the business of the Bank, including expenses for entertainment,
travel, and similar items. The Executive will be reimbursed for all such
expenses upon the Executive's periodic presentation of an itemized account of
such expenditures.

          (e) Vacations. The Executive shall be entitled each year to a vacation
in accordance with the personnel policy established by the Bank's Compensation
Committee, during which time Executive's compensation shall be paid in full.

          (f) Performance Compensation Plan. Each year in which the Bank meets
or exceeds its performance plan, Executive shall be entitled to receive a cash
bonus of approximately 30% of Executive's current minimum annual base salary.
The precise amount of such bonus shall be determined by the Compensation
Committee of the Board of Directors of the Company and in conjunction with the
Mike Higgins and Associates, Inc. Performance Compensation for Stakeholders
plan.

                                       2
<PAGE>

          (g) Additional Benefits. As additional consideration paid to
Executive, the Executive shall be provided with health, dental, long term
disability, hospitalization, life insurance, participation in the Bank's
Executive Performance Compensation Program and 401(k) KSOP Salary Savings Plan.
In addition, the Executive shall be provided with a monthly automobile allowance
of $909.00, which allowance shall be adjusted based on the annual Consumer Price
Index on July 1, 1998 and on each third anniversary thereafter.

          (h) Additional Compensation. The Executive and the Company acknowledge
that this agreement is being entered into as a replacement of an employment
agreement dated June 20, 1994, and in consideration of the cancellation of such
previous employment agreement, the Company hereby grants Executive a one time
cash payment of $57,900 payable on December 31, 1996.

          (i) Director Fees. The Executive and the Company acknowledge that
Executive serves as a director of the Company and the Bank and is entitled to
receive the same board fees as any other such director. Not withstanding the
above, Executive is not entitled to receive any committee fees.

                           Section 4. Confidentiality.

         For purposes of this Agreement, "proprietary information", shall mean
any information relating to the business of the Company or its subsidiaries that
has not previously been publicly released and shall include (but shall not be
limited to) Company information encompassed in all marketing and business plans,
financial information, costs, pricing information, and all methods, concepts, or
ideas related to the business of the Company or its subsidiaries and not in the
public domain.

         The Executive agrees to regard and preserve as confidential all
proprietary information that has been or may be developed or obtained by the
Executive in the course of his employment with the Company and its subsidiaries,
whether he has such information in his memory or in writing or other physical
form. The Executive shall not, without written authorization from the Company to
do so, use for his benefit or purposes, nor disclose to others, either during
the term of his employment hereunder or thereafter, except as required by the
conditions of his employment hereunder, any proprietary information connected
with the business or development of the Company or its subsidiaries. This
prohibition shall not apply after the proprietary information has been disclosed
to the public.

                           Section 5. Removal of Documents or Objects.

         The Executive agrees not to remove from the premises of the Company,
except as an employee of the Company in pursuit of the business of the Company
or any of its subsidiaries or affiliates, or except as specifically permitted in
writing by the Company, any document or object containing or reflecting any
proprietary information. The Executive recognizes that all such documents and
objects, whether developed by him or by someone else, are the exclusive property
of the Company.

                           Section 6. Injunctive Relief.

         It is understood and agreed by and among the parties hereto that the
services to be rendered by the Executive hereunder are of a special, unique,
extraordinary and intellectual character, which gives them a peculiar value, the
loss of which may not be reasonably or adequately compensated in damages, and
additionally that a breach by the Executive of the covenants set out in Sections
4, 5 and 11 of this Agreement will cause the Company great and

                                       3
<PAGE>

irreparable injury and damage. The Executive hereby expressly agrees that the
Company shall be entitled to the remedies of injunction, specific performance
and other equitable relief to prevent a breach of Sections 4, 5 and 11 of this
Agreement by the Executive. This provision shall not, however, be construed as a
waiver of any of the remedies which the Company may have for damages or
otherwise.

                           Section 7. Subsidiaries.

