Document:

Exhibit 10(a)

                              EMPLOYMENT AGREEMENT

     THIS  AGREEMENT  (the  "Agreement"),  made  this day of 1999,  by and among
Indian River Banking Company, a registered bank holding company ("the Company"),
Indian River  National  Bank, a national  banking  association  and wholly owned
subsidiary  of the  Company  with its main office in Vero  Beach,  Florida  (the
"Bank"), and William A. High (the "Officer").

                               W I T N E S S E T H

     WHEREAS, the Board of Directors ("Board") of the Bank desires to retain the
services  of the Officer as the  President  and Chief  Executive  Officer of the
Bank, and the Board of the Company desires to retain the services of the Officer
as the President and Chief  Executive  Officer of the Company,  and each desires
that the Officer serve as a member of the respective Board of Directors.

     WHEREAS,  the Officer  desires to serve as  President  and Chief  Executive
Officer of the Company and the Bank and as a member of their  respective  Boards
of Directors.

     WHEREAS,  the Officer and the respective Boards of the Bank and the Company
desire to enter into an Agreement  setting forth the terms and conditions of the
employment of the Officer and the related rights and  obligations of each of the
parties.

     NOW,  THEREFORE,  in  consideration  of the premises  and mutual  covenants
herein contained, it is agreed as follows:

1.  Employment.  The Officer is employed as the  President  and Chief  Executive
Officer of the Company and of the Bank,  reporting  directly to their respective
Boards.  Subject to Board direction,  the Officer shall have  responsibility for
the general  management  and control of the business and affairs of the Company,
the Bank, and their  respective  subsidiaries,  and shall perform all duties and
shall have all powers  which are  commonly  incident to the offices of President
and Chief  Executive  Officer  or which,  consistent  with  those  offices,  are
delegated to him by the respective Board. The Officer's duties include,  but are
not limited to:

     a.   Making  recommendations  to  the  Boards  concerning  the  strategies,
          capital structure,  tactics, and general operations of the Company and
          the Bank;

     b.   Managing the day-to-day operations of the Company and the Bank;

     c.   Supervising other officers and employees of the Company and the Bank;

     d.   Promoting the Company and the Bank and their services;

     e.   Managing  the  efforts  of the  Company  and the Bank to  comply  with
          applicable laws and regulations; and

     f.   Providing complete,  timely, and accurate reports to the Boards of the
          Company and the Bank regarding the material  affairs and the condition
          of the Company and the Bank, respectively.

2.  Location and  Facilities.  The Officer  will be  furnished  with the working
facilities and staff customary for executive  officers with the title and duties
set forth in Section 1 and as are necessary  for him to perform his duties.  The
location of such  facilities and staff shall be at the principal  administrative
offices of the  Company and the Bank,  or at such other site or sites  customary
for such offices.

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3.   Term.

     a.   The term of this Agreement  shall be (i) the initial term,  consisting
          of the period commencing on the date of this Agreement (the "Effective
          Date") and ending  immediately  prior to the third  anniversary of the
          Effective  Date,  plus (ii) any and all extensions of the initial term
          made pursuant to this Section 3.

     b.   On each  anniversary  of the Effective  Date prior to a termination of
          the Agreement,  the term under this Agreement shall be extended for an
          additional  one-year period beyond the then effective  expiration date
          without action by any party,  provided that neither the Company or the
          Bank, on the one hand, nor the Officer, on the other, shall have given
          written notice at least sixty (60) days prior to such anniversary date
          of its or his desire that the term not be extended.  The Boards of the
          Company and the Bank will  review the  Officer's  performance  and the
          advisability  of extending the term of this  Agreement at a meeting or
          meetings at least ninety (90) days prior to each anniversary date.

4.   Base Compensation.

     a.   The Company  and the Bank agree to pay the Officer  during the term of
          this Agreement a salary at the rate of $150,000 per annum,  payable in
          cash  not  less  frequently  than  monthly,  as  may  be  adjusted  in
          accordance with this Section 4.

     b.   The Boards of the Company and the Bank shall review  annually the rate
          of the Officer's salary based upon factors they deem relevant, and may
          maintain or increase  his salary,  provided  that no such action shall
          (i) reduce the rate of salary below $150,000,  or (ii) reduce the rate
          of salary  paid to the  Officer  for any months  prior to the month in
          which  notice of the  reduction is provided in writing to the Officer,
          and provided  further that the Officer's  salary shall be increased on
          each  anniversary of the effective  date by a percentage  equal to the
          percentage  change in the Consumer  Price Index (All Urban  Consumers)
          ("CPI-U") over the last twelve-month  period for which such CPI-U data
          is available prior to such  anniversary  date (as adjusted for changes
          in CPI-U base years) up to a maximum of five percent per year.

     c.   In the  absence  of action by the  Board of both the  Company  and the
          Bank, the Officer shall continue to receive salary at the $150,000 per
          annum rate specified  herein or, if another rate has been  established
          under  the  provisions  of this  Section  4,  the rate  last  properly
          established  by action of the Board of the  Company  or the Bank under
          the provisions of this Section 4.

5.  Bonuses.  Unless the  Officer  agrees  otherwise,  he shall be  entitled  to
participate in discretionary  bonuses that the Board may award from time to time
to senior management employees pursuant to bonus plans or otherwise,  including,
without  limitation,  the Bank's 2000 Incentive Bonus Plan. A copy of the Bank's
2000 Incentive Bonus Plan is attached hereto as Exhibit I.

6. Benefit  Plans.  The Officer  shall be entitled to  participate  in such life
insurance,  medical,  dental,  pension, profit sharing, and retirement plans and
other  programs  and  arrangements  as may be approved  from time to time by the
Company or the Bank for the benefit of their respective employees.

7.   Vacation and Leave.

     a.   The Officer  shall be entitled to  vacations in  accordance  with Bank
          policy,  or  otherwise  as  approved by the Board,  provided  that the
          Officer  shall be  entitled  to paid  vacation of at least ten working
          days between the Effective Date and December 31, 1999, and of at least
          twenty working days for each calendar year thereafter.

     b.   In addition to paid vacations, the Officer shall be entitled,  without
          loss of pay, to absent himself voluntarily from the performance of his
          employment for such additional  periods of time and for such valid and
          legitimate  reasons  as the Board of the  Company  and the Bank may in
          their discretion  determine.  Further, the Board of the Company or the
          Bank may grant to the  Officer a leave or leaves

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          of absence,  with or without  pay, at such time or times and upon such
          terms and conditions as such Boards in their discretion may determine.

8. Expense Payments and Reimbursements.  The Officer shall be reimbursed for all
reasonable  out-of-pocket  business  expenses  that he shall incur in connection
with his services under this Agreement upon  substantiation  of such expenses in
accordance with applicable policies of the Company or the Bank.

