Document:

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                                                                  EXHIBIT 10.14

                              GUARANTEE AGREEMENT

                                    Between

                            CRESCENT BANKING COMPANY
                                 as Guarantor,

                                      and

                            WILMINGTON TRUST COMPANY
                             as Guarantee Trustee,

                          Dated as of November 9, 2001

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                                 CRESCENT CAPITAL TRUST I

            Certain Sections of this Guarantee Agreement relating to
                        Sections 310 through 318 of the
                          Trust Indenture Act of 1939:

Trust Indenture                                            Guarantee Agreement
  Act Section                                                          Section
---------------                                            -------------------

Section 310 (a)(1).......................................   4.1 (a)
            (a)(2).......................................   4.1 (a)
            (a)(3).......................................   Not Applicable
            (a)(4).......................................   Not Applicable
            (b)..........................................   2.8, 4.1 (c)
Section 311 (a)..........................................   Not Applicable
            (b)..........................................   Not Applicable
Section 312 (a)..........................................   2.2 (a)
            (b)..........................................   2.2 (b)
            (c)..........................................   Not Applicable
Section 313 (a)..........................................   2.3
            (a)(4).......................................   2.3
            (b)..........................................   2.3
            (c)..........................................   2.3
            (d)..........................................   2.3
Section 314 (a)..........................................   2.4
            (b)..........................................   2.4
            (c)(1).......................................   2.5
            (c)(2).......................................   2.5
            (c)(3).......................................   2.5
            (e)..........................................   1.1, 2.5, 3.2
Section 315 (a)..........................................   3.1(d)
            (b)..........................................   2.7
            (c)..........................................   3.1(c)
            (d)..........................................   3.1(d)
            (e)..........................................   Not Applicable
Section 316 (a)..........................................   1.1, 2.6, 5.4
            (a)(1)(A)....................................   5.4
            (a)(1)(B)....................................   5.4
            (a)(2).......................................   Not Applicable
            (b)..........................................   5.3
            (c)..........................................   Not Applicable
Section 317 (a)(1).......................................   Not Applicable
            (a)(2).......................................   Not Applicable
            (b)..........................................   Not Applicable

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Section 318 (a)..........................................   2.1

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Guarantee Agreement.

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                               TABLE OF CONTENTS
                               -----------------

ARTICLE I.    DEFINITIONS..................................................   7
SECTION 1.1.  Definitions..................................................   7

ARTICLE II.   TRUST INDENTURE ACT..........................................   9
SECTION 2.1.  Trust Indenture Act; Application.............................   9
SECTION 2.2.  List of Holders..............................................  10
SECTION 2.3.  Reports by the Guarantee Trustee.............................  10
SECTION 2.4.  Periodic Reports to the Guarantee Trustee....................  10
SECTION 2.5.  Evidence of Compliance with Conditions Precedent.............  10
SECTION 2.6.  Events of Default; Waiver....................................  11
SECTION 2.7.  Event of Default; Notice.....................................  11
SECTION 2.8.  Conflicting Interests........................................  11

ARTICLE III.  POWERS, DUTIES AND RIGHTS OF THE
                GUARANTEE TRUSTEE..........................................  11
SECTION 3.1.  Powers and Duties of the Guarantee Trustee...................  11
SECTION 3.2.  Certain Rights of Guarantee Trustee..........................  13
SECTION 3.3.  Indemnity....................................................  14
SECTION 3.4.  Expenses.....................................................  14

ARTICLE IV.   GUARANTEE TRUSTEE............................................  15
SECTION 4.1.  Guarantee Trustee; Eligibility...............................  15
SECTION 4.2.  Appointment, Removal and Resignation of the Guarantee Trustee  15

ARTICLE V.    GUARANTEE....................................................  16
SECTION 5.1.  Guarantee....................................................  16
SECTION 5.2.  Waiver of Notice and Demand..................................  16
SECTION 5.3.  Obligations Not Affected.....................................  16
SECTION 5.4.  Rights of Holders............................................  17
SECTION 5.5.  Guarantee of Payment.........................................  17
SECTION 5.6.  Subrogation..................................................  18
SECTION 5.7.  Independent Obligations......................................  18

ARTICLE VI.   COVENANTS AND SUBORDINATION..................................  18
SECTION 6.1.  Subordination................................................  18
SECTION 6.2.  Pari Passu Guarantees........................................  18

ARTICLE VII.  TERMINATION..................................................  19
SECTION 7.1.  Termination..................................................  19

ARTICLE VIII. MISCELLANEOUS................................................  19

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SECTION 8.1.  Successors and Assigns.......................................  19
SECTION 8.2.  Amendments...................................................  19
SECTION 8.3.  Notices......................................................  19
SECTION 8.4.  Benefit......................................................  21
SECTION 8.5.  Interpretation...............................................  21
SECTION 8.6.  Governing Law................................................  21
SECTION 8.7.  Counterparts.................................................  21

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                              GUARANTEE AGREEMENT

          THIS GUARANTEE AGREEMENT, dated as of November 9, 2001 is executed and
delivered by CRESCENT BANKING COMPANY, a Georgia corporation (the "Guarantor"),
                                                                   ---------
having its principal office at 251 Highway 515, Jasper, Georgia  30143, and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee (the
"Guarantee Trustee"), for the benefit of the Holders (as defined herein) from
------------------
time to time of the Capital Securities (as defined herein) of CRESCENT CAPITAL
TRUST I, a Delaware statutory business trust (the "Issuer Trust").
                                                   ------------

          Pursuant to an Amended and Restated Trust Agreement (the "Trust
                                                                    -----
Agreement"), dated as of November 9, 2001, among Crescent Banking Company, as
---------
Depositor, Wilmington Trust Company, as Property Trustee (the "Property
                                                               --------
Trustee"), Wilmington Trust Company, as Delaware Trustee (the "Delaware
                                                               --------
Trustee") (collectively, the "Issuer Trustees"), the Administrators named
                              ---------------
therein and the Holders from time to time of undivided beneficial interests in
the assets of the Issuer Trust, the Issuer Trust is issuing $3,500,000 aggregate
Liquidation Amount (as defined herein) of its Floating Rate Capital Securities,
(the "Capital Securities"), representing preferred undivided beneficial
      ------------------
interests in the assets of the Issuer Trust and having the terms set forth in
the Trust Agreement;

          The Capital Securities will be issued by the Issuer Trust and the
proceeds thereof, together with the proceeds from the issuance of the Issuer
Trust's Floating Rate Common Securities (the "Common Securities," representing
                                              ------------------
common undivided beneficial interests in the assets of the Issuer Trust) to the
Guarantor, will be used to purchase the Junior Subordinated Debentures due
December 31, 2031 (the "Junior Subordinated Debentures") of the Guarantor which
                        ------------------------------
will be deposited with Wilmington Trust Company, as Property Trustee under the
Trust Agreement, as trust assets; and

          As an inducement to the Holders to purchase the Capital Securities,
the Guarantor is willing to irrevocably and unconditionally agree, to the extent
set forth herein, to pay to the Holders of the Capital Securities the Guarantee
Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein.

          NOW, THEREFORE, in consideration of the purchase of the Capital
Securities by each Holder, which purchase the Guarantor hereby acknowledges
shall benefit the Guarantor, the Guarantor, intending to be legally bound
hereby, executes and delivers this Guarantee Agreement for the benefit of the
Holders from time to time of the Capital Securities.

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                            ARTICLE I.  DEFINITIONS

     SECTION 1.1.    Definitions.

          As used in this Guarantee Agreement, the terms set forth below shall,
unless the context otherwise requires, have the following meanings.  Capitalized
terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Trust Agreement.

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person.  For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

          "Event of Default" means (i) a default by the Guarantor in any of its
payment obligations under this Guarantee Agreement, or (ii) a default by the
Guarantor in any other obligation hereunder that remains unremedied for 30 days.

          "Guarantee Agreement" means this Guarantee Agreement, as modified,
amended or supplemented from time to time.

          "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Capital Securities, to the extent not
paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid
Distributions (as defined in the Trust Agreement) required to be paid on the
Capital Securities, to the extent the Issuer Trust shall have funds on hand
available therefor at such time, (ii) the Redemption Price, with respect to the
Capital Securities called for redemption by the Issuer Trust to the extent that
the Issuer Trust shall have funds on hand available therefor at such time, and
(iii) upon a voluntary or involuntary dissolution, termination, winding-up or
liquidation of the Issuer Trust, unless the Junior Subordinated Debentures are
distributed to the Holders, the lesser of (a) the aggregate of the Liquidation
Amount of all outstanding Trust Securities and all accumulated and unpaid
Distributions to the date of payment to the extent the Issuer Trust shall have
funds on hand available to make such payment at such time and (b) the amount of
assets of the Issuer Trust remaining available for distribution to Holders on
liquidation of the Issuer Trust (in either case, the "Liquidation
Distribution").

          "Guarantee Trustee" means Wilmington Trust Company, until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee Agreement and thereafter means each such
Successor Guarantee Trustee.

          "Guarantor" shall have the meaning specified in the first paragraph of
this Guarantee Agreement.

          "Holder" means any holder, as registered on the books and records of
the Issuer Trust, of any Capital Securities; provided, however, that, in
determining whether the holders of the requisite

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percentage of Capital Securities have given any request, notice, consent or
waiver hereunder, "Holder" shall not include the Guarantor, the Guarantee
Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee.

          "Indenture" means the Junior Subordinated Indenture dated as of
November 9, 2001, between Crescent Banking Company and Wilmington Trust Company,
as trustee, as may be modified, amended or supplemented from time to time.

          "Issuer Trust" shall have the meaning specified in the first paragraph
of this Guarantee Agreement.

          "Like Amount" means (a) with respect to a redemption of Trust
Securities, Trust Securities having a Liquidation Amount equal to that portion
of the principal amount of Junior Subordinated Debentures to be
contemporaneously redeemed in accordance with the Indenture, allocated to the
Common Securities and to the Capital Securities based upon the relative
Liquidation Amounts of such classes and (b) with respect to a distribution of
Junior Subordinated Debentures to Holders of Trust Securities in connection with
a dissolution or liquidation of the Issuer Trust, Junior Subordinated Debentures
having a principal amount equal to the Liquidation Amount of the Trust
Securities of the Holder to whom such Junior Subordinated Debentures are
distributed.

          "Liquidation Amount" means the stated amount of $50,000.00 per Capital
Security.

          "Majority in Liquidation Amount of the Capital Securities" means,
except as provided by the Trust Indenture Act, Capital Securities representing
more than 50% of the aggregate Liquidation Amount of all then outstanding
Capital Securities issued by the Issuer Trust.

          "Officers' Certificate" means a certificate signed by the Chairman of
the Board, Vice Chairman of the Board, Chief Executive Officer, President,
Executive Vice President or a Senior Vice President or Vice President, and by
the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary
of the Guarantor, and delivered to the Guarantee Trustee.  Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Guarantee Agreement shall include:

          (a) a statement by each officer signing the Officers' Certificate that
such officer has read the covenant or condition and the definitions relating
thereto;

          (b) a brief statement of the nature and scope of the examination or
investigation undertaken by such officer in rendering the Officers' Certificate;

          (c) a statement that such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

          (d) a statement as to whether, in the opinion of such officer, such
condition or covenant has been complied with.