         It is understood and agreed by the parties hereto that, at the election
and direction of the Company's Board of Directors and without modification of
the terms and provisions hereof, the Executive shall also serve as an executive
officer of any one or more subsidiaries of the Company and, when and as so
determined by the Board and any such subsidiary, the rights, duties and
obligations of the Company expressed and implied in this Agreement shall inure
to the benefit of and bind any subsidiary with the same force and effect as
would obtain if the subsidiary were a party hereto jointly and severally with
the Company.

                           Section 8. Death or Disability.

         In the event of Executive's death, the Company and/or the Bank shall
pay to Executive's designated beneficiary, or, if Executive has failed to
designate a beneficiary, to his estate, an amount equal to the Executive's
minimum annual base salary pursuant to Section 3 hereof. Payment shall be made
in twelve equal installments. Such compensation shall be in lieu of any other
benefits provided hereunder, except that (i) in the event of a change in control
of the Company as defined herein, Executive's designated beneficiary or his
estate, as the case may be, shall be entitled to the benefits of Section l0(b)
hereof, and (ii) any benefit payable pursuant to Section 3 shall be prorated and
made available to Executive in respect of any period prior to his death. The
Company may maintain insurance on its behalf to satisfy in whole or in part the
obligations of the Section 8.

         In the event of Executive's disability, as hereinafter defined, the
Company and/or Bank shall pay to Executive an amount equal to the difference, if
any, between Executive's minimum annual base salary pursuant to Section 3 hereof
and any payments which Executive is entitled to receive under the long-term
disability insurance policy which the Company presently maintains for the
benefit of Executive. Payments by the Company or the Bank hereunder, if any,
shall be made in equal installments as provided in Section 3 throughout what
would otherwise be the remaining term of employment hereunder.

         Executive shall be entitled to the disability benefits provided by this
Section if, by reason of physical or mental impairment, he is incapable of
performing his duties hereunder. Any dispute regarding the existence, the extent
or the continuance of Executive's disability shall be resolved by the
determination of a duly licensed and practicing physician selected by and
mutually agreeable to both the Board of Directors of the Bank and Executive;
provided, however, if Executive officially establishes his eligibility to
receive Social Security Disability benefits or is deemed disabled under the
terms and conditions of the disability insurance policy carried on the Executive
by the Company or the Bank, he shall be deemed to be disabled as provided herein
without further proof. Executive shall make himself available for and submit to
such examinations by said physician as may be directed from time to time by the
physician. Failure to submit to any such examination shall constitute a material
breach of this Agreement.

                           Section 9. Termination.

          (a) Proper Cause. The occurrence of any of the following events or
circumstances shall constitute "proper cause" for termination, at the election
of the Board of Directors of the Company, of the term of employment of the
Executive under this Agreement, to wit:

                                       4
<PAGE>

                  (i) the Executive shall voluntarily resign as a director,
officer or employee of the Company or any significant subsidiary without
approval of the Board of Directors of the Company for reasons other than a
breach of this Agreement in any material respect by the Company which has not
been cured within 30 calendar days after the Company's receipt of written notice
of such breach from the Executive;

                  (ii) the perpetration of defalcations by the Executive
involving the Company or any of its affiliates, as established by certified
public accountants employed by the Company, or willful, reckless or grossly
negligent conduct of the Executive entailing a substantial violation of any
material provision of the laws, rules, regulations or orders of any governmental
agency applicable to the Company or its subsidiaries;

                  (iii) the repeated and deliberate failure by the Executive,
after advance written notice to him, to comply with reasonable policies or
directives of the Board of Directors;

                  (iv) the Executive shall breach this Agreement in any other
material respect and fails to cure such breach within 30 calendar days after the
Executive receives written notice of such breach from the Company; or

                  (v) receipt by the Bank of written notice from the Office of
the Comptroller of the Currency or the Federal Reserve Bank that either agency
has criticized Executive's performance and has either (a) rated the Bank a "4"
or a "5" under the Uniform Financial Institution Rating System or (b) has
determined that the Bank is in a "troubled condition" as defined under Section
914 of the Financial Institutions Reform, Recovery and Enforcement Act of 1939;
provided, however the inability of the Executive to achieve favorable results of
operations for reasons essentially unrelated to the events or circumstances
described in paragraph (a)i, (a)ii, (a)iii, (a)iv and (a)v hereof shall not be
deemed to constitute proper cause for termination hereunder.