9.   Loyalty and Confidentiality.

     a.   During the term of this  Agreement  the Officer:  (i) shall devote all
          his time, attention, skill, and efforts to the faithful performance of
          his duties hereunder;  provided,  however, that from time to time, the
          Officer  may serve on the boards of  directors  of, and hold any other
          offices or positions  in,  companies or  organizations  which will not
          present any  conflict of interest  with the Company or the Bank or any
          of  their   subsidiaries   or  affiliates,   unfavorably   affect  the
          performance of Officer's duties pursuant to this Agreement, or violate
          any applicable statute or regulation; and (ii) shall not engage in any
          business or activity  contrary to the business affairs or interests of
          the Company or the Bank.

     b.   Nothing  contained  in this  Agreement  shall  prevent  or  limit  the
          Officer's right to invest in the capital stock or other  securities of
          any  business  dissimilar  from that of the Company and the Bank,  or,
          solely as a passive, minority investor, in any business.

     c.   The Officer  agrees to  maintain  the  confidentiality  of any and all
          information  concerning  the  operation  or  financial  status  of the
          Company  and  the  Bank;  the  names  or  addresses  of any  of  their
          borrowers,  depositors and other customers; any information concerning
          or obtained from such customers;  and any other information concerning
          the  Company or the Bank to which he may be exposed  during the course
          of his employment. The Officer further agrees that, unless required by
          law or  specifically  permitted by the Company or the Bank in writing,
          he will not  disclose  to any  person  or  entity,  either  during  or
          subsequent to his employment,  any of the above-mentioned  information
          which is not generally  known to the public,  nor shall he employ such
          information  in any way other than for the  benefit of the Company and
          the Bank.

10.  Termination and Termination  Pay.  Subject to Section 11 of this Agreement,
the Officer's employment under this Agreement may be terminated in the following
circumstances:

     a.   Death.  The Officer's  employment under this Agreement shall terminate
          upon his death during the term of this  Agreement,  in which event the
          Officer's  estate shall be entitled to receive the compensation due to
          the Officer  through the last day of the  calendar  month in which his
          death occurred.

     b.   Retirement.  This  Agreement  shall be  terminated  upon the normal or
          early  retirement of the Officer under the retirement  benefit plan or
          plans in which he participates pursuant to Section 6 of this Agreement
          or otherwise.

     c.   Disability.  The Company,  the Bank,  or the Officer may terminate the
          Officer's   employment   after  having   established   the   Officer's
          Disability.  For  purposes  of this  Agreement,  "Disability"  means a
          physical or mental  infirmity  that impairs the  Officer's  ability to
          substantially perform his duties under this Agreement and that results
          in the Officer's becoming eligible for long-term  disability  benefits
          under the Company's or the Bank's  long-term  disability  plan (or, if
          the Company or the Bank has no such plan in effect,  that  impairs the
          Officer's  ability to  substantially  perform  his  duties  under this
          Agreement for a period of one-hundred-eighty consecutive days). In the
          event of such Disability, the Officer's obligation to perform services
          under this Agreement will terminate. In the event of such termination,
          the Officer shall be entitled to receive the compensation and benefits
          provided for under this  Agreement  for any period  during the term of
          this Agreement and prior to the date of  termination  pursuant to this
          Section  10.c.  during  which  the  Officer  is  unable to work due to
          physical  or mental  infirmity  (less any  amounts  which the  Officer
          receives under any disability  insurance  maintained by the Company or
          the Bank with respect to such  period).  The Boards of the Company and
          the Bank

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          shall  determine  whether or not the  Officer is and  continues  to be
          permanently  disabled  for  purposes of this  Agreement in good faith,
          based  upon  competent  medical  advice  and other  factors  that they
          reasonably  believe to be relevant.  As a condition  to any  benefits,
          such  Board may  require  the  Officer to submit to such  physical  or
          mental evaluations and tests as it deems reasonably appropriate.

     d.   Just Cause.

          i.   The Board of the  Company or the Bank may,  by written  notice to
               the Officer in the form and manner  specified in this  paragraph,
               immediately  terminate  his  employment  with the  Company or the
               Bank,  respectively,  at any time,  for Just  Cause.  The Officer
               shall have no right to receive compensation or other benefits for
               any period  after  termination  for Just Cause  except for vested
               benefits.  Termination  for "Just Cause"  shall mean  termination
               because of, in the good faith  determination  of the Company's or
               the Bank's Board,  the Officer's:
               (1)  Personal dishonesty;
               (2)  Incompetence;
               (3)  Willful misconduct;
               (4)  Breach of fiduciary duty involving personal profit;
               (5)  Intentional failure to perform duties under this Agreement;
               (6)  Other,  continuing  material  failure to perform  his duties
                    under this Agreement after  reasonable  notification  (which
                    shall be stated in writing and given at least  fifteen  days
                    prior to  termination)  by the Board of the  Company  or the
                    Bank of such failure;
               (7)  Willful violation of any law, rule or regulation (other than
                    traffic   violations  or  similar  offenses)  that  reflects
                    adversely  on  the   reputation  of  the  Bank,  any  felony
                    conviction,  any violation of law involving moral turpitude,
                    or any violation of a final cease-and-desist order; or
               (8)  Material  breach by the  Officer  of any  provision  of this
                    Agreement.

          ii.  Notwithstanding the foregoing, the Officer shall not be deemed to
               have been  terminated  for Just Cause by the  Company or the Bank
               unless there shall have been delivered to the Officer a copy of a
               resolution duly adopted by the affirmative  vote of not less than
               a majority of the entire  membership  of the Board of the Company
               or the Bank at a meeting  of such  Board  called and held for the
               purpose   (after   reasonable   notice  to  the  Officer  and  an
               opportunity  for the  Officer  to be  heard  before  the  Board),
               finding that in the good faith  opinion of such Board the Officer
               was  guilty  of  conduct   described  above  and  specifying  the
               particulars thereof.

     e.   Certain Regulatory Events.

          i.   If the  Officer is removed  and/or  permanently  prohibited  from
               participating  in the  conduct of the Bank's  affairs by an order
               issued under Sections  8(e)(4) or 8(g)(1) of the Federal  Deposit
               Insurance Act ("FDIA") (12 U.S.C. ss.ss.  1818(e)(4) and (g)(1)),
               all  obligations of the Bank under this Agreement shall terminate
               as of the effective  date of the order,  but vested rights of the
               parties shall not be affected.

          ii.  If the Bank is in  default  (as  defined  in  Section  3(x)(1) of
               FDIA),  all  obligations of the Bank under this  Agreement  shall
               terminate  as of the date of  default,  but vested  rights of the
               parties shall not be affected.

          iii. If a notice served under  Sections  8(e)(3) or (g)(1) of the FDIA
               (12  U.S.C.   ss.ss.   1818(e)(3)  and  (g)(1))  suspends  and/or
               temporarily  prohibits  the  Officer  from  participating  in the
               conduct of the Bank's affairs,  the Bank's obligations under this
               Agreement  shall be  suspended  as of the  date of such  service,
               unless stayed by appropriate  proceedings.  If the charges in the
               notice are dismissed,  the Bank may, in its  discretion,  (i) pay
               the Officer all or part of the  compensation  withheld  while its
               contract

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               obligations  were  suspended,  and (ii) reinstate (in whole or in
               part) any of its obligations which were suspended.