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          "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

          "Redemption Date" means, with respect to any Capital Security to be
redeemed, the date fixed for such redemption by or pursuant to the Trust
Agreement; provided that each Debenture Redemption Date and the stated maturity
of the Junior Subordinated Debentures shall be a Redemption Date for a Like
Amount of Capital Securities, including, but not limited to any date of
redemption pursuant to the occurrence of any Special Event.

          "Redemption Price" shall have the meaning specified in the Trust
Agreement.

          "Responsible Officer" means, when used with respect to the Guarantee
Trustee, any officer assigned to the Corporate Trust Office, including any
managing director, vice president, principal, assistant vice president,
assistant treasurer, assistant secretary or any other officer of the Guarantee
Trustee customarily performing functions similar to those performed by any of
the above designated officers and having direct responsibility for the
administration of this Guarantee Agreement, and also, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject.

          "Senior Indebtedness" shall have the meaning specified in the
Indenture.

          "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Article IV
hereof.

          "Trust Agreement" has the meaning specified in the recitals hereto.

          "Trust Indenture Act" means the Trust Indenture Act of 1939 (15 U.S.C.
(S)(S) 77aaa-77bbbb), as amended.

          "Trust Securities" means the Common Securities and the Capital
Securities.

                        ARTICLE II.  TRUST INDENTURE ACT

     SECTION 2.1.  Trust Indenture Act; Application.

          If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a
part of and govern this Guarantee Agreement, the provision of the Trust
Indenture Act shall control.  If any provision of this Guarantee Agreement
modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this
Guarantee Agreement as so modified or excluded, as the case may be.

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     SECTION 2.2.  List of Holders.

          (a) The Guarantor will furnish or cause to be furnished to the
Guarantee Trustee a list of Holders at the following times:

          (i)  quarterly, not more than 15 days after the last day of February,
May, August and November, in each year, a list, in such form as the Guarantee
Trustee may reasonably require, of the names and addresses of the Holders as of
the last day of February, May, August and November, as applicable; and

          (ii)  at such other times as the Guarantee Trustee may request in
writing, within 30 days after the receipt by the Guarantor of any such request,
a list of similar form and content as of a date not more than 15 days prior to
the time such list is furnished.

          (b) The Guarantee Trustee shall comply with the requirements of
Section 312(b) of the Trust Indenture Act.

     SECTION 2.3.  Reports by the Guarantee Trustee.

          Not later than January 31 of each year, commencing January 31, 2002,
the Guarantee Trustee shall provide to the Holders such reports, if any, as are
required by Section 313 of the Trust Indenture Act in the form and in the manner
provided by Section 313 of the Trust Indenture Act.  If this Guarantee Agreement
shall have been qualified under the Trust Indenture Act, the Guarantee Trustee
shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act.

     SECTION 2.4.  Periodic Reports to the Guarantee Trustee.

          The Guarantor shall provide to the Guarantee Trustee and the Holders
such documents, reports and information, if any, as required by Section 314 of
the Trust Indenture Act and the compliance certificate required by Section 314
of the Trust Indenture Act, in the form, in the manner and at the times required
by Section 314 of the Trust Indenture Act, provided that such documents, reports
and information shall be required to be provided to the Securities and Exchange
Commission only if this Guarantee Agreement shall have been qualified under the
Trust Indenture Act.

     SECTION 2.5.  Evidence of Compliance with Conditions Precedent.

     The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act.  Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

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     SECTION 2.6.  Events of Default; Waiver.

     The Holders of a Majority in Liquidation Amount of the Capital Securities
may, by vote, on behalf of the Holders, waive any past Event of Default and its
consequences.  Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Guarantee Agreement, but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right
consequent therefrom.

     SECTION 2.7.  Event of Default; Notice.

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default, transmit by mail, first class postage prepaid, to the Holders,
notice of all Events of Default known to the Guarantee Trustee, unless such
Events of Default have been cured or waived before the giving of such notice;
provided that, except in the case of a default in the payment of a Guarantee
Payment, the Guarantee Trustee shall be protected in withholding such notice if
and so long as the Board of Directors, the executive committee or a trust
committee of directors and/or Responsible Officers of the Guarantee Trustee in
good faith determines that the withholding of such notice is in the interests of
the Holders.

     (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless a Responsible Officer charged with the administration of
this Guarantee Agreement shall have received written notice of such Event of
Default.

     SECTION 2.8.  Conflicting Interests.

     The Trust Agreement shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

        ARTICLE III.  POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

      SECTION 3.1.  Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except a Holder exercising his or her rights
pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by
such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee hereunder.  The right, title and interest of the Guarantee
Trustee, as such, hereunder shall automatically vest in any Successor Guarantee
Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment
hereunder, and such vesting and cessation of title shall be effective whether or
not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

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     (b) If an Event of Default has occurred and is continuing, the Guarantee
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

     (c) The Guarantee Trustee, before the occurrence of any Event of Default
and after the cure or waiver of all Events of Default that may have occurred,
shall be obligated to perform only such duties as are specifically set forth in
this Guarantee Agreement (including pursuant to Section 2.1), and no implied
covenants shall be read into this Guarantee Agreement against the Guarantee
Trustee.  If an Event of Default has occurred (that has not been cured or waived
pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Guarantee Agreement, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

     (d) No provision of this Guarantee Agreement shall be construed to relieve
the Guarantee Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

          (i)  Prior to the occurrence of any Event of Default and after the
curing or waiving of all such Events of Default that may have occurred:

          (A)  the duties and obligations of the Guarantee Trustee shall be
determined solely by the express provisions of this Guarantee Agreement
(including pursuant to Section 2.1), and the Guarantee Trustee shall not be
liable except for the performance of such duties and obligations as are
specifically set forth in this Guarantee Agreement (including pursuant to
Section 2.1); and

          (B)  in the absence of bad faith on the part of the Guarantee Trustee,
the Guarantee Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or
opinions furnished to the Guarantee Trustee and conforming to the requirements
of this Guarantee Agreement; but in the case of any such certificates or
opinions that by any provision hereof or of the Trust Indenture Act are
specifically required to be furnished to the Guarantee Trustee, the Guarantee
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Guarantee Agreement;

          (ii)  The Guarantee Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of the Guarantee Trustee,
unless it shall be proved that the Guarantee Trustee was negligent in
ascertaining the pertinent facts upon which such judgment was made;

          (iii)  The Guarantee Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a Majority in Liquidation Amount of
the Capital Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee, or exercising any
trust or power conferred upon the Guarantee Trustee under this Guarantee
Agreement; and

          (iv)  No provision of this Guarantee Agreement shall require the
Guarantee Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any

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of its duties or in the exercise of any of its rights or powers if the Guarantee
Trustee shall have reasonable grounds for believing that the repayment of such
funds or liability is not assured to it under the terms of this Guarantee
Agreement or adequate indemnity against such risk or liability is not reasonably
assured to it.

     SECTION 3.2.  Certain Rights of Guarantee Trustee.

     (a)  Subject to the provisions of Section 3.1:

          (i)  The Guarantee Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document reasonably believed by it to be genuine and to have been signed, sent
or presented by the proper party or parties.

          (ii)  Any direction or act of the Guarantor contemplated by this
Guarantee Agreement shall be sufficiently evidenced by an Officers' Certificate
unless otherwise prescribed herein.

          (iii)  Whenever, in the administration of this Guarantee Agreement,
the Guarantee Trustee shall deem it desirable that a matter be proved or
established before taking, suffering or omitting to take any action hereunder,
the Guarantee Trustee (unless other evidence is herein specifically prescribed)
may, in the absence of bad faith on its part, request and conclusively rely upon
an Officers' Certificate which, upon receipt of such request from the Guarantee
Trustee, shall be promptly delivered by the Guarantor.

          (iv)  The Guarantee Trustee may consult with legal counsel, and the
advice or written opinion of such legal counsel with respect to legal matters
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted to be taken by it hereunder in good faith and in
accordance with such advice or opinion.  Such legal counsel may be legal counsel
to the Guarantor or any of its Affiliates and may be one of its employees.  The
Guarantee Trustee shall have the right at any time to seek instructions
concerning the administration of this Guarantee Agreement from any court of
competent jurisdiction.

          (v)  The Guarantee Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Guarantee Agreement at the
request or direction of any Holder, unless such Holder shall have provided to
the Guarantee Trustee such security and indemnity as would satisfy a reasonable
person in the position of the Guarantee Trustee, against the costs, expenses
(including attorneys' fees and expenses) and liabilities that might be incurred
by it in complying with such request or direction, including such reasonable
advances as may be requested by the Guarantee Trustee.

          (vi)  The Guarantee Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other

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paper or document, but the Guarantee Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit.

          (vii)  The Guarantee Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through its
agents or attorneys, and the Guarantee Trustee shall not be responsible for any
negligence or willful misconduct on the part of any such agent or attorney
appointed with due care by it hereunder.

          (viii)  Whenever in the administration of this Guarantee Agreement the
Guarantee Trustee shall deem it desirable to receive instructions with respect
to enforcing any remedy or right or taking any other action hereunder, the
Guarantee Trustee (A) may request instructions from the Holders, (B) may refrain
from enforcing such remedy or right or taking such other action until such
instructions are received and (C) shall be fully protected in acting in
accordance with such instructions.

     (b)  No provision of this Guarantee Agreement shall be deemed to impose any
duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation.  No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

     SECTION 3.3.  Indemnity.

     The Guarantor agrees to indemnify the Guarantee Trustee (which for purposes
of this Section 3.3 shall include its officers, directors, employees and agents)
for, and to hold it harmless against, any loss, liability or expense incurred
without negligence, willful misconduct or bad faith on the part of the Guarantee
Trustee, arising out of or in connection with the acceptance or administration
of this Guarantee Agreement, including the costs and expenses of defending
itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.  The Guarantee Trustee
will not claim or exact any lien or charge on any Guarantee Payments as a result
of any amount due to it under this Guarantee Agreement.  The provisions of this
Section 3.3 shall survive the termination of this Guarantee Agreement or the
resignation or removal of the Guarantee Trustee.

     SECTION 3.4.  Expenses.

     The Guarantor shall from time to time reimburse the Guarantee Trustee for
its expenses and costs (including reasonable attorneys' or agents' fees)
incurred in connection with the performance of its duties hereunder.

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                         ARTICLE IV.  GUARANTEE TRUSTEE

     SECTION 4.1.  Guarantee Trustee; Eligibility.

     (a)  There shall at all times be a Guarantee Trustee which shall:

          (i)  not be an Affiliate of the Guarantor; and

          (ii)  be a Person that is eligible pursuant to the Trust Indenture Act
to act as such and has a combined capital and surplus of at least $50,000,000,
and shall be a corporation meeting the requirements of Section 310(c) of the
Trust Indenture Act.  If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the supervising or
examining authority, then, for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

     (b)  If at any time the Guarantee Trustee shall cease to be eligible to so
act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 4.2.

     (c)  If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

     SECTION 4.2.  Appointment, Removal and Resignation of the Guarantee
Trustee.