         In the event that the Company discharges Executive alleging "cause"
under this Section 9(a) and it is subsequently determined judicially that the
termination was "without cause," then such discharge shall be deemed a discharge
without cause subject to the provisions of Section 9(b) hereof. In the event
that the Company discharges Executive alleging "cause" under this Section 9(a),
such notice of discharge shall be accompanied by a written and specific
description of the circumstances alleging such "cause." The termination of
Executive for "cause" shall not entitle the Company or the Bank to enforcement
of the non-competition and non-solicitation covenants contained in Section 9
hereof.

          (b) Without Cause. The Company may, upon sixty (60) days' written
notice to Executive, terminate this Agreement without cause at any time during
the term of this Agreement upon the condition that Executive shall be entitled,
as liquidated damages in lieu of all other claims, to the same severance
payments as provided in Section 10 hereof; provided that for purposes of Section
l0(b), the fair market value of Common Stock shall be determined as of the date
of notice of termination of this Agreement given by the Company or the Bank to
Executive. The severance payments provided for in this Section 9(b) shall
commence not later than thirty (30) days after the actual date of termination of
employment of Executive. The termination of Executive "without cause" shall not
entitle the Company or the Bank to enforcement of the non-competition and
non-solicitation covenants contained in Section 11 hereof.

                                       5
<PAGE>

                           Section 10. Change in Control of the Company.

          (a) In the event of a "change in control" of the Company, as defined
herein, Executive shall be entitled, for a period of thirty (30) days from the
date of closing of the transaction effecting such change in control and at his
election, to give written notice to the Company of termination of this Agreement
and to receive a cash payment equal to two hundred percent (200%) times the
compensation, including bonus, received by the Executive in the one-year period
immediately preceding the change in control. The severance payments provided for
in this Section l0(a) shall be paid in twenty-four equal monthly installments,
commencing not later than (10) days after the date of notice of termination by
Executive under this Section 10 or ten (10) days after the date of closing
transaction effecting the change in control of the Company, whichever is later,
and shall continue for twenty-three consecutive calendar months thereafter.

          (b) In addition, if Executive elects to terminate this Agreement
pursuant to this Section 10, Executive shall further be entitled, in lieu of
shares of Common Stock of the Company issuable upon exercise of stock options to
which Executive is entitled under this Agreement, an amount in cash or Common
Stock of the Company (or any combination thereof) as Executive shall in his sole
discretion designate equal to the excess of the fair market value of the Common
Stock as of the date of closing of the transaction effecting the change in
control over the per share exercise price of the options held by Executive,
times the number of shares of Common Stock subject to such options (whether or
not then fully exercisable), The fair market value of the Common Stock shall be
equal to the higher of (i)the value as determined by the Board of Directors of
the Company if there is no organized trading market for the shares at the time
such determination is made, or (ii) the closing price (or the average of the bid
and asked prices if no closing price is available) on any nationally recognized
securities exchange or association on which the Company's shares may be quoted
or listed, or (iii) the highest per share price actually paid for Common Stock
in connection with any change in control of the Company. The severance payments
provided for in this Section 10(b) shall be paid in full not later than ten (10)
days after the date of notice of termination by Executive under this Section 10
or ten (10) days after the date of closing of the transaction effecting the
change in control of the Company, whichever is later.

          (c) The payments provided for by Sections 10(a) and 10 (b) shall be
payable to Executive only to the extent that such payments are deductible by the
Bank and are not rendered non-deductible by Section 280G of the Internal Revenue
Code of 1986, as amended.

          (d) For purposes of this Section 10, "change in control" of the
Company shall mean:

                  (i) any transaction, whether by merger, consolidation, asset
sale, tender offer, reverse stock split or otherwise, which results in the
acquisition or beneficial ownership (as such term is defined under rules and
regulations promulgated under the Securities Exchange Act of 1934, as amended)
by any person or entity or any group of persons or entities acting in concert,
of 50% or more of the outstanding shares of Common Stock of the Company;

                  (ii) the sale of all or substantially all of the assets of the
         Company; or

                  (iii) the liquidation of the Company.