     The occurrence of any of the events  described in paragraphs i, ii, and iii
above may be  considered  by the Board of the Company or the Bank in  connection
with a termination for Just Cause.

     f.  Voluntary  Termination  by Officer.  In addition to his other rights to
terminate under this Agreement, the Officer may voluntarily terminate employment
with the Bank and the Company  during the term of this  Agreement  upon at least
sixty-days'  prior  written  notice to each of their  Boards,  in which case the
Officer shall receive only his compensation, vested rights and employee benefits
up to the date of his termination.

     g. Without Just Cause or With Good Reason.

          i.   In addition to  termination  pursuant  to Section  10.a.  through
               10.f. the Board of the Company or the Bank may, by written notice
               to the Officer,  immediately  terminate his  employment  with the
               Company or the Bank, respectively, at any time for a reason other
               than Just Cause (a  termination  "Without Just  Cause");  and the
               Officer  may, by written  notice to the Boards of the Company and
               the Bank, immediately terminate this Agreement at any time within
               ninety days  following an event of "Good Reason" as defined below
               (a termination "With Good Reason").

          ii.  Subject to Section 11 hereof,  in the event of termination  under
               this Section 10.g.,  the Officer shall be entitled to receive the
               salary for the  remaining  term of the  Agreement,  including any
               renewals or  extensions  thereof,  at the highest  annual rate in
               effect  pursuant  to Section 4 of this  Agreement  for any of the
               twelve months immediately preceding the date of such termination,
               plus annual cash bonuses for each year  (prorated in the event of
               partial years)  remaining  under such term at the amount received
               by the Officer in the calendar year  preceding  the  termination.
               The sum due under this  Section  10.g.  shall be paid in one lump
               sum within ten calendar days of such  termination.  Also, in such
               event,   the  Officer  shall,  for  the  remaining  term  of  the
               Agreement,  continue to  participate  in any benefit plans of the
               Company and the Bank that provide health  (including  medical and
               dental), life or disability  insurance,  or similar coverage upon
               terms no less favorable than the most favorable terms provided to
               senior officers of the Bank during such period.

          iii. "Good Reason" shall exist if, without  Officer's  express written
               consent,  the  Company or the Bank  materially  breach any of its
               respective obligations under this Agreement.  Without limitation,
               such a material  breach  shall be deemed to occur upon any of the
               following:

               (1)  A material  reduction in the Officer's  responsibilities  or
                    authority,  or a requirement  that the Officer report to any
                    person or group other than the Boards of the Company and the
                    Bank  (or  any  other   effective   reduction  in  reporting
                    responsibilities) in connection with his employment with the
                    Company or the Bank;
               (2)  Assignment  to the  Officer  of  duties  of a  non-executive
                    nature or duties for which he is not reasonably  equipped by
                    his skills and experience;
               (3)  Failure of the  Officer to be  elected or  reelected  to the
                    Board of the Bank or the Company;
               (4)  A reduction  in salary or benefits  contrary to the terms of
                    this Agreement, or, following a Change in Control as defined
                    in Section 11 of this Agreement,  any reduction in salary or
                    material reduction in benefits below the amounts to which he
                    was entitled prior to the Change in Control;
               (5)  Termination  of  incentive  and benefit  plans,  programs or
                    arrangements, or reduction of the Officer's participation to
                    such an extent as to materially reduce their aggregate value
                    below their aggregate value as of the Effective Date.
               (6)  A  requirement  that  the  Officer  relocate  his  principal
                    business office or his principal place of residence  outside
                    of the  area  consisting  of a fifty  mile  radius  from the
                    current  main  office  and any  branch of the  Bank,  or the
                    assignment  to the Officer of duties  that would  reasonably
                    require such a relocation;

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               (7)  A requirement that the Officer spend more than thirty normal
                    working days away from the area  consisting  of a fifty mile
                    radius  from the  current  main office and any branch of the
                    Bank during any consecutive twelve-month period; or
               (8)  Failure to provide office facilities,  secretarial services,
                    and  other  administrative  services  to  Officer  which are
                    necessary  for the Officer to perform  his duties  hereunder
                    (excluding brief periods during which office  facilities may
                    be temporarily unavailable due to fire, natural disaster, or
                    other calamity).

          iv.  Notwithstanding the foregoing,  a reduction or elimination of the
               Officer's  benefits under one or more benefit plans maintained by
               the  Company  or  the  Bank  as  part  of a good  faith,  overall
               reduction  or  elimination  of such  plan or  plans  or  benefits
               thereunder  applicable to all  participants in a manner that does
               not   discriminate   against   the   Officer   (except   as  such
               discrimination  may be  necessary  to comply  with law) shall not
               constitute  an event of Good Reason or a material  breach of this
               Agreement,  provided  that benefits of the type or to the general
               extent as those offered under such plans prior to such  reduction
               or elimination are not available to other officers of the Company
               or the Bank or any company that  controls  either of them under a
               plan or plans in or under  which the  Officer is not  entitled to
               participate,    and   receive    benefits,    on   a   fair   and
               nondiscriminatory basis.

     h.   Continuing  Covenant not to Compete or Interfere  with  Relationships.
          Regardless of anything herein to the contrary, following a termination
          (i) upon retirement  pursuant to Section 10.b., (ii) due to Disability
          pursuant to Section  10.c.,  (iii) for Just Cause  pursuant to Section
          10.d., or (iv) by the Officer pursuant to Section 10.f.:

          i.   The Officer's  obligations  under Section 9.c. of this  Agreement
               will continue in effect; and
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          ii.  During  the  greater  of (A)  remaining  term of  this  Agreement
               (determined  immediately  before  such  termination),  or (B) the
               period ending on the third  anniversary of such  termination) the
               Officer  shall not serve as an officer or director or employee of
               any bank holding company, bank, savings association,  savings and
               loan  holding  company,  or  mortgage  company  (any of which,  a
               "Financial   Institution")  which  Financial  Institution  offers
               products or services  competing with those offered by the Company
               or the Bank from any  office  within  fifty  miles  from the main
               office or any branch of the Bank and shall not interfere with the
               relationship of the Company or the Bank and any of its employees,
               agents, or representatives.

11.  Termination in Connection with a Change in Control.

     a.   For purposes of this Agreement,  a "Change in Control" shall be deemed
          to occur on the earliest of:

          i.   The  acquisition  by any entity,  person or group (other than the
               acquisition by a  tax-qualified  retirement plan sponsored by the
               Company  or the Bank) of  beneficial  ownership,  as that term is
               defined in Rule 13d-3 under the Securities  Exchange Act of 1934,
               of more than 25% of the outstanding  capital stock of the Company
               or the  Bank  entitled  to vote  for the  election  of  directors
               ("Voting Stock");

          ii.  The commencement by any entity,  person, or group (other than the
               Company or the Bank, a subsidiary  of the Company or the Bank, or
               a  tax-qualified  retirement plan sponsored by the Company or the
               Bank) of a tender offer or an exchange offer for more than 25% of
               the outstanding Voting Stock of the Company or the Bank;

          iii. The  effective  time  of (a) a  merger  or  consolidation  of the
               Company  or the Bank  with one or more  other  corporations  as a
               result of which the holders of the  outstanding  Voting  Stock of
               the Company or the Bank immediately prior to such merger exercise
               voting  control  over  less than 60% of the  Voting  Stock of the
               surviving  or  resulting  corporation,   or  (b)  a  transfer  of

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               substantially  all of the  property  of the  Company  or the Bank
               other than to an entity of which the  Company or the Bank owns at
               least 60% of the Voting Stock;

          iv.  Upon  the  acquisition  by any  entity,  person,  or group of the
               control  of the  election  of a  majority  of the  Bank's  or the
               Company's directors; and

          v.   At such time that,  during any period of two  consecutive  years,
               individuals  who at the beginning of such period  constitute  the
               Board of the  Company  or the Bank (the  "Continuing  Directors")
               cease for any reason to constitute at least  two-thirds  thereof,
               provided that any  individual  whose  election or nomination  for
               election  as a member of the Board was  approved  by a vote of at
               least two-thirds of the Continuing Directors then in office shall
               be considered a Continuing Director.

     b.   Termination.  If within the period  beginning  six months prior to and
          ending two years  after a Change in  Control,  (i) the  Company or the
          Bank shall terminate the Officer's  employment  Without Just Cause, or
          (ii) the Officer shall voluntarily  terminate his employment With Good
          Reason, the Company or the Bank shall, within ten calendar days of the
          termination of Officer's  employment,  make a lump-sum cash payment to
          him equal to 2.0 times the sum of (x) his annual salary at the highest
          annual  rate  in  effect  for  any of the  twelve  months  immediately
          preceding the date of such  termination,  plus (y) the amount of other
          compensation  received by him during the calendar  year  preceding the
          Change in Control. This cash payment is subject to adjustment pursuant
          to  Section  14 of this  Agreement,  and  shall be made in lieu of any
          payment also required under section 10.g. of this Agreement because of
          a termination in such period. The Officer's rights under Section 10.g.
          are not  otherwise  affected by this Section 11. Also,  in such event,
          the  Officer  shall,   for  two  (2)  calendar  years   following  his
          termination  of  employment,  continue to  participate  in any benefit
          plans of the  Company  and the Bank  that  provide  health  (including
          medical and dental), life or disability insurance, or similar coverage
          upon terms no less favorable than the most favorable terms provided to
          senior officers of the Bank during such period.

     c.   The  provisions  of Sections 11 and Sections 13 through 24,  including
          the  defined  terms used is such  sections,  shall  continue in effect
          until  the  later of the  expiration  of this  Agreement  or two years
          following a Change in Control.

12.  Indemnification and Liability Insurance.

     a.   Indemnification.  The  Company  and the Bank  agree to  indemnify  the
          Officer (and his heirs, executors, and administrators), and to advance
          expenses  related  thereto,  to the  fullest  extent  permitted  under
          applicable  law and  regulations  against  any and  all  expenses  and
          liabilities  reasonably  incurred by him in connection with or arising
          out of any action,  suit, or proceeding in which he may be involved by
          reason of his having  been a director or officer of the Company or the
          Bank or any of their subsidiaries (whether or not he continues to be a
          director  or officer at the time of  incurring  any such  expenses  or
          liabilities)  such  expenses and  liabilities  to include,  but not be
          limited to, judgements,  court costs, and attorney's fees and the cost
          of  reasonable  settlements,  such  settlements  to be approved by the
          Board of the Company or the Bank,  if such  action is brought  against
          the  Officer in his  capacity as an officer or director of the Company
          or the Bank or any of their subsidiaries.  Indemnification for expense
          shall not extend to matters for which the Officer has been  terminated
          for Just Cause.  Nothing  contained  herein shall be deemed to provide
          indemnification   prohibited   by   applicable   law  or   regulation.
          Notwithstanding  anything  herein to the contrary,  the obligations of
          this Section 12 shall  survive the term of this  Agreement by a period
          of six years.

     b.   Insurance.  During the period in which  indemnification of the Officer
          is required under this Section,  the Company or the Bank shall provide
          the  Officer  (and his  heirs,  executors,  and  administrators)  with
          coverage  under a directors'  and  officers'  liability  policy at the
          expense  of the  Company  or the  Bank,  at least  equivalent  to such
          coverage  provided to directors and senior  officers of the Company or
          the Bank, whichever is more favorable to the Officer.

                                       7
<PAGE>

13.  Reimbursement of Officer's Expenses to Enforce this Agreement.  The Company
or the  Bank  shall  reimburse  the  Officer  for  all  out-of-pocket  expenses,
including,  without  limitation,  reasonable  attorney's  fees,  incurred by the
Officer  in  connection  with  successful  enforcement  by  the  Officer  of the
obligations of the Company or the Bank to the Officer under this Agreement up to
a maximum of $50,000 Successful  enforcement shall mean the grant of an award of
money or the requirement that the Company or the Bank take some action specified
by this  Agreement  (i) as a result of court  order;  or (ii)  otherwise  by the
Company or the Bank  following an initial  failure of the Company or the Bank to
pay such money or take such action  promptly after written demand  therefor from
the  Officer  stating  the  reason  that such money or action was due under this
Agreement at or prior to the time of such demand.

14.  Adjustment of Certain Payments and Benefits.

     a.   In the event that  payments  pursuant  to this  Agreement  (including,
          without limitation,  any payment under any plan,  program,  option, or
          arrangement  referred  to in  Section  5 or 6 hereof  and the value of
          acceleration  of vesting or receipt of benefits  thereof) would result
          in the  imposition  of a penalty tax  pursuant to Section  280G,  such
          payments  shall be reduced to equal the  maximum  amount  which may be
          paid under Section 280G without  exceeding  such limits.  In the event
          any  such  reduction  in  payments  is  necessary,   the  Officer  may
          determine,  in his  sole  discretion,  which  categories  of  payments
          (including,   without   limitation,   the  value  of  benefits  or  of
          acceleration  of vesting or receipt of benefits or amounts)  are to be
          reduced or eliminated.

     b.   Payments made to the Officer  pursuant to this Agreement or otherwise,
          are subject to and  conditioned  upon their  compliance  with  Section
          18(k) of the  FDIA (12  U.S.C.  ss.  1828  (k),  relating  to  "golden
          parachute" and indemnification payments and certain other benefits.

15.  Injunctive  Relief.  If there is a breach or  threatened  breach of Section
10.h. of this Agreement or the prohibitions upon disclosure contained in Section
9.c. of this Agreement, the Company or the Bank and the Officer agree that there
is no adequate remedy at law for such breach,  and that the Company and the Bank
each shall be entitled to injunctive  relief  restraining  the Officer from such
breach or threatened  breach,  but such relief shall not be the exclusive remedy
hereunder for such breach.  The parties hereto  likewise agree that the Officer,
without  limitation,  shall be  entitled  to  injunctive  relief to enforce  the
obligations of the Company and the Bank under Section 11 of this Agreement.

16.  Successors and Assigns.

     a.   This  Agreement  shall inure to the benefit of and be binding upon any
          corporate  or other  successor  of the Company or the Bank which shall
          acquire, directly or indirectly, by merger, consolidation, purchase or
          otherwise,  all or  substantially  all of the  assets  or stock of the
          Company or the Bank.

     b.   Since the Bank and the  Company  are  contracting  for the  unique and
          personal  skills of the Officer,  the Officer shall be precluded  from
          assigning or delegating his rights or duties  hereunder  without first
          obtaining the written consent of the Bank and the Company.

17. No  Mitigation.  The Officer shall not be required to mitigate the amount of
any payment  provided  for in this  Agreement  by seeking  other  employment  or
otherwise  and no such  payment  shall be offset or reduced by the amount of any
compensation or benefits provided to the Officer in any subsequent employment.

                                       8
<PAGE>

18.  Notices.  All  notices,  requests,  demands  and  other  communications  in
connection  with this Agreement  shall be made in writing and shall be deemed to
have been given when  delivered by hand or 48 hours after mailing at any general
or branch United States Post Office,  by registered or certified  mail,  postage
prepaid,  addressed  as  follows,  or to such  other  address as shall have been
designated in writing by the addressee:

     a.   If to the Company or the Bank:
          Indian River Banking Company
          Indian River National Bank
          958 Twentieth Place
          Vero Beach, FL  32960
          Attention:        The Boards of Directors
          Copy to: Corporate Secretary

     b.   If to the Officer:
          William H. High

19. Joint and Severally Liability;  Payments by the Company and the Bank. To the
extent permitted by law, except as otherwise  provided  herein,  the Company and
the Bank shall be jointly  and  severally  liable for the payment of all amounts
due under this Agreement. The Company hereby agrees that it shall be jointly and
severally  liable  with the Bank for the  payment of all  amounts due under this
Agreement  and  shall  guarantee  the  performance  of  the  Bank's  obligations
thereunder, provided that the Company shall not be required by this Agreement to
pay to the Officer a salary or any bonuses or any other cash payments, except in
the  event  that the Bank  does  not  fulfill  the  obligations  to the  Officer
hereunder for such payments. The Company may, however, pay salary and bonuses as
deemed appropriate by its Board in the exercise of its discretion.

20. No Plan Created by this  Agreement.  The  Officer,  the Company and the Bank
expressly  declare and agree that this Agreement was  negotiated  among them and
that no provision or provisions  of this  Agreement are intended to, or shall be
deemed to,  create  any plan for  purposes  of the  Employee  Retirement  Income
Security Act or any other law or regulation,  and the Company,  the Bank and the
Officer each expressly waives any right to assert the contrary. Any assertion in
any judicial or administrative  filing,  hearing,  or process by or on behalf of
the  Officer or the  Company or the Bank that such a plan was so created by this
Agreement  shall be  deemed a  material  breach of this  Agreement  by the party
making such an assertion.

21.  Amendments.  No amendments or additions to this Agreement  shall be binding
unless  made in  writing  and  signed  by all of the  parties,  except as herein
otherwise specifically provided.

22.  Applicable Law. Except to the extent  preempted by Federal law, the laws of
the State of Florida shall govern this Agreement in all respects,  whether as to
its validity, construction, capacity, performance or otherwise.

23. Severability. The provisions of this Agreement shall be deemed severable and
the  invalidity  or  unenforceability  of any  provision  shall not  affect  the
validity or enforceability of the other provisions hereof.

24. Headings. Headings contained herein are for convenience of reference only.

                                       9
<PAGE>

25.  Entire  Agreement.  This  Agreement,  together  with any  understanding  or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the entire agreement among the parties hereto with respect to the subject matter
hereof,  other than written agreements with respect to specific plans,  programs
or arrangements described in Sections 5 and 6.

     IN WITNESS WHEREOF,  the parties hereto have executed this Agreement on the
date first set forth above.

                                          INDIAN RIVER NATIONAL BANK

                                          By:___________________________________

                                          Title:________________________________

                                          INDIAN RIVER BANKING COMPANY

                                          By:___________________________________

                                          Title:________________________________

                                          OFFICER

                                          --------------------------------------
                                          William A. High

                                       10Exhibit 10(c)

                          INDIAN RIVER BANKING COMPANY

                               VERO BEACH, FLORIDA

                      1995 STOCK OPTION AND INCENTIVE PLAN

     1.  Purpose of the Plan.  The Plan shall be known as the Indian  River 1995
Stock  Option and  Incentive  Plan (the  "Plan").  The purpose of the Plan is to
attract and retain the best available personnel as officers and employees and to
provide  additional  incentive to employees of Indian River Banking Company (the
"Company")  or any  present or future  parent or  subsidiary  of the  Company to
promote  the  success of the  business.  The Plan is intended to provide for the
grant of  "Incentive  Stock  Options",  within the meaning of Section 422 of the
Internal  Revenue Code of 1986, as amended (the  "Code").  Each and every one of
the provisions of the Plan shall be  interpreted to conform to the  requirements
of Section 422 of the Code.

     2. Definitions. As used herein, the following definitions shall apply.

     (a) "Award" means the grant by the  Committee of an Incentive  Stock Option
as provided in the Plan.

     (b) "Board" shall mean the Board of Directors of the Company.

     (c) "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (d) "Common Stock" shall mean common stock,  $1.00 par value per share,  of
the Company.

     (e)  "Committee"  shall mean the Stock  Option  Committee  appointed by the
Board in accordance with paragraph 4(a) of the Plan.

     (f)  "Company"  shall mean Indian  River  Banking  Company,  a bank holding
company.

     (g)  "Continuous  Employment" or "Continuous  Status as an Employee"  shall
mean the absence of any interruption or termination of employment by the Company
or any present or future Parent or Subsidiary of the Company.  Employment  shall
not be considered  interrupted in the case of sick leave,  military leave or any
other  leave of absence  approved  by the  Company  or in the case of  transfers
between payroll locations of the Company or between the Company, its Parent, its
Subsidiaries or a successor.

     (h) "Effective Date" shall mean the date specified in Section 12 hereof.

     (i) "Employee" shall mean any person employed by the Company or any present
or future Parent or Subsidiary of the Company but shall not include directors of
the Company who are not otherwise employees of the Company.

     (j)  "Incentive  Stock Option" or "ISO" means an option to purchase  Shares
granted by the Committee  pursuant to Section 7 hereof,  which option is subject
to the  limitations  and  restrictions  of Section 7 hereof and is  intended  to
qualify under Section 422 of the Code.

     (k) "Option" shall mean an Incentive Stock Option granted  pursuant to this
Plan.

     (l) "Option  Price" shall mean the exercise price per share of Common Stock
for Options granted pursuant to the Plan.

     (m) "Optioned Stock" shall mean stock subject to an Option granted pursuant
to the Plan.

     (n) "Optionee" shall mean any person who receives an Option.

                                       1
<PAGE>

     (o) "Parent" shall mean any present or future  corporation which would be a
"parent corporation" as defined in Subsection 425(e) and (g) of the Code.

     (p)  "Participant"  means any officer or key employee of the Company or any
Parent or  Subsidiary of the Company who is selected by the Committee to receive
an Award.

     (q)  "Plan"  shall mean the Indian  River 1995 Stock  Option and  Incentive
Plan.

     (r) "Share" shall mean one share of the Common Stock.

     (s) "Subsidiary"  shall mean any present or future  corporation which would
be a "subsidiary  corporation"  as defined in  Subsection  425(f) and (g) of the
Code.

     3.  Shares  Subject  to the  Plan.  Except  as  otherwise  required  by the
provisions of Section 10 hereof,  the aggregate number of Shares with respect to
which  Awards may be made  pursuant  to the Plan shall not  exceed  thirty  five
thousand  (35,000) shares.  Such shares may either be authorized but unissued or
treasury shares.

     An Award  shall not be  considered  to have  been made  under the Plan with
respect to any Option which  terminates  and new Awards may be granted under the
Plan with  respect  to the  number of Shares as to which  such  termination  has
occurred.

     4. Administration of the Plan.

     (a)  Composition of the Committee.  The Plan shall be  administered  by the
Committee,  which  shall  consist  of at  least  two  directors  of the  Company
appointed by the Board.  Officers and key  employees  who are  designated by the
Committee  shall be eligible to receive Awards under the Plan, and all directors
designated  as members of the Committee  shall be  ineligible to receive  Awards
under the Plan.

     (b) Powers of the Committee.  (1) The Committee is authorized  (but only to
the  extent  not  contrary  to  the  expressed  provisions  of  the  Plan  or to
resolutions adopted by the Board) to interpret the Plan, to prescribe, amend and
rescind  rules and  regulations  relating to the Plan, to determine the form and
content of Awards to be issued  under the Plan  (including  any delayed  vesting
period)  and to  make  other  determinations  necessary  or  advisable  for  the
administration of the Plan, and shall have and may exercise such other power and
authority  as may be  delegated to it by the Board from time to time. A majority
of the entire  Committee shall  constitute a quorum and the action of a majority
of the  members  present at any  meeting  at which a quorum is present  shall be
deemed  the  action  of the  Committee.  In no event  may the  Committee  revoke
outstanding Awards without the consent of the Participant.

     (2)  Notwithstanding  Section  4(b)(1)  above,  and  subject to  adjustment
pursuant  to Section 10 hereof,  (i) in no event shall the number of shares with
respect to which  Options  shall be granted in any  calendar  year exceed  seven
thousand (7,000), except that if there shall be any Shares with respect to which
Options have been granted,  which  Options have been  terminated or have expired
without exercise,  and no new Option shall have been issued with respect to such
Shares ("Terminated  Options"),  then the number of Shares with respect to which
Options  may be issued in any  calendar  year  shall not exceed  seven  thousand
(7,000) plus the number of Terminated Options; and (ii) in the event that Indian
River National Bank (the "Bank") the Company's  subsidiary bank, achieves in the
calendar year immediately preceding the calendar year in which the Awards are to
occur,  either a return on equity or an asset growth rate below  twenty  percent
(20%) but equal to or in excess of  fifteen  percent  (15%),  then the number of
shares with respect to which Awards may be granted in such  calendar  year shall
not  exceed  one  half  (0.5) of the  number  of  shares  set  forth in  Section
4(b)(2)(i);  and (iii) in the event that the Bank  achieves in the calendar year
immediately preceding the calendar year in which the Awards are to occur, either
a return on equity or an asset growth rate of less than fifteen  percent  (15%),
then  no  Awards  shall  be  made in such  calendar  year.  Notwithstanding  the
preceding sentence,  if the Bank shall fail to achieve the asset growth rate set
forth in Sections 4(b)(2)(ii) or (iii) above as a result of the determination of
the Board of  Directors  of the Bank,  evidenced  by a  resolution  adopted by a
majority  of the full  Board of  Directors  of the Bank,  that it is in the best
interests  of the Bank to  achieve  a stated  lower  asset  growth  rate,  then,
assuming that such lower asset growth rate shall have been achieved, the ability
of the  Committee  to grant  Awards,  and the  number of Shares  subject to such
Awards,  shall not be  affected  by the failure of the Bank to achieve the asset
growth rates

                                       2
<PAGE>

established  in  Sections  4(b)(2)(ii)  and (iii)  above.  The  return on equity
established in Sections 4(b)(2)(ii) and (iii) above as a limitation on the power
of the  Committee  to make Awards shall not be subject to reduction by the Board
of Directors of the Bank.  Any Shares with  respect to which  Options  shall not
have been  granted in any  calendar  year as a result of the  occurrence  of the
circumstances set forth in Sections  4(b)(2)(ii) or 4(b)(2)(iii)  above shall be
considered  Terminated  Options  available for issuance in  subsequent  calendar
years as provided in Section 4(b)(2)(i).

     (3) The  Chairman  of the  Company  and  such  other  officers  as shall be
designated  by the  Committee  are  hereby  authorized  to  execute  instruments
evidencing  Awards on behalf of the Company and to cause them to be delivered to
the Participants.

     (c) Effect of  Committee's  Decision.  All  decisions,  determinations  and
interpretations  of the Committee  shall be final and  conclusive on all persons
affected thereby.

     5. Eligibility

     (a) Awards may be granted to officers (including officers who are directors
of the  Company)  and key  employees  of the  Company or any  Subsidiary  of the
Company. No director of the Company who is not also an officer of the Company or
any  Subsidiary  of the  Company  shall be  eligible  to receive  an Award.  The
Committee  shall from time to time  determine the officers and key employees who
shall be granted  Options or Awards under the Plan,  the number to be granted to
each such officer or key employee under the Plan. In selecting  Participants and
in  determining  the number of shares of Common Stock to be granted to each such
Participant  pursuant to each Award  granted  under the Plan,  the Committee may
consider the nature of the services rendered by each such Participant, each such
Participant's current and potential  contribution to the Company, and such other
factors as the Committee may, in its sole  discretion,  deem relevant.  Officers
and key employees who have been granted an Award may, if otherwise eligible,  be
granted additional Options or Awards.

     (b) The aggregate  fair market value  (determined as of the date the Option
is granted)  of the Shares with  respect to which  Incentive  Stock  Options are
exercisable  for the first time by each  Optionee  during the  calendar  year in
which they are first  exercisable  (under all Incentive  Stock Option plans,  as
defined  in Section  422 of the Code,  of the  Company or any  present or future
Parent or Subsidiary of the Company) shall not exceed $100,000.  Notwithstanding
the foregoing, in the event that any Optionee shall receive Options with respect
to Shares having a value in excess of the amount contemplated by the immediately
preceding  sentence,  then to the extent that the aggregate fair market value of
the  Shares to which  such  Options  relate is not in excess of  $100,000,  such
Options shall be deemed to be Incentive  Stock  Options,  and to the extent that
the  aggregate  fair  market  value of the shares to which such  Options  relate
exceeds $100,000,  such Options shall be deemed to be nonincentive stock options
within  the  meaning  of the  Code.  Notwithstanding  anything  to the  contrary
contained  herein,  the  Committee  shall be  authorized  to issue such  Options
notwithstanding the treatment of such Options as nonincentive stock options. For
all other purposes  hereof,  the Company shall be entitled to treat such Options
shall as if such Options were Incentive Stock Options.

     6. Term of Plan.  The Plan shall  continue in effect for a term of ten (10)
years from the Effective Date, unless sooner  terminated  pursuant to Section 16
hereof.  No Option shall be granted under the Plan after ten (10) years from the
Effective Date.

     7. Terms and Conditions of Incentive Stock Options. Incentive Stock Options
may be granted only to  Participants  who are Employees.  Each  Incentive  Stock
Option granted  pursuant to the Plan shall be evidenced by an instrument in such
form as the Committee shall from time to time approve.  Each and every Incentive
Stock Option granted  pursuant to the Plan shall comply with, and be subject to,
the following terms and conditions:

     (a) OPTION PLAN.

     (1) The price per share at which each Incentive  Stock Option granted under
the Plan may be  exercised  shall  not,  as to any  particular  Incentive  Stock
Option,  be less than the fair market value of the Common Stock at the time such
Incentive  Stock Option is granted.  For such  purposes,  if the Common Stock is
traded  otherwise  than  on a  national  securities  exchange  or on The  Nasdaq
National  Market at the time of the  granting  of an Option,  then the price per
share of the Optioned  Stock shall be not less than the mean between the bid and
asked price on the date the Incentive Stock Option is granted or, if there be no
bid and asked price on said date,  then on the next

                                       3
<PAGE>

prior business day on which there was a bid and asked price.  If no such bid and
asked price is  available,  then the price per share shall be  determined by the
Committee  in good faith in light of the  circumstances.  If the Common Stock is
listed on a national securities exchange or on The Nasdaq National Market at the
time of the  granting of an  Incentive  Stock  Option,  then the price per share
shall be not less than the average of the highest  and lowest  selling  price on
such  exchange on the date such  Incentive  Stock Option is granted or, if there
were no  sales on said  date,  then the  price  shall be not less  than the mean
between the bid and asked price on such date.

     (2) In the case of an Employee who directly or indirectly  owns (or has the
right to acquire upon exercise of options,  warrants, or other rights to acquire
Common  Stock)  Common  Stock  representing  more than ten percent  (10%) of the
outstanding Common Stock at the time the Incentive Stock Option is granted,  the
Incentive  Stock Option price shall not be less than one hundred and ten percent
(110%) of the fair market  value of the Common  Stock at the time the  Incentive
Stock Option is granted.

     (b) PAYMENT.

     (1) Full payment for each share of Common Stock purchased upon the exercise
of any Incentive  Stock Option  granted under the Plan shall be made at the time
of exercise of each such  Incentive  Stock  Option and shall be paid in cash (in
United States Dollars),  Common Stock or a combination of cash and Common Stock.
Common Stock utilized in full or partial  payment of the exercise price shall be
valued  at its  fair  market  value  at the  date  of  exercise,  determined  in
accordance  with  Section 7(a) above.  The Company  shall accept full or partial
payment in Common  Stock only to the extent  permitted  by  applicable  law.  No
shares of Common  Stock shall be issued  until full  payment  therefor  has been
received  by the  Company,  and no  Optionee  shall  have any of the rights of a
shareholder of the Company until shares of Common Stock are issued to him.

     (2) Notwithstanding  the foregoing,  any Optionee may elect to receive upon
the  exercise  of any Option for the full  number of Shares to which such Option
relates,  the number of Shares determined by dividing (i) the difference between
the aggregate fair market value of all shares  issuable upon the exercise of the
Options in full (as  determined in accordance  with Section 7(a) hereof) and the
aggregate Option Price for the exercise of the Option in full, by (ii) the price
at which the Company is then Offering to purchase shares of Common Stock. Shares
received upon such  election  shall reflect the exercise in full of such Options
and the full satisfaction of the Company's obligations under said Option. Shares
received  upon such  election  shall be deemed  to be Shares  received  upon the
exercise of an Option for all purposes hereof.

     (c) TERM OF INCENTIVE STOCK OPTION.

     The term of each Incentive Stock Option granted  pursuant to the Plan shall
be not more than five (5) years from the date each such  Incentive  Stock Option
is granted.

     (d) EXERCISE GENERALLY.

     Except as otherwise provided in Section 8 hereof, no Incentive Stock Option
may be  exercised  unless  the  Optionee  shall  have been in the  employ of the
Company at all times during the period  beginning  with the date of grant of any
such Incentive Stock Option and ending on the date three (3) months prior to the
date of exercise of any such  Incentive  Stock Option.  The Committee may impose
additional  conditions  upon the right of an Optionee to exercise any  Incentive
Stock Option granted  hereunder which are not inconsistent with the terms of the
Plan or the  requirements  for  qualifications  as Incentive  Stock Option under
Section 422 of the Code.

     (e) TRANSFERABILITY.

     Any Incentive Stock Option granted  pursuant to the Plan shall be exercised
during any  Optionee's  lifetime only by the Optionee to whom it was granted and
shall not be assignable or transferable otherwise than by will or by the laws of
descent and distribution.

     (f) RIGHT OF FIRST REFUSAL.

                                       4
<PAGE>

     The Shares of Common Stock issued upon  exercise of any Option shall not be
transferable  by Optionee,  or any transferee  receiving  shares by a will or by
operation of the laws of descent and  distribution,  within the two and one-half
(2.5) year  period  following  the  exercise  of the Option to which such shares
relate,  otherwise  then by will or by the  laws of  descent  and  distribution,
unless prior to any such  transfer the Company has been offered in writing,  the
right and opportunity to repurchase any such Shares at lesser of the fair market
value of the Common Stock or the price at which such proposed  transfer is to be
effected. Such right shall be exercised within fourteen (14) days of the receipt
of such written  notice.  Additionally,  upon the  termination  of an Employee's
employment with the Company or any parent or Subsidiary,  other than as a result
of retirement,  death, permanent disability,  the merger of the Company with and
into another entity, or sale of a majority  interest in the Company,  to another
entity,  the Company  shall have the right,  exercisable  within one hundred and
twenty (120) days of such  termination  of employment  to repurchase  all shares
received  upon  exercise of any Option at the price the Company is then offering
to repurchase shares of Common Stock.

     8. Effect of Termination  of  Employment,  Disability or Death on Incentive
Stock Options.

     (a) TERMINATION OF EMPLOYMENT.

     In the event that any Optionee's  employment by the Company shall terminate
for any  reason,  other than  Permanent  and Total  Disability  (as such term is
defined in Section  22(e)(3) of the Code) or death,  all of any such  Optionee's
Incentive Stock Options,  and all of any such  Optionee's  rights to purchase or
receive shares of Common Stock pursuant thereto,  shall automatically  terminate
on the  earlier of (i) the  respective  expiration  dates of any such  Incentive
Stock Options or (ii) the expiration of not more than three (3) months after the
date of such termination of employment, but only if, and to the extent that, the
Optionee was entitled to exercise any such  Incentive  Stock Options at the date
of such termination of employment. In the event that a Subsidiary ceases to be a
Subsidiary  of the Company,  the  employment of all of its employees who are not
immediately  thereafter  employees  of the Company  shall be deemed to terminate
upon the date such Subsidiary so ceases to be a Subsidiary of the Company.

                                       5
<PAGE>

     (b) DISABILITY.

     In the event that any Optionee's  employment by the Company shall terminate
as the result of the  Permanent  and Total  Disability  of such  Optionee,  such
Optionee may exercise any Incentive Stock Options granted to him pursuant to the
Plan at any time prior to the earlier of (i) the respective  expiration dates of
any such  Incentive  Stock  Options or (ii) the date which is one (1) year after
the date of such termination of employment, but only if, and to the extent that,
the Optionee was entitled to exercise any such  Incentive  Stock  Options at the
date of such termination of employment.

     (c) DEATH.

     In the  event of the  death of any  Optionee,  all of the  Incentive  Stock
Options  granted to any such  Optionee may be exercised by the person or persons
to whom the  Optionee's  rights under any such  Incentive  Stock Options pass by
will or the laws of descent and  distribution  (including the Optionee's  estate
during the period of administration) at any time prior to the earlier of (i) the
respective  expiration  dates of any such Incentive  Stock Options,  or (ii) the
date which is one (1) year after the death of the Optionee,  but only if, and to
the extent that, the Optionee was entitled to exercise any such Incentive  Stock
Options at the date of death.  For purposes of this Section 8(c),  any Incentive
Stock Option held by an Optionee shall be considered  exercisable at the date of
his death if the only unsatisfied  condition  precedent to the exercisability of
such  Incentive  Stock Option at the date of death is the passage of a specified
period of time.

     (d) INCENTIVE STOCK OPTIONS DEEMED EXERCISABLE.

     For purposes of Sections 8(a) and 8(b) above,  any  Incentive  Stock Option
held by any Optionee shall be considered  exercisable at the date of termination
of his  employment if such Incentive  Stock Option were actually  exercisable at
such date.

     (e) TERMINATION OF INCENTIVE STOCK OPTIONS.

     To the extent that any Incentive Stock Option granted under the Plan to any
Optionee  whose  employment  by the  Company  terminates  shall  not  have  been
exercised  within the  applicable  period set forth in this  Section 8, any such
Incentive  Stock Option,  and all rights to purchase or receive shares of Common
Stock pursuant  thereto,  as the case may be, shall terminate on the last day of
the applicable period.

     9. Right of Repurchase and Restrictions on Disposition.  The Committee,  in
its sole  discretion,  may  include,  in addition to the right of first  refusal
contained in Section 7(f) hereof,  as a term of any  Incentive  Stock Option the
right of the Company but not the obligation,  to repurchase all or any amount of
the Shares acquired by an Optionee  pursuant to the exercise of any such Options
(the "Repurchase Right"). The intent of the Repurchase Right is to encourage the
continued  employment of the Optionee.  The Repurchase  Right shall provide for,
among other things,  a specified  duration of the Repurchase  Right, a specified
price per  Share to be paid  upon the  exercise  of the  Repurchase  Right and a
restriction on the  disposition of the Shares by the Optionee  during the period
of the Repurchase Right. The Repurchase Right may permit the Company to transfer
or assign such right to another  party.  The Company may exercise the Repurchase
Right only to the extent permitted by applicable law.

     10. Recapitalization,  Merger, Consolidation, Change in Control and Similar
Transactions.

     (a) ADJUSTMENT.

     Subject to any required  action by the  shareholders  of the  Company,  the
aggregate  number  of shares of Common  Stock  for which  stock  options  may be
granted  hereunder,  the  number  of  shares of  Common  Stock  covered  by each
outstanding  stock option,  and the exercise  price per share of Common Stock of
each such stock option,  shall be  proportionately  adjusted for any increase or
decrease  in the  number  of issued  and  outstanding  shares  of  Common  Stock
resulting  from a  subdivision  or  consolidation  of shares or the payment of a
stock  dividend (but only on the Common Stock) or any other increase or decrease
in the number of such  shares of Common  Stock  effected  without the receipt of
consideration by the Company.

                                       6
<PAGE>

     (b) EXTRAORDINARY CORPORATE ACTION.

     Subject to any required action by the  shareholders of the Company,  in the
event  of  any  change  in  control,  recapitalization,  merger,  consolidation,
exchange of shares, spin-off, reorganization, tender offer, liquidation or other
extraordinary  corporate action or event, the Committee, in its sole discretion,
shall have the power, prior or subsequent to such action or event to:

     (i)  appropriately  adjust the number of shares of Common Stock  subject to
each  stock  option,  the  exercise  price per share of  Common  Stock,  and the
consideration  to be given or received by the Company  upon the  exercise of any
outstanding Option;

     (ii)  cancel  any  or  all  previously   granted  Options,   provided  that
appropriate  consideration  is paid to the  Optionee  in  connection  therewith;
and/or

     (iii)  make  such  other  adjustments  in  connection  with the Plan as the
Committee, in its sole discretion,  deems necessary,  desirable,  appropriate or
advisable;  provided,  however,  that no action shall be taken by the  Committee
which would cause Incentive  Stock Options granted  pursuant to the Plan to fail
to meet the requirements of Section 422 of the Code.

     For  purposes  of this  Section,  "change in control"  shall mean:  (i) the
execution of an  agreement  for the sale of all, or a material  portion,  of the
assets  of the  Company;  (ii) the  execution  of an  agreement  for a merger or
recapitalization  of the Company or any merger or  recapitalization  whereby the
Company is not the surviving  entity,  (iii) a change of control of the Company,
as otherwise defined or determined by any applicable bank regulatory  agency; or
(iv) the acquisition after the Effective Date hereof, directly or indirectly, of
the  beneficial  ownership  (within  the  meaning  of that term as it is used in
Section 13(d) of the  Securities  Exchange Act of 1934, as amended and the rules
promulgated  thereunder) of twenty-five percent (25%) or more of the outstanding
voting securities of the Company by any person, trust, entity or group. The term
"person"  refers  to  an  individual  or  a  corporation,   partnership,  trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specially listed herein.  Except as
expressly provided in Section 10(a) hereof, no Optionee shall have any rights by
reason of the occurrence of any of the events described in this Section 10.

     (c) ACCELERATION.

     The Committee  shall at all times have the power to accelerate the exercise
date of Options previously granted under the Plan.

     11. Time of Granting Options. The date of grant of an Option under the Plan
shall,  for  all  purposes,  be the  date  on  which  the  Committee  makes  the
determination  of granting  such Option.  Notice of the  determination  shall be
given to each employee to whom an Option is so granted within a reasonable  time
after the date of such grant.

     12.  Effective  Date.  The Plan shall be deemed to be  effective as of (the
date of approval by Board) (the "Effective  Date").  Incentive Stock Options may
be granted prior to ratification of the Plan by the stockholders if the exercise
of such Options is subject to such stockholder ratification.

                                       7
<PAGE>

     13. Approval of Stockholders. The Plan shall be approved by stockholders of
the Company within twelve (12) months before or after the Effective Date.

     14.  Modification of Options.  At any time and from time to time, the Board
may authorize  the Committee to direct the execution of an instrument  providing
for the modification of any outstanding  Option,  provided no such modification,
extension  or renewal  shall  confer on the  holder of said  Option any right or
benefit which could not be conferred on him by the grant of a new Option at such
time, or shall not materially  decrease the Optionee's benefits under the Option
without the consent of the holder of the Option,  except as otherwise  permitted
under Section 15 hereof.

     15. Amendment and Termination of the Plan.

     (a) ACTION OF THE BOARD.

     The Board may alter, suspend or discontinue the Plan, except that no action
of the Board may  increase  (other  than as  provided in Section 10) the maximum
number of shares  permitted to be optioned under the Plan,  materially  increase
the benefits  accruing to Participants  under the Plan or materially  modify the
requirements for eligibility for participation in the Plan unless such action of
the Board shall be subject to approval or  ratification  by the  shareholders of
the Company.

     (b) CHANGE IN APPLICABLE LAW.

     Notwithstanding  any other provision contained in the Plan, in the event of
a change in any Federal or state law,  rule or  regulation  which would make the
exercise  of all or  part  of any  previously  granted  Incentive  Stock  Option
unlawful or subject the Company to any penalty,  the  Committee may restrict any
such  exercise  without the consent of the Optionee or other  holder  thereof in
order to  comply  with any such  law,  rule or  regulation  or to avoid any such
penalty.

     16.  Conditions  Upon  Issuance of Shares.  Shares shall not be issued with
respect to any Option granted under the Plan unless the issuance and delivery of
such Shares shall comply with all relevant provisions of law, including, without
limitation,  the Securities Act of 1933, as amended,  the rules and  regulations
promulgated thereunder, any applicable state securities law and the requirements
of any stock exchange upon which the shares may then be listed.

     The  inability  of the  Company  to  obtain  from  any  regulatory  body or
authority any approval  deemed by the  Company's  counsel to be necessary to the
lawful  issuance and sale of any Shares  hereunder  shall relieve the Company of
any liability with respect to the non-issuance of such Shares.

     As a condition  to the  exercise of an Option,  the Company may require the
person exercising the Option to make such  representations and warranties as may
be necessary to assure the  availability  of an exemption from the  registration
requirements of federal or state securities law.

     17.  Reservation  of Shares.  During the term of the Plan, the Company will
reserve,  and make every effort to repurchase  shares of Common Stock to prevent
further  dilution  to the  shareholders,  and keep  available a number of Shares
sufficient to satisfy the requirements of the Plan.

     18.  Unsecured  Obligation.  No  participant  under the Plan shall have any
interest  in any fund or special  asset of the  Company by reason of the Plan or
the grant of any  Incentive  Stock  Option to him under the Plan.  No trust fund
shall be created in connection with the Plan or any grant of any Incentive Stock
Option  hereunder  and there shall be no required  funding of amounts  which may
become payable to any Participant.

                                       8
<PAGE>

     19.  Withholding  Tax.  Where a Participant  or other person is entitled to
receive Shares  pursuant to the exercise of an Option  pursuant to the Plan, the
Company shall have the right to require the  Participant or such other person to
pay the  Company  the  amount of any taxes  which the  Company  is  required  to
withhold with respect to such Shares,  or, in lieu thereof,  to retain,  or sell
without notice, a number of such Shares  sufficient to cover the amount required
to be withheld.

     20.  Governing  Law.  The  Plan  shall  be  governed  by and  construed  in
accordance  with the laws of the State of  Florida,  except to the  extent  that
Federal law shall be deemed to apply.

                                       9

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