          (a)  No resignation or removal of the Guarantee Trustee and no
appointment of a Successor Guarantee Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the Successor Guarantee
Trustee by written instrument executed by the Successor Guarantee Trustee and
delivered to the Holders and the Guarantee Trustee.

          (b)  Subject to the immediately preceding paragraph, a Guarantee
Trustee may resign at any time by giving written notice thereof to the Holders.
The Guarantee Trustee shall appoint a successor by requesting from at least
three Persons meeting the eligibility requirements such Persons' expenses and
charges to serve as the Guarantee Trustee, and selecting the Person who agrees
to the lowest expenses and charges.  If the instrument of acceptance by the
Successor Guarantee Trustee shall not have been delivered to the Guarantee
Trustee within 30 days after the giving of such notice of resignation, the
Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for the appointment of a Successor Guarantee Trustee.

          (c) The Guarantee Trustee may be removed for cause at any time by Act
(within the meaning of Section 6.8 of the Trust Agreement) of the Holders of at
least a Majority in Liquidation Amount of the Capital Securities, delivered to
the Guarantee Trustee.

                                       15
<PAGE>

          (d) If a resigning Guarantee Trustee shall fail to appoint a
successor, or if a Guarantee Trustee shall be removed or become incapable of
acting as Guarantee Trustee, or if any vacancy shall occur in the office of any
Guarantee Trustee for any cause, the Holders of the Capital Securities, by Act
of the Holders of record of not less than 25% in aggregate Liquidation Amount of
the Capital Securities then outstanding delivered to such Guarantee Trustee,
shall promptly appoint a successor Guarantee Trustee.  If no Successor Guarantee
Trustee shall have been so appointed by the Holders of the Capital Securities
and such appointment accepted by the Successor Guarantee Trustee, any Holder, on
behalf of himself and all others similarly situated, may petition any court of
competent jurisdiction for the appointment of a Successor Guarantee Trustee.

                              ARTICLE V. GUARANTEE

     SECTION 5.1.  Guarantee.

          The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by or on behalf of the Issuer Trust), as and when due, regardless of any
defense, right of set-off or counterclaim which the Issuer Trust may have or
assert, except the defense of payment.  The Guarantor's obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts
to the Holders.  The Guarantor shall give prompt written notice to the Guarantee
Trustee in the event it makes any direct payment hereunder.

     SECTION 5.2.    Waiver of Notice and Demand.

          The Guarantor hereby waives notice of acceptance of the Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the
Guarantee Trustee, the Issuer Trust or any other Person before proceeding
against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice
of redemption and all other notices and demands.

     SECTION 5.3.   Obligations Not Affected.

          The obligations, covenants, agreements and duties of the Guarantor
under this Guarantee Agreement shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

          (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer Trust of any express or implied
agreement, covenant, term or condition relating to the Capital Securities to be
performed or observed by the Issuer Trust;

          (b) the extension of time for the payment by the Issuer Trust of all
or any portion of the Distributions (other than an extension of time for payment
of Distributions that results from an election by the Depositor to defer any
interest payment on the Junior Subordinated Debentures as so

                                       16
<PAGE>

provided in the Indenture), Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Capital Securities or the extension of
time for the performance of any other obligation under, arising out of, or in
connection with, the Capital Securities;

          (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Capital Securities, or any
action on the part of the Issuer Trust granting indulgence or extension of any
kind;

          (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, conservatorship, insolvency, bankruptcy, assignment
for the benefit of creditors, reorganization, arrangement, composition or
readjustment of debt of, or other similar proceedings affecting, the Issuer
Trust or any of the assets of the Issuer Trust;

          (e) any invalidity of, or defect or deficiency in, the Capital
Securities;

          (f) the settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

          (g) any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a guarantor (other than payment of
the underlying obligation), it being the intent of this Section 5.3 that the
obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances.

          There shall be no obligation of the Holders to give notice to, or
obtain the consent of, the Guarantor with respect to the happening of any of the
foregoing.

     SECTION 5.4.    Rights of Holders.

          The Guarantor expressly acknowledges that: (i) this Guarantee
Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this
Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in
Liquidation Amount of the Capital Securities have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement;
and (iv) any Holder may institute a legal proceeding directly against the
Guarantor to enforce its rights under this Guarantee Agreement, without first
instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust
or any other Person.

     SECTION 5.5.   Guarantee of Payment.

          This Guarantee Agreement creates a guarantee of payment and not of
collection.  This Guarantee Agreement will not be discharged except by payment
of the Guarantee Payments in full (without duplication of amounts theretofore
paid by the Issuer Trust) or upon the distribution of Junior Subordinated
Debentures to Holders as provided in the Trust Agreement.

                                       17
<PAGE>

     SECTION 5.6.    Subrogation.

          The Guarantor shall be subrogated to all rights (if any) of the
Holders against the Issuer Trust in respect of any amounts paid to the Holders
by the Guarantor under this Guarantee Agreement; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any rights which it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Guarantee Agreement, if at the time of any
such payment, any amounts are due and unpaid under this Guarantee Agreement.  If
any amount shall be paid to the Guarantor in violation of the preceding
sentence, the Guarantor agrees to hold such amount in trust for the Holders and
to pay over such amount to the Holders.

     SECTION 5.7.  Independent Obligations.

          The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer Trust with respect to the Capital
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Guarantee
Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                    ARTICLE VI.  COVENANTS AND SUBORDINATION

     SECTION 6.1.   Subordination.

          This Guarantee Agreement will constitute an unsecured obligation of
the Guarantor and will rank subordinate and junior in right of payment to all
Senior Indebtedness (as defined in the Indenture) of the Guarantor to the same
extent and in the same manner set forth in the Indenture with respect to the
Junior Subordinated Debentures, and the provisions of Article XIII of the
Indenture will apply, mutatis mutandis, to the obligations of the Guarantor
hereunder.  The obligations of the Guarantor hereunder do not constitute Senior
Indebtedness of the Guarantor.

     SECTION 6.2.   Pari Passu Guarantees.

          The obligations of the Guarantor under this Guarantee Agreement shall
rank pari passu with any similar guarantee agreements issued by the Guarantor on
behalf of the holders of Trust Securities issued by the Issuer Trust and with
any other security, guarantee or other obligation that is expressly stated to
rank pari passu with the obligations of the Guarantor under this Guarantee
Agreement.

                                       18
<PAGE>

                                 ARTICLE VII.  TERMINATION

     SECTION 7.1.   Termination.

          This Guarantee Agreement shall terminate and be of no further force
and effect upon (i) full payment of the Redemption Price of all Outstanding
Capital Securities, (ii) the distribution of Junior Subordinated Debentures to
the Holders in exchange for all of the Outstanding Capital Securities or (iii)
full payment of the amounts payable in accordance with Article IX of the Trust
Agreement upon liquidation of the Issuer Trust.  Notwithstanding the foregoing,
this Guarantee Agreement will continue to be effective or will be reinstated, as
the case may be, if at any time any Holder is required to restore payment of any
sums paid under the Capital Securities or this Guarantee Agreement.

                          ARTICLE VIII.  MISCELLANEOUS

     SECTION 8.1.   Successors and Assigns.

          All guarantees and agreements contained in this Guarantee Agreement
shall bind the successors, assigns, receivers, conservators, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Capital Securities then outstanding.  Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under
Article VIII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Guarantor's obligations hereunder, the Guarantor shall
not assign its obligations hereunder, and any purported assignment that is not
in accordance with these provisions shall be void.

     SECTION 8.2.   Amendments.

          Except with respect to any changes that do not materially adversely
affect the rights of the Holders (in which case no consent of the Holders will
be required), this Guarantee Agreement may only be amended with the prior
approval of the Holders of not less than a Majority in Liquidation Amount of the
Capital Securities.  The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval.

     SECTION 8.3.   Notices.

          Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied (confirmed by delivery of the original) or
mailed by first class mail as follows:

          (a) if given to the Guarantor, to the address or telecopy number set
forth below or such other address or telecopy number or to the attention of such
other Person as the Guarantor may give notice to the Holders:

                                       19
<PAGE>

          Crescent Banking Company
          251 Highway 515
          Jasper, Georgia  30143
          Facsimile No.:  (706) 692-6820
          Attention:  J. Donald Boggus, Jr.

          (b) if given to the Issuer Trust, in care of the Guarantee Trustee, at
the Issuer Trust's (and the Guarantee Trustee's) address set forth below or such
other address or telecopy number or to the attention of such other Person as the
Guarantee Trustee on behalf of the Issuer Trust may give notice to the Holders:

          Crescent Capital Trust I
          251 Highway 515
          Jasper, Georgia  30143
          Facsimile No.:  (706) 692-6820
          Attention:  J. Donald Boggus, Jr.

          with a copy to:

          Wilmington Trust Company
          1100 North Market Street
          Wilmington, Delaware  19890-0001
          Facsimile No.:  (302) 636-4140
          Attention:  Corporate Trust Administration

          (c) if given to the Guarantee Trustee:

          Wilmington Trust Company
          1100 North Market Street
          Wilmington, Delaware  19890-0001
          Facsimile No.:  (302) 636-4140
          Attention:  Corporate Trust Administration

          (d) if given to any Holder of record, at the address set forth on the
books and records of the Issuer Trust.

          All notices hereunder shall be deemed to have been given when received
in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

                                       20
<PAGE>

     SECTION 8.4.   Benefit.

          This Guarantee Agreement is solely for the benefit of the Holders and
is not separately transferable from the Capital Securities.

     SECTION 8.5.   Interpretation.

          In this Guarantee Agreement, unless the context otherwise requires:

          (a) capitalized terms used in this Guarantee Agreement but not defined
in the preamble hereto have the respective meanings assigned to them in Section
1.1;

          (b) a term defined anywhere in this Guarantee Agreement has the same
meaning throughout;

          (c) all references to "the Guarantee Agreement" or "this Guarantee
Agreement" are to this Guarantee Agreement as modified, supplemented or amended
from time to time;

          (d) all references in this Guarantee Agreement to Articles and
Sections are to Articles and Sections of this Guarantee Agreement unless
otherwise specified;

          (e) a term defined in the Trust Indenture Act has the same meaning
when used in this Guarantee Agreement unless otherwise defined in this Guarantee
Agreement or unless the context otherwise requires;

          (f) a reference to the singular includes the plural and vice versa;
and

          (g) the masculine, feminine or neuter genders used herein shall
include the masculine, feminine and neuter genders.

     SECTION 8.6.   Governing Law.

          THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

     SECTION 8.7.   Counterparts.

          This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                           [Signatures on Next Page]

                                       21
<PAGE>

          THIS GUARANTEE AGREEMENT is executed as of the day and year first
above written.

                              CRESCENT BANKING COMPANY,  as Guarantor

                              By:  /s/
                                   -----------------------------------
                              Name:  J. Donald Boggus, Jr.
                              Title:  Chief Executive Officer

                              WILMINGTON TRUST COMPANY,
                              as Guarantee Trustee, and not in its individual
                              capacity

                              By:  /s/
                                   -----------------------------------
                              Name:
                                   -----------------------------------
                              Title:
                                    ----------------------------------

                                       22<PAGE>

                                                                EXHIBIT 10.15

                        LOAN AND STOCK PLEDGE AGREEMENT

     THIS LOAN AND STOCK PLEDGE AGREEMENT (the "Agreement"), entered into as of
July 28, 1999, between CRESCENT BANKING COMPANY, a Georgia corporation (the
"Borrower"), and THE BANKERS BANK, a Georgia banking corporation (the "Lender").

     On the date hereof the Borrower is borrowing the principal amount of
$4,500,000 from the Lender (the "Loan"), which will be evidenced by the Note.
The Lender is willing to make the Loan to the Borrower on the terms and
conditions described below.  The Borrower and Lender agree that the payment and
performance of all obligations relating to the Loan will be secured through the
pledge to the Lender of all the issued and outstanding shares of capital stock
owned or hereafter acquired by the Borrower (the "Stock") in Crescent Bank and
Trust Company, having its main office at 251 Highway 515, Jasper, Georgia 30143
(the "Bank").  Certain capitalized terms used in this Agreement are defined in
Section 22 of this Agreement.

     In consideration of the premises and the mutual agreements and
representations in this Agreement, the Lender and the Borrower agree as follows:

     1.  Security Interest.
         -----------------

     (a) The Borrower hereby unconditionally grants and assigns to the Lender
and its successors and assigns a continuing security interest in and security
title to the Stock.  The Borrower hereby delivers to the Lender all of its
right, title and interest in and to the Stock, together with certificates
representing the Stock and stock powers endorsed in blank, as security for (i)
all obligations of the Borrower to the Lender hereunder, and (ii) payment and
performance of all obligations of the Borrower to the Lender under the Note,
whether direct or indirect, absolute or contingent, now or hereafter existing,
or due or to become due.  If the Borrower receives, for any reason whatsoever,
any additional shares of the capital stock of the Bank, such shares shall
thereupon constitute Stock to be held by the Lender under the terms of this
Agreement and the Borrower shall immediately deliver such shares to the Lender,
together with stock powers endorsed in blank by the Borrower.  Beneficial
ownership of the Stock, including all voting, consentual and dividend rights,
shall remain in the Borrower until the occurrence of a Default.

     (b) If, prior to repayment in full of the Loan, the aggregate book value of
the Stock becomes less than 200% of the outstanding Loan balance, the Borrower
shall promptly deliver to the Lender on demand additional collateral of a type
and value acceptable to the Lender (and the Lender's judgment in valuing same
shall be conclusive) so that the sum of the value of such additional collateral
plus the aggregate book value of the Stock is equal to or in excess of 200% of
the outstanding Loan balance.  The Borrower shall also execute any security
documents the Lender may request to evidence and perfect the Lender's rights in
such additional collateral.  If at any time such additional collateral is no
longer required pursuant to this Section 1(b), the Lender shall release its
security interest in such additional collateral upon the request of the
Borrower.

     2.  Representations and Warranties.  The Borrower represents and warrants
         ------------------------------
to the Lender as follows:
<PAGE>

     (a) The Borrower is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Georgia and is qualified to do
business in all jurisdictions where such qualification is necessary.  The
Borrower is registered as a bank holding company with the Board of Governors of
the Federal Reserve System and the Georgia Department of Banking and Finance.
The chief executive office of the Borrower and the principal place of business
of the Borrower where the records of the Borrower are kept are located at 1200
Appalachian Parkway, Jasper, Georgia 30143 (Pickens County), and the Borrower's
U.S.  employer identification number is 581968323.

     (b) The Bank is a banking corporation duly organized, validly existing, and
in good standing under the laws of the State of Georgia.  The Borrower owns all
the Stock (consisting of 481,500 shares) and there are no other outstanding
shares of capital stock and no outstanding options, warrants or other rights
which can be converted into shares of capital stock of the Bank.  The Bank has
all requisite corporate power and authority and possesses all licenses, permits
and authorizations necessary for it to own its properties and conduct its
business as presently conducted.

     (c) Each financial statement of the Borrower or any Subsidiary which has
been delivered to the Lender presents fairly the financial condition of the
Borrower or such Subsidiary as of the date indicated therein and the results of
its operations for the periods shown therein.  There has been no material
adverse change, either existing or threatened, in the financial condition or
operations of the Borrower or any Subsidiary since the date of such financial
statement.

     (d) The Borrower has full power and authority to execute and perform the
Financing Documents.  The execution, delivery, and performance by the Borrower
of the Financing Documents (i) have been duly authorized by all requisite action
by the Borrower, (ii) do not violate any provision of law, and (iii) do not
result in a breach of or constitute a default under any agreement or other
instrument to which the Borrower or any Subsidiary is a party or which the
Borrower or any Subsidiary is bound.  Each of the Financing Documents
constitutes the legal, valid, and binding obligation of the Borrower enforceable
in accordance with its terms.

     (e) Except for the security interest created by this Agreement, the
Borrower owns the Stock free and clear of all liens, charges, and encumbrances.
The Stock is duly issued, fully paid and non-assessable, and the Borrower has
the unencumbered right to pledge the Stock.

     (f) There is no action, arbitration, or other proceeding at law or in
equity, or by or before any court, agency, or arbitrator, nor is there any
judgment, order, or other decree pending, anticipated, or threatened against the
Borrower or any Subsidiary or against any of their properties or assets which
might have a material adverse effect on the Borrower, any Subsidiary, or their
respective properties or assets, or which might call into question the validity
or enforceability of the Financing Documents, or which might involve the alleged
violation by the Borrower or any Subsidiary of any law, rule or regulation.

     (g) No consent or other authorization or filing with or of any governmental
authority or other public body on the part of the Borrower or any Subsidiary is
required in connection with the Borrower's execution, delivery, or performance
of the Financing Documents; or if required, all such prerequisites have been
fully satisfied.

                                       2
<PAGE>

     (h) None of the transactions contemplated in this Agreement (including,
without limitation, the use of the proceeds of the Loan) will violate or result
in a violation of Section 7 of the Securities Exchange Act of 1934, or any
regulations issued pursuant thereto.

     (i) The following are attached as exhibits hereto: true, correct and
complete copies of (i) the Borrower's and the Bank's articles of incorporation
as in effect as of the date hereof (as certified by the Georgia Secretary of
State on June 21, 1999); (ii) certificates of existence for the Borrower and the
Bank issued by the Georgia Secretary of State on June 21, 1999; (iii) the bylaws
of the Borrower in effect immediately prior to the adoption of the resolutions
referred to below (and such bylaws have not been further altered or amended and
have been in full force and effect at all times since the adoption of such
resolutions through the date hereof); (iv) the bylaws of the Bank as of the date
hereof; (v) resolutions (the "Resolutions") of the Board of Directors of the
Borrower duly adopted (x) at a meeting duly called at which a quorum was present
or (y) by unanimous written consent, and the Resolutions have been since
adoption and are now in full force and effect and have not been modified in any
respect.  There have been no further amendments or other documents affecting or
altering the Borrower's or the Bank's articles of incorporation since the date
of the certifications referred to above through the date hereof, and the
Borrower and the Bank have remained in valid existence under the laws of the
State of Georgia since such dates.

     3.  Affirmative Covenants.  The Borrower agrees that so long as the Note is
         ---------------------
outstanding or this Agreement is in effect:

     (a) The Borrower shall promptly furnish to the Lender: (i) not later than
120 days after the end of each fiscal year, audited consolidated financial
statements of the Borrower prepared in accordance with generally accepted
accounting principles ("GAAP") and certified by an independent accounting firm
acceptable to the Lender; (ii) not later than 45 days after each of the first
three quarters of each fiscal year, unaudited consolidated financial statements
of the Borrower, prepared in accordance with GAAP (subject to changes resulting
from normal year-end adjustments and without notes thereto) and certified by the
chief financial officer of the Borrower; (iii) not later than 30 days after the
end of each of the first three quarters of each year, copies of the Report of
Condition and the Report of Income and Dividends of each of the Bank
Subsidiaries; (iv) immediately after the occurrence of a material adverse change
in the business, properties, condition or prospects (financial or otherwise) of
the Borrower or its Subsidiaries, taken as a whole, including, without
limitation, any material adverse change arising out of imposition of any letter
agreement, memorandum of understanding, cease and desist order, or other similar
regulatory action involving the Borrower or any Subsidiary, a statement of the
Borrower's chief executive officer or chief financial officer setting forth in
reasonable detail such change and the action which the Borrower or any
Subsidiary proposes to take with respect thereto; and (v) from time to time upon
request of the Lender, such other information relating to the operations,
business, condition, management, properties, or prospects of the Borrower or any
Subsidiary as the Lender may reasonably request (including meetings with the
Borrower's or Subsidiary's officers and employees).

     (b) The Borrower and each Subsidiary shall punctually pay and discharge all
taxes, assessments and other governmental charges or levies imposed upon it or
upon its income or upon any of its property unless contested in good faith and
for which reserves have been established in accordance with GAAP.

                                       3
<PAGE>

     (c) The Borrower and each Subsidiary shall comply in all material respects
with all requirements of constitutions, statutes, rules, regulations, and orders
and all orders and decrees of courts and arbitrators applicable to it or its
properties except where the failure to comply could not reasonably be expected
to have a material adverse effect.

     (d) The Borrower shall promptly notify the Lender of any material change in
management.

     4.  Negative Covenants.  The Borrower agrees that so long as the Note is
         ------------------
outstanding or this Agreement is in effect:

     (a) The Borrower shall not permit its Capital as of the end of any fiscal
quarter during the term of this Agreement to be less than $9,000,000.

     (b) The Borrower shall not permit the ratio of Tier 1 Capital to average
total assets (the Tier 1 Leverage Ratio) of any of the Bank Subsidiaries as of
the end of any fiscal year to be less than 7.0%.

     (c) The Borrower shall not, and shall not permit any of the Bank
Subsidiaries to, fail to comply with any minimum capital requirement imposed by
any of their federal or state regulators.

     (d) The Borrower shall not permit its Weighted Average Return on Assets for
each fiscal year to be less than 0.75% and shall not permit the Weighted Average
Return on Assets of any Bank Subsidiary for each fiscal year to be less than
0.75%.

     (e) The Borrower shall not permit the allowance for loan and lease losses
of any of the Bank Subsidiaries to be less than 0.50% of its gross loans for
each fiscal quarter.

     (f) The Borrower shall not incur or permit to exist any indebtedness or
liability for borrowed money in excess of 25% of Capital other than to the
Lender or a wholly-owned Subsidiary of the Borrower without prior Lender
approval, except that this covenant shall not apply to deposits, repurchase
agreements, federal funds borrowings, overdrafts, and other banking transactions
entered into by a Subsidiary in the ordinary course of its business.

     (g) The Borrower shall not, directly or indirectly, become a guarantor of
any obligation of, or an endorser of, or otherwise assume or become liable upon
any notes, obligations, or other indebtedness of any other Person (other than a
Subsidiary) except in connection with the depositing of checks in the normal and
ordinary course of business.

     (h) The Borrower shall not, nor permit any Bank Subsidiary to, transfer all
or substantially all of its assets to or consolidate or merge with any other
Person, or acquire all or substantially all of the properties or capital stock
of any other Person.

     (i) The Borrower shall not permit any Bank Subsidiary to issue, sell or
otherwise dispose or part with control of any shares of any class of its stock
(other than directors' qualifying shares) except to the Borrower or a wholly-
owned Subsidiary of the Borrower.

                                       4
<PAGE>

     (j) The Borrower shall not sell or otherwise dispose or part with control
of any of the Stock or any other securities or indebtedness of any Bank
Subsidiary, and the Borrower shall not pledge or otherwise transfer or grant a
security interest in any of the capital stock or other securities of any of its
Bank Subsidiaries.

     5.  Advances Under the Loan.  The Lender shall not be obligated to make any
         -----------------------
advance of the Loan to the Borrower unless:

     (a) All representations and warranties of the Borrower contained in this
Agreement or the Note shall be true in all material respects on and as of the
date of each advance of the Loan.

     (b) The Borrower and each Subsidiary shall have performed in all material
respects all their agreements and obligations required by the Financing
Documents.

     (c) No adverse change shall have occurred in the condition (financial or
otherwise) of the Borrower and its Subsidiaries, taken as a whole, or in the
business, properties, assets, liabilities or prospects of the Borrower and its
Subsidiaries, taken as a whole, since the date of this Agreement.

     (d) No Default or event which, with the giving of notice or passage of time
(or both), would constitute a Default under the terms of this Agreement shall
have occurred.

     6.  Default.  A "Default" shall exist if any of the following occurs:
         -------

     (a) Failure of the Borrower punctually to make any payment of any amount
payable, whether principal or interest or other amount, on any of the
Liabilities, whether at maturity, or at a date fixed for any prepayment or
partial prepayment, or by acceleration, or otherwise, within 3 business days of
the date such payment becomes due.

     (b) Any statement, representation, or warranty of the Borrower made in any
of the Financing Documents or at any time furnished by or on behalf of the
Borrower to the Lender shall be false or misleading in any material respect as
of the date made.

     (c) Failure of the Borrower punctually and fully to comply with (i) any of
the covenants in Section 4 of this Agreement or (ii) any of the other covenants
set forth in this Agreement if such failure under this clause (ii) is not
remedied within 15 business days after notice from the Lender to the Borrower.

     (d) The occurrence of a default under any other agreement to which the
Borrower and the Lender are parties or under any other instrument executed by
the Borrower in favor of the Lender.

     (e) If the Borrower or any Subsidiary becomes insolvent as defined in the
Georgia Uniform Commercial Code or makes an assignment for the benefit of
creditors; or if any action is brought by the Borrower or any Subsidiary seeking
dissolution of the Borrower or such Subsidiary or liquidation of its assets or
seeking the appointment of a trustee, interim trustee, receiver, or other
custodian for any of its property; or if the Borrower or any Subsidiary
commences a voluntary case under the Federal Bankruptcy Code; or if any
reorganization or arrangement proceeding is

                                       5
<PAGE>

instituted by the Borrower or any Subsidiary for the settlement, readjustment,
composition or extension of any of its debts upon any terms; or if any action or
petition is otherwise brought by the Borrower or any Subsidiary seeking similar
relief or alleging that it is insolvent or unable to pay its debts as they
mature.

     (f) Any action is brought against the Borrower or any Subsidiary seeking
dissolution of the Borrower or such Subsidiary or liquidation of any of its
assets or seeking the appointment of a trustee, interim trustee, receiver, or
other custodian for any of its property, and such action is consented to or
acquiesced in by the Borrower or such Subsidiary or is not dismissed within 60
days of the date upon which it was instituted; or any proceeding under the
Federal Bankruptcy Code is instituted against the Borrower or any Subsidiary and
(i) an order for relief is entered in such proceeding or (ii) such proceeding is
consented to or acquiesced in by the Borrower or such Subsidiary or is not
dismissed within 60 days of the date upon which it was `instituted; or any
reorganization or arrangement proceeding is instituted against the Borrower or
any Subsidiary for the settlement, readjustment, composition, or extension of
any of its debts upon any terms, and such proceeding is consented to or
acquiesced in by the Borrower or such Subsidiary or is not dismissed within 60
days of the date upon which it was instituted; or any action or petition is
otherwise brought against the Borrower or any Subsidiary seeking similar relief
or alleging that it is insolvent, unable to pay its debts as they mature, or
generally not paying its debts as they become due, and such action or petition
is consented to or acquiesced in by the Borrower or such Subsidiary or is not
dismissed within 60 days of the date upon which it was brought.

     (g) The Borrower or any Subsidiary is in default (or an event has occurred
which, with the giving of notice or passage of time, or both, will cause the
Borrower or any Subsidiary to be in default) on indebtedness to another Person,
and the amount of such indebtedness exceeds $25,000 or the acceleration of the
maturity of such indebtedness would have a material adverse effect upon the
Borrower or such Subsidiary.

     (h) Any other material adverse change occurs in the Borrower's financial
condition or means or ability to pay the Liabilities.

     (i) Any cease and desist or other order has been threatened in writing,
noticed, or entered against the Borrower or any Subsidiary by any bank or bank
holding company regulatory agency or body, or the Borrower or any Subsidiary
enters into any form of memorandum of understanding, plan of corrective action,
or letter agreement with any such regulatory agency or body, or any other
regulatory enforcement action is taken against the Borrower or any Subsidiary
relating to the capitalization, management, or operation of the Borrower or any
Subsidiary.

     (j) The Borrower or any Subsidiary is indicted or convicted or pleads
guilty or nolo contendere to any charge that the Borrower or such Subsidiary has
          ----------------
violated any drug, controlled substances, money laundering, currency reporting,
racketeering, or racketeering-influenced-and-corrupt-organization statute or
regulations other forfeiture statute.

     (k) The Borrower ceases to own 100% of the issued and outstanding capital
stock of the Bank or ceases to control any of the other Bank Subsidiaries.

                                       6
<PAGE>

     7.  Remedies Upon Default.  Upon the occurrence of a Default, the Lender
         ---------------------
shall be entitled, without limitation, to exercise the following rights at any
time and from time to time, which the Borrower hereby agrees to be commercially
reasonable:

     (a) declare any of the Liabilities due and payable, whereupon they
immediately will become due and payable (notwithstanding any provisions to the
contrary, and without presentment, demand, notice or protest of any kind (all of
which are expressly waived by the Borrower));

     (b) (i) receive all amounts payable in respect of the Collateral otherwise
payable to the Borrower; (ii) settle all accounts, claims, and controversies
relating to the Collateral; (iii) transfer all or any part of the Collateral
into the Lender's or any nominee's name; and (iv) execute all agreements and
other instruments; bring, defend and abandon all actions and other proceedings;
and take all actions in relation to the Collateral as the Lender in its sole
discretion may determine;

     (c) enforce the payment of the Stock and exercise all of the rights, powers
and remedies of the Borrower thereunder, including the exercise of all voting
rights and other ownership or consentual rights of the Stock (but the Lender is
not hereby obligated to exercise such rights), and in connection therewith the
Borrower hereby appoints the Lender to be the Borrower's true and lawful
attorney-in-fact and IRREVOCABLE PROXY to vote the Stock in any manner the
Lender deems advisable for or against all matters submitted to a vote of
shareholders, and such power-of-attorney is coupled with an interest and
irrevocable;

     (d) sell, assign and deliver, or grant options to purchase, all or any part
of or interest in the Collateral in one or more parcels, at any public or
private sale at any exchange, any of the Lender's offices, or elsewhere, without
demand of performance, advertisement, or notice of intention to sell or of the
time or place of sale or adjournment thereof or to redeem or otherwise (all of
which are hereby expressly and irrevocably waived by the Borrower), for cash, on
credit, or for other property, for immediate or future delivery without any
assumption of credit risk, and for such price and on such terms as the Lender in
its sole discretion may determine; the Borrower agrees that to the extent that
notice of sale shall be required by law that at least five business days' notice
to the Borrower of the time and place of any public sale or the time after which
any private sale is to be made shall constitute reasonable notification; the
Lender shall not be obligated to make any sale of Collateral regardless of
notice of sale having been given; the Lender may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and
any such sale may, without further notice, be made at the time and place to
which it was so adjourned; the Borrower hereby waives and releases to the
fullest extent permitted by law any right or equity of redemption with respect
to the Collateral, whether before or after sale hereunder, and all rights, if
any, of marshalling the Collateral and any other security for the Loan or
otherwise; at any such sale, unless prohibited by applicable law, the Lender may
bid for and purchase all or any part of the Collateral so sold free from any
such right or equity of redemption; and the Lender shall not be liable for
failure to collect or realize upon any or all of the Collateral or for any delay
in so doing nor shall any of them be under any obligation to take any action
whatsoever with regard thereto;

     (e) appoint and dismiss managers or other agents for any of the purposes
mentioned in the foregoing provisions of this Section 7, all as the Lender in
its sole discretion may determine; and

                                       7
<PAGE>

     (f) generally, take all such other action as the Lender in its sole
discretion may determine as incidental or conducive to any of the matters or
powers mentioned in this Section 7 and which the Lender may or can do lawfully
and use the name of the Borrower for such purposes and in any proceedings
arising therefrom.

     8.  Application of Proceeds.  The proceeds of the public or private sale or
         -----------------------
other disposition of any Collateral hereunder shall be applied to (i) the costs
incurred in connection with the sale, expressly including, without limitation,
any costs under Section 11(a) hereof; (ii) any unpaid interest, fees or, other
amounts which may have accrued on any obligations secured hereby; and (iii) any
unpaid principal on any obligations secured hereby; in such order as the Lender
may determine, and any remaining proceeds shall be paid over to the Borrower or
others as by law provided.  If the proceeds of the sale or other disposition of
the Stock are insufficient to pay all such amounts, the Borrower shall remain
liable to the Lender for the deficiency.

     9.  Additional Rights of Secured Parties.  In addition to its other rights
         ------------------------------------
and privileges under this Agreement, the Lender may exercise from time to time
any and all other rights and remedies available to a secured party when a debtor
is in default under a security agreement as provided in the Uniform Commercial
Code of Georgia, or available to the Lender under any other applicable law or in
equity, including without limitation the right to any deficiency remaining after
disposition of the Collateral.  The Borrower shall pay all of the reasonable
costs and expenses (including reasonable attorneys' fees) incurred by the Lender
in enforcing its rights under this Agreement.

     10.  Return of Stock to Borrower.  Upon payment in full of all principal
          ---------------------------
and interest on the Note and full performance by the Borrower of all covenants
and other obligations under this Agreement, the Lender shall return to the
Borrower (i) all of the then remaining Stock and (ii) all rights received by the
Lender as agent for the Borrower as a result of its possessory interest in the
Stock.

     11.  Disposition of Stock by Lender.  The Stock is not registered under the
          ------------------------------
various federal or state securities laws and disposition thereof after default
may be subject to prior regulatory approval and may be restricted to one or more
private (instead of public) sales in view of the lack of such registration.
The Borrower acknowledges that upon such disposition, the Lender may approach
only a restricted number of potential purchasers and that a sale under such
circumstances may yield a lower price for the Stock than if the Stock were
registered pursuant to federal and state securities laws and sold on the open
market.  The Borrower, therefore, agrees that:

     (a) if the Lender shall, pursuant to the terms of this Agreement, sell or
cause any of the Stock to be sold at a private sale, the Lender shall have the
right to rely upon the advice and opinion of any national brokerage or
investment firm having recognized expertise and experience in connection with
shares of companies in the banking industry (but shall not be obligated to seek
such advice and the failure to do so shall not be considered in determining the
commercial reasonableness of the Lender's action) as to the best manner in which
to expose the Stock for sale and as to the best price reasonably obtainable at
the private sale thereof; and

     (b) such reliance shall be conclusive evidence that the Lender has handled
such disposition in a commercially reasonable manner.

                                       8
<PAGE>

     12.  Borrower's Obligations Absolute.  The obligations of the Borrower
          -------------------------------
under this Agreement shall be direct and immediate and not conditional or
contingent upon the pursuit of any other remedies against the Borrower or any
other Person, nor against other security or liens available to the Lender or its
successors, assigns or agents.   The Borrower hereby waives any right to require
that an action be brought against any other Person or require that resort be had
to any security or to any balance of any deposit account or credit on the books
of the Lender in favor of any other Person prior to any exercise of rights or
remedies hereunder, or to require resort to rights or remedies of the Lender in
connection with the Loan.

     13.  Notices.  Except as provided otherwise in this Agreement, all notices
          -------
and other communications under this Agreement are to be in writing and are to be
deemed to have been duly given and to be effective upon delivery to the party to
whom they are directed.  If sent by U.S. mail, first class, certified, return
receipt requested, postage prepaid, and addressed to the Lender or to the
Borrower at their respective addressees set forth below, such communications are
deemed to have been delivered on the second business day after being so posted.

     If to the Lender:    The Bankers Bank
                          2410 Paces Ferry Road
                          600 Paces Summit
                          Atlanta, Georgia 30339-4098
                          Attn:  Jack Gardner, Senior Vice President

     If to the Borrower:  Crescent Banking Company
                          1200 Appalachian Parkway
                          Jasper, Georgia 30143
                          Attn: J. Donald Boggus, Jr., President and CEO

     Either the Lender or the Borrower may, by written notice to the other,
designate a different address for receiving notices under this Agreement;
provided, however, that no such change of address will be effective until
written notice thereof is actually received by the party to whom such change of
address is sent.

     14.  Binding Agreement.  The provisions of this Agreement shall be
          -----------------
construed and interpreted, and all rights and obligations of the parties hereto
determined, in accordance with the laws of the State of Georgia.  This
Agreement, together with all documents referred to herein, constitutes the
entire Agreement between the Borrower and the Lender with respect to the matters
addressed herein and may not be modified except by a writing executed by the
Lender and delivered by the Lender to the Borrower.  This Agreement may be
executed in multiple counterparts, each of which shall be deemed an original but
all of which, taken together, shall constitute one and the same instrument.

     15.  Participations.  The Lender may at any time grant participations in or
          --------------
sell, assign, transfer or otherwise dispose of all or any portion of the
indebtedness of the Borrower outstanding pursuant to the Financing Documents.
The Borrower hereby agrees that any holder of a participation in, and any
assignee or transferee of, all or any portion of any amount owed by the Borrower
under the Financing Documents (i) shall be entitled to the benefits of the
provisions of this Agreement as the Lender hereunder and (ii) may exercise any
and all rights of the

                                       9
<PAGE>

banker's lien, set-off or counterclaim with respect to any and all amounts owed
by the Borrower to such assignee, transferee or holder as fully as if such
assignee, transferee or holder had made the Loan in the amount of the obligation
in which it holds a participation or which is assigned or transferred to it.

     16.  Expenses.  All reports and other documents or information furnished to
          --------
the Lender under this Agreement shall be supplied by the Borrower without cost
to the Lender.  Further, the Borrower shall reimburse the Lender on demand for
all reasonable out-of-pocket costs and expenses (including reasonable legal
fees) incurred by the Lender in connection with the preparation, interpretation,
operation, and enforcement of the Financing Documents or the protection or
preservation of any right or claim of the Lender with respect to such
agreements.  The Borrower will pay all taxes (if any) in connection with the
Financing Documents.  The obligations of the Borrower under this section shall
survive the payment of the Liabilities and the termination of this Agreement.

     17.  Indemnification.  In addition to any other amounts payable by the
          ---------------
Borrower under this Agreement, the Borrower shall pay and indemnify the Lender
from and against all claims, liabilities, losses, costs, and expenses
(including, without limitation, reasonable attorneys' fees and expenses) which
the Lender may (other than as a result of the gross negligence or willful
misconduct of the Lender) incur or be subject to as a consequence, directly or
indirectly, of (i) any breach by the Borrower of any warranty, term or condition
in, or the occurrence of any default under, any of the Financing Documents,
including all fees or expenses resulting from the settlement or defense of any
claims or liabilities arising as a result of any such breach or default, (ii)
the Lender's making, holding, or administering the Loan or the Collateral, (iii)
allegations of participation or interference by the Lender in the management,
contractual relations or other affairs of the Borrower or any Subsidiary, (iv)
allegations that the Lender has joint liability with the Borrower or any
Subsidiary for any reason, and (v) any suit, investigation, or proceeding as to
which the Lender or such participant is involved as a consequence, directly or
indirectly, of its execution of any of the Financing Documents, or any other
event or transaction contemplated by any of the foregoing.  The obligations of
Borrower under this Section 17 shall survive the termination of this Agreement.

     18.  Right to Set-Off.  Upon the occurrence of a Default hereunder, the
          ----------------
Lender, without notice or demand of any kind, may hold and set off against such
of the Liabilities (whether matured or unmatured) as the Lender may elect any
balance or amount to the credit of the Borrower in any deposit, agency, reserve,
holdback or other account of any nature whatsoever maintained by or on behalf of
the Borrower with the Lender at any of its offices, regardless of whether such
accounts are general or special and regardless of whether such accounts are
individual or joint.  Any Person purchasing an interest in debt obligations
under this Agreement held by the Lender may exercise all rights of offset with
respect to such interest as fully as if such Person were a holder of debt
obligations hereunder in the amount of such interest.

     19.  Further Assurances.  If at any time the Lender upon advice of its
          ------------------
counsel shall determine that any further document shall be required to give
effect to this Agreement and the transactions and other agreements contemplated
thereby, the Borrower shall, and shall cause its Subsidiaries to, execute and
deliver such document and otherwise carry out the purposes of this Agreement.

                                       10
<PAGE>

     20.  Severability.  If any paragraph or part thereof shall for any reason
          ------------
be held or adjudged to be invalid, illegal, or unenforceable by any court of
competent jurisdiction, such paragraph or part thereof shall be deemed separate,
distinct, and independent, and the remainder of this Agreement shall remain in
full force and effect and shall not be affected by such holding or adjudication.

     21.  Binding Effect.  All rights of the Lender under the Financing
          --------------
Documents shall inure to the benefit of its transferees, successors and assigns.
All obligations of the Borrower under the Financing Documents shall bind its
heirs, legal representatives, successors, and assigns.

     22.  Definitions.

     (a) "Assessment Risk Classification" means the assessment risk
classification assigned to each of the Bank Subsidiaries for purposes of
assessment of premiums by the Federal Deposit Insurance Corporation for deposit
insurance pursuant to 12 C.F.R.  (S) 327.3(d) or the corresponding assessment
risk classification, as determined by the Lender, pursuant to any successor
assessment risk classification system.

     (b) "Bank Subsidiaries" means each banking Subsidiary of Borrower, now or
hereafter in existence, including but not limited to the Bank.

     (c) "Capital" means all capital or all components of capital, other than
any allowance for loan and lease losses and net of any intangible assets, as
defined from time to time by the primary federal regulator of the Borrower, the
Bank, or each of the other Bank Subsidiaries (as the case may be).

     (d) "Collateral" means and includes all property assigned or pledged to the
Lender or in which the Lender has been granted security interest or to which the
Lender has been granted security title, whether under any of the Financing
Documents or any other agreement, instrument, or document, and the proceeds
thereof.

     (e) "Financing Documents" means and includes this Agreement, the Note, and
all other associated loan and collateral documents including, without
limitation, all guaranties, suretyship agreements, stock powers, security
agreements, security deeds, subordination agreements, exhibits, schedules,
attachments, financing statements, notices, consents, waivers, opinions,
letters, reports, records, assignments, documents, instruments, information and
other writings related thereto, or furnished by the Borrower to the Lender in
connection therewith or in connection with any of the Collateral, and any
amendments, extensions, renewals, modifications or substitutions thereof or
therefor.

     (f) "Liabilities" means all indebtedness, liabilities, and obligations of
the Borrower arising under the Financing Documents of any nature whatsoever
which the Lender may now or hereafter have, own or hold, and which are now or
hereafter owing to the Lender regardless of however and whenever created,
arising or evidenced, whether now, heretofore or hereafter incurred, whether
now, heretofore or hereafter due and payable, whether alone or together with
another or others, whether direct or indirect, primary or secondary, absolute or
contingent, or joint or several, and whether as principal, maker, endorser,
guarantor, surety or otherwise, and also

                                       11
<PAGE>

regardless of whether such Liabilities are from time to time reduced and
thereafter increased or entirely extinguished and thereafter reincurred,
including without limitation the Note and any amendments, extensions, renewals,
modifications or substitutions thereof or therefor.

     (g) "Note" shall mean the promissory note dated the date hereof in the
principal amount of $4,500,000 and any amendments, extensions, renewals,
modifications, or substitutions thereof or therefor in effect at any particular
time.

     (h) "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

     (i) "Subsidiary" means each of the Bank Subsidiaries and each other
corporation for which the Borrower has the power, directly or indirectly, to
direct its management or policies or to vote 25% or more of any class of its
voting securities.

     (j) "Tier 1 Capital" means Tier 1 capital as defined by the capital
maintenance regulations of the primary federal bank regulatory agency of the
relevant Bank Subsidiary.

     (k) "Weighted Average Return on Assets" means (i) with respect to the
Borrower, its net income for the previous calendar year plus the amount of any
interest payments by it on the Loan during the previous calendar year, divided
by its average assets during the previous calendar year, and (ii) with respect
to each Bank Subsidiary, its net income for the previous calendar year divided
by its average assets during the previous calendar year.

     (l) All accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP.

     IN WITNESS WHEREOF, the undersigned have hereunto set their hands and
affixed their seals by and through their duly authorized officers, as of the day
and year first above written.

                              BORROWER:
                              CRESCENT BANKING COMPANY

                              By:   /s/
                                 -------------------------------------
                                 J. Donald Boggus, Jr.
                                 President and Chief Executive Officer

                              Attest:   /s/
                                     ---------------------------------
                              Name:
                                     ---------------------------------
                              Secretary

                                           [CORPORATE SEAL]

                                       12
<PAGE>

I hereby certify that the representation and warranty contained in Section
2(i)(v) of this Agreement is true and correct.

                              By:   /s/
                                 ------------------------------------
                              Name:
                                   ----------------------------------
                              Secretary

                              LENDER:

                              THE BANKERS BANK

                              By:   /s/
                                 ------------------------------------
                                 Jack Gardner, Senior Vice President

                                              [BANK SEAL]

                                       13
<PAGE>

                                PROMISSORY NOTE

$4,500,000                                                      July 28, 1999

     FOR VALUE RECEIVED, the undersigned, CRESCENT BANKING COMPANY, a Georgia
corporation (the "Borrower"), promises to pay to the order of THE BANKERS BANK
(the "Lender" and, together with any holder hereof, called the "Holder"), at
2410 Paces Ferry Road, 600 Paces Summit, Atlanta, Georgia 30339-4098 (or at such
other place as the Holder may designate in writing to the Borrower), in lawful
money of the United States of America, the principal sum of Four Million Five
Hundred Thousand No/100 Dollars $4,500,000, plus interest as hereinafter
provided.

     This Note is the Note made and given as described in that certain Loan and
Stock Pledge Agreement dated as of July 28, 1999, between the Borrower and the
Lender (the "Loan Agreement").  In the event of any inconsistency between this
Note and the Loan Agreement, this Note shall control.  All capitalized terms
used herein shall have the meanings ascribed to such terms in the Loan
Agreement, except to the extent such capitalized terms are otherwise defined or
limited herein.

     The Borrower shall be entitled to borrow funds hereunder pursuant to the
terms and conditions of the Loan Agreement.

     The Borrower promises to pay interest on the unpaid principal amount
outstanding hereunder (the "Loan"), at a simple interest rate per annum equal to
the Prime Rate Basis.  "Prime Rate Basis" shall mean, on any day, a simple
interest rate per annum equal to the Prime Rate minus fifty basis points
(0.50%).

     "Prime Rate" shall mean, on any day, the rate of interest published as the
"Prime Rate" as of such day appearing in the "Money Rates" section of the Wall
                                                                          ----
Street Journal, Eastern Edition, or any successor to such section.  If more than
--------------
one such rate shall be published, then the Prime Rate shall be the higher or
highest of such rates.  The Prime Rate in effect as of the close of business of
each day shall be the applicable Prime Rate for the day and each succeeding non-
business day in determining the applicable Prime Rate Basis.

     Interest shall be calculated on the basis of a 360-day year for the actual
number of days elapsed.

     Interest under this Note shall be due and payable quarterly in arrears on
the first day of each calendar quarter commencing September 1, 1999, and
                      ----------------
continuing to be due on the first day of each calendar quarter thereafter until
                                              -----------------
this Note is paid in full.  Interest shall also be due and payable when this
Note shall become due (whether at maturity, by reason of acceleration or
otherwise).  After default, interest shall also be due and payable upon demand
from time to time by the Holder as provided below.
<PAGE>

     Commencing July 28, 2000, and continuing on July 28 of each succeeding
calendar year, the indebtedness evidenced by this Note shall be due and payable
in nine consecutive annual installments of principal, each in the amount of
1/10th of the principal amount outstanding hereunder, plus all accrued and
unpaid interest as hereinabove provided.  The entire outstanding balance of the
indebtedness evidenced by this Note, together with all accrued and unpaid
interest, shall be due and payable in a tenth and final installment on July 28,
2009.

     Overdue principal shall bear interest for each day from the date it became
so due until paid in full, payable on demand, at a rate per annum (computed on
the basis of a 360-day year for the actual number of days elapsed) equal to the
Prime Rate Basis plus 3%.

     In no event shall the amount of interest due or payable hereunder exceed
the maximum, rate of interest allowed by applicable law, and in the event any
such payment is inadvertently paid by the Borrower or inadvertently received by
the Holder, then such excess sum shall be credited as a payment of principal,
unless the Borrower shall notify the Holder, in writing, that the Borrower
elects to have such excess sum returned to it forthwith.  It is the express
intent hereof that the Borrower not pay and the Holder not receive, directly or
indirectly, in any manner whatsoever, interest in excess of that which may be
lawfully paid by the Borrower under applicable law.

     All parties now or hereafter liable with respect to this Note, whether the
Borrower, any guarantor, endorser, or any other person or entity, hereby waive
presentment for payment, demand, notice of non-payment or dishonor, protest and
notice of protest, or any other notice of any kind with respect thereto.

     Time is of the essence of this Note.

     No delay or omission on the part of the Holder in the exercise of any right
or remedy hereunder or any Financing Document, or at law or in equity, shall
operate as a waiver thereof, and no single or partial exercise by the Holder of
any right or remedy hereunder, under the Loan Agreement or any Financing
Document, or at law or in equity, shall preclude or estop another or further
exercise thereof or the exercise of any other right or remedy.

     Should this Note, or any part of the indebtedness evidenced hereby, be
collected by law or through an attorney-at-law or under advice therefrom, the
Holder shall be entitled to collect reasonable attorneys' fees and all costs of
collection.

     This Note is entitled to the benefits of the Loan Agreement, which contains
provisions with respect to the acceleration of the maturity of this Note upon
the happening of certain stated events, and for prepayment of the Loan.
Prepayment of the Loan may be made, in whole or in part, at any time without
penalty or premium.

     The Holder shall be under no duty to exercise any or all of the rights and
remedies given by this Note and the Loan Agreement or under any of the other
Financing Documents and no party to this instrument shall be discharged from the
obligations or undertakings hereunder (a) should the Holder release or agree not
to sue any person against whom the party has, to the knowledge of the Holder, a
right to recourse, or (b) should the Holder agree to suspend the right

                                       2
<PAGE>

to enforce this Note or Holder's interest in any collateral pledged or any
guarantee given to secure this Note against such person or otherwise discharge
such person.

     This Note shall be deemed to be made pursuant to the laws of the State of
Georgia.

     IN WITNESS WHEREOF, the duly authorized officers of the Borrower have
executed, sealed, and delivered this Note, as of the day and year first above
written.

                                    CRESCENT BANKING COMPANY

                                    By:    /s/
                                        ----------------------------------
                                     J. Donald Boggus, Jr.
                                     President and Chief Executive Officer

                                    Attest:     /s/
                                             -----------------------------
                                     Name:
                                             -----------------------------
                                     Title:
                                             -----------------------------

                                                  [CORPORATE SEAL]

                                       3
<PAGE>

                       FIRST LOAN MODIFICATION AGREEMENT
                       ---------------------------------

          THIS FIRST LOAN MODIFICATION AGREEMENT ("Agreement"), is made and
entered into as of May 18, 2000, by and between CRESCENT BANKING COMPANY, a
Georgia corporation ("Borrower"), and THE BANKERS BANK, a Georgia banking
corporation ("Lender").

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

          WHEREAS, on July 28, 1999, the Borrower and the Lender consummated a
certain loan ("Loan") pursuant to that certain Loan and Stock Pledge Agreement
dated as of such date by and between the Borrower and the Lender ("Loan
Agreement"); and

          WHEREAS, the Loan is evidenced by that certain Promissory Note dated
July 28, 1999 made by the Borrower to the order of the Lender, in the principal
amount of $4,500,000 ("Note"); and

          WHEREAS, the Borrower and the Lender have agreed to modify and amend
the Note in certain respects and to set forth herein and effectuate hereby their
agreements in this regard.

          NOW, THEREFORE, for and in consideration of the above premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and the Lender do hereby agree as follows:

                                   I.  Note
                                       ----

     The Note shall be and hereby is modified and amended by deleting the first
sentence of the seventh paragraph of the Note in its entirety and simultaneously
substituting in lieu thereof a new sentence which reads "Interest under this
Note shall be due and payable quarterly in arrears on the first day of each
quarter, commencing September 1, 1999, and continuing to be due on the first day
of each quarter thereafter until this Note is paid in full."

                             II.  Other Agreements
                                  ----------------

     The Borrower and the Lender do hereby further agree as follows:

     1.  Capitalized terms defined herein shall have the meanings given them
in the Loan Agreement.

     2.  Except as hereby modified and amended, the Loan Documents shall remain
in full force and effect and unchanged; as amended hereby, the Loan Documents
are ratified and confirmed by the Borrower and the Lender.

     3.  This Agreement shall be construed, governed by and enforced in
accordance with the laws of the State of Georgia.
<PAGE>

     4.  Whenever reference is made in any of the Loan Documents to the Note,
such reference shall mean and refer to the Note, as modified and amended by this
Agreement.

     IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement under
seal as of the day and year first above written.

                              BORROWER:

                              CRESCENT BANKING COMPANY

                              By:     /s/
                                   ---------------------------------
                                 J. Donald Boggus, Jr.
                                 President and CEO

                              Attest:     /s/
                                       -----------------------------
                              Print Name:  Michele Walters
                                           -------------------------
                              Print Title:  Administrative Assistant
                                            ------------------------

                                               (CORPORATE SEAL)

                              LENDER:

                              THE BANKERS BANK

                              By:     /s/
                                   --------------------------------
                                   Norma Malraffey
                                   Assistant Vice President

                                             (BANK SEAL)

                                       2
<PAGE>

                       SECOND LOAN MODIFICATION AGREEMENT

     THIS SECOND LOAN MODIFICATION AGREEMENT ("Agreement"), is made and entered
into as of November 9, 2001, by and between CRESCENT BANKING COMPANY, a Georgia
corporation ("Borrower"), and THE BANKERS BANK, a Georgia banking corporation
("Lender").

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

     WHEREAS, on July 28, 1999, the Borrower and the Lender consummated a
certain loan ("Loan") pursuant to that certain Loan and Stock Pledge Agreement
dated as of even date by and between the Borrower and the Lender ("Loan
Agreement"); and

     WHEREAS, the Loan is evidenced by that certain Promissory Note dated July
28, 1999 made by the Borrower to the order of the Lender, in the principal
amount of $4,500,000 ("Note"); and

     WHEREAS, the Loan is evidenced by that certain First Loan Modification
Agreement dated May 18, 2000 made by the Borrower to the order of the Lender
changing the payment schedule; and

     WHEREAS, the Borrower and the Lender have agreed to modify and amend the
Loan Agreement and Note in certain respects and to set forth herein and
effectuate hereby their agreements in this regard.

     NOW, THEREFORE, for and in consideration of the above premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower and the Lender do hereby agree as follows:

                                    I.  Note
                                        ----

     The Note shall be replaced by the Promissory Note in the form attached
hereto.

                              II.  Loan Agreement
                                   --------------

     The Loan Agreement is hereby modified and amended as follows:

     (a)  By deleting from the second paragraph of page one that reads as
          follows: "the principal amount of $4,500,000" and simultaneously
          substituting in lieu thereof: "the principal amount of $2,600,000."

     (b)  By adding to Section 3., Affirmative Covenants subsection (e)
                                   ----------------------
          "Borrower will notify Lender of all significant changes in
          management."

     (c)  By deleting from the third page, Section 4., Negative Covenants
                                                       ------------------
          subsection (a) that reads "The Borrower shall not permit its Capital
          as of the end of any fiscal quarter during the term of this Agreement
          to be less
<PAGE>

          than $9,000,000." and simultaneously substituting in lieu thereof:
          "The Borrower shall not permit its Capital as of the end of
          any fiscal quarter during the term of this Agreement to be less than
          $13,000,000."

     (d)  By deleting from the third page, Section 4., Negative Covenants
                                                       ------------------
          subsection (b) that reads "to be less than 7.0%." and simultaneously
          substituting in lieu thereof: "to be less than 7.5%."

     (e)  By deleting from the fourth page, Section 4., Negative Covenants
                                                        ------------------
          subsection (e) that reads "shall not permit the allowance for loan and
          lease losses of any of the Bank Subsidiaries to be less than 0.50% of
          its gross loans for each fiscal quarter."  And simultaneously
          substituting in lieu thereof: "shall not permit the allowance for loan
          and lease losses of any of the Bank Subsidiaries to be less than 1.00%
          of its gross loans for each fiscal quarter."

     (f)  By adding to Section 4., Negative Covenants subsection (k) the
                                   ------------------
          following: "The volume of loans internally or externally classified
          (substandard, doubtful and loss) shall not exceed 45% of Gross Capital
          Funds (Capital plus ALLL) at any time during the life of the loan.

     (g)  By adding to Section 4., Negative Covenants subsection (1) the
                                   ------------------
          following: "The Borrower shall not permit the Total Risk Based Ratio
          of the Borrower or any of the Bank Subsidiaries as of the end of any
          fiscal year to be less than 9.5%."

     (h)  By adding to Section 4., Negative Covenants subsection (m) the
                                   ------------------
          following: "The Borrower shall not pay any dividend if the loan is in
          default or if paying a dividend would create a default, without the
          Lender's prior approval."

     (i)  By adding to Section 4., Negative Covenants subsection (n) the
                                   ------------------
          following: "The Borrower shall not permit the Consolidated Return on
          Average Assets to be less than .89% as of the calendar year-end during
          the life of the loan."

     (j)  By adding to Section 22., Definitions the following new definitions at
                                    -----------
          the end:

          (m)  "Gross Capital Funds" shall mean the sum of Capital plus ALL."
          (n)  "ALL" shall mean with respect to the Bank and any Bank
               Subsidiaries the amount of the allowance for loan and lease
               losses as defined from time to time by the primary Federal
               Regulator of the Bank and the Bank Subsidiaries."
          (o)  "Consolidated Return on Average Assets" shall mean the Net income
               of the Borrower for the year, (excluding the effect of the
               interest on this loan) divided by the Consolidated Average Assets
               of the Borrower for the year.

                                       2
<PAGE>

                             III. Other Agreements

     The Borrower and the Lender do hereby further agree as follows:

     1.  Capitalized terms defined herein shall have the meanings given them in
the Loan Agreement.

     2.  Except as hereby modified and amended, the Loan Documents shall remain
in full force and effect and unchanged; as amended hereby, the Loan Documents
are ratified and confirmed by the Borrower and the Lender.

     3.  This Agreement shall be construed, governed by and enforced in
accordance with the laws of the State of Georgia.

     4.  Whenever reference is made in any of the Loan Documents to the Note and
Loan Agreement, such reference shall mean and refer to the Note, as modified and
amended by this Agreement.

                                       3
<PAGE>

     IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement under
seal as of the day and year first above written.

<TABLE>
<CAPTION>
<S>                                                         <C>
Signed, sealed and delivered                                BORROWER:
This ____ day of November, 2001.
                                                            CRESCENT BANKING COMPANY

   /s/
---------------------------------------------               By:    /s/
Witness                                                         ---------------------------------
                                                                J. Donald Boggus, Jr.
                                                                President and CEO

   /s/
---------------------------------------------               Attest:    /s/
Notary                                                              ----------------------------
                                                            Print Name:
                                                                       -------------------------
                                                            Print Title:
                                                                        ------------------------

                                                                        (CORPORATE SEAL)

                                                            LENDER:

                                                            THE BANKERS BANK

                                                            By:     /s/
                                                                 ----------------------------------
                                                                          (BANK SEAL)

</TABLE>
                                       4
<PAGE>

                                PROMISSORY NOTE

$2,600,000                                                     November 9, 2001

FOR VALUE RECEIVED, the undersigned, CRESCENT BANKING COMPANY, a Georgia
corporation (the "Borrower"), promises to pay to the order of, THE BANKERS BANK
(the "Lender" and, together with any holder hereof, called the "Holder"), at
2410 Paces Ferry Road, 600 Paces Summit, Atlanta, Georgia 30339-4098 (or at such
other place as the Holder may designate in writing to the Borrower), in lawful
money of the United States of America, the principal sum of Two Million Six
Hundred Thousand and No/100 Dollars ($2,600,000.00), or so much thereof as may
hereafter be disbursed hereunder, together with interest on so much thereof as
is from time to time outstanding and unpaid, from the date of each advance of
principal at a rate of interest as hereinafter provided.

      This Note is a renewal of the note made and given as described in that
certain Loan and Stock Pledge Agreement dated as of July 28, 1999, between the
Borrower and the Lender as amended by the First Modification Agreement dated May
18, 2000 (the "Loan Agreement"). In the event of any inconsistency between this
Note and the Loan Agreement, this Note shall control. All capitalized terms used
herein shall have the meanings ascribed to such terms in the Loan Agreement,
except to the extent such capitalized terms are otherwise defined or limited
herein.

      Subject to the terms and conditions of the Loan Agreement, the Lender will
make advances of the principal amount hereunder as requested from time to time
by the Borrower. Each such advance will reduce the remaining commitment to lend
hereunder and repayments of advances shall permit the Borrower to receive a re-
advance of such funds. No advance shall be made after October 31, 2002.

      The Borrower hereby authorizes the Holder to endorse on the Schedule
annexed to this Note all advances of funds made to the Borrower and all payments
of principal amounts in respect of the Loan, which endorsements shall, in the
absence of manifest error, be conclusive as to the outstanding principal amount
of the Loan; provided, however, that the failure to make such notation with
respect to any Loan or payment shall not limit or otherwise affect the
obligations of the Borrower under this Note.

      The Borrower promises to pay interest on the unpaid principal amount
outstanding hereunder (the "Loan"), at a simple interest rate per annum equal to
the Prime Rate Basis. "Prime Rate Basis" shall mean, on any day, a simple
interest rate per annum equal to the Prime Rate minus fifty basis points
(0.50%).

      "Prime Rate" shall mean, on any day, the rate of interest published as the
"Prime Rate" as of such day appearing in the "Money Rates" section of the Wall
                                                                          ----
Street Journal, Printed Eastern Edition, or any successor to such section. If
--------------
more than one such rate shall be published, then the Prime Rate shall be the
higher or highest of such rates. The Prime Rate in effect as of the close of
business of each day shall be the applicable Prime

                                       1
<PAGE>

Rate for the day and each succeeding non-business day in determining the
applicable Prime Rate Basis.

     Interest shall be calculated on the basis of a 360-day year for the actual
number of days elapsed.

      Interest under this Note shall be due and payable quarterly in arrears on
the first day of each calendar quarter, commencing January 1, 2002, and
continuing to be due on the first day of each calendar quarter thereafter until
this Note is paid in full. Interest shall also be due and payable when this Note
shall become due (whether at maturity, by reason of acceleration or otherwise).
After default, interest shall also be due and payable upon demand from time to
time by the Holder as provided below.

      Principal shall be due and payable in nine (9) consecutive annual
installments of principal, each in the amount of 1/10th of the outstanding
balance of this Note on November l, 2002, beginning on November 1, 2003. The
entire outstanding balance of the indebtedness evidenced by this Note, together
with all accrued and unpaid interest, shall be due and payable in a tenth and
final installment on November 1, 2012.

      Overdue principal shall bear interest for each day from the date it became
so due until paid in full, payable on demand, at a rate per annum (computed on
the basis of a 360-day year for the actual number of days elapsed) equal to the
Prime Rate Basis plus 3%.

      In no event shall the amount of interest due or payable hereunder exceed
the maximum rate of interest allowed by applicable law, and in the event any
such payment is inadvertently paid by the Borrower or inadvertently received by
the Holder, then such excess sum shall be credited as a payment of principal,
unless the Borrower shall notify the Holder, in writing, that the Borrower
elects to have such excess sum returned to it forthwith. It is the express
intent hereof that the Borrower not pay and the Holder not receive, directly or
indirectly, in any manner whatsoever, interest in excess of that which may be
lawfully paid by the Borrower under applicable law.

      All parties now or hereafter liable with respect to this Note, whether the
Borrower, any guarantor, endorser, or any other person or entity, hereby waive
presentment for payment, demand, notice of non-payment or dishonor, protest and
notice of protest, or any other notice of any kind with respect thereto.

      Time is of the essence of this Note.

      No delay or omission on the part of the Holder in the exercise of any
right or remedy hereunder or any Financing Document, or at law or in equity,
shall operate as waiver thereof, and no single or partial exercise by the Holder
of any right or remedy hereunder, under the Loan Agreement or any Financing
Document, or at law or in equity, shall preclude or estop another or further
exercise thereof or the exercise of any other right or remedy.

                                       2
<PAGE>

      Should this Note, or any part of the indebtedness evidenced hereby, be
 collected by law or through an attorney-at-law or under advice therefrom, the
 Holder shall be entitled to collect reasonable attorneys' fees and all costs of
 collection.

      This Note is entitled to the benefits of the Loan Agreement, which
 contains provisions with respect to the acceleration of the maturity of this
 Note upon the happening of certain stated events, and for prepayment of the
 Loan. Prepayment of the Loan may be made by the Borrower, in whole or in part,
 without penalty or premium.

      The Holder shall be under no duty to exercise any or all of the rights and
 remedies given by this Note and the Loan Agreement or under any of the other
 Financing Documents and no party to this instrument shall be discharged from
 the obligations or undertakings hereunder (a) should the Holder release or
 agree not to sue any person against whom the party has, to the knowledge of the
 Holder, a right to recourse, or (b) should the Holder agree to suspend the
 right to enforce this Note or Holder's interest in any collateral pledged or
 any guarantee given to secure this Note against such person or otherwise
 discharge such person.

      This Note shall be deemed to be made pursuant to the laws of the State of
 Georgia.

      IN WITNESS WHEREOF, the duly authorized officers of the Borrower have
 executed, sealed, and delivered this Note, as of the day and year first above
 written.

                                    CRESCENT BANKING COMPANY

                                    By:   /s/
                                         --------------------------------------
                                         J. Donald Boggus, Jr., President & CEO

                                    Attest:  /s/
                                            -----------------------------------
                                            Gary Reece, Assistant Secretary

                                                   [CORPORATE SEAL]

                                       3
<PAGE>

                             SCHEDULE TO GRID NOTE

<TABLE>
<CAPTION>
===============================================================================================================
   Date        Amount of Advance     Amount of Principal       Unpaid Principal         Signature of Person
                                            Repaid              Balance of Note           Making Notation
---------------------------------------------------------------------------------------------------------------
<S>          <C>                    <C>                     <C>                      <C>
---------------------------------------------------------------------------------------------------------------

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===============================================================================================================
</TABLE>

                                       1

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