          (e) Section 10 will become non-enforceable and will terminate on
December 31, 2010.

                                       6
<PAGE>

          (f) This agreement shall be substituted for and shall replace
Executive's previous employment agreement as such previous employment agreement
was amended in an agreement dated February 2, 1996, among the Company, F.N.B.
Corporation and certain officers of the Company (the "Amendment") and all
references in the Amendment to specific provisions of such previous employment
agreement will now refer to the same provisions contained in this Agreement. All
other provisions of the Amendment will remain in full force and effect as
originally written.

                           Section 11. Non-Competition and Non-Solicitation.

          (a) Executive acknowledges that he has performed services or will
perform services hereunder which directly affect the Company's and the Bank's
business. Accordingly, the parties deem it necessary to enter into the
protective agreement set forth below, the terms and condition of which have been
negotiated by and between the parties hereto.

          (b) In the event of termination of employment under this Agreement by
action of Executive prior to the expiration of the term of this Agreement,
Executive agrees with the Company that through the actual date of termination of
the Agreement, and for a period of two (2) years after such termination date:

                  (i) Executive shall not, without the prior written consent of
the Company in any county in which the Company or any of its subsidiaries
operates, serve as an executive officer of any bank, bank holding company or
other financial institution; and

                  (ii) Executive shall not employ or attempt to employ or assist
in employing any present employee of the Company or any of its subsidiaries
(whether or not such employment is full time or is pursuant to a written
contract), for the purpose of having such employee perform services for any bank
or other business or organization in competition with the business of the
Company and any of its subsidiaries as such exists on the termination date of
Executive's employment hereunder.

          (c) The covenants of Executive set forth in this Section 11 are
separate and independent covenants for which valuable consideration has been
paid, the receipt, adequacy and sufficiency of which are acknowledged by
Executive, and have also been made by Executive to induce the Company and the
Bank to enter into this Agreement. Each of the aforesaid covenants may be
availed of or relied upon by the Company and Bank in any court of competent
jurisdiction, and shall form the basis of injunctive relief and damages
including expenses of litigation (including but not limited to reasonable
attorney's fees) suffered by the Company or the Bank arising out of any breach
of the aforesaid covenants by Executive. The covenants of Executive set forth in
this Section 11 are cumulative to each other and to all other covenants of
Executive in favor of the Company contained in this agreement and shall survive
the termination of this Agreement for the purposes intended. Should any
covenant, term or condition contained in this Section 11 become or be declared
invalid or unenforceable by a court of competent jurisdiction, then the parties
may request that such court judicially modify such unenforceable provision
consistent with the intent of this Section 11 so that it shall be enforceable as
modified, and in any event the invalidity of any provision of this Section 11
shall not affect the validity of any other provision in this Section 11 or
elsewhere in this Agreement.

                           Section 12. Waiver of Breach.

         The waiver by the Company or the Bank of a breach of any provision of
this Agreement by the Executive shall not operate or be construed as a waiver of
any subsequent breach by the Executive. No waiver shall be valid unless in
writing and signed by an authorized officer of the Company and the Bank.

                                       7
<PAGE>

                           Section 13. Governmental Regulation.

         In the event that any payment, coverage or benefit provided under this
Agreement would, in the opinion of counsel for the Company, not be deemed to be
deductible in whole or in part in the calculation of the Federal income tax of
the Company, or any other person making such payment or providing such coverage
or benefit, by reason of Section 280G of the Code, the aggregate payments,
coverages or benefits provided hereunder shall be reduced to the "safe harbor"
level under Section 280G so that no portion of such amount which is paid to the
Executive is not deductible by reason of Section 280G of the Code.

           Furthermore, the Company shall hold such portions not paid to the
Executive in escrow pending a final determination of whether such amounts would
be deductible if paid to the Executive and the Company shall use its best
efforts to seek a ruling from the Internal Revenue Service that any portion of
such payments, coverages or benefits not paid to the Executive pursuant to this
Section 13 would continue to be deductible if paid to the Executive and the
Company shall pay to the Executive any portion of such amounts for which such a
ruling is received. In the event the IRS will not rule on such matter, the
Company shall pay to the Executive such amounts maintained in escrow pursuant to
this Section 13 as shall be determined at some point in time by a counsel,
selected by the Company and the Executive, is likely to be deductible if paid to
the Executive or shall be forfeited by the Executive in the event of a final
determination by the IRS that such amounts are not deductible. For purposes of
this Section, the value of any non-cash benefit or coverage or any deferred or
contingent payment or benefit shall be determined by the independent auditors of
the Company in accordance with the principles of Section 280G of the Code.

                           Section 14. Arbitration.

         Any dispute or controversy as to the validity, interpretation,
construction, application or enforcement of, or otherwise arising under or in
connection with this Agreement, shall be submitted at the request of either
party hereto for resolution and settlement through arbitration in Tampa, Florida
in accordance with the rules then prevailing of the American Arbitration
Association. Any award rendered therein shall be final and binding on each of
the parties hereto and their heirs, executors, administrators, successors and
assigns, and judgment may be entered thereon in any court having jurisdiction.,
The foregoing provisions of this Section 14 shall not be deemed to limit the
rights and remedies reserved to the Company under and pursuant to Section 6
hereof.

                           Section 15. Notices.

         All notices and other communications which are required or may be given
under this Agreement shall be in writing and shall be deemed to have been given
if delivered personally or sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed as follows:

         (a) To the Company:                Southwest Banks, Inc.
                                            900 Goodlette Road North
                                            Naples, FL 34102

         (b) To the Employee:       Mr. Garrett S. Richter
                                    2281 Pinewoods Circle
                                    Naples, FL 34105

or to such other place as either party shall have specified by notice in writing
to the other. A copy of any notice or other communication given under this
Agreement shall also be sent to the Board of Directors of the Bank at the then
principal office of the Bank.

                                       8
<PAGE>

                           Section 16. Successors, Assigns, Etc.

         This Agreement shall be binding upon, and shall inure to the benefit
of, the Executive and the Company and their respective permitted successors,
assigns, heirs, legal representatives and beneficiaries.

         Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge or hypothecation or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null, void
and of no effect; provided, however, that nothing in this Section 16 shall
preclude the assumption of such rights by executors, administrators or other
legal representatives of the Executive or his estate and their assigning any
rights hereunder to the person or persons entitled thereto.

         Nothing in this agreement shall preclude the Company from consolidating
or merging into or with, or transferring all or substantially all of its assets
to, another corporation which assumes this Agreement and all obligations and
undertakings of the Company hereunder. Upon such a consolidation, merger or
transfer of assets and assumption, the term "Company" or "Bank", as used herein,
shall mean such other corporation and this Agreement shall continue in full
force and effect.

                           Section 17. Governing Law.

         This Agreement shall be governed and construed in accordance with the
laws of the State of Florida.

                           Section 18. Divisibility.

         Should a court or arbitrator declare any provision hereof to be
invalid, such declaration shall not affect the validity of the Agreement as a
whole or any part thereof, other than the specific portion declared to be
invalid.

                           Section 19. Headinqs.

         The headings to the Sections and paragraphs hereof are placed herein
for convenience of reference only and in case of any conflict the text of this
Agreement, rather than the headings, shall control.

                           Section 20. Entire Agreement; Amendment.

         This Agreement sets forth the entire understanding of the parties in
respect of the subject matter contained herein and supersedes all prior
agreements, arrangements and understandings relating to the subject matter and
may only be amended by a written agreement signed by both parties hereto or
their duly authorized representatives.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

"Bank"                                  "Company"

First National Bank of Naples       Southwest Banks, Inc.

By: The Compensation Committee      By: /s/ Gary L. Tice
                                       ----------------------
    of the Board of Directors       Gary L. Tice, Chairman

                                    "Executive"

/s/James S. Lindsay                     /s/Garrett S. Richter
-------------------------               --------------------------
James S. Lindsay                        Garrett S. Richter

/s/Edward J. Mace
-------------------------
Edward J. Mace

/s/Richard C. Myers
-------------------------
Richard C. Myers

/s/Larry A. Wynn
-------------------------
Larry A. Wynn

                                       10

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