Document:

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                                                                    EXHIBIT 10.3

                                    L E A S E

      THIS LEASE made this 17th day of March, 1995, by and between WIN
PROPERTIES, INC., a New York corporation, as Agent for the owner of the Demised
Premises (hereinafter referred to as "Landlord") and FIRST STATE BANK OF
SARASOTA, a Florida corporation (hereinafter referred to as "Tenant"),

                              W I T N E S S E T H:

      That in consideration of the premises, the mutual covenants herein
contained, and each and every act performed hereunder by either of the parties,
such parties enter into the following Articles of Agreement:

                                    ARTICLE I

                 The Demised Premises, Use and Purposes, and The
                                  Demised Term

      1.    Property Leased. Landlord hereby leases and demises to Tenant and
Tenant hereby leases from Landlord premises located at 2323 Stickney Point Road,
Sarasota, Florida 34231 and more particularly described on Exhibit A attached
hereto and made a part hereof, at the rental hereinafter set forth. The real
estate and the building and improvements erected thereon which are being leased
pursuant to this Agreement are hereinafter referred to as the "Demised
Premises". This Lease is subject to all rights of way, licensee, easements and
agreements now or hereafter belonging or pertaining to the Demised Premises.

      2.    Use. Tenant shall use and occupy the Demised Premises for a banking
facility and other office use compatible with a banking facility, and for no
other purpose without the prior written consent of Landlord.

      3.    Demised Term. Tenant shall have and hold the Demised Premises with
the rights, privileges, and easements and appurtenances thereto attaching and
belonging to Landlord, its successors and assigns, with a quiet and undisturbed
possession to Tenant, for a term beginning on the Commencement Date (as
hereinafter defined) and extending for a period ending on the 31st day of May,
2001 (such period is hereinafter referred to as the "Demised Term").

                                   ARTICLE II

                            Rent and Option to Renew

      1.    Minimum Rental for Demised Premises. Tenant covenants that it will
pay Landlord without relief from valuation or appraisement laws each year during
the Demised Term the following amounts as rental for the Demised Premises, which
sum shall be paid at 70 East 55th Street, 22nd Floor, New York, New York
10022-3222 or such other place as Landlord may from time to time specify in
writing ("Minimum Rental"). Such rental shall be paid by Tenant to Landlord in
the following equal monthly installments in addition to all other amounts
payable by Tenant under this Lease:

<TABLE>
<CAPTION>
        Period                                     Monthly Minimum Rental
        ------                                     ----------------------
<S>                                                <C>
The earlier of (a) 90 days after
the Commencement Date or (b) the
date Tenant opens for business until
May 31, 1998                                             $ 3,875.00

June 1, 1998 through
May 31, 2001                                               4,650.00
</TABLE>

Tenant shall pay Landlord one month's rent at the time Tenant signs

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this Lease, which payment shall be applied to the first month's rent payable
under this Lease in the event the contingencies herein set forth are fulfilled,
which payment shall be returned to Tenant in the event such contingencies are
not fulfilled as herein set forth. All monthly payments of rent and taxes as
provided in this Lease shall be paid on the first day of each month of the
Demised Term, in advance. In the event Landlord does not receive by the 5th of
the month the rent or additional rent payable for that month, Tenant agrees to
pay as additional rent a late charge equal to 5% of the amount unpaid for such
month and for each month thereafter that the rent for such month remains unpaid.

      2.    Options to Renew. If Tenant shall well and truly perform all of the
terms and conditions of this Lease during the Demised Term, and shall not be in
default at any time hereunder, Landlord hereby gives and grants Tenant two
options to renew this Lease as follows:

      (i)   First Option to Renew. The first option to renew shall be for a
            period of six years which shall commence on June 1, 2001 and shall
            terminate on May 31, 2007 (the "First Renewal Term"); and

      (ii)  Second Option to Renew. The second option to renew shall be for a
            period of six years which shall commence on June 1, 2007 and shall
            terminate on May 31, 2013 (the "Second Renewal Term").

Tenant shall exercise the option to renew for each such Renewal Term by written
notice to Landlord which shall be received by Landlord not less than nine months
before the expiration of the then current term of this Lease. Time is of the
essence in connection with the exercise of the option for each such Renewal
Term. In the event the notice herein required is not received by the date
hereinabove referred to, the respective options to renew herein granted shall be
null and void. These options are not assignable. In the event Tenant exercises
the option for the First Renewal Term Minimum Rental under Article II shall be
$5,425.00 per month for the period from June 1, 2001 through May 31, 2004 and
$6,200.00 per month during the period from June 1, 2004 through May 31, 2007. In
the event Tenant exercises the option for the First Renewal Term and the Second
Renewal Term on the terms and conditions herein set forth, the Minimum Rental
for each year of the Second Renewal Term shall be determined in accordance with
the provisions of subparagraphs (a), (b), (c) and (d) hereof:

            (a)   Arbitration. As used herein, the term "Market Value Rent"
      shall mean the highest annual fixed rent that a willing tenant would pay
      and a willing landlord would accept in an arm's length lease of the
      Demised Premises for the first year of a six-year term commencing as of
      the first day of the Second Renewal Term taking into account the highest
      and best use of the Demised Premises, provided however the Market Value
      Rent determined under this Article shall in no event be less than
      $6,200.00 per month. As used herein, the term "the Exercise Date" shall
      mean the date on which Landlord receives a notice of the exercise of the
      option to renew for the Second Renewal Term which complies with the
      provisions of this Article II. In the event Landlord and Tenant fail to
      agree upon the Market Value Rent within thirty (30) days after the
      Exercise Date, Landlord and Tenant shall each promptly thereafter give the
      other notice in writing which sets forth their respective determinations
      of the Market Value Rent which shall not be less than $6,200.00 ("the
      Determination Notice"), and (except as set forth in Section (b) of this
      Article) either party may apply to the American Arbitration Association or
      any successor thereto for the designation of an arbitrator satisfactory to
      both parties who shall render a determination of the Market Value Rent.
      The arbitrator shall be a real estate

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      appraiser, consultant, broker, developer or manager who shall have at
      least fifteen years' continuous experience in and familiarity with
      commercial rentals for properties similar to the Demised Premises in the
      same or similar areas of Sarasota, Florida. The arbitrator shall conduct
      such hearings and investigations as the arbitrator shall deem appropriate
      and shall within sixty (60) days after having been appointed choose either
      the Market Value Rent set forth in the Landlord's Determination Notice or
      the Market Value Rent set forth in Tenant's Determination Notice. Such
      choice shall be the only choice which the arbitrator shall make. The
      arbitrator shall not determine a Market Value Rent which is not set forth
      in the Landlord's or Tenant's Determination Notice or which is less than
      $6,200.00 per month. The arbitrator's choice of Market Value Rent as set
      forth in the respective Determination Notices shall be final and binding
      upon Landlord and Tenant and specifically enforceable in any Court of
      competent jurisdiction. Landlord and Tenant shall each pay its own counsel
      fees and expenses, if any, in connection with the arbitration under this
      subparagraph (a) and the parties shall share equally in all of the costs,
      expenses and fees of the arbitration. The arbitrator shall not have the
      power to add to, modify or change any of the provisions of this Lease.

            (b)   Cancellation of Arbitration. In the event that the
      determination of Market Value Rent set forth in the Landlord's and
      Tenant's Determination Notices shall differ by 10% or less, then the
      Market Value Rent shall not be determined by arbitration but shall instead
      be determined by taking the average of the Market Value Rent set forth in
      the Landlord's and Tenant's Determination Notices.

            (c)   Late Determination. In the event Market Value Rent is not
      determined before the Commencement Date of the Second Renewal Term,
      Minimum Rental in the sum of $6,200.00 per month shall be paid by Tenant
      until the Market Value Rent is determined in accordance with this Article.
      Tenant shall within fifteen (15) days after the determination of Market
      Value Rent pay Landlord the amount of the deficiency determined, if any,
      from and after the Commencement Date of the Second Renewal Term to the
      date of such final determination.

            (d)   Rental for Remaining Five Years of Second Renewal Term. The
      rental for each remaining year of the Second Renewal Term shall be the
      rental payable for the first year of the Second Renewal Term plus an
      additional amount each year determined as follows: As promptly as
      practicable after June 1, 2008 and after June 1 of each remaining year of
      the Second Renewal Term, Landlord shall compute the increase, if any, in
      the cost of living each year during the remainder of the Second Renewal
      Term based upon the Consumer Price Index which shall mean the average for
      "All Items" shown on the "United States City Average for Urban Wage
      Earners and Clerical Workers" as promulgated by the Bureau of Labor
      Statistics of the United States Department of Labor (1982-84 = 100) or
      such comparable successor Index published by such Department. The Index
      number for the month of June, 2007 shall be the "base Index" number and
      the corresponding Index number for the month of June, 2008 and of each
      April thereafter during the Second Renewal Term shall be the "current
      Index number." The current Index number shall be divided by the base Index
      number each year. From the quotient thereof, there shall be subtracted
      the integer 1 and any resulting positive number shall be deemed to be the
      percentage of increase in the cost of living for the

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      year. Minimum Rental shall be paid each month at the rate payable during
      the prior year of the Demised Term until Minimum Rental is determined in
      accordance with this subparagraph (d) and as of the first day of the next
      month following Landlord's computation of Minimum Rental hereunder Tenant
      shall pay any accrued deficiency in Minimum Rental for the year and
      commence payment of the Minimum Rental so determined for each month of the
      remainder of the year. The Minimum Rental for each of the last five years
      of the Second Renewal Term shall not be less than the Minimum Rental paid
      for the first year of the Second Renewal Term in any event.

            (e)   Right of Termination of Option Exercise. Notwithstanding
      anything to the contrary herein contained, in the event Landlord and
      Tenant fail to agree upon the Market Value Rent within thirty days after
      the Exercise Date, Tenant shall have the right to withdraw Tenant's notice
      of exercise of the option to renew provided written notice of the
      withdrawal of the exercise of the option to renew is received by Landlord
      within forty days after the Exercise Date.

                                   ARTICLE III

                       Commencement Date and Holding Over

      1.    Commencement Date. The Commencement Date of the Demised Term shall
be the date Tenant obtains the last of the necessary state and federal
regulatory approvals to operate a banking facility in the Demised Premises,
subject to the provisions of Article XXVIII. Minimum Rental shall be prorated in
the event the Minimum Rental commencement date under Article II is a date other
than the first day of the month.

      2.    Holding Over. If Tenant remains in possession of the Demised
Premises after the expiration of the Demised Term, without the execution of a
new lease or addendum, Tenant at Landlord's election which shall be made in
Landlord's sole discretion shall be deemed to be occupying the Demised Premises
as a tenant either (a) from month to month or (b) for the longest lease term
permitted by governing law referred to in Article XVI, subject to all
conditions, provisions and obligations of this Lease insofar as the same are
applicable except that the monthly rental shall be an amount equal to triple the
amount of rental payable for the last full month prior to expiration of the
lease. This provision does not waive Landlord's rights of re-entry or any other
rights hereunder and shall not constitute a consent of Landlord to a holding
over by Tenant.

                                   ARTICLE IV

                            Care of Demised Premises

      1.    Waste and Conformance with Laws. No waste or damage shall be
committed upon or to the Demised Premises and the floor of the Demised Premises
shall not be overloaded. The Demised Premises shall not be used for any unlawful
purpose and no violations of law shall be committed thereon. Tenant shall, at
Tenant's own expense, promptly observe and keep all laws, rules, orders,
ordinances and regulations of the federal, state and city governments and any
and all of their departments and bureaus and those of any other competent
authority which are in effect during the Demised Term relating to the use of the
Demised Premises and to the condition of the portion thereof which Tenant is
required to maintain hereunder. Tenant shall also comply with all environmental
laws, regulations, ordinances and decrees which are in effect during the Demised
Term and shall be responsible for removing all environmental violations relating
to the Demised Premises, Tenant shall not engage in any activity upon or make
any use or occupancy of the Demised Premises for the purpose of or involving
the handling of any hazardous

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substances or hazardous waste as defined in any Federal, state or local statute
or ordinance or the regulations promulgated thereunder. Tenant's obligations
under this paragraph shall survive the termination of this Lease.

      2.    Injury to the Demised Premises. Tenant shall not perform any acts or
practices which may injure the Demised Premises or be a nuisance or menace to
the public, or nearby landowners, and shall keep the Demised Premises clean and
free from refuse at all times and store all refuse from Tenant's business in
proper and fireproof containers within the Demised Premises and arrange for
regular pickup of such refuse at Tenant's expense. Tenant shall not burn any
refuse of any kind on the Demised Premises.

                                    ARTICLE V

                        Utility and Janitorial Services

      1.    Payment by Tenant. Tenant shall pay all utility charges for the
Demised Premises as additional rental during the Demised Term.

      2.    Janitorial Services. Tenant shall provide janitorial service to the
Demised Premises at Tenant's sole cost and expense as additional rental during
the Demised Term.

                                   ARTICLE VI

                 Maintenance and Repair of the Demised Premises

      As additional rental all parts of the Demised Premises, including, without
limiting the generality thereof, doors, glass windows, windows and frames,
plumbing, heating, ventilating, air conditioning and other mechanical
appurtenances and equipment, parking areas, the walks, the four outer walls, the
gutters, down spouts, the roof and components of the Demised Premises shall at
all times during the Demised Term be kept in good order, good condition and good
repair by Tenant, including necessary replacements, and shall also be kept in a
clean, sanitary and safe condition, free of ice, snow and debris, in accordance
with all directions, rules and regulations of the Health officers, Fire Marshal,
Building Inspector, or other proper officers of the governmental agencies having
jurisdiction, at the sole cost and expense of Tenant. Tenant shall comply with
all requirements of laws, ordinances and regulations affecting the Demised
Premises. Tenant shall permit no injury to the Demised Premises, and Tenant
shall, at its own cost and expense, replace as necessary all systems,
appurtenances, equipment and components on the Demised Premises which may be
broken or damaged. At the expiration of the Demised Term, Tenant shall surrender
the Demised Premises, including, without limiting the generality thereof, the
doors, windows and frames, plumbing, heating, ventilating, air conditioning
equipment and other mechanical appurtenances and equipment, in as good condition
as the same is on the Commencement Date (as such condition is maintained or
improved by Tenant in the performance of Tenant's obligations under this
Article), reasonable wear and tear excepted. It is understood and agreed that
this is a triple net lease and that Landlord shall have no obligation for
maintenance and repair of the Demised Premises.

                                   ARTICLE VII

                              Signs and Alterations

      1.    Consent of Landlord. The Tenant shall not use any advertising media
or make any use of the Demised Premises which violates any law, regulation or
ordinance. Without the written consent of Landlord, which shall not be
unreasonably withheld, Tenant shall not (a) make any changes in the exterior of
the building on the Demised Premises, (b) make any addition or structural
alterations, or (c) erect and install any exterior signs

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or advertising media.

      2. Alterations and Improvements. Tenant shall bear the expense of all
permits, alterations and improvements which, are necessary in order to make the
Demised Premises suitable for Tenant's occupancy. Such alterations and
improvements shall be constructed under a no-lien contract and in compliance
with all applicable codes, laws and ordinances and shall be made by competent
licensed contractors in strict accordance with plans and specifications
submitted to and approved by Landlord prior to the commencement of any work at
the Demised Premises. Landlord's approval of such plans and specifications
shall not excuse Tenant from compliance with all applicable laws, regulations,
codes, and ordinances nor render Landlord liable for any incompleteness or
design insufficiency therein.

      Tenant shall indemnify and save harmless Landlord from all costs, loss or
expense in connection with any construction or installation. No person shall be
entitled to any lien directly or indirectly derived through or under Tenant or
through or under any act or omission of Tenant upon the Demised Premises for any
improvements or fixtures made thereon or installed therein or for or on account
of any labor or material furnished to the Demised Premises or for or on account
of any matter or thing whatsoever. Nothing in this Lease contained shall be
construed to constitute a consent by Landlord to the creation of any lien. In
the event Tenant causes, suffers or permits the creation of any lien against the
Demised Premises, or any part thereof, or a lien is filed because of alleged
non-payment by Tenant, Tenant shall cause such lien to be released within ten
(10) days after actual notice of the filing thereof, or shall furnish Landlord a
bond, in form, with surety, and in an amount satisfactory to Landlord,
conditioned to indemnify Landlord against the foreclosure of such lien.

      3. Ownership of Improvements. All alterations, additions, improvements and
fixtures, including lighting fixtures, ducts, controls, diffusers, filters or
other equipment for distribution of heating and cooling, other than Tenant's
trade fixtures, which may be made or installed by either of the parties hereto
upon the Demised Premises, and which in any manner are attached or affixed to
the floors, walls or ceiling ("Improvements"), shall during the Demised Term be
the property of the party which installed the Improvements. At the termination
or expiration of this Lease the Improvements shall become the sole property of
Landlord and shall remain upon and be surrendered with the Demised Premises as a
part thereof, without disturbance, molestation or injury. Tenant shall bear the
cost of repairing any damage to the Demised Premises caused by removal of any
property which Tenant is permitted to remove hereunder and any costs incurred by
Landlord as a result of Tenant's vacation of the Demised Premises.

                                  ARTICLE VIII

                          Insurance, Repairs and Taxes

      1. Tenant's Maintenance of Insurance. Tenant agrees to carry at its
expense public liability insurance on the Demised Premises, covering both Tenant
and Landlord as assureds with a combined single limit of not less than
$2,000,000.00 per occurrence, and contractual liability coverage recognizing
this Lease. Tenant shall also obtain rental insurance, including an extended
coverage endorsement, in an amount sufficient to prevent Landlord and Tenant
from becoming co-insurers, and, in any event, in an amount equal to not less
than twelve-months' rent, taxes and insurance premiums payable hereunder. Any
proceeds of this policy received by Landlord shall be credited first to the
payment of rent and then to the payment of taxes and insurance premiums payable
by Tenant hereunder during the period in respect of which such insurance is
collected. Tenant also agrees to carry at its expense insurance for fire,
extended coverage, vandalism, malicious mischief and other endorsements
reasonably required by Landlord

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payable to Landlord, Tenant, and where required by any mortgage, the mortgagee
of the Demised Premises, as their respective interests may appear, which
insurance shall be on the building and on all improvements and betterments on
the Demised Premises in an amount not less than the maximum insurable value
thereof as determined by Landlord from time to time. Tenant shall provide
Landlord with copies of the policies and certificates evidencing that such
insurance is in full force and effect and stating the terms thereof. The minimum
limits of the public liability insurance shall in no way limit or diminish
Tenant's liability under Article XVII hereof. Tenant's property at the Demised
Premises shall be insured separately by Tenant. All insurance referred to in
this paragraph shall be purchased as additional rental, maintained by Tenant
during the Demised Term, shall be written on terms, with such increase in the
limits of liability as Landlord shall from time to time require and by companies
satisfactory to the Landlord, and shall provide for a minimum of thirty (30)
days' written notice from the insurance company to Landlord and Tenant before
any such policy is terminated, cancelled or changed.

      2. Repair by Landlord. If the Demised Premises shall be partially or
totally destroyed by fire or other casualty, so as to become unusable for the
business of Tenant, Landlord, at its option, may elect to either (a) repair and
restore the Demised Premises, or (b) terminate this Lease. In the event a duly
licensed contractor retained by Landlord determines that repair and restoration
of the Demised Premises will require more than 180 days, Tenant shall have the
option to terminate this Lease provided written notice thereof is received by
Landlord within 10 days after notice to Tenant of the contractor's
determination. In the event Tenant so exercises such option, this Lease shall
terminate at the expiration of such thirty-day period. In the event Tenant does
not so exercise such option and in the event Landlord elects to repair and
restore the Demised Premises, then Landlord's obligation hereunder shall be
limited to repairing and restoring the Demised Premises similar in size, floor
area and quality to the Demised Premises prior to such destruction the cost of
which shall not exceed the available insurance proceeds received by Landlord
less the costs and expenses (including attorneys' fees), if any, incurred by
Landlord in recovering such insurance proceeds ("Net Proceeds"). In the event
Landlord elects to terminate the Lease, then Tenant shall be liable for rent
only up to the time of such destruction of the Demised Premises. In the event
Landlord elects to repair and restore the Demised Premises, Tenant shall pay all
amounts payable hereunder as rent or additional rent until completion of such
repair and restoration. Landlord shall credit Tenant's account each month with
the amount received by Landlord each month from the Net Proceeds of the rent
insurance policy. Tenant shall give Landlord notice of any fire and any
accident, damage, dangerous or defective condition relating to the Demised
Premises. Landlord shall have no responsibility to repair or replace any of
Tenant's equipment, fixtures, furnishings or decorations and shall not be
responsible for delays in settling insurance claims or repairing and restoring
the Demised Premises.

      3. Taxes. Tenant shall pay as additional rent in equal monthly
installments commencing on the Commencement Date and continuing each month
during the Demised Term thereafter an amount equal to one twelfth of the real
estate taxes paid or payable by Landlord for each year of the Demised Term.
Landlord shall notify Tenant of the amounts payable by Tenant for taxes on or
after the Commencement Date, but Landlord's failure to so notify Tenant shall
not relieve Tenant from its obligations hereunder. Tenant shall have the right
to contest at Tenant's expense the valuation of the property for tax purposes
provided Tenant gives Landlord thirty days' written notice of Tenant's intention
to do so. Tenant shall also pay Landlord each month during the Demised Term all
sales taxes payable on rent and additional rent payable by Tenant hereunder.

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                                   ARTICLE IX

                     Abuse of Plumbing and Demised Premises

      The plumbing facilities in the Demised Premises shall not be used for any
other purpose than that for which they were constructed, and no foreign
substance of any kind shall be thrown therein, and the expense of any breakage,
stoppage, or damage resulting from a violation of this provision shall be borne
by Tenant. Tenant, its employees or agents, shall not mark, paint, drill or in
any way deface any walls, ceilings, partitions, floors, wood, stone or iron work
without the written consent of the Landlord. All alterations or improvements
made during the Demised Term shall be made in accordance with Article VII.

                                    ARTICLE X

                                   Assignment

      Tenant agrees not to assign or in any manner transfer this Lease or any
estate or interest herein without the previous written consent of Landlord,
which consent shall not be unreasonably withheld, and not to sublease the
Demised Premises or any part or parts thereof or allow anyone to come in with,
through or under it, without like consent. Consent by the Landlord to one or
more assignments of this Lease, or to one or more subletting of the Demised
Premises shall not operate as a waiver of Landlord's rights under this Article
with respect to any subsequent request for permission to assign or sublet this
Lease. Any sale, assignment, or other transfer whether or not by operation of
law of the majority interest in Tenant shall be deemed to be an assignment
hereunder which requires the prior written consent of Landlord. The acceptance
of rent from any other person or firm shall not be deemed to be a waiver of any
of the provisions of this Lease or to be a consent to the assignment of this
Lease or subletting of the Demised Premises. The assignment of this Lease or any
sublease and the acceptance by Landlord of the payment of the rent and other
charges by such assignee or sublessee, as provided herein, shall not relieve nor
release Tenant of its primary liability for the performance of all the terms and
conditions hereof to be performed by Tenant, including but not limited to, the
payment of rent, and such assignee or sublessee shall in writing assume and
agree to do all the things and perform all of the terms and conditions hereof
required to be done and performed by the Tenant as herein provided. Landlord's
right to assign this Lease is and shall remain unqualified. Notwithstanding
anything to the contrary herein contained, Tenant shall have the right to
sublease on notice to Landlord but without Landlord's prior consent space in the
Demised Premises which does not exceed 3,000 square feet and which is used for
an architectural office, a travel agency, a financial institution, an accounting
firm, a law firm, an insurance agency, a brokerage firm, a real estate agency, a
mortgage origination office or a trust office. Any other sublease or assignment
shall be on the terms set forth in this Article X prior to the last two
sentences hereof.

                                   ARTICLE XI

                           Access to Demised Premises

      1. By Landlord. Landlord shall have the right to enter upon the public
areas of the Demised Premises at all reasonable hours and the non-public areas
of the Demised Premises with Tenant's consent (which shall not be unreasonably
withheld) for the purpose of inspecting the same or of making repairs, additions
or alterations to the Demised Premises, or any property owned or controlled by
Landlord, but Landlord assumes no obligation to make any repairs, additions or
alterations except as expressly provided in this Lease. If Landlord deems
necessary any repairs required to be made by Tenant, Landlord may demand that
Tenant make the same within a reasonable time, and if Tenant refuses or neglects
to

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commence such repairs and to complete the same with reasonable dispatch,
Landlord may make or cause such repairs to be made and shall not be responsible
to Tenant for any loss or damage that may accrue to its property or business by
reason, thereof; and if Landlord makes or causes such repairs to be made, Tenant
shall on demand pay to Landlord the cost thereof, with interest at the Default
Rate set forth in Article XII. If Tenant shall default in such payments the
Landlord shall have all remedies provided in Article XII hereof.

      2. Showing Premises. For One Hundred Eighty (180) days prior to the
expiration of this Lease, Landlord shall have reasonable access to the Demised
Premises for the purpose of exhibiting the same to prospective tenants. Landlord
may place a sign or signs on the Demised Premises at any time which advertises
the availability of the Demised Premises for lease or for sale.

                                   ARTICLE XII

                        Default and Remedies of Landlord

      1. Rights on Default. (a) If Tenant makes any default in respect to
Tenant's covenants to pay rent; or (b) if Tenant defaults in any other of
Tenant's obligations under the Lease, and if Tenant fails to make good such
default within fifteen (15) days after written notice of the existence of such
default has been given Tenant by the Landlord (time being of the essence of this
paragraph 1 of this Article); or (c) if Tenant shall abandon or vacate the
Demised Premises before the end of the Demised Term, or (d) in the event:

      (i)   Tenant is adjudicated a bankrupt;

      (ii)  A Receiver or Trustee is appointed for Tenant's property, and the
            appointment of such Receiver is not set aside in thirty (30) days,
            or Tenant requests or consents to the appointment of a Receiver;

      (iii) A trustee in reorganization is appointed for Tenant's property and
            the appointment of such Trustee is not set aside within thirty (30)
            days;

      (iv)  Tenant files a voluntary petition for reorganization or arrangement,
            or in bankruptcy;

      (v)   Tenant files an answer admitting bankruptcy or agreeing to a
            reorganization or arrangement;

      (vi)  Tenant makes an assignment for the benefit of its creditors; or

      (vii) Tenant permits the leasehold interest of Tenant hereunder to be sold
            pursuant to execution;

or (e) in the event the Demised Premises shall come into the possession of any
Trustee or Receiver, in bankruptcy or otherwise, then, and in any such event
Tenant shall be deemed to be in default and, Landlord, besides any other rights
or remedies it may have by law or otherwise, shall have the immediate right of
re-entry and may remove all persons and property from the Demised Premises. Such
property may be removed and stored at the cost of and for the account of Tenant.
Should Landlord elect to re-enter as herein provided, or should Landlord take
possession pursuant to legal proceedings or pursuant to any notice provided for
by law, Landlord may either terminate this Lease or may, from time to time,
without terminating this Lease, relet the Demised Premises or any part thereof
for such term or terms (which may be for a term extending beyond the Demised
Term) and at such rental or rentals and upon such other terms and conditions as
Landlord in the exercise of Landlord's sole discretion may deem advisable with
the right to make alterations and repairs to the Demised Premises. Upon each

                                       9
<PAGE>

such reletting (a) Tenant shall be immediately liable to pay to Landlord, in
addition to any indebtedness other than rent due hereunder, the cost and expense
of such reletting (including reasonable attorneys' fees) and of such alterations
and repairs incurred by Landlord, and the amount if any, by which the rent
reserved in this lease for the period of such reletting (up to but not beyond
the Demised Term) exceeds the amount agreed to be paid as rent for the Demised
Premises for such period of such reletting; or (b) at the option of Landlord
rents received by Landlord from such reletting shall be applied first, to the
payment of any indebtedness, other than rent due hereunder from Tenant to
Landlord; second, to the payment of any costs and expenses of such reletting
(including reasonable attorneys' fees) and of such alterations and repairs;
third, to the payment of rent due and unpaid hereunder; and the residue, if any,
shall be held by Landlord and applied in payment of future rent as the same may
become due and payable hereunder.

      Should Landlord at any time terminate this Lease for any default, in
addition to any other remedy Landlord may have, Tenant shall be liable for (a)
all rent, additional rent or damages due or sustained prior to such termination,
the costs and expenses of reletting the Demised Premises (including costs and
expenses of alterations and repairs incurred by Landlord) and all reasonable
costs, attorneys' fees and expenses incurred by Landlord in pursuit of its
remedies hereunder or in renting the Demised Premises to others from time to
time (all such rent, additional rent, damages, costs, attorneys' fees and
expenses being herein referred to as "Termination Damages"); and Tenant shall be
liable for (b) additional damages (the "Liquidated Damages") which, at the
election of Landlord, shall be either

      (i)   an amount equal to the rent which, but for termination of this Lease
            would have become due during the remainder of the Demised Term, less
            the amount of rent, if any, which Landlord shall receive during such
            period from others to whom the Demised Premises may be rented (other
            than any additional rent received by Landlord as a result of any
            failure of such other person to perform any of its obligations to
            Landlord); or

      (ii)  an amount equal to the present worth (as of the date of such
            termination) of rent and additional rent which, but for termination
            of this Lease, would have become due during the remainder of the
            Demised Term, less the fair rental value of the Demised Premises, as
            determined by an independent real estate appraiser named by
            Landlord, in which case such Liquidated Damages shall be payable to
            Landlord in one lump sum on demand and shall bear interest at the
            rate of 14% per annum (hereinafter "the Default Rate") until paid.
            For purposes of this clause, "present worth" shall be computed by
            discounting such amount to present worth at a discount rate equal to
            one percentage point above the discount rate then in effect at the
            Federal Reserve Bank nearest the Demised Premises.

Termination Damages and Liquidation Damages shall be due and payable immediately
upon demand by Landlord following any termination of this Lease. If this Lease
is terminated pursuant to this Article, Landlord may relet the Demised Premises
or any part thereof, alone or together with other premises, for such term or
terms (which may be greater or less than the period which otherwise would have
constituted the balance of the Demised Term) and on such terms and conditions
(which may include concessions or free rent and alterations of the Demised
Premises) as Landlord, in its sole discretion, may determine. Landlord shall not
be liable for, nor shall Tenant's obligations hereunder be diminished by reason
of, any failure by Landlord to relet the Demised Premises or any failure by
Landlord to collect any rent due upon such reletting.

      If such termination shall take place after the expiration of

                                       10
<PAGE>

two (2) or more full Lease Years, then, for purposes of computing the Liquidated
Damages, the annual additional rent shall be conclusively presumed to be an
amount equal to the average additional rent (other than additional rent received
by Landlord as a result of any failure of Tenant to perform any of its
obligations under this Lease) payable with respect to the full Lease Year
immediately preceding the Lease Year in which written notice of such termination
was given.

      If such termination shall take place before the expiration of two (2) full
Lease Years, then, for purposes of computing the Liquidated Damages, the annual
additional rent shall be conclusively presumed to be an amount equal to twelve
(12) times the average monthly payment of additional rent (other than additional
rent received by Landlord as a result of any failure by Tenant to perform any
of its obligations under this Lease) payable during the twelve (12) full
calendar months immediately preceding the month in which written notice of such
termination was given.

      Landlord shall have the right in Landlord's sole discretion to apply any
payments received by Landlord following a default by Tenant to any indebtedness
of Tenant under this Lease and no such payment shall be deemed to constitute a
cure of any default under this Lease without Landlord's prior written consent,
which consent may be granted or withheld by Landlord in Landlord's sole
discretion.

      2. Default other than Rent. In the event Tenant shall be in default with
respect to any of the covenants contained herein, other than the covenant to pay
rent, Landlord shall have the right, but not the obligation, after thirty (30)
days' written notice of such default to Tenant (except in the event of an
emergency) to perform any covenants of Tenant as to which Tenant is in default,
and any and all sums paid by Landlord, in performance of such covenants shall be
and constitute additional rent and shall be paid by Tenant, with interest at the
Default Rate, with the next rent payment due.

      3. Default Re Insurance or Liens. In the event the default of Tenant
relates to the maintenance of insurance required to be maintained by the Tenant,
Landlord shall have the right, but not the obligation, to procure such
insurance, immediately after mailing notice of Tenant's default, and in the
event the default of Tenant relates to the failure of Tenant to pay any lien or
claim against the Demised Premises or the improvements thereon or its failure to
furnish the bond hereinabove referred to, Landlord shall be entitled to pay any
such lien or claim and to redeem the Demised Premises from any sale or
forfeiture immediately after mailing notice of its intention so to do. Any
amounts so expended by Landlord shall be paid by Tenant as additional rental,
with interest as the Default Rate, with the next payment due.

      4. Remedies Cumulative. The remedies of Landlord shall be cumulative, and
no one of them shall be construed as exclusive of any other or of any remedy
provided by law.

      5. Costs and Attorney Fees. In the event Landlord shall be made a party to
litigation commenced by or against Tenant, arising by reason of the occupancy of
the Demised Premises under this Lease, Tenant shall indemnify, save harmless and
protect the Landlord against all costs and attorney fees incidental to such
litigation, and Tenant shall also pay all costs and reasonable attorney fees
incurred by Landlord in enforcing the covenants, agreements, terms and
provisions of this Lease or in defending any claims asserted by Tenant including
but not limited to costs and attorney fees incurred during Tenant's appeal of a
judgment if such judgment is affirmed in whole or in part on appeal. All
payments, including payment of rent and additional rent, which Tenant is
required to make pursuant to the provisions of this Lease, shall be made without
relief from valuation or appraisement laws.

                                       11
<PAGE>

      6. Jury Trial Waiver. Landlord and Tenant after consulting or having had
the opportunity to consult with counsel each hereby knowingly, voluntarily and
intentionally waives the right to a trial by jury in the event of any dispute of
any kind between Landlord and Tenant. Neither Landlord nor Tenant shall seek to
consolidate, by counterclaim or otherwise, any action in which a jury trial has
been waived with any other action in which a jury trial cannot be or has not
been waived. This waiver is absolute and unconditional and cannot be modified in
any respect or relinquished by either Landlord or Tenant except in a written
instrument signed by both of them.

                                  ARTICLE XIII

                                 Eminent Domain

      If all or any part of the Demised Premises shall be acquired by the
exercise of eminent domain by any public or quasi public body in such a manner
that more than 20% of the building on the Demised Premises shall become unusable
by Tenant for the purposes Tenant is using the Demised Premises, this Lease may
be terminated by Tenant by written notice to Landlord within fifteen (15) days
after possession of the Demised Premises or part thereof is so taken. Tenant
shall have no claim against Landlord or any other person, firm, corporation or
governmental authority on account of any such acquisition for the value of any
unexpired lease remaining after possession of the Demised Premises is taken. All
damages awarded therefor shall belong to and be the sole property of Landlord,
except Tenant shall have a separate cause of action against the governmental
authority to the extent provided by law, which claim shall belong to Tenant,
provided any claim asserted by Tenant does not diminish in any way Landlord's
claim.

                                   ARTICLE XIV

                              Non-Waiver Provisions

      No waiver of any condition or covenant of this Lease by either party
hereto shall be deemed to imply or constitute a further-waiver by such party of
the same or any other condition or covenant.

                                   ARTICLE XV

                                     Notices

      All notices to be given hereunder shall be deemed to be properly given as
of the date of mailing if in writing and mailed by certified mail in an envelope
addressed to Tenant at 4417 Lee Ridge Road, Sarasota, Florida 34233 or to such
other address as the Tenant may from time to time furnish to the Landlord in
writing for such purpose; and in the case of notices by the Tenant to the
Landlord, addressed to 70 East 55th Street, 22nd Floor, New York, New York
10022-3222, or to such other address as the Landlord may from time to time
furnish to the Tenant in writing for such purpose with a copy to Sidney
Mishkin, 200 South Meridian Street, Suite 525, Indianapolis, Indiana 46225.

                                   ARTICLE XVI

                         Relationship and Construction

      Nothing contained herein shall be deemed or construed by the parties
hereto, nor by any third party, as creating the relationship of principal and
agent, or of partnership, or of joint venture, between the parties hereto, or of
any other relationship than landlord and tenant. Tenant's unperformed
obligations hereunder shall survive the termination or expiration of this Lease.
Any amount payable by Tenant under this Lease other than monthly rent payable
under Article II shall be deemed to be additional rent payable under this Lease
whether or not such

                                       12
<PAGE>

payment is so expressly designated herein. Whenever herein the singular number
is used, the same shall include the plural, and the masculine gender shall
include the feminine and neuter genders. This Lease shall be construed without
reference to titles of Articles and sections, which are inserted for convenience
only. This Lease if found to be ambiguous, in whole or in part, shall not be
construed against the party who prepared this Lease but shall be construed in
accordance with other applicable rules of construction. Subject to the
provisions of this Lease, this Lease and all of the terms, conditions and
provisions hereof shall inure to the benefit of and be binding upon Landlord and
Tenant, their respective heirs, successors, assignors and legal representatives,
and the words "Landlord" and "Tenant" shall be construed to include the
respective heirs, successors, assignors and legal representatives, if any, of
Landlord and Tenant. This Lease shall be construed and enforced in accordance
with and governed by the laws of the State of Florida.

                                  ARTICLE XVII

                            Non-Liability of Landlord

      Landlord shall not be responsible or liable to Tenant or any other person
for any loss, injury or damage occasioned by or through the acts or omissions of
any person or firm, or due to the condition of the Demised Premises, or for any
loss or damage resulting to or from the water supply or from bursting, over
flowing or leaking of water, sewer or steam pipes or from the heating or
plumbing fixtures or from the electric wiring or from gas or odors or caused in
any manner. Tenant shall be responsible and liable to Landlord for any damage to
the Demised Premises and for any act done thereon by Tenant or any person coming
on the Demised Premises by invitation or license of Tenant, express or implied.
Tenant shall save Landlord harmless from all claims, liability, costs and
expenses (including reasonable attorneys' fees) resulting from any breach or
violation of this Lease by Tenant or from Tenant's use of the Demised Premises.

                                  ARTICLE XVIII

                                     Brokers

      Landlord and Tenant agree that the sole broker owed a commission or
finder's fee for this Lease is Shumway Realty, whose commission shall be paid by
Landlord pursuant to Landlord's Commission Agreement with such broker, and that
no other broker is owed a commission or finder's fee for this Lease. Tenant
agrees to hold Landlord harmless from any other claims for commission or
finder's fee asserted by any other person or firm arising out of Tenant's
execution of this Lease.

                                   ARTICLE XIX

                                  Subordination

      This Lease is subject and subordinate to all mortgages which now or
hereinafter affect the Demised Premises and all renewals, modifications,
replacements and extensions thereof, provided the Mortgages permits Tenant to
retain possession of the Demised Premises as long as Tenant fully performs all
of the terms and provisions of this Lease. Tenant hereby agrees to execute any
instruments requested by Landlord which may be necessary to effectuate this
Article. In the event the Demised Premises are acquired by a mortgagee or
assignee of a mortgagee through a foreclosure sale or otherwise, Tenant shall be
permitted to retain possession of the Demised Premises as long as Tenant fully
performs all of the terms and provisions of this Lease.

                                       13
<PAGE>

                                   ARTICLE XX

                       Net Lease and Condition of Premises

      This is a triple net lease and all rent and other amounts payable
hereunder by Tenant shall be paid without notice or demand and without set-off,
counterclaim, abatement, suspension, deduction or defense.

                                   ARTICLE XXI

                                  Severability

      In the event any provision of this Lease shall be deemed illegal or
unenforceable, the remaining provisions of this Lease shall not thereby be
affected and such illegal or unenforceable provision shall be deleted herefrom.

                                  ARTICLE XXII

                              Vacation of Premises

      At the expiration or earlier termination of this Lease, Tenant shall
remove all of Tenant's trade fixtures and personal property which do not become
the property of Landlord under paragraph 3 of Article VII of this Lease, and
shall leave the Demised Premises in a broom clean condition.

                                  ARTICLE XXIII

                                Billboard Rights

      Landlord does not reserve the right to install a billboard on the Demised
Premises.

                                  ARTICLE XXIV

                                Security Deposit

      Tenant simultaneously with the execution of this Lease shall pay Landlord
the sum of $4,650.00 as and for a security deposit, which sum is equal to one
month's a rent payable hereunder during the last three years of the Demised
Term. Such security deposit shall be held by Landlord to secure the full and
faithful performance by Tenant of all of the terms and conditions of this Lease
and such sum shall be returned to Tenant at the satisfactory termination of this
Lease after deducting therefrom the cost of curing any default and repairing any
and all damage to the Demised Premises caused by Tenant, its representatives,
invitees or licensees during the Demised Tern, excluding ordinary wear and tear.
In the event of a breach or default by Tenant with respect to any of the terms
or conditions of this Lease, Landlord may apply such security deposit or any
part thereof to any costs, damages, losses or injuries resulting from such
breach or default without in any manner waiving or limiting Landlord's right to
further hold Tenant liable for the costs, damages or losses or injuries
otherwise due and incurred. In the event Landlord so applies all or any portion
of such security deposit, Tenant shall within ten days after notice thereof
immediately pay Landlord an amount equal to the difference between (a) the
amount of security deposit then held by Landlord after such application and (b)
an amount equal to one month's rent which Tenant is then required to pay
hereunder. Tenant shall in addition pay Landlord within ten days after each
increase in rent payable during the Demised Term hereunder that amount necessary
to increase the security deposit to an amount equal to one month's rent.
Notwithstanding the foregoing, the security deposit shall never be less than
$4,650.00. Such security deposit shall under no circumstances be applied by
Tenant to the payment of rent hereunder, or mortgaged, assigned or otherwise
encumbered or made the subject of a security interest by Tenant in any manner,
and any attempt to do so shall be null and void.

                                       14
<PAGE>

                                   ARTICLE XXV

                          Notification to Landlord and
                              Default by Landlord

      In the event any material damage is done to the Demised Premises by any
cause or Tenant becomes aware of any information which materially affects
Landlord's interest in the Demised Premises, Tenant shall immediately give
Landlord notice in accordance with the terms of this Lease.

                                  ARTICLE XXVI

                        Limitation on Right of Recovery

      Notwithstanding anything to the contrary contained in this Lease, there
shall be absolutely no personal liability on Landlord, Landlord's Trustee,
Landlord's beneficiaries, Landlord's Agent or any heir, administrator, executor,
successor, legal representative or assign of any of them with respect to any of
the terms, covenants, conditions and provisions of this Lease and Tenant shall
look solely to the Demised Premises for the satisfaction of each and every
remedy of Tenant in the event of default by Landlord hereunder or in the event
any other claim in connection with the Demised Premises. Such exculpation of
personal liability is absolute and without any exception whatsoever and all such
liability of any kind hereunder is expressly waived by Tenant and every person
now or hereafter claiming any right hereunder or by, through or under Tenant.

                                  ARTICLE XXVII

                               Option to Purchase

      Provided Tenant is not in default at any time hereunder, Tenant shall have
the option to purchase the Demised Premises for a price equal to the greater of
(a) $2,500,000.00 or (b) the fair market value as determined by a qualified
appraiser designated by Landlord. This option is granted on the following terms
and conditions: (a) Tenant provides Landlord with written notice of the exercise
of this option prior to the expiration of the Demised Term or the expiration of
the First Renewal Term, in the event the option for the First Renewal Term is
timely exercised in accordance with this lease; (b) the transaction is closed
within 45 days after Landlord receives such notice from Tenant; (c) the
purchase price is paid in cash at the closing; (d) all closing costs and other
expenses of the sale shall be borne by Tenant; and (e) all other terms and
conditions of such sale and the documents relating thereto shall be in form and
terms acceptable to Landlord. This option to purchase shall expire at the end of
the First Renewal Term in any event and is not assignable.

                                 ARTICLE XXVIII

                              Contingency of Lease

      This Lease and the obligations of Landlord and Tenant hereunder are
subject to Tenant's ability to obtain within sixty (60) days from the date
Landlord signs this Lease all permits and approvals of state and federal
agencies which are necessary for Tenant's use and occupancy of the Demised
Premises as a banking facility. Tenant shall use its best efforts and utmost
good faith in obtaining such permits and approvals. In the event such permits
and approvals are not obtained within such sixty-day period by Tenant, despite
Tenant's best efforts and utmost good faith, this Lease shall be null and void
and neither Landlord nor Tenant shall have any further obligation to the other
unless Landlord and Tenant mutually elect in writing to extend the period within
which this contingency is to be fulfilled in which event Tenant shall continue
its efforts to obtain such permits and approvals on the terms

                                       15
<PAGE>

herein set forth. Tenant shall immediately apply for such permits and approvals,
copy Landlord with Tenant's correspondence to and from the state and federal
agencies with respect to such permits and approvals and otherwise promptly
inform Landlord of all developments with respect to the applications for such
permits and approval. In the event the condition of this lease is not fulfilled
in accordance with the terms of this Article XXVIII, Landlord shall return to
Tenant the security deposit and rent payment which Tenant made as of the date of
Tenant's execution of this Lease.

                                  ARTICLE XXIX

                            Authority to Sign Lease

      Each of the persons who has signed this Lease represents and warrants that
he has been duly authorized to sign this Lease by all necessary action on the
part of the entity on whose behalf he has signed this Lease.

                                   ARTICLE XXX

                            Counterparts and Telecopy

      This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and part of one and the same Agreement. Delivery of
an executed copy of this Agreement by facsimile transmission shall constitute
effective and binding execution and delivery hereof and the signatures thereon
shall be deemed to be original signatures for all purposes.

                                  ARTICLE XXXI

                                Entire Agreement

      This Lease is intended by Landlord and Tenant as a final expression of
their agreement and as a complete and exclusive statement of the terms thereof,
all negotiations, considerations, and representations between Landlord and
Tenant having been incorporated herein. No course of prior dealings between the
parties or their officers, employees, agents or affiliates shall be relevant or
admissible to supplement, explain or vary any of the terms of this Lease.
Acceptance of or acquiescence in a course of performance rendered under this or
any prior agreement between the parties or their affiliates shall not be
relevant or admissible to determine the meaning of any of the terms of this
Lease. No representations, understandings, or agreements have been made or
relied on in the making of this Lease other than those specifically set forth
herein. This Lease can be modified only by a writing signed by the party against
whom the other party seeks to enforce the modification. The validity of this
Lease shall not be affected by the absence of a notarization of the signature of
a representative of a party hereto. The recordation of this Lease by Tenant
shall constitute a default.

      IN WITNESS WHEREOF the parties have executed this Agreement the date and
year first above written.

                                          FIRST STATE BANK OF SARASOTA

                                          By /s/ Patrick J. Arnold
                                            ------------------------------------
                                             Patrick J. Arnold President

                                          "TENANT"

                                       16
<PAGE>
                                                 WIN PROPERTIES, INC.
                                                 as Agent for Owner

                                                 By /s/ Jonathan B. Kallman VP
                                                        ----------------------
                                                        Jonathan B. Kallman
                                                        Executive Vice President

                                   "LANDLORD"

STATE OF NEW YORK  )
                   ) SS:
COUNTY OF NEW YORK )

     Before me, a Notary Public, in and for said County and State, personally
appeared Win Properties, Inc., a New York corporation, as Agent by Jonathan B.
Kallman, its Executive Vice President, who acknowledged the execution of the
foregoing Lease as and for the voluntary act and deed of said corporation and
stateed that the representations therein contained are true, this _________ day
of March, 1995.

                                                     ---------------------------
                                                     Notary Public
                                                     Residing in ________ County

My Commission Expires:

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

STATE OF FLORIDA        )
                        ) SS:
COUNTY OF SARASOTA      )

     Before me, a Notary Public in and for said County and State, personally
appeared First State Bank of Sarasota, a Florida corporation, by Patrick L.
Arnold, its President, who acknowledged the execution of the foregoing Lease as
and for the voluntary act and deed of such corporation and stated that the
representations therein contained are true, this 17th day of March, 1995.

                                                        /s/ Darlene Harris
                                                     ---------------------------
                                                     Notary Public
                                                     Residing in Sarasota County

My Commission Expires:

   [stamp]
--------------------

                                       17<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 10.4

                                 PROMISSORY NOTE

<TABLE>
<CAPTION>
  PRINCIPAL      LOAN DATE         MATURITY   LOAN NO     CALL/COLL     ACCOUNT      OFFICER  INITIALS
  ---------      ---------         --------   -------     ---------     -------      -------  --------
<S>             <C>                <C>        <C>        <C>            <C>          <C>      <C>
34,000,000.00   04-30-2004                    1914       16 STOCK BAR                03       PS
</TABLE>

    References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.

      Any item above containing  "***" has been omitted due to text length
                                  limitations.

                                                                         PAID
                                                                      BY RENEWAL

<TABLE>
<S>                                               <C>                   <C>     <C>
BORROWER: FIRST STATE FINANCIAL CORPORATION       TIN: OK TO FUND YES   LENDER:  INDEPENDENT BANKERS' BANK OF FLORIDA
65-07711451                                       DATE: 5.21.04                  A STATE OF FLORIDA CHARTERED COMMERCIAL BANK
22 SOUTH LINKS AVENUE                             AMOUNT: -0-                    615 CRESCENT EXECUTIVE COURT
SARASOTA, FL 34236                                AUTH:                          SUITE 400
                                                        PS                       LAKE MARY, FL 32746
                                                                                 (407) 541 - 1620
</TABLE>

<TABLE>
<S>                               <C>                    <C>
PRINCIPAL AMOUNT: $4,000,000.00   INITIAL RATE: 3.000%   DATE OF NOTE: APRIL 30, 2004
</TABLE>

PROMISE TO PAY. FIRST STATE FINANCIAL CORPORATION ("BORROWER") PROMISES TO PAY
TO INDEPENDENT BANKERS' BANK OF FLORIDA ("LENDER"), OR ORDER, IN LAWFUL MONEY OF
THE UNITED STATES OF AMERICA, ON DEMAND, THE PRINCIPAL AMOUNT OF FOUR MILLION &
00/100 DOLLARS ($4,000,000.00) OR SO MUCH AS MAY BE OUTSTANDING, TOGETHER WITH
INTEREST ON THE UNPAID OUTSTANDING PRINCIPAL BALANCE OF EACH ADVANCE. INTEREST
SHALL BE CALCULATED FROM THE DATE OF EACH ADVANCE UNTIL REPAYMENT OF EACH
ADVANCE. THE INTEREST RATE WILL NOT INCREASE ABOVE 18.000%.

PAYMENT. BORROWER WILL PAY THIS LOAN IMMEDIATELY UPON LENDER'S DEMAND. PAYMENT
IN FULL IS DUE IMMEDIATELY UPON LENDER'S DEMAND. BORROWER WILL PAY REGULAR
QUARTERLY PAYMENTS OF ALL ACCRUED UNPAID INTEREST DUE AS OF EACH PAYMENT DATE,
BEGINNING JULY 30, 2004, WITH ALL SUBSEQUENT INTEREST PAYMENTS TO BE DUE ON THE
SAME DAY OF EACH QUARTER AFTER THAT. UNLESS OTHERWISE AGREED OR REQUIRED BY
APPLICABLE LAW, PAYMENTS WILL BE APPLIED FIRST TO ANY ACCRUED UNPAID INTEREST;
THEN TO PRINCIPAL; AND THEN TO ANY UNPAID COLLECTION COSTS. THE ANNUAL INTEREST
RATE FOR THIS NOTE IS COMPUTED ON A 365/360 BASIS; THAT IS, BY APPLYING THE
RATIO OF THE ANNUAL INTEREST RATE OVER A YEAR OF 360 DAYS, MULTIPLIED BY THE
OUTSTANDING PRINCIPAL BALANCE, MULTIPLIED BY THE ACTUAL NUMBER OF DAYS THE
PRINCIPAL BALANCE IS OUTSTANDING. BORROWER WILL PAY LENDER AT LENDER'S ADDRESS
SHOWN ABOVE OR AT SUCH OTHER PLACE AS LENDER MAY DESIGNATE IN WRITING.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the Wall Street
Journal Prime Rate as published in the "Money Section" of the Wall Street
Journal (the "Index)". The index is not necessarily the lowest rate charged by
Lender on its loans, If the index becomes unavailable during The term of this
loan, Lender may designate a substitute index after notice to Borrower. Lender
will tell Borrower the current Index rate upon Borrower's request. The interest
rate change will not occur more often than each day. Borrower understands that
Lender may make loans based on other rates as well. THE INDEX CURRENTLY IS
4.000% PER ANNUM. THE INTEREST RATE TO BE APPLIED TO THE UNPAID PRINCIPAL
BALANCE OF THIS NOTE WILL BE AT A RATE OF 1.000 PERCENTAGE POINT UNDER THE
INDEX, RESULTING IN AN INITIAL RATE OF 3.000% PER ANNUM. NOTWITHSTANDING THE
FOREGOING, THE VARIABLE INTEREST RATE OR RATES PROVIDED FOR IN THIS NOTE WILL BE
SUBJECT TO THE FOLLOWING MAXIMUM RATE. NOTICE: Under no circumstances will the
effective rate of interest on this Note be more than (except for any higher
default rate shown below) the lesser of 18.000% per annum or the maximum rate
allowed by applicable law.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
of accrued unpaid interest. Rather, early payments will reduce the principal
balance due. Borrower agrees not to send Lender payments marked "paid in full",
"without recourse", or similar language. If Borrower sends such a payment,
Lender may accept it without losing any of Lander's rights under this Note, and
Borrower will remain obligated to pay any further amount owed to Lender. All
written communications concerning disputed amounts, including any check or other
payment instrument that indicates that the payment constitutes "payment in full"
of the amount owed or that is tendered with other conditions or limitations or
as full satisfaction of a disputed amount must be mailed or delivered to:
INDEPENDENT BANKERS BANK, 615 Crescent Executive Court Suite 400 Lake Mary, FL
32746.

INTEREST AFTER DEFAULT. Upon default including failure to pay upon final
maturity, Lender, at Its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 18.000% per annum, if and to
the extent that the, increase does not cause the interest rate to exceed the
maximum rate permitted by applicable law.

LENDER'S RIGHTS. Upon Lender's demand, Lender may declare the entire unpaid
principal balance on this Note and all accrued unpaid interest immediately due,
and then Borrower will pay that amount.

ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect
this Note if Borrower does not pay. Borrower will pay Lender the amount of these
costs and expenses, which includes, subject to any limits under applicable law,
Lender's reasonable attorneys' fees and Lender's legal expenses whether or not
there is a lawsuit, Including reasonable attorneys' fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay
or injunction), and appeals. If not prohibited by applicable law, Borrower also
will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. LENDER AND BORROWER HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY
ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR BORROWER AGAINST
THE OTHER.

GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN
ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF FLORIDA. THIS NOTE HAS
BEEN ACCEPTED BY LENDER IN THE STATE OF FLORIDA.

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to
submit to the jurisdiction of the courts of Seminole County, State of Florida.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts.

LINE OF CREDIT. This Note evidences a revolving line of credit, Advances under
this Note may be requested orally by Borrower or as provided in this paragraph,
All oral requests shall be confirmed in writing on the day of the request. All
communications, instructions, or directions by telephone or otherwise to Lender
are to be directed to Lender's office shown above. The following person
currently is authorized to request advances and authorize payments under the
line of credit until Lender receives from Borrower, at Lender's address shown
above, written notice of revocation of his or her authority: COREY COUGHLIN,
PRESIDENT/CEO OF FIRST STATE FINANCIAL CORPORATION. Borrower agrees to be liable
for all sums either: (A) advanced in accordance with the Instructions of an
authorized person or (B) credited to any of Borrower's accounts with Lender. The
unpaid principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender's internal records, including daily
computer print-outs.

PROVISION #1, Bank subsidiary to maintain a minimum Tier 1 leverage ratio of 6%
measured at each quarter end.

<PAGE>

                                 PROMISSORY NOTE
LOAN NO: 1914                      (CONTINUED)                            PAGE 2

PROVISION #2. DSC greater than or equal to 1.25x measured at the end of each
quarter on the current quarter earnings against average outstanding.

PROVISION #3. Quarterly receipt of bank's call report.

PROVISION #4. Borrower to provide annual CPA audited financial statements within
120 days of year end on a consolidated and consolidating basis to include
Holding Company only statement.

PROVISION #5. Borrower to obtain the prior consent of IBB on additional
borrowing or indebtedness in excess of $100,000.00.

PROVISION #6. Subject to an annual review every April.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
Please notify us if we report any inaccurate information about your accounts(s)
to a consumer reporting agency. Your written notice describing the specific
inaccuracy(ies) should be sent to us at the following address: INDEPENDENT
BANKERS BANK 615 Crescent Executive Court Suite 400 Lake Mary, FL 32746

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will
not affect the rest of the Note. Borrower does not agree or intend to pay, and
Lender does not agree or intend to contract for, charge, collect, take, reserve
or receive (collectively referred to herein as "charge or collect"), any amount
in the nature of interest or in the nature of a fee for this loan, which would
in any way or event (including demand, prepayment, or acceleration) cause Lender
to charge or collect more for this loan than the maximum Lender would be
permitted to charge or collect by federal law or the law of The State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of
anything stated to the contrary, be applied first to reduce the principal
balance of this loan, and when the principal has bean paid in full, be refunded
to Borrower. Lender may delay or forgo enforcing any of its rights or remedies
under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lander without the consent of or notice to anyone, All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under This Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO
THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

FIRST STATE FINANCIAL CORPORATION

By: /s/ Corey Coughlin
  ---------------------------------------------------
   Corey Coughlin
   President/CEO of First State Financial Corporation

                                  [ILLEGIBLE]
<PAGE>

                            BUSINESS LOAN AGREEMENT

<TABLE>
<CAPTION>
PRINCIPAL        LOAN DATE    MATURITY    LOAN NO   CALL / COLL   ACCOUNT  OFFICER  INITIALS
---------        ---------    --------    -------   -----------   -------  -------  --------
<S>              <C>          <C>         <C>       <C>           <C>      <C>      <C>
$4,000,000.00    04-30-2004               1914      16 STOCK BAR           03
</TABLE>

  References in the shaded are for Lender's use only and do not limit the
  applicability of this document to any particular loan or item.
Any item above containing "***" has been omitted due to text length limitations.

<TABLE>
<S>                                                 <C>
BORROWER: FIRST STATE FINANCIAL CORPORATION (TIN;   LENDER: INDEPENDENT BANKERS' BANK OF FLORIDA
          65-07711451                                       A STATE OF FLORIDA CHARTERED COMMERCIAL BANK
          22 SOUTH LINKS AVENUE                             615 CRESCENT EXECUTIVE COURT
          SARASOTA, FL 34236                                SUITE 400
                                                            LAKE MARY, FL 32746
                                                            (407) 541-1620
</TABLE>

THIS BUSINESS LOAN AGREEMENT DATED APRIL 30, 2004, IS MADE AND EXECUTED BETWEEN
FIRST STATE FINANCIAL CORPORATION ("BORROWER") AND INDEPENDENT BANKERS' BANK OF
FLORIDA ("LENDER") ON THE FOLLOWING TERMS AND CONDITIONS. BORROWER HAS RECEIVED
PRIOR COMMERCIAL LOANS FROM LENDER OR HAS APPLIED TO LENDER FOR A COMMERCIAL
LOAN OR LOANS OR OTHER FINANCIAL ACCOMMODATIONS, INCLUDING THOSE WHICH MAY BE
DESCRIBED ON ANY EXHIBIT OR SCHEDULE ATTACHED TO THIS AGREEMENT ("LOAN").
BORROWER UNDERSTANDS AND AGREES THAT: (A) IN GRANTING, RENEWING, OR EXTENDING
ANY LOAN, LENDER IS RELYING UPON BORROWER'S REPRESENTATIONS, WARRANTIES, AND
AGREEMENTS AS SET FORTH IN THIS AGREEMENT: (B) THE GRANTING, RENEWING, OR
EXTENDING OF ANY LOAN BY LENDER AT ALL TIMES SHALL BE SUBJECT TO LENDER'S SOLE
JUDGMENT AND DISCRETION; AND (C) ALL SUCH LOANS SHALL BE AND REMAIN SUBJECT TO
THE TERMS AND CONDITIONS OF THIS AGREEMENT.

TERM. This Agreement shall be effective as of April 30, 2004, and shall continue
in full force and effect until such time as all of Borrower's Loans in favor of
Lender have been paid in full, including principal, interest, costs, expenses,
attorneys' fees, and other fees and charges, or until April 30, 2005.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial
Advance and each subsequent Advance under this Agreement shall be subject to the
fulfillment to Lender's satisfaction of all of the conditions set forth in this
Agreement and in the Related Documents.

      LOAN DOCUMENTS. Borrower shall provide to Lender the following documents
      for the Loan; (1) the Note; (2) Security Agreements granting to Lender
      security interests in the Collateral; (3) financing statements and all
      other documents perfecting Lender's Security Interests; (4) evidence of
      insurance as required below; (5) together with all such Related Documents
      as Lender may require for the Loan; all in form and substance satisfactory
      to Lender and Lender's counsel.

      BORROWER'S AUTHORIZATION. Borrower shall have provided in form and
      substance satisfactory to Lender properly certified resolutions, duly
      authorizing the execution and delivery of this Agreement, the Note and the
      Related Documents. In addition, Borrower shall have provided such other
      resolutions, authorizations, documents and instruments as Lender or its
      counsel, may require.

      PAYMENT OF FEES AND EXPENSES. Borrower shall have paid to Lender all fees,
      charges, and other expenses which are then due and payable as specified in
      this Agreement or any Related Document.

      REPRESENTATIONS AND WARRANTIES. The representations and warranties set
      forth in this Agreement, in the Related Documents, and in any document or
      certificate delivered to Lender under this Agreement are true and correct.

      NO EVENT OF DEFAULT. There shall not exist at the time of any Advance a
      condition which would constitute an Event of Default under this Agreement
      or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as
of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan,
and at all times any Indebtedness exists:

      ORGANIZATION. Borrower is a corporation for profit which is, and at all
      times shall be, duly organized, validly existing, and in good standing
      under and by virtue of the laws of the State of Florida Borrower maintains
      an office at 22 South Links Avenue, Sarasota, FL 34236. Unless Borrower
      has designated otherwise in writing, the principal office is the office at
      which Borrower keeps its books and records including its records
      concerning the Collateral. Borrower will notify Lender prior to any change
      in the location of Borrower's state of organization or any change in
      Borrower's name.

      ASSUMED BUSINESS NAMES. Borrower has filed or recorded all documents or
      filings required by law relating to all assumed business names used by
      Borrower. Excluding the name of Borrower, the following is a complete list
      of all assumed business names under which Borrower does business: NONE.

      AUTHORIZATION. Borrower's execution, delivery, and performance of this
      Agreement and all the Related Documents have been duly authorized by all
      necessary action by Borrower and do not conflict with, result in a
      violation of, or constitute a default under (1) any provision of (a)
      Borrower's articles of incorporation or organization, or bylaws, or (b)
      any agreement or other instrument binding upon Borrower or (2) any law,
      governmental regulation, court decree, or order applicable to Borrower or
      to Borrower's properties.

      PROPERTIES. Except as contemplated by this Agreement or as previously
      disclosed in Borrower's financial statements or in writing to Lander and
      as accepted by Lender, and except for property tax liens for taxes not
      presently due and payable, Borrower owns and has good title to all of
      Borrower's properties free and clear of all liens and security interests,
      and has not executed any security documents or financing statements
      relating to such properties. All of Borrower's properties are titled in
      Borrower's legal name, and Borrower has not used or filed a financing
      statement under any other name for at least the last five (5) years.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long
as this Agreement remains in effect, Borrower will:

      NOTICES OF CLAIMS AND LITIGATION. Promptly inform Lender in writing of (1)
      all material adverse changes in Borrower's financial condition, and (2)
      all existing and all threatened litigation, claims, investigations,
      administrative proceedings or similar actions affecting Borrower or any
      Guarantor which could materially affect the financial condition of
      Borrower or the financial condition of any Guarantor.

      FINANCIAL RECORDS. Maintain its books and records in accordance with
      accounting principles acceptable to Lender, applied on a consistent basis,
      and permit Lender to examine and audit Borrower's books and records at all
      reasonable times.

      FINANCIAL STATEMENTS. Furnish Lender with the following:

            ANNUAL STATEMENTS. As soon as available, but in no event later than
            ninety (90) days after the end of each fiscal year, Borrower's
            balance sheet and income statement for the year ended, reviewed by a
            certified public accountant satisfactory to Lender.

      All financial reports required to be provided under this Agreement shall
      be prepared in accordance with GAAP, applied on a consistent basis, and
      certified by Borrower as being true and correct.

<PAGE>

                                                                          PAGE 2

                             BUSINESS LOAN AGREEMENT
                                   (CONTINUED)

LOAN NO: 1914

      LOAN PROCEEDS. Use all Loan proceeds solely for Borrower's business
      operations, unless specifically consented to the contrary by Lender in
      writing.

      TAXES, CHARGES AND LIENS. Pay and discharge when due all of its
      indebtedness and obligations, including without limitation all
      assessments, taxes, governmental charges, levies and liens, of every kind
      and nature, imposed upon Borrower or its properties, income, or profits,
      prior to the date on which penalties would attach, and all lawful claims
      that, if unpaid, might become a lien or charge upon any of Borrower's
      properties, income, or profits.

      PERFORMANCE. Perform and comply, in a timely manner, with all terms,
      conditions, and provisions set forth in this Agreement, in the Related
      Documents, and in all other instruments and agreements between Borrower
      and Lender. Borrower shall notify Lender immediately in writing of any
      default in connection with any agreement.

      OPERATIONS. Maintain executive and management personnel with substantially
      the same qualifications and experience as the present executive and
      management personnel; provide written notice to Lender of any change in
      executive and management personnel; conduct its business affairs in a
      reasonable and prudent manner.

      COMPLIANCE WITH GOVERNMENTAL REQUIREMENTS. Comply with all laws,
      ordinances, and regulations, now or hereafter in effect, of all
      governmental authorities applicable to the conduct of Borrower's
      properties, businesses and operations, and to the use or occupancy of the
      Collateral, including without limitation, the Americans With Disabilities
      Act. Borrower may contest in good faith any such law. ordinance, or
      regulation and withhold compliance during any proceeding, including
      appropriate appeals, so long as Borrower has notified Lender in writing
      prior to doing so and so long as, in Lender's sole opinion, Lender's
      interests in the Collateral are not jeopardized. Lender may require
      Borrower to post adequate security or a surety bond, reasonably
      satisfactory to Lender, to protect Lender's interest.

      INSPECTION. Permit employees or agents of Lender at any reasonable time to
      inspect any and all Collateral for the Loan or Loans and Borrower's other
      properties and to examine or audit Borrower's books, accounts, and records
      and to make copies and memoranda of Borrower's books, accounts, and
      records. If Borrower now or at any time hereafter maintains any records
      (including without limitation computer generated records and computer
      software programs for the generation of such records) in the possession of
      a third party. Borrower, upon request of Lender, shall notify such party
      to permit Lender free access to such records at all reasonable times and
      to provide Lender with copