Document:

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                                                                     EXHIBIT 4-1

                            STOCK PURCHASE AGREEMENT

         STOCK PURCHASE AGREEMENT, dated as of January 24, 2005 (this
"Agreement"), by and among The Banc Corporation, a Delaware corporation (the
"Company"), and the purchasers named on the signature pages hereto
(individually, an "Investor", and collectively, the "Investors");

         WHEREAS, each of the Investors wishes to purchase, and the Company
wishes to issue and sell to each of the Investors, the number of shares of
common stock, par value $0.001 per share (the "Common Shares"), set forth below
such Investor's name on the signature pages of this Agreement; and

         WHEREAS, concurrently with the execution of this Agreement, each of the
Investors shall enter into a Registration Rights Agreement (the "Registration
Rights Agreement") with the Company, and certain of the Investors shall enter
into employment agreements with the Company and shall be appointed to the
Company's Board of Directors.

         In consideration of the premises and mutual agreements herein contained
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto do hereby agree as follows:

                                   ARTICLE I

                    AUTHORIZATION; PURCHASE OF COMMON SHARES

         Section 1.1 The Common Shares. The Company has authorized the issuance
and sale pursuant to this Agreement of the Common Shares, each having such
rights, restrictions, and privileges as are contained in or accorded by (A) the
Restated Certificate of Incorporation (the "Certificate of Incorporation") of
the Company, (B) the Bylaws of the Company, and (C) the Registration Rights
Agreement. Subject to the terms and conditions hereof, the Common Shares will be
delivered to the Investors on the Closing Date (as defined in Section 2.1).

         Section 1.2 The Purchase of Common Shares. Subject to the terms and
conditions of this Agreement, each Investor hereby irrevocably agrees to
purchase the number of Common Shares set forth below the Investor's name on the
signature page hereto for the purchase price specified in Section 2.1 hereof. An
Investor shall not be obligated to purchase any Common Shares unless the
conditions set forth in Article V hereof shall have been satisfied or waived.
The Company shall not be obligated to sell any Common Shares unless the
conditions set forth in Article VI hereof shall have been satisfied or waived.

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                                   ARTICLE II

                                     CLOSING

         Section 2.1 Sale and Purchase of the Common Shares.

                  (a) Subject to the terms and conditions of this Agreement, the
closing of the purchase and sale of the Common Shares provided for in this
Agreement (the "Closing") shall occur on January 24, 2005, or on such later date
as may be agreed upon in writing by the Company and the Investors (the "Closing
Date"). At the Closing, the Company shall sell to each of the Investors, and
each of the Investors shall purchase from the Company, the number of Common
Shares set forth below the Investor's name on the signature page hereto at a
purchase price per Common Share equal to the publicly reported per share closing
price of the Company's common stock on the last trading day immediately
preceding the Closing Date (the "Per Share Purchase Price"). On the Closing
Date, each Investor shall deliver the Aggregate Purchase Price (as defined
below) by wire transfer of immediately available U.S. funds to an account to be
designated by the Company; provided, however, that if so directed by the
Company, each Investor shall, prior to the Closing Date, deliver the Aggregate
Purchase Price, in immediately available U.S. funds, into an escrow account
pursuant to an escrow agreement (the "Escrow Agreement"), the form and substance
of which shall be agreed upon by the parties hereto. The aggregate purchase
price for the number of Common Shares to be purchased by each Investor shall be
the number of Common Shares purchased by each Investor multiplied by the Per
Share Purchase Price (the "Aggregate Purchase Price").

                  (b) As soon as practicable after the Closing, the Company
shall deliver, or cause to be delivered, to each of the Investors one or more
certificates registered in the name of each such Investor representing the
aggregate number of Common Shares purchased by such Investor against payment of
such Investor's Aggregate Purchase Price in accordance with the provisions of
Section 2.1(a) hereof.

         Section 2.2 Place of Closing. The Closing will take place at the
offices of Bradley Arant Rose & White LLP, One Federal Place, 1819 Fifth Avenue
North, Birmingham, Alabama 35203.

                                  ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants to each of the Investors as
follows:

         Section 3.1 Due Organization, Valid Existence and Authority of the
Company. The Company is a corporation duly organized and validly existing under
the laws of the State of Delaware. The Company has the corporate power and
authority to carry on its business as presently proposed to be conducted and is
duly licensed or qualified to do business and in good standing in each
jurisdiction in which its ownership or leasing of property or the conduct of its

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business requires such licensing or qualification, except where the failure to
be so licensed, qualified or in good standing would not have a material adverse
effect on the financial condition, business or results of operations of the
Company and its subsidiaries taken as a whole (a "Material Adverse Effect"). The
Company has full right, power and authority to enter into this Agreement, the
Registration Rights Agreement and the Escrow Agreement and to perform its
obligations hereunder and thereunder.

         Section 3.2 Authorization and Validity of Agreements. This Agreement,
the Registration Rights Agreement and the Escrow Agreement have been duly
authorized, executed and delivered by the Company and constitute the valid and
binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, except as may be limited by (i)
applicable bankruptcy, reorganization, insolvency, moratorium and/or similar
laws relating to or affecting the rights of creditors generally, including
without limitation fraudulent conveyance provisions under applicable laws; (ii)
general principles of equity (regardless of whether considered in a proceeding
in equity or at law); and (iii) applicable laws relating to or affecting rights
to indemnity and contribution.

         Section 3.3 Capitalization.

                  (a) The authorized capital stock of the Company consists of
(i) 25,000,000 shares of common stock, par value $0.001 per share, of which, as
of December 31, 2004, 17,749,846 shares are issued and outstanding, and (ii)
5,000,000 shares of Series A Convertible Preferred Stock, par value $0.001 per
share (the "Preferred Stock"), of which 62,000 shares are issued and
outstanding, in each case having the rights, preferences and privileges
specified in the Certificate of Incorporation and the Bylaws of the Company.

                  (b) Except (i) as set forth above, (ii) as provided for in
connection with the transactions contemplated hereby, and (iii) as disclosed in
the Company's publicly available filings with the Securities and Exchange
Commission (the "SEC"), including exhibits thereto, there are no (A) outstanding
securities of the Company evidencing the right to purchase or subscribe for any
shares of capital stock of the Company, (B) outstanding or authorized options,
warrants, calls, subscriptions, rights, commitments or any other agreements of
any character obligating the Company to issue any shares of its capital stock or
any securities convertible into or evidencing the right to purchase or subscribe
for any shares of such stock, or (C) agreements or understandings with respect
to the voting, sale or transfer of any shares of capital stock of the Company.

                  (c) All the Common Shares issuable by the Company pursuant to
this Agreement will be, when issued and paid for and delivered in accordance
with the terms of this Agreement, duly authorized, validly issued, fully paid
and nonassessable.

         Section 3.4 Approvals Required.

                  (a) Neither the execution and delivery of this Agreement or
the Registration Rights Agreement, nor the consummation of the transactions
contemplated hereby or thereby, nor compliance by the Company with any of the
provisions hereof or thereof will (i) conflict

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with or result in a breach of any provision of the Certificate of Incorporation
or Bylaws of the Company, (ii) constitute or result in a breach of any term,
condition or provision of, or constitute a default under, or give rise to any
right of termination, cancellation or acceleration with respect to, or result in
the creation of any lien, charge or encumbrance upon any property or asset of
the Company pursuant to, any note, bond, mortgage, indenture, license, agreement
or other instrument or obligation to which the Company is a party, or (iii)
violate any order, writ, injunction, decree, statute, rule or regulation
applicable to the Company, except (in the case of clauses (ii) and (iii) above)
for such violations, rights, conflicts, breaches, creations or defaults which,
either individually or in the aggregate, will not have a Material Adverse Effect
on the Company and its subsidiaries taken as a whole or adversely affect the
Company's right or ability to perform this Agreement or the Registration Rights
Agreement.

                  (b) No consent, approval or authorization (which has not been
obtained) of, or declaration, notice, filing or registration with, any
governmental or regulatory authority, or any other person, is required to be
made or obtained by the Company in connection with the execution and delivery by
the Company of this Agreement or the consummation by the Company of the
transactions contemplated hereby, except (i) any notice filings required by Rule
503 promulgated by the SEC and applicable state securities laws, (ii) any Forms
3 required to be filed with the SEC, and (iii) the Form 8-K to be filed with the
SEC following the Closing Date, disclosing certain terms of the transactions
contemplated by this Agreement.

         Section 3.5 Private Offering of the Common Shares.

                  (a) The offer, issuance, sale and delivery of the Common
Shares pursuant to this Agreement is intended to be exempt from the registration
requirements of the Securities Act of 1933, as amended (the "Securities Act").
Neither the Company nor anyone acting on its behalf has taken or will take any
action with respect to the Common Shares, or any securities similar to the
Common Shares, or otherwise, that would bring the issuance and sale of the
Common Shares within the registration requirements of the Securities Act or
comparable provisions of any applicable state securities laws.

                  (b) In the case of each offer or sale of the Common Shares, no
form of general solicitation or general advertising (as those terms are used in
Regulation D under the Securities Act) was used in connection with the offering
of Common Shares by the Company or, to the best knowledge of the Company, any
person authorized to act on behalf of the Company, including, but not limited
to, any advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio, or
any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising.

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                                   ARTICLE IV

                        REPRESENTATIONS AND WARRANTIES OF
                                  THE INVESTORS

         Each of the Investors hereby represents and warrants to the Company as
follows:

         Section 4.1 Authority of the Investor. If an Investor is a natural
person, such Investor represents and warrants that (i) he is over 21 years of
age, (ii) the address set forth under his name on the signature page hereof is
his true and correct address and residence, and (iii) he has no current
intention of becoming a resident of any other state or jurisdiction in the
foreseeable future, unless such change in residence shall occur following the
Closing in connection with an Investor's employment with the Company or any of
its subsidiaries. If an Investor is not a natural person, (v) such Investor has
the full legal right, power, authority and approval required to (A) execute and
deliver, or authorize the execution and delivery of, this Agreement, the
Registration Rights and the Escrow Agreement and all other instruments executed
and delivered by or on behalf of such Investor in connection with the purchase
of Common Shares, and (B) purchase and hold such Common Shares, (w) the
signature of the party signing on behalf of such Investor is binding upon such
Investor, (x) the address set forth under such Investor's name on the signature
page hereof is its true and correct address, (y) such Investor has no current
intention of changing its address to any other state or jurisdiction in the
foreseeable future, and (z) such Investor has not been formed for the specific
purpose of acquiring such Common Shares, unless each beneficial owner of equity
securities or equity interests in such Investor qualifies as an "accredited
investor" within the meaning of Rule 501(a) under the Securities Act.

         Section 4.2 Authorization and Validity of Agreements. This Agreement,
the Registration Rights Agreement and the Escrow Agreement have been duly
authorized, executed and delivered by such Investor and constitute the valid and
binding obligations of such Investor, enforceable against such Investor in
accordance with their respective terms, except as may be limited by (i)
applicable bankruptcy, reorganization, insolvency, moratorium and/or similar
laws relating to or affecting the rights of creditors generally, including
without limitation fraudulent conveyance provisions under applicable laws; (ii)
general principles of equity (regardless of whether considered in a proceeding
in equity or at law); and (iii) applicable laws relating to or affecting rights
to indemnity and contribution.

         Section 4.3 Investment Intent. (a) Each Investor, severally and not
jointly, represents and warrants to, and covenants and agrees with, the Company
that the Common Shares to be acquired by such Investor hereunder are being
acquired for such Investor's own account.

                  (a) Each Investor, severally and not jointly, represents and
warrants to, and covenants and agrees with, the Company that the Common Shares
being acquired by such Investor hereunder are being acquired for investment and
with no intention of distributing or reselling such Common Shares or any part
thereof or interest therein in any transaction which would be in violation of
the securities laws of the United States or any state, without prejudice,
however, to an Investor's right, subject to the provisions of this Agreement and
the Registration Rights Agreement, at all times to sell or otherwise dispose of
all or any part of such Common

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Shares under an effective registration statement under the Securities Act and
other applicable state securities laws or under an exemption from such
registration requirements, and subject, nevertheless, to the disposition of an
Investor's property being at all times within such Investor's control. Each
Investor, severally and not jointly, further represents and warrants to the
Company that such Investor has no present agreement, understanding, plan or
intent to transfer the Common Shares to be purchased by such Investor, or any
part thereof or interest therein, to any transferee.

         Section 4.4 Transfer Restrictions. If an Investor should decide to
dispose of any of the Common Shares, such Investor understands and agrees that
such Investor may do so only pursuant to an effective registration statement
under the Securities Act or as set forth below: (i) to the Company, (ii) to any
person reasonably believed by such Investor to be a "qualified institutional
buyer" (as defined in Rule 144A under the Securities Act) in compliance with
Rule 144A under the Securities Act, (iii) pursuant to an exemption from
registration set forth in Rule 144 under the Securities Act, (iv) to any person
who is reasonably believed by such Investor to be an "accredited investor" (as
defined in Rule 501(a) under the Securities Act) and who, prior to such
transfer, furnishes to the Investor and the Company a signed letter confirming
such Investor's status as an accredited investor and agreeing to the
restrictions on transfer of the Common Shares set forth in this Agreement or (v)
to any Affiliate (as such term is defined in Rule 144 under the Securities Act)
of such Investor pursuant to an applicable exemption under the Securities Act.
In connection with any transfer of any Common Shares other than (i) any transfer
pursuant to an effective registration statement or (ii) any transfer to a
qualified institutional buyer, the Company may require that the transferor of
any such Common Shares provide to the Company an opinion of counsel selected by
the transferor, which counsel shall be and the form and substance of which
opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such Common Shares under the
Securities Act or any state securities laws. In connection with any transfer
pursuant to clause (ii) above, the Company may request reasonable certification
as to the status of the transferor's transferee as a qualified institutional
buyer.

         Section 4.5 No Conflict with Other Instruments; No Approvals Required
Except as Have Been Obtained.

                  (a) Neither the execution and delivery of this Agreement or
the Registration Rights Agreement, nor the consummation of the transactions
contemplated hereby or thereby, nor compliance by the Investor with any of the
provisions hereof or thereof shall (i) constitute or result in a breach of any
term, condition or provision of, or constitute a default under, or give rise to
any right of termination, cancellation or acceleration with respect to, or
result in the creation of any lien, charge or encumbrance upon any property or
asset of such Investor pursuant to, any note, bond, mortgage, indenture,
license, agreement or other instrument or obligation, or (ii) violate any order,
writ, injunction, decree, statute, rule or regulation applicable to such
Investor, except for such violations, rights, conflicts, breaches, creations or
defaults which, either individually or in the aggregate, will not have a
Material Adverse Effect on such Investor or adversely affect such Investor's
right or ability to perform this Agreement or the Registration Rights Agreement.

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                  (b) No consent, approval or authorization of, or declaration,
notice (except as previously disclosed in writing to the Company prior to the
date hereof), filing or registration with, any governmental or regulatory
authority, or any other person, is required to be made or obtained by the
Investor in connection with the execution and delivery of this Agreement by the
Investor or the consummation by the Investor of the transactions contemplated
hereby.

         Section 4.6 Investor Awareness. Each Investor acknowledges, agrees and
is aware that:

                  (i)   an investment in the Common Shares involves a high
         degree of risk, and such Investor may lose the entire amount of such
         Investor's investment;

                  (ii)   the Common Shares have not been registered under the
         Securities Act or under the securities laws of any other jurisdiction,
         and, except as provided in the Registration Rights Agreement, the
         Company is under no obligation to, and currently does not intend to,
         register or qualify the Common Shares for resale by such Investor or
         assist such Investor in complying with any exemption under the
         Securities Act or the securities laws of any other jurisdiction; an
         offer or sale of Common Shares by such Investor in the absence of
         registration under the Securities Act will require the availability of
         an exemption thereunder; a restrictive legend in substantially the form
         set forth in Section 7.1 hereof shall be placed on the certificates
         representing the Common Shares; and a notation shall be made in the
         appropriate records of the Company and its transfer agent indicating
         that the Common Shares are subject to restrictions on transfer;

                  (iii)  such Investor shall hold the Common Shares subject to,
         and shall have voting rights with respect to the Common Shares as
         specified in, the Certificate of Incorporation and Bylaws of the
         Company, as the same may be amended from time to time; and

                  (iv)   the Common Shares have not been approved or disapproved
         by the SEC, any state securities commission or other regulatory
         authority, nor have any of the foregoing authorities passed upon or
         endorsed the merits of the Company's offer to sell the Common Shares or
         the accuracy or adequacy of the Company's disclosures contained in this
         Agreement or in the Other Documents (as such term is defined in Section
         4.8 hereof).

         Section 4.7 Accredited Investor. Each Investor qualifies as an
"accredited investor" within the meaning of Rule 501 under the Securities Act,
being:

                  (i)    a bank as defined in Section 3(a)(2) of the Securities
         Act or a savings and loan association or other institution as defined
         in Section (3)(a)(5)(A) of the Securities Act whether acting in its
         individual or fiduciary capacity; a broker dealer registered pursuant
         to Section 15 of the Securities Exchange Act of 1934; an insurance
         company as defined in Section 2(13) of the Securities Act; an
         investment company registered under the Investment Company Act of 1940
         or a

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         business development company as defined in Section 2(a)(48) of that
         Act; a Small Business Investment Company licensed by the U. S. Small
         Business Administration under Section 301(c) or (d) of the Small
         Business Investment Act of 1958; a plan established and maintained by a
         state, its political subdivisions, or an agency or instrumentality of
         such state or its political subdivisions, for the benefit of its
         employees, if such plan has total assets in excess of U.S. $5,000,000;
         an employee benefit plan within the meaning of the Employee Retirement
         Income Security Act of 1974, if the investment decision is made by a
         plan fiduciary, as defined in Section 3(21) of such Act, which is
         either a bank, savings and loan association, insurance company, or
         registered investment adviser, or if the employee benefit plan has
         total assets in excess of U.S. $5,000,000 or, if a self-directed plan,
         with investment decisions made solely by persons that are accredited
         investors;

                  (ii)   a private business development company as defined in
         Section 202(a)(22) of the Investment Advisers Act of 1940;

                  (iii)  an organization described in Section 501(c)(3) of the
         Internal Revenue Code, or a corporation, Massachusetts or similar
         business trust, or partnership, not formed for the specific purpose of
         acquiring any Common Shares, with total assets in excess of U.S.
         $5,000,000;

                  (iv)   a director or executive officer of the Company;

                  (v)    a natural person whose individual net worth, or joint
         net worth with that person's spouse, at the time of his purchase
         exceeds U.S. $1,000,000;

                  (vi)   a natural person who had an individual income in excess
         of U.S. $200,000 in each of the two most recent years or joint income
         with that person's spouse in excess of U.S. $300,000 in each of those
         years and has a reasonable expectation of reaching the same income
         level in the current year;

                  (vii)  a trust with total assets in excess of $5,000,000, not
         formed for the specific purpose of acquiring any Common Shares, whose
         purchase is directed by a sophisticated person as described in Rule
         506(b)(2)(ii) under the Securities Act; or

                  (viii) an entity in which all of the equity owners are
         accredited investors pursuant to any of the foregoing subsections
         (i)-(vii).

         Section 4.8 Receipt of Information, Access to Information. Each
Investor:

                  (i)    has had the opportunity to review each and every
         document filed by the Company with the SEC which such Investor deems
         relevant to such Investor's purchase of Common Shares, and has been
         furnished with the Registration Rights Agreement, the Escrow Agreement
         and any other documents

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         that the Investor may have from time to time requested of the Company
         (collectively, the "Other Documents"), and such Investor has carefully
         read such Other Documents and understands and has evaluated the risks
         of a purchase of the Common Shares;

                  (ii)   has been given the opportunity to ask questions of, and
         receive answers from, the Company concerning any and all matters
         pertaining to the purchase of Common Shares, has been given the
         opportunity to obtain such additional information necessary to evaluate
         the merits and risks of a purchase of the Common Shares to the extent
         the Company possesses such information or can acquire such information
         without unreasonable effort or expense, and has received all documents
         and information that such Investor has requested relating to an
         investment in the Company;

                  (iii)  has not relied upon any representations or other
         information (whether oral or written) from the Company, or its
         directors, officers, employees or affiliates, or from any other
         persons, other than the representations contained in this Agreement and
         the information contained in the Other Documents;

                  (iv)   has carefully considered and has, to the extent such
         Investor believes such discussion necessary, discussed with such
         Investor's professional legal, financial and tax adviser(s), the
         suitability of an investment in the Company for such Investor's
         particular financial and tax situation and has determined that the
         Common Shares are a suitable investment for such Investor; and

                  (v)    acknowledges and agrees that such Investor (A) has such
         knowledge and experience in financial and business matters that such
         Investor is capable of evaluating the merits and risks of an investment
         in Common Shares, (B) is aware of the matters described in Section 4.6,
         (C) has received and evaluated the information described in this
         Section 4.8, and (D) is making an independent decision to invest in the
         Common Shares.

         Section 4.9 Cash Funds. Such Investor is not insolvent and has
sufficient cash funds on hand to purchase the Common Shares on terms and
conditions contained in this Agreement and will have such funds available to
effect the purchase of such Common Shares on the Closing Date.

                                   ARTICLE V

                   CONDITIONS TO OBLIGATIONS OF THE INVESTORS

         The obligation of each Investor to purchase Common Shares under this
Agreement is subject to the satisfaction or waiver on or prior to the Closing
Date of each of the following conditions:

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         Section 5.1 Accuracy of Representations and Warranties. All
representations and warranties of the Company contained herein shall be true in
all material respects on and as of the Closing Date as if made on and as of the
Closing Date.

         Section 5.2 Company's Performance. Each of the covenants and
obligations that the Company is required to perform or to comply with pursuant
to this Agreement at or prior to the Closing must have been duly performed and
complied with in all material respects.

         Section 5.3 Opinion of Company's Counsel. The Investors shall have
received from Haskell Slaughter Young & Rediker, LLC, counsel to the Company, an
opinion addressed to the Investors, dated as of the Closing Date, the form and
substance of which shall be acceptable to the Investors.

         Section 5.4 Employment Agreements. Simultaneously with the Closing, C.
Stanley Bailey ("Bailey"), C. Marvin Scott ("Scott") and Rick D. Gardner
("Gardner") shall be duly elected as Chief Executive Officer, President and
Chief Operating Officer, respectively, of the Company and its subsidiary, The
Bank, and shall enter into employment agreements with the Company in connection
therewith.

         Section 5.5 Appointment of Director. Simultaneously with the Closing,
Bailey shall be duly appointed to the Company's Board of Directors.

         Section 5.6 Secretary's Certificate. The Investors shall have received
a duly executed certificate of the Company's Secretary, dated as of the Closing
Date, (i) certifying, as complete and accurate as of the Closing Date, attached
copies of Company's Certificate of Incorporation and Bylaws, and (ii) certifying
and attaching all requisite resolutions of the Company's Board of Directors, and
committees thereof, approving the execution and delivery of this Agreement and
the consummation of the transactions contemplated in this Agreement.

         Section 5.7 Qualifications. All authorizations, approvals or permits of
any governmental authority or regulatory body of the United States or of any
state that are required in connection with the consummation of any of the
transactions contemplated by this Agreement, if any, shall have been duly
obtained and shall be effective on and as of the Closing Date.

         Section 5.8 Orders, Decrees or Injunctions. Neither the Company nor any
of its subsidiaries, nor any of the Investors, shall be subject to any order,
decree or injunction by a court of competent jurisdiction which prevents the
consummation of any of the transactions contemplated by this Agreement.

         Section 5.9 Statutes, Rules or Regulations. No statute, rule or
regulation shall have been enacted by the government (or any governmental
agency) of the United States or any state, municipality or other political
subdivision thereof that makes the consummation of any of the transactions
contemplated by this Agreement illegal.

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                                   ARTICLE VI

                     CONDITIONS TO THE COMPANY'S OBLIGATIONS

         The obligation of the Company to issue and sell the Common Shares under
this Agreement is subject to the satisfaction or waiver on or prior to the
Closing Date of each of the following conditions:

         Section 6.1 Accuracy of Representations and Warranties. All
representations and warranties of each Investor contained herein shall be true
in all material respects on and as of the Closing Date as if made on and as of
the Closing Date.

         Section 6.2 Investors' Performance. Each of the covenants and
obligations that each of the Investors is required to perform or to comply with
pursuant to this Agreement at or prior to the Closing must have been duly
performed and complied with in all material respects.

         Section 6.3 Employment Agreements. Simultaneously with the Closing,
Bailey, Scott and Gardner shall be duly elected as Chief Executive Officer,
President and Chief Operating Officer, respectively, of the Company and its
subsidiary, The Bank, and shall enter into employment agreements with the
Company in connection therewith.

         Section 6.4 Appointment of Director. Simultaneously with the Closing,
Bailey shall be duly appointed to the Company's Board of Directors.

         Section 6.5 Separation Agreements. Simultaneously with the Closing,
each of James A. Taylor and James A. Taylor, Jr. shall enter into a separation
agreement with the Company.

         Section 6.6 Standstill Agreements. Simultaneously with the Closing,
each of F. Hampton McFadden, Jr. and David R. Carter shall enter into a
standstill agreement with the Company.

         Section 6.7 Opinion of Company's Counsel. The Company shall have
received from Haskell Slaughter Young & Rediker, LLC, counsel to the Company, an
opinion addressed to the Company, dated as of the Closing Date, the form and
substance of which shall be acceptable to the Company.

         Section 6.8 Opinion of Company's Regulatory Counsel. The Company shall
have received from Miller, Hamilton, Snider & Odom, LLC, regulatory counsel to
the Company, an opinion addressed to the Company, dated as of the Closing Date,
the form and substance of which shall be acceptable to the Company.

         Section 6.9 Blue Sky Memorandum. The Company shall have received from
Haskell Slaughter Young & Rediker, LLC, counsel to the Company, a blue sky
memorandum addressed to the Company, dated as of the Closing Date, the form and
substance of which shall be acceptable to the Company.

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         Section 6.10 Legal Investment. The purchase of the Common Shares to be
purchased by each of the Investors hereunder shall be legally permitted by all
laws and regulations to which each such Investor and the Company are subject.

         Section 6.11 Qualifications. All authorizations, approvals or permits
of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the consummation of any of the
transactions contemplated by this Agreement, if any, shall have been duly
obtained and shall be effective on and as of the Closing Date.

         Section 6.12 Orders, Decrees or Injunctions. Neither the Company nor
any of its subsidiaries, nor any of the Investors, shall be subject to any
order, decree or injunction by a court of competent jurisdiction which prevents
the consummation of any of the transactions contemplated by this Agreement.

         Section 6.13 Statutes, Rules or Regulations. No statute, rule or
regulation shall have been enacted by the government (or any governmental
agency) of the United States or any state, municipality or other political
subdivision thereof that makes the consummation of any of the transactions
contemplated by this Agreement illegal.

                                  ARTICLE VII

                            RESTRICTIONS ON TRANSFER

         The Common Shares shall not be transferable except upon the conditions
specified in this Article VII, which are intended to ensure compliance with the
provisions of the Securities Act in respect of the transfer of any Common
Shares.

         Section 7.1 Restrictive Legends. In addition to any other legend
required by applicable law, each certificate representing Common Shares shall
(unless otherwise permitted by the provisions of this Article VII) be stamped or
otherwise imprinted with a legend in substantially the following form:

         "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS
         AND, ACCORDINGLY, MAY NOT BE TRANSFERRED, OFFERED, PLEDGED, SOLD OR
         OTHERWISE DISPOSED OF EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION
         HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
         INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
         OR (B) IT IS AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a) UNDER
         THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE
         TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER THEREOF OR ANY
         SUBSIDIARY THEREOF, (B) TO A "QUALIFIED INSTITUTIONAL BUYER" IN
         COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) TO AN
         ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS
         FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE COMPANY A
         SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
         RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF
         WHICH

                                       12
<PAGE>

         LETTER CAN BE OBTAINED FROM THE COMPANY), (D) PURSUANT TO THE EXEMPTION
         FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
         AVAILABLE), OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
         UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH
         PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO
         THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
         SECURITY, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
         THE SECURITIES ACT WITH RESPECT THERETO, THE HOLDER MUST, PRIOR TO SUCH
         TRANSFER, FURNISH TO THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR
         OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
         TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
         TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
         SECURITIES ACT."

         Section 7.2 Notice of Proposed Transfers.

                  (a) The holder of Common Shares bearing a restrictive legend
set forth in Section 7.1 above ("Restricted Securities"), by acceptance thereof,
agrees that, unless such Restricted Securities have been registered or qualified
under the Securities Act and applicable state securities laws, prior to any
transfer or attempted transfer of such Restricted Securities, in whole or in
part, such holder will give the Company (a) written notice describing the
proposed transfer of such Restricted Securities in reasonable detail, (b)
certification that the proposed transferee of such Restricted Securities is
either a "qualified institutional buyer" within the meaning of Rule 144A under
the Securities Act or an "accredited investor" within the meaning of Rule 501
under the Securities Act, (c) such other information about the proposed transfer
of such Restricted Securities or the proposed transferee of such Restricted
Securities as the Company may request and (d) in connection with any transfer of
any Restricted Securities other than (i) any transfer pursuant to an effective
registration statement or (ii) any transfer to a qualified institutional buyer,
the Company may require that the transferor of any such Restricted Securities
provide to the Company an opinion of counsel selected by the transferor (which
may include in-house counsel of a transferor), which counsel shall be and the
form and substance of which opinion shall be reasonably satisfactory to the
Company, to the effect that such transfer does not require registration of such
Restricted Securities under the Securities Act or any state securities laws. In
addition, if the holder of the Restricted Securities delivers to the Company an
opinion of counsel that subsequent transfers of such Restricted Securities will
not require registration under the Securities Act, the Company will cause the
transfer agent promptly after such contemplated transfer to deliver new
certificates for such Restricted Securities that do not bear the legend set
forth in Section 7.1 above. If the foregoing conditions entitling the holder to
effect a proposed transfer of such Restricted Securities without registration
under the Securities Act have not been satisfied, the holder shall not transfer
the Restricted Securities, and the Company will cause the transfer agent not to
transfer any Restricted Securities on its books or issue any certificates
representing such Restricted Securities. Any purported transfer not in
accordance with the terms hereof shall be void. The restrictions imposed by this
Section 7.2 upon the transferability of any particular Restricted Securities
shall cease and terminate when such Restricted Securities have been sold
pursuant to an effective registration statement under the Securities Act or
transferred pursuant to Rule 144 promulgated under the Securities Act. The
holder of any Restricted Securities as to which such restrictions shall have
terminated shall be

                                       13
<PAGE>

entitled to receive from the Company, without expense, a new certificate
representing Common Shares that does not bear the restrictive legend set forth
above and does not contain any other reference to the restrictions imposed by
this Section 7.2. As used in this Section 7.2, the term "transfer" encompasses
any sale, transfer, pledge or other disposition of any Common Shares referred to
herein.

                  (b) No Restricted Security may be transferred to any person
unless the transferee thereof executes a written agreement, in form and
substance reasonably acceptable to the Company, agreeing to be bound by the
provisions of this Article VII.

                                  ARTICLE VIII

                      AGREEMENTS AND CONSENTS OF INVESTORS

         Each Investor agrees with the Company that:

                  (a) notwithstanding anything to the contrary contained or
implied herein, the Company shall not be obligated to issue to the Investors in
the aggregate, any Common Shares in an amount which would equal or exceed five
percent (5%) of the total voting power of the Company upon consummation of the
transactions contemplated hereby;

                  (b) the Company may, in its sole discretion, decline to issue
any of the Common Shares to any Investor if, in the reasonable opinion of the
Company, such Investor is required to obtain prior clearance or approval of such
transaction from any governmental bank regulatory authority and satisfactory
evidence of such approval or clearance has not been presented to the Company by
the Closing Date; and

                  (c) the Company may rely upon and disclose the terms of this
Agreement; each Investor consents to disclosure concerning such Investor in any
filing or disclosures of the Company required by law or regulation.

                                   ARTICLE IX

                                 INDEMNIFICATION

         Section 9.1 Indemnification by the Company. The Company (for purposes
of this Section 9.1 and, to the extent applicable, Section 9.3, the
"Indemnitor"), shall indemnify, defend and hold each of the Investors (to the
extent applicable, each of the foregoing being herein referred to for purposes
of Section 9.3 as an "Indemnified Person"), harmless from and against any and
all liabilities, losses, claims, damages, suits, costs, deficiencies and
expenses (including reasonable attorneys' fees and disbursements through appeal)
arising from, by reason of or resulting from any (i) breach by the Indemnitor of
any representation, warranty, agreement or covenant contained in this Agreement
and each document or other instrument furnished or to be furnished by the
Indemnitor hereunder, and (ii) claim by any person for brokerage or finder's
fees

                                       14
<PAGE>

or commissions or similar payments based upon any agreement or understanding
alleged to have been made by any such person with the Indemnitor in connection
with any of the transactions contemplated by this Agreement.

         Section 9.2 Indemnification by the Investors. Each of the Investors
(for purposes of this Section 9.2 and, to the extent applicable, Section 9.3,
each of the foregoing being herein referred to as an "Indemnitor"), shall
indemnify, defend and hold the Company and each of the Company's officers,
directors, agents, employees and shareholders (to the extent applicable, each of
the foregoing being herein referred to for purposes of Section 9.3 as an
"Indemnified Person"), harmless from against any and all liabilities, losses,
claims, damages, actions, suits, costs, deficiencies and expenses (including
reasonable attorneys' fees and disbursements through appeal) arising from, by
reason of or resulting from any (i) breach by the Indemnitor of any
representation, warranty, agreement or covenant contained in this Agreement and
each document or other instrument furnished or to be furnished by the Indemnitor
hereunder, and (ii) claim by any person for brokerage or finder's fees or
commissions or similar payments based upon any agreement or understanding
alleged to have been made by any such person with any of the Indemnitors in
connection with any of the transactions contemplated by this Agreement.

         Section 9.3 Indemnification Procedure. Within 60 days after an
Indemnified Person receives written notice of the commencement of any action or
other proceeding in respect of which indemnification or reimbursement may be
sought hereunder, or within such lesser time as may be provided by law for the
defense of such action or other proceeding, such Indemnified Person shall notify
the Indemnitor thereof. If any such action or other proceeding shall be brought
against any Indemnified Person, the Indemnitor shall, upon written notice, given
within a reasonable time following receipt by the Indemnitor of such notice from
the Indemnified Person, be entitled to assume the defense of such action or
other proceeding with counsel chosen by the Indemnitor and reasonably
satisfactory to the Indemnified Person; provided, however, that any Indemnified
Person may at his or its, as the case may be, own expense retain separate
counsel to participate in such defense. Notwithstanding the foregoing, an
Indemnified Person shall have the right to employ separate counsel at the
Indemnitor's expense and to control its own defense of such action or proceeding
if, in the reasonable opinion of counsel to such Indemnified Person, (i) there
are or may be legal defenses available to such Indemnified Person or to other
Indemnified Persons that are different from or additional to those available to
the Indemnitor and which could not be adequately advanced by counsel chosen by
the Indemnitor, or (ii) a conflict or potential conflict exists between the
Indemnitor and such Indemnified Person that would make such separate
representation advisable; provided, however, that in no event shall the
Indemnitor be required to pay fees and expenses hereunder for more than one firm
of attorneys in a jurisdiction in any one action or other proceeding or group of
related actions or other proceedings. The Indemnitor shall not, without the
prior written consent of any Indemnified Person, settle or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim,
action or other proceeding to which such Indemnified Person is a party unless
such settlement, compromise or consent includes an unconditional release of such
Indemnified Person from all liability arising or potentially arising from or by
reason of such claim, action or other proceeding.

                                       15
<PAGE>

                                   ARTICLE X

                                  MISCELLANEOUS

         Section 10.1 Termination of Agreement. This Agreement may be terminated
and the transactions contemplated herein abandoned by the written agreement of
the Company and each Investor.

         Section 10.2 Entire Agreement. This Agreement (including any Schedules
and Exhibits hereto) constitutes the entire agreement among the parties hereto
and supersedes all prior agreements and understandings, oral and written,
between the parties hereto with respect to the subject matter hereof, except
with respect to the Registration Rights Agreement and the Escrow Agreement.

         Section 10.3 Severability. Any provision of this Agreement that is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or lack of authorization without invalidating the remaining
provisions hereof or affecting the validity, unenforceability or legality of
such provision in any other jurisdiction.

         Section 10.4 Binding Effect; Benefit. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective
successors, legal representatives and permitted assigns. Nothing in this
Agreement, expressed or implied, is intended to confer on any person other than
the parties hereto, and their respective successors, legal representatives and
permitted assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement.

         Section 10.5 Assignability. This Agreement shall not be assignable by
any Investor without the prior written consent of the Company, which consent may
be withheld in the sole and complete discretion of the Company.

         Section 10.6 Amendment; Waiver. No provision of this Agreement may be
amended, waived or otherwise modified except by an instrument in writing
executed by the parties hereto.

         Section 10.7 Headings. The headings contained in this Agreement are for
convenience only and shall not affect the meaning or interpretation of this
Agreement.

         Section 10.8 Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and all of
which together shall be deemed to be one and the same instrument.

         Section 10.9 Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of Alabama.

         Section 10.10 Notices and Payments. All notices, requests, demands and
other communications hereunder shall be in writing and, except to the extent
otherwise provided in

                                       16
<PAGE>

this Agreement, shall be deemed to have been duly given if delivered by same day
or next day courier or mailed, first class postage prepaid, or transmitted by
telegram, telex or facsimile (i) if to an Investor, at such Investor's address
appearing below such Investor's name on the signature page hereto or at any
other address such Investor may have provided in writing to the Company and (ii)
if to the Company, at The Banc Corporation, 17 North 20th Street, Birmingham,
Alabama 35203, Attention: General Counsel, facsimile: (205) 327-3479, or such
other address as the Company may have furnished to the Investors in writing. A
notice hereunder shall be deemed to have been given on the day such notice is
sent or transmitted, provided, however, that if such notice is sent by next-day
courier it shall be deemed to have been given the day following sending and, if
by registered mail, five days following sending.

         Section 10.11 Survival. Each of the representations, warranties,
covenants and agreements made by the Company and each of the Investors pursuant
to this Agreement shall survive the execution and delivery of this Agreement and
the Closing.

         Section 10.12 Further Assurances. The parties hereto do hereby agree
(i) to furnish upon request to each other such further information, (ii) to
execute and deliver to each other such other documents and (iii) to do such
other acts and things, all as each of the other parties hereto may reasonably
request for the purpose of carrying out the intent of this Agreement.

         Section 10.13 Fees and Expenses. The parties hereto shall each bear
their own respective costs and expenses in connection with the transactions
contemplated hereby.

Section 10.14 No Rule of Construction. The parties hereto acknowledge that this
Agreement was mutually prepared and that all parties have read and negotiated
the language used in this Agreement. The parties agree that, because all parties
participated in negotiating and drafting this Agreement, no rule of construction
shall apply to this Agreement which construes ambiguous language in favor of or
against any party by reason of that party's role in drafting this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17
<PAGE>

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

                                      The Banc Corporation

                                      By: /s/ Michael E. Stephens
                                           ------------------------------------

                                      Name: Michael E. Stephens
                                            -----------------------------------

                                      Title: Chairman of the Special Negotiating
                                             Committee of the Board of Directors
                                             of The Banc Corporation
                                             ----------------------------------
<PAGE>

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

                                             /s/ C. Stanley Bailey
                                ------------------------------------------------
                                               C. Stanley Bailey

                                Address:
                                           -------------------------------------

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

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

                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 12,239
                                                                         -------

<PAGE>

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

                                Colonial Bank, N.A., Trustee,
                                IRA of C. Stanley Bailey

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

                                Name:
                                      ------------------------------------------

                                Its:
                                      ------------------------------------------

                                Address:
                                           -------------------------------------

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

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

                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 132,190
                                                                         -------

<PAGE>

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

                                Miller, Hamilton, Snider & Odom, LLC,
                                escrow agent FBO C. Stanley Bailey

                                By:   /s/ Wendi M. Brown
                                      ------------------------------------------

                                Name: Wendi M. Brown
                                      ------------------------------------------

                                Its:  Member
                                      ------------------------------------------

                                Address:
                                           -------------------------------------

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

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

                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 120,257
                                                                         -------

<PAGE>

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

                                               /s/ Duane Bickings
                                ------------------------------------------------
                                                 Duane Bickings

                                Address:
                                          --------------------------------------

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

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

                                Telephone:
                                          --------------------------------------

                                Facsimile:
                                          --------------------------------------

                                Number of Common Shares to be Purchased: 12,239
                                                                         -------

<PAGE>

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

                                Forest Hill Select Fund, LP

                                By:   /s/ Mark A. Lee
                                      ------------------------------------------

                                Name: Mark A. Lee
                                      ------------------------------------------

                                Its:  Manager/Mg. GP
                                      ------------------------------------------

                                Address:
                                           -------------------------------------

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

                                           -------------------------------------
                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 396,266
                                                                         -------

<PAGE>

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

                                Forest Hill Offshore, Ltd.

                                By:    /s/ Mark A. Lee
                                      ------------------------------------------

                                Name:  Mark A. Lee
                                      ------------------------------------------

                                Its:   Manager/Mg. GP
                                      ------------------------------------------

                                Address:
                                           -------------------------------------

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

                                           -------------------------------------
                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 32,129
                                                                         -------
<PAGE>

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

                                 /s/ Rick D. Gardner
                                ------------------------------------------------
                                                 Rick D. Gardner

                                Address:
                                          --------------------------------------

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

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

                                Telephone:
                                          --------------------------------------

                                Facsimile:
                                          --------------------------------------

                                Number of Common Shares to be Purchased: 61,199
                                                                         -------

<PAGE>

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

                                                    David Hiden
                                ------------------------------------------------
                                                   David Hiden

                                Address:
                                          --------------------------------------

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

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

                                Telephone:
                                          --------------------------------------

                                Facsimile:
                                          --------------------------------------

                                Number of Common Shares to be Purchased: 6,119
                                                                         -----

<PAGE>

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

                                              /s/ C. Marvin Scott
                                ------------------------------------------------
                                                 C. Marvin Scott

                                Address:
                                          --------------------------------------

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

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

                                Telephone:
                                          --------------------------------------

                                Facsimile:
                                          --------------------------------------

                                Number of Common Shares to be Purchased:  13,288
                                                                         -------
<PAGE>

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

                                Miller, Hamilton, Snider & Odom, LLC,
                                escrow agent FBO C. Marvin Scott

                                By:    /s/ Wendi M. Brown
                                      ------------------------------------------

                                Name:  Wendi M. Brown
                                      ------------------------------------------

                                Its:   Member
                                      ------------------------------------------

                                Address:
                                           -------------------------------------

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

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

                                Telephone:
                                           -------------------------------------

                                Facsimile:
                                           -------------------------------------

                                Number of Common Shares to be Purchased: 139,710
                                                                         -------<PAGE>

                                                                     EXHIBIT 4-2

================================================================================

                          REGISTRATION RIGHTS AGREEMENT

                                  by and among

                              THE BANC CORPORATION

                                       and

                           THE INVESTORS NAMED HEREIN

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

                          Dated as of January 24, 2005

================================================================================

<PAGE>

                                TABLE OF CONTENTS

1.   Certain Definitions.....................................................  1

2.   Demand Registrations....................................................  3
     (a)  Right to Request Registration......................................  3
     (b)  Number of Demand Registrations.....................................  3
     (c)  Priority on Demand Registrations...................................  3
     (d)  Restrictions on Demand Registrations...............................  4
     (e)  Selection of Underwriters..........................................  4
     (f)  Effective Period of Demand Registrations...........................  4
     (g)  Registration Statement Form........................................  5
     (h)  Pre-emption of Demand Registration.................................  5
     (i)  Shelf Option.......................................................  5

3.   Piggyback Registrations.................................................  6
     (a)  Right to Piggyback.................................................  6
     (b)  Priority on Primary Registrations..................................  6
     (c)  Priority on Secondary Registrations................................  6
     (d)  Selection of Underwriters..........................................  6
     (e)  Other Registrations................................................  6

4.   Holdback Agreements.....................................................  7

5.   Registration Procedures.................................................  7

6.   Registration Expenses................................................... 11

7.   Indemnification......................................................... 12

8.   Participation in Underwritten Registrations............................. 14

9.   Rule 144................................................................ 14

10.  Miscellaneous........................................................... 15
     (a)  Notices............................................................ 15
     (b)  No Waivers......................................................... 15
     (c)  Successors and Assigns............................................. 15
     (d)  Governing Law...................................................... 16
     (e)  Jurisdiction....................................................... 16

                                       i
<PAGE>

     (f)  Waiver of Jury Trial............................................... 16
     (g)  Counterparts; Effectiveness........................................ 16
     (h)  Entire Agreement................................................... 16
     (i)  Captions........................................................... 16
     (j)  Severability....................................................... 16
     (k)  Amendments......................................................... 17
     (l)  Aggregation of Stock............................................... 17
     (m)  Equitable Relief................................................... 17
     (n)  Recapitalizations, Exchanges Affecting the Registrable Securities.. 17

                                       ii

<PAGE>

         REGISTRATION RIGHTS AGREEMENT dated as of January 24, 2005, by and
among The Banc Corporation, a Delaware corporation (the "Company"), and the
investors listed on the signature pages of this Agreement (each, a "Stockholder"
and collectively, the "Stockholders").

         In consideration of the mutual covenants and agreements herein
contained and other good and valid consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement hereby agree as
follows:

         1.   CERTAIN DEFINITIONS.

         In addition to the terms defined elsewhere in this Agreement, the
following terms shall have the following meanings:

         "Affiliate" of any Person means any other Person which directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such Person. The term "control" (including the
terms "controlling," "controlled by" and "under common control with") as used
with respect to any Person means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or
otherwise.

         "Agreement" means this Registration Rights Agreement, including all
amendments, modifications and supplements and any exhibits or schedules to any
of the foregoing, and shall refer to this Registration Rights Agreement as the
same may be in effect at the time such reference becomes operative.

         "Common Stock" means common stock, par value $0.001 per share, of the
Company.

         "Company" has the meaning set forth in the introductory paragraph.

         "Covered Shares" means (x) any of the shares of Common Stock issued to
the Stockholders pursuant to the Stock Purchase Agreement or (y) any securities
issued or issuable with respect to the shares of Common Stock referred to in the
foregoing clause (x) by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization or otherwise.

         "Demand Registration" has the meaning set forth in Section 2(a) hereof.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Governmental Entity" means any national, federal, state, municipal,
local, territorial, foreign or other government or any department, commission,
board, bureau, agency, regulatory authority or instrumentality thereof, or any
court, judicial, administrative or arbitral body or public or private tribunal.

         "Holder" means any holder of record of Registrable Common Stock and any
transferees of such Registrable Common Stock from such Holders. For purposes of
this Agreement, the Company may deem and treat the registered holder of
Registrable Common Stock as the Holder and absolute owner thereof, and the
Company shall not be affected by any notice to the contrary.

<PAGE>

         "Initiating Holders" has the meaning set forth in Section 2(a) hereof.

         "Nasdaq" means the Nasdaq quotation system, or any successor reporting
system.

         "Person" means any individual, sole proprietorship, partnership,
limited liability company, joint venture, trust, incorporated organization,
association, corporation, institution, public benefit corporation, Governmental
Entity or any other entity.

         "Piggyback Registration" shall mean any registration of the Company's
common equity securities under the Securities Act (other than a registration
statement on Form S-8 or on Form S-4 or any similar successor forms thereto),
whether such registration is effected for the Company's own account or for the
account of one or more stockholders of the Company, provided that the
registration form to be used may be used for any registration of Registrable
Common Stock.

         "Prospectus" means the prospectus or prospectuses included in any
Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable
Common Stock covered by such Registration Statement and by all other amendments
and supplements to the prospectus, including post-effective amendments and all
material incorporated by reference in such prospectus or prospectuses.

         "Registrable Common Stock" means the Covered Shares; provided, however,
that Registrable Common Stock shall not include (i) any securities sold by a
Person to the public either pursuant to a Registration Statement or Rule 144
under the Securities Act, or (ii) any securities which may be sold without
restriction or limitation pursuant to Rule 144(k) under the Securities Act, or
(iii) any securities which, in the written opinion of counsel to the Company,
may be sold during any single twelve-month period under Rule 144 under the
Securities Act.

         "Registration Expenses" has the meaning set forth in Section 6(a)
hereof.

         "Registration Statement" means any registration statement of the
Company which covers any of the Registrable Common Stock pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all materials incorporated by reference in such Registration
Statement.

         "SEC" means the Securities and Exchange Commission.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Stockholders" has the meaning set forth in the introductory paragraph.

         "Stock Purchase Agreement" means the stock purchase agreement of even
date herewith executed by the Stockholders for the purchase of shares of Common
Stock.

         "Suspension Notice" has the meaning set forth in Section 5(e) hereof.

                                       2
<PAGE>

         "Underwritten Registration or Underwritten Offering" means a
registration in which securities of the Company are sold to underwriters for
reoffering to the public.

         "Withdrawn Demand Registration" has the meaning set forth in Section
2(f) hereof.

         2.   DEMAND REGISTRATIONS.

         (a) Right to Request Registration. At any time after the sale and
purchase of the Covered Shares pursuant to the Stock Purchase Agreement, upon
the written request of Holders holding in the aggregate no less than 25% of all
Registrable Common Stock (such Holder or Holders who make a request, the
"Initiating Holders"), such Initiating Holders may request that the Company
effect the registration under the Securities Act of all or part of the
Registrable Common Stock held by them (a "Demand Registration"). In connection
with any Demand Registration, the Initiating Holders thereof may elect that the
Company effect such registration by filing a registration statement under the
Securities Act (a "Shelf Registration Statement") which provides for the sale by
the Initiating Holders of their Registrable Common Stock from time to time on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act (the
"Shelf Option"); provided, however, that the Initiating Holders may not elect
the Shelf Option unless at such time the Company is eligible to use Form S-3 or
any successor thereto in connection with such registration. Each request for
registration shall specify the approximate number of shares of Registrable
Common Stock requested to be registered.

         Within 10 days after receipt of any such request for a Demand
Registration, the Company shall give written notice of such request to all other
Holders and shall, subject to the provisions of Sections 2(c) and 2(d) hereof,
include in such registration all such Registrable Common Stock with respect to
which the Company has received written requests for inclusion therein within 15
days after the receipt of the Company's notice.

         (b) Number of Demand Registrations. Subject to the provisions of
Section 2(a), the Holders shall be entitled to request an aggregate of three (3)
Demand Registrations.

         (c) Priority on Demand Registrations. If the managing underwriter(s)
(including any co-manager) of the requested Demand Registration advise the
Company in writing that in their opinion the number of shares of Registrable
Common Stock proposed to be included in any such registration exceeds the number
of securities which can be sold in such offering and/or that the number of
shares of Registrable Common Stock proposed to be included in any such
registration would adversely affect the price per share of the Company's equity
securities to be sold in such offering, the Company shall include in such
registration only the number of shares of Registrable Common Stock which in the
opinion of such managing underwriter(s) (including any co-manager) can be sold.
If the number of shares which can be sold is less than the number of shares of
Registrable Common Stock proposed to be registered, the amount of Registrable
Common Stock to be so sold shall be allocated pro rata among the Holders of
Registrable Common Stock desiring to participate in such registration on the
basis of the amount of such Registrable Common Stock initially proposed to be
registered by such other Holders. If the number of shares which can be sold
exceeds the number of shares of Registrable Common Stock proposed to be sold,
such excess shall be allocated pro rata among the other holders of securities,

                                       3
<PAGE>

if any, desiring to participate in such registration based on the amount of such
securities initially requested to be registered by such holders or as such
holders may otherwise agree.

         (d) Restrictions on Demand Registrations. The Company shall not be
obligated to effect any Demand Registration within six months after the
effective date of a previous Demand Registration or a previous registration
under which the Initiating Holders had piggyback rights pursuant to Section 3
hereof. The Company may (i) postpone for up to ninety (90) days (subject to
extension for up to 45 additional days by a vote of a majority of the members of
the Company's Board of Directors), or withdraw, the filing or the effectiveness
of a Registration Statement for a Demand Registration if, based on the good
faith judgment of the Company's Board of Directors, such postponement or
withdrawal is necessary in order to avoid premature disclosure of a matter the
Company's Board of Directors has determined would not be in the best interest of
the Company to be disclosed at such time or (ii) postpone the filing of a Demand
Registration in the event the Company shall be required to prepare audited
financial statements as of a date other than its fiscal year end (unless the
stockholders requesting such registration agree to pay the expenses of such an
audit); provided, however, that in no event shall the Company withdraw a
Registration Statement under clause (i) after such Registration Statement has
been declared effective; and provided, further, however, that in any of the
events described in clause (i) or (ii) above, the Initiating Holders requesting
such Demand Registration shall be entitled to withdraw such request and, if such
request is withdrawn, such Demand Registration shall not count as one of the
permitted Demand Registrations. The Company shall provide written notice to the
Initiating Holders requesting such Demand Registration of (x) any postponement
or withdrawal of the filing or effectiveness of a Registration Statement
pursuant to this Section 2(d), (y) the Company's decision to file or seek
effectiveness of such Registration Statement following such withdrawal or
postponement and (z) the effectiveness of such Registration Statement. The
Company may defer the filing of a particular Registration Statement pursuant to
this Section 2(d) only twice during any twelve-month period.

         (e) Selection of Underwriters. If any of the Registrable Common Stock
covered by a Demand Registration is to be sold in an underwritten offering, the
Initiating Holders shall have the right to select the managing underwriter(s) to
administer the offering subject to the approval of the Company, which will not
be unreasonably withheld; provided that the Company shall have the right to
appoint a co-manager.

         (f) Effective Period of Demand Registrations. After any Demand
Registration filed pursuant to this Agreement has become effective, the Company
shall use its reasonable best efforts to keep such Demand Registration effective
for a period equal to 180 days from the date on which the SEC declares such
Demand Registration effective (or if such Demand Registration is not effective
during any period within such 180 days, such 180-day period shall be extended by
the number of days during such period when such Demand Registration is not
effective), or such shorter period which shall terminate when all of the
Registrable Common Stock covered by such Demand Registration has been sold
pursuant to such Demand Registration. If the Company shall withdraw any Demand
Registration pursuant to Section 2(d) (a "Withdrawn Demand Registration"), the
Initiating Holders of the Registrable Common Stock remaining unsold and
originally covered by such Withdrawn Demand Registration shall be entitled to a
replacement Demand Registration which (subject to the provisions of this Section
2) the Company shall use

                                       4
<PAGE>

its reasonable best efforts to keep effective for a period commencing on the
effective date of such Demand Registration and ending on the earlier to occur of
the date (i) which is 180 days from the effective date of such Demand
Registration and (ii) on which all of the Registrable Common Stock covered by
such Demand Registration has been sold. Such additional Demand Registration
otherwise shall be subject to all of the provisions of this Agreement.

         (g) Registration Statement Form. Demand Registrations shall be on such
appropriate registration form of the SEC as shall be selected by the Company and
as shall be reasonably acceptable to the Holders of 51% of the Registrable
Securities requested to be registered.

         (h) Pre-emption of Demand Registration. Notwithstanding anything to the
contrary contained herein, if at any time a Holder or the Holders shall request
a Demand Registration pursuant to this Section 2, the Company may elect at that
time to effect an underwritten primary registration if, based on the good faith
judgment of a majority of the members of the Company's Board of Directors, it
would be in the best interests of the Company to access the public market to
raise equity capital. If the Company elects to effect a primary registration
after receiving such a request for a Demand Registration, the Company will give
prompt written notice (and in any event within thirty (30) days after receiving
such a request for a Demand Registration) to all Holders of Registrable
Securities of the class to be registered of its intention to effect such a
registration and shall afford such Holders rights to Piggyback Registrations
contained in Section 3 hereof, except that if the managing underwriter(s)
(including any co-manager) of such offering advise the Company in writing that
in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without
materially and adversely affecting the marketability of such offering, the
provisions of Section 3(b) hereof shall not apply to such offering, and instead
the Company shall include in such registration the maximum number of securities
which such underwriter(s) (including any co-manager) advise can be sold in such
offering allocated (x) first, equally (as opposed to pro rata) among the
Company, on the one hand, and the Holders as a group, on the other hand (and
reallocated among such Holders pro rata on the basis of the number of securities
requested to be registered by such Holders), until either the Company or the
Holders as a group have been allocated the full number of securities requested
to be included in such registration by the Company or the Holders, as the case
may be, (y) second, to either the Company or the Holders as a group (and
reallocated among such Holders pro rata on the basis of the number of securities
requested to be registered by such Holders), as the case may be, to the extent
that such party was not allocated the full number of its requested securities
pursuant to clause (x) above, until the Company or the Holders as a group, as
the case may be, have been allocated the full number of securities requested to
be included in such registration, and (z) third, to the holders of all other
securities requested to be included in such registration pro rata among such
holders on the basis of the number of securities requested to be registered by
such holders or as such holders may otherwise agree. In the event that the
Company so elects to effect such a primary registration after receiving a
request for such a Demand Registration, such registration shall not count as one
of the permitted Demand Registrations of the Holders who requested such
registration.

         (i) Shelf Option. If the Initiating Holders elect the Shelf Option, the
Company agrees to use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective and usable for the resale of the applicable
Registrable Common Stock for a period

                                       5
<PAGE>

ending on the first date on which all the Registrable Common Stock covered by
such Shelf Registration Statement have been sold pursuant to such Shelf
Registration Statement, but in no event longer than 180 days.

         3.   PIGGYBACK REGISTRATIONS.

         (a) Right to Piggyback. Whenever the Company proposes to effect a
Piggyback Registration, the Company shall give prompt written notice (in any
event within 10 days after its receipt of written notice of any exercise of
other demand registration rights) to all Holders of its intention to effect such
a registration and, subject to Sections 3(b) and 3(c), shall include in such
registration all Registrable Common Stock with respect to which the Company has
received written requests for inclusion therein within 15 days after the receipt
of the Company's notice. The Company may postpone or withdraw the filing or the
effectiveness of a Piggyback Registration at any time in its sole discretion.

         (b) Priority on Primary Registrations. If a Piggyback Registration is
an underwritten primary registration on behalf of the Company, and the managing
underwriter(s) (including any co-manager) advise the Company in writing that in
their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering and/or that
the number of shares of Registrable Common Stock proposed to be included in any
such registration would adversely affect the price per share of the Company's
equity securities to be sold in such offering, the Company shall include in such
registration (i) first, the securities the Company proposes to sell, and (ii)
second, the securities requested to be included in such registration (including
the Registrable Common Stock requested to be included therein), pro rata among
the holders of such securities on the basis of the number of shares requested to
be registered by such holders.

         (c) Priority on Secondary Registrations. If a Piggyback Registration is
an underwritten secondary registration on behalf of a holder of the Company's
securities other than Registrable Common Stock, and the managing underwriter(s)
(including any co-manager) advise the Company in writing that in their opinion
the number of securities requested to be included in such registration exceeds
the number which can be sold in such offering and/or that the number of shares
of Registrable Common Stock proposed to be included in any such registration
would adversely affect the price per share of the Company's equity securities to
be sold in such offering, the Company shall include in such registration the
securities requested to be included therein (including the Registrable Common
Stock requested to be included in such registration), pro rata among the holders
of such securities on the basis of the number of shares requested to be
registered by such holders.

         (d) Selection of Underwriters. If any Piggyback Registration is an
underwritten primary offering, the Company shall have the right to select the
managing underwriter(s) to administer any such offering.

         (e) Other Registrations. If the Company has previously filed a
Registration Statement with respect to Registrable Common Stock pursuant to
Section 2 hereof or pursuant to this Section 3, and if such previous
registration has not been withdrawn or abandoned, the

                                       6
<PAGE>

Company shall not be obligated to cause to become effective any other
registration of any of its securities under the Securities Act, whether on its
own behalf or at the request of any holder or holders of such securities, until
a period of at least six months has elapsed from the effective date of such
previous registration.

         4.   HOLDBACK AGREEMENTS.

         (a) The Company agrees not to effect any sale or distribution of any of
its equity securities during the 10 days prior to and during the 180 days
beginning on the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of such underwritten
registration or pursuant to registrations on Form S-8 or S-4 or any successor
forms thereto) unless the underwriter(s) (including any co-manager) managing the
offering otherwise agree to a shorter period.

         (b) In connection with any Piggyback Registration or Demand
Registration involving an underwritten offering, each Holder of Registrable
Common Stock not included in such Piggyback Registration or Demand Registration,
as the case may be, agrees not to sell or otherwise transfer or dispose of any
shares of Registrable Common Stock of the Company held by them for a period
equal to the lesser of one hundred eighty (180) days following the effective
date of a registration statement of the Company filed under the Securities Act
or such shorter period as the managing underwriter(s) (including any co-manager)
shall agree to. Without limiting the foregoing, each Holder agrees to enter into
a written agreement to the foregoing effect, and such agreement shall be in form
satisfactory to the Company and the managing underwriter(s) (including any
co-manager). The Company may impose stop-transfer instructions with respect to
the shares of Registrable Common Stock subject to the foregoing restriction
until the end of said period. The foregoing shall not apply to (i) the exercise
of any warrants or stock options to purchase shares of capital stock of the
Company (provided that such limitation does not affect limitations on any
actions specified in the first sentence of this Section 4(b) with respect to the
shares issuable upon such exercise), or (ii) transfers to Affiliates where the
transferee agrees to be bound by the terms hereof.

         5.   REGISTRATION PROCEDURES.

         (a) Subject to the second sentence of Section 2(d) (in the case of a
Demand Registration) and the last sentence of Section 3(a) (in the case of a
Piggyback Registration), whenever the Holders request that any Registrable
Common Stock be registered pursuant to this Agreement, the Company shall use its
reasonable best efforts to effect the registration and the sale of such
Registrable Common Stock in accordance with the intended methods of disposition
thereof, and pursuant thereto the Company shall as expeditiously as reasonably
possible:

                  (i)    prepare and file with the SEC a Registration Statement
         with respect to such Registrable Common Stock and use its reasonable
         best efforts to cause such Registration Statement to become effective
         as soon as practicable thereafter; and before filing a Registration
         Statement or Prospectus or any amendments or supplements thereto,
         furnish to the Holders of Registrable Common Stock covered by such
         Registration Statement and the underwriter(s), if

                                       7
<PAGE>

         any, copies of all such documents proposed to be filed, including
         documents incorporated by reference in the Prospectus and, if requested
         by such Holders, the exhibits incorporated by reference, and such
         Holders shall have the opportunity to object to any information
         pertaining to such Holders that is contained therein, and the Company
         will make the corrections reasonably requested by such Holders with
         respect to such information prior to filing any Registration Statement
         or amendment thereto or any Prospectus or any supplement thereto;

                  (ii)   prepare and file with the SEC such amendments and
         supplements to such Registration Statement and the Prospectus used in
         connection therewith as may be necessary to keep such Registration
         Statement effective for such a period as is required in this Agreement
         and comply with the provisions of the Securities Act with respect to
         the disposition of all securities covered by such Registration
         Statement during such period in accordance with the intended methods of
         disposition set forth in such Registration Statement;

                  (iii)  furnish to each seller of Registrable Common Stock
         covered by such Registration Statement such number of copies of such
         Registration Statement, each amendment and supplement thereto, the
         Prospectus included in such Registration Statement (including each
         preliminary Prospectus) and such other documents as such seller may
         reasonably request in order to facilitate the disposition of the
         Registrable Common Stock owned by such seller;

                  (iv)   use its reasonable best efforts to register or qualify
         such Registrable Common Stock under such other securities or blue sky
         laws of such jurisdictions as any seller reasonably requests and do any
         and all other acts and things which may be reasonably necessary or
         advisable to enable such seller to consummate the disposition in such
         jurisdictions of the Registrable Common Stock owned by such seller
         (provided, that the Company will not be required to (A) qualify
         generally to do business in any jurisdiction where it would not
         otherwise be required to qualify but for this subparagraph (iv), (B)
         subject itself to taxation in any such jurisdiction or (C) consent to
         general service of process in any such jurisdiction);

                  (v)    notify each seller of such Registrable Common Stock, at
         any time when a Prospectus relating thereto is required to be delivered
         under the Securities Act, of the occurrence of any event as a result of
         which the Prospectus included in such Registration Statement contains
         an untrue statement of a material fact or omits to state any material
         fact required to be stated therein or necessary to make the statements
         therein not misleading, and, at the request of any such seller, the
         Company shall prepare a supplement or amendment to such Prospectus so
         that, as thereafter delivered to the purchasers of such Registrable
         Common Stock, such Prospectus shall not contain an untrue statement of
         a material fact or omit to state any material fact required to be
         stated therein or necessary to make the statements therein not
         misleading;

                                       8
<PAGE>

                  (vi)   in the case of an underwritten offering, enter into
         customary agreements (including underwriting agreements in customary
         form) which the managing underwriter(s) (including any co-manager) may
         reasonably request in order to expedite or facilitate the disposition
         of such Registrable Common Stock (including, without limitation,
         effecting a stock split or a combination of shares and making members
         of senior management of the Company available to participate in, and
         cause them to cooperate with the underwriters in connection with,
         "road-shows" and other customary marketing activities (including
         one-on-one meetings with prospective purchasers of the Registrable
         Common Stock)) and cause to be delivered to the underwriter(s) and the
         sellers, if any, opinions of counsel to the Company in customary form,
         covering such matters as are customarily covered by opinions for an
         underwritten public offering as the underwriter(s) may reasonably
         request and addressed to the underwriter(s) and the sellers, if any;

                  (vii)  make available, for inspection by any seller of
         Registrable Common Stock, any underwriter participating in any
         disposition pursuant to such Registration Statement, and any attorney,
         accountant or other agent retained by any such seller or underwriter,
         all financial and other records, pertinent corporate documents and
         properties of the Company, and cause the Company's officers, directors,
         employees and independent accountants to supply all information
         reasonably requested by any such seller, underwriter, attorney,
         accountant or agent in connection with such Registration Statement, in
         each case to the extent legally required or customary in such
         transactions and subject to the execution of confidentiality agreements
         reasonably satisfactory to the Company;

                  (viii) use its reasonable best efforts to cause all such
         Registrable Common Stock to be listed on each securities exchange or
         quotation system on which securities of the same class issued by the
         Company are then listed;

                  (ix)   provide a transfer agent and registrar for all such
         Registrable Common Stock not later than the effective date of such
         Registration Statement;

                  (x)    if requested, cause to be delivered, immediately prior
         to the effectiveness of the Registration Statement (and, in the case of
         an underwritten offering, at the time of delivery of any Registrable
         Common Stock sold pursuant thereto), letters from the Company's
         independent certified public accountants addressed to each selling
         Holder (unless such selling Holder does not provide to such accountants
         the appropriate representation letter required by rules governing the
         accounting profession) and each underwriter, if any, stating that such
         accountants are independent public accountants within the meaning of
         the Securities Act and the applicable rules and regulations adopted by
         the SEC thereunder, and otherwise in customary form and covering such
         financial and accounting matters as are customarily covered by letters
         of the independent certified public accountants delivered in connection
         with primary or secondary underwritten public offerings, as the case
         may be; and

                                       9
<PAGE>

                  (xi)   promptly notify each seller of such Registrable Common
         Stock and the underwriter(s), if any:

                           (1) when the Registration Statement, any pre-
                  effective amendment, the Prospectus or any Prospectus
                  supplement or post-effective amendment to the Registration
                  Statement has been filed and, with respect to the Registration
                  Statement or any post-effective amendment thereto, when the
                  same has become effective;

                           (2) of any written request by the SEC for amendments
                  or supplements to the Registration Statement or Prospectus;

                           (3) of the notification to the Company by the SEC of
                  its initiation of any proceeding with respect to the issuance
                  by the SEC of any stop order suspending the effectiveness of
                  the Registration Statement; and

                           (4) of the receipt by the Company of any notification
                  with respect to the suspension of the qualification of any
                  Registrable Common Stock for sale under the applicable
                  securities or blue sky laws of any jurisdiction.

         (b) No Registration Statement (including any amendments or supplements
thereto and Prospectuses contained therein) shall contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading (except, with
respect to any Holder, for an untrue statement or alleged untrue statement of
any material fact or omission or alleged omission of any material fact made in
reliance on and in conformity with written information furnished to the Company
by or on behalf of such Holder specifically for use therein).

         (c) The Company shall make available to each Holder whose Registrable
Common Stock is included in a Registration Statement (i) promptly after the same
is prepared and publicly distributed, or filed with the SEC, one copy of each
Registration Statement and any amendment thereto, and each preliminary
Prospectus and final Prospectus and each amendment or supplement thereto, and
(ii) such number of copies of a Prospectus, including a preliminary Prospectus,
and all amendments and supplements thereto and such other documents as such
Holder may reasonably request in order to facilitate the disposition of the
Registrable Common Stock owned by such Holder. The Company will promptly notify
each Holder of the effectiveness of each Registration Statement or any
post-effective amendment. The Company will promptly respond to any and all
comments received from the SEC, with a view towards causing each Registration
Statement or any amendment thereto to be declared effective by the SEC as soon
as reasonably practicable and shall file an acceleration request as soon as
reasonably practicable following the resolution or clearance of all SEC comments
or, if applicable, following notification by the SEC that any such Registration
Statement or any amendment thereto will not be subject to review.

                                       10

<PAGE>

         (d) The Company may require each seller of Registrable Common Stock as
to which any registration is being effected to furnish to the Company any other
information regarding such seller and the distribution of such securities as the
Company may from time to time reasonably request in writing.

         (e) Each seller of Registrable Common Stock agrees by having its stock
treated as Registrable Common Stock hereunder that, upon notice of the happening
of any event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading (a "Suspension Notice"), such seller will forthwith
discontinue disposition of Registrable Common Stock for a reasonable length of
time not to exceed 60 days until such seller is advised in writing by the
Company that the use of the Prospectus may be resumed and is furnished with a
supplemented or amended Prospectus as contemplated by Section 5(c) hereof, and,
if so directed by the Company, such seller will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
seller's possession, of the Prospectus covering such Registrable Common Stock
current at the time of receipt of such notice; provided, however, that such
postponement of sales of Registrable Common Stock by the Holders shall not
exceed one hundred twenty (120) days in the aggregate in any one year. Each
seller of Registrable Common Stock further agrees by having its stock treated as
Registrable Common Stock hereunder that it shall maintain in confidence and not
disclose the receipt of any Suspension Notice. If the Company shall give any
notice to suspend the disposition of Registrable Common Stock pursuant to a
Prospectus, the Company shall extend the period of time during which the Company
is required to maintain the Registration Statement effective pursuant to this
Agreement by the number of days during the period from and including the date of
the giving of such notice to and including the date such seller either is
advised by the Company that the use of the Prospectus may be resumed or receives
the copies of the supplemented or amended Prospectus contemplated by Section
5(c). In any event, the Company shall not be entitled to deliver more than three
(3) Suspension Notices in any one year.

         6.   REGISTRATION EXPENSES.

         (a) All expenses incident to the Company's performance of or compliance
with this Agreement, including, without limitation, all registration and filing
fees, fees and expenses of compliance with securities or blue sky laws, listing
application fees, printing expenses, transfer agent's and registrar's fees, cost
of distributing Prospectuses in preliminary and final form as well as any
supplements thereto, and fees and disbursements of counsel for the Company and
all independent certified public accountants and other Persons retained by the
Company (all such expenses being herein called "Registration Expenses") (but not
including any underwriting discounts or commissions attributable to the sale of
Registrable Common Stock or fees and expenses of more than one counsel
representing the Holders of Registrable Common Stock), shall be borne by the
Company.

         (b) In connection with each registration initiated hereunder, the
Company shall reimburse the Holders covered by such registration or sale for the
reasonable fees and

                                       11
<PAGE>

disbursements of one law firm chosen by the Holders of a majority of the number
of shares of Registrable Common Stock included in such registration or sale.

         (c) The obligation of the Company to bear the expenses described in
Section 6(a) and to reimburse the Holders for the expenses described in Section
6(b) shall apply irrespective of whether a registration, once properly demanded,
if applicable, becomes effective, is withdrawn or suspended, is converted to
another form of registration and irrespective of when any of the foregoing shall
occur; provided, however, that Registration Expenses for any Registration
Statement withdrawn solely at the request of a Holder of Registrable Common
Stock (unless withdrawn following postponement of filing by the Company in
accordance with Section 2(d)(i) or (ii)) or any supplements or amendments to a
Registration Statement or Prospectus resulting from a misstatement furnished to
the Company by a Holder shall be borne by such Holder.

         7.   INDEMNIFICATION.

         (a) The Company shall indemnify and hold harmless, to the fullest
extent permitted by law, each Holder, its officers, directors and Affiliates and
each Person who controls such Holder (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities and expenses arising out of or
based upon any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading or any violation or alleged violation by the Company of
the Securities Act, the Exchange Act or applicable "blue sky" laws, except
insofar as the same are made in reliance and in conformity with information
relating to such Holder furnished in writing to the Company by or on behalf of
such Holder expressly for use therein or caused by such Holder's failure to
deliver to such Holder's immediate purchaser a copy of the Registration
Statement or Prospectus or any amendments or supplements thereto (if the same
was required by applicable law to be so delivered) after the Company has
furnished such Holder with a sufficient number of copies of the same. In
connection with an underwritten offering, the Company shall indemnify such
underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the Holders; provided,
however, that the Company will not be liable to any Person who participates as
an underwriter in the offering or sale of Registrable Common Stock or any other
Person, if any, who controls such underwriter within the meaning of the
Securities Act, under the indemnity agreement in this Section 7(a) with respect
to any preliminary prospectus or the final prospectus as amended or
supplemented, as the case may be, to the extent that any such loss, claim,
damage, liability or expense of such underwriter or controlling Person results
from the fact that such underwriter sold Registrable Common Stock to a Person to
whom there was not sent or given, at or prior to the written confirmation of
such sale, a copy of the final prospectus (including any documents incorporated
by reference therein) or of the final prospectus as then amended or supplemented
(including any documents incorporated by reference therein), whichever is most
recent, if the Company has previously furnished sufficient copies thereof to
such underwriter.

                                       12
<PAGE>

         (b) In connection with any Registration Statement in which a Holder of
Registrable Common Stock is participating, each such Holder shall furnish to the
Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such Registration Statement or
Prospectus and shall indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its officers, directors Affiliates, and each
Person who controls the Company (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities and expenses arising out of or
based upon any untrue or alleged untrue statement of material fact contained in
the Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that the same are made in
reliance and in conformity with information relating to such Holder furnished in
writing to the Company by or on behalf of such Holder expressly for use therein
or caused by such Holder's failure to deliver to such Holder's immediate
purchaser a copy of the Registration Statement or Prospectus or any amendments
or supplements thereto (if the same was required by applicable law to be so
delivered) after the Company has furnished such Holder with a sufficient number
of copies of the same; provided, however, that the obligation to indemnify shall
be several, not joint and several, among such Holders and the liability of each
such Holder shall be in proportion to and limited to the net amount received by
such Holder from the sale of Registrable Common Stock pursuant to such
Registration Statement.

         (c) Any Person entitled to indemnification hereunder shall (i) give
prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification and (ii) unless in such indemnified party's
reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, (x) the
indemnifying party shall not consent to the entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to the indemnified party of a release from
all liability with respect to such claim or litigation, without the prior
consent of the indemnified party, and (y) the indemnifying party shall not be
subject to any liability for any settlement made by the indemnified party
without its consent (but such consent will not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to
such claim, unless in the reasonable judgment of any indemnified party there may
be one or more legal or equitable defenses available to such indemnified party
which are in addition to or may conflict with those available to another
indemnified party with respect to such claim. Failure to give prompt written
notice shall not release the indemnifying party from its obligations hereunder.

         (d) The indemnification provided for under this Agreement shall remain
in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such
indemnified party and shall survive the transfer of securities.

                                       13

<PAGE>

         (e) If the indemnification provided for in or pursuant to this Section
7 is due in accordance with the terms hereof, but is held by a court of
competent jurisdiction to be unavailable or unenforceable in respect of any
losses, claims, damages, liabilities or expenses referred to herein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified Person as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which result in such losses, claims, damages,
liabilities or expenses as well as any other relevant equitable considerations.
The relative fault of the indemnifying party on the one hand and of the
indemnified Person on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and by such
party's relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. In no event shall the liability
of any selling Holder be greater in amount than the amount of net proceeds
received by such Holder upon such sale or the amount for which such indemnifying
party would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 7(a) or 7(b) hereof had been
available under the circumstances.

         8.   PARTICIPATION IN UNDERWRITTEN REGISTRATIONS.

         No Person may participate in any registration hereunder which is
underwritten unless such Person (a) agrees to sell such Person's securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

         9.   RULE 144.

         The Company covenants that (A) it will file the reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder, and (B) it will take such further
action as any Holder may reasonably request to make available adequate current
public information with respect to the Company meeting the current public
information requirements of Rule 144(c) under the Securities Act, to the extent
required to enable such Holder to sell Registrable Common Stock without
registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or (ii) any similar rule or regulation hereafter adopted by
the SEC. Notwithstanding anything to the contrary contained in this Agreement,
the Company's obligation to include, or continue to include, shares of
Registrable Common Stock in any Registration Statement pursuant to this
Agreement shall terminate to the extent such shares of Registrable Common Stock
are eligible for resale pursuant to Rule 144(k) under the Securities Act.

                                       14

<PAGE>

         10.  MISCELLANEOUS.

         (a) Notices. All notices, requests, consents and other communications
required or permitted hereunder shall be in writing and shall be hand delivered
or mailed postage prepaid by registered or certified mail or by facsimile
transmission (with immediate telephone confirmation thereafter),

                  (i)   If to the Company:

                        The Banc Corporation
                        17 North 20th Street
                        Birmingham, AL  35203
                        Facsimile No.:  (205) 327-3479
                        Attention:  F. Hampton McFadden, Jr.

                  with a copy to (which shall not constitute notice):

                        Haskell Slaughter Young & Rediker, LLC
                        1400 Park Place Tower
                        2001 Park Place North
                        Birmingham, Alabama 35203
                        Facsimile No.: (205) 324-1133
                        Attention:  Robert E. Lee Garner

                  (ii)  if to any Stockholder, to the address(es) set forth on
         the counterpart signature pages of this Agreement signed by such
         Stockholder;

                  (iii) if to a transferee Holder, to the address of such Holder
         set forth in the transfer documentation provided to the Company;

or, in each case, at such other address as such party each may specify by
written notice to the others, and each such notice, request, consent and other
communication shall for all purposes of the Agreement be treated as being
effective or having been given when delivered personally, upon receipt of
facsimile confirmation if transmitted by facsimile, or, if sent by mail, at the
earlier of its receipt or 72 hours after the same has been deposited in a
regularly maintained receptacle for the deposit of United States mail, addressed
and postage prepaid as aforesaid.

         (b) No Waivers. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

         (c) Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, it being understood that subsequent Holders of the
Registrable Common Stock are intended third party beneficiaries hereof.

                                       15

<PAGE>

         (d) Governing Law. The internal laws of Alabama shall govern the
enforceability and validity of this Agreement, the construction of its terms and
the interpretation of the rights and duties of the parties.

         (e) Jurisdiction. Any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby may be brought in any federal
or state court located in Jefferson County and State of Alabama, and each of the
parties hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 10(a) shall be deemed
effective service of process on such party.

         (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

         (g) Counterparts; Effectiveness. This Agreement may be executed in any
number of counterparts (including by facsimile) and by different parties hereto
in separate counterparts, with the same effect as if all parties had signed the
same document. All such counterparts shall be deemed an original, shall be
construed together and shall constitute one and the same instrument. This
Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto.

         (h) Entire Agreement. This Agreement contains the entire agreement
among the parties hereto with respect to the subject matter hereof and
supersedes and replaces all other prior agreements, written or oral, among the
parties hereto with respect to the subject matter hereof.

         (i) Captions. The headings and other captions in this Agreement are for
convenience and reference only and shall not be used in interpreting, construing
or enforcing any provision of this Agreement.

         (j) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the
economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such a
determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible.

                                       16

<PAGE>

         (k) Amendments. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
without the prior written consent of the Company and the holders of a majority
of the shares of Registrable Common Stock; provided, however, that without a
Holder's written consent no such amendment, modification, supplement or waiver
shall affect adversely such Holder's rights hereunder in a discriminatory manner
inconsistent with its adverse effects on rights of other Holders hereunder
(other than as reflected by the different number of shares held by such Holder).
This Agreement cannot be changed, modified, discharged or terminated by oral
agreement.

         (l) Aggregation of Stock. All Registrable Common Stock held by or
acquired by any Affiliated Persons will be aggregated together for the purpose
of determining the availability of any rights under this Agreement.

         (m) Equitable Relief. The parties hereto agree that legal remedies may
be inadequate to enforce the provisions of this Agreement and that equitable
relief, including specific performance and injunctive relief, may be used to
enforce the provisions of this Agreement.

         (n) Recapitalizations, Exchanges Affecting the Registrable Securities.
The provisions of this Agreement shall apply, to the full extent set forth
herein, with respect to the Registrable Common Stock, to any and all shares of
stock of the Company or any successor or assign of the Company (whether by
merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for, or in substitution of the Registrable Common Stock,
by reason of a stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, merger, consolidation or
otherwise. Upon the occurrence of any of such events, amounts hereunder shall be
appropriately adjusted.

                            [Execution Pages Follow]

                                       17
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        The Banc Corporation

                                        By: /s/  Michael E. Stephens
                                           -------------------------------------

                                        Name: Michael E. Stephens
                                             -----------------------------------

                                        Title: Chairman of the Special
                                               Negotiating Committee
                                              ----------------------------------

                                       18
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                                 /s/ C. Stanley Bailey
                                        ----------------------------------------
                                                   C. Stanley Bailey

                                       19
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        Colonial Bank, N.A., Trustee,
                                        IRA of C. Stanley Bailey

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

                                        Name:
                                             -----------------------------------

                                        Its:
                                             -----------------------------------

                                       20

<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        Miller, Hamilton, Snider & Odom, LLC,
                                        escrow agent FBO C. Stanley Bailey

                                        By:    /s/ Wendi M. Brown
                                              ----------------------------------

                                        Name:  Wendi M. Brown
                                              ----------------------------------

                                        Its:   Member
                                              ----------------------------------

                                       21
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                                      /s/ Duane Bickings
                                              ----------------------------------
                                                        Duane Bickings

                                       22
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        Forest Hill Select Fund, LP

                                        By:   /s/ Mark A. Lee
                                              ----------------------------------

                                        Name:     Mark A. Lee
                                              ----------------------------------

                                        Its:      Manager/MG GP
                                              ----------------------------------

                                       23
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        Forest Hill Offshore, Ltd.

                                        By:   /s/ Mark A. Lee
                                              ----------------------------------

                                        Name:     Mark A. Lee
                                              ----------------------------------

                                        Its:      Manager/MG GP
                                              ----------------------------------

                                       24
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                                       /s/ Rick D. Gardner
                                              ----------------------------------
                                                         Rick D. Gardner

                                       25
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                                          /s/ David Hiden
                                              ----------------------------------
                                                            David Hiden

                                       26
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                                       /s/ C. Marvin Scott
                                              ----------------------------------
                                                         C. Marvin Scott

                                       27
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed by each of the parties hereto as of the date first written above.

                                        Miller, Hamilton, Snider & Odom, LLC,
                                        escrow agent of C. Marvin Scott

                                        By:    /s/ Wendi M. Brown
                                              ----------------------------------

                                        Name: Wendi M. Brown
                                              ----------------------------------

                                        Its:  Member
                                              ----------------------------------

                                       28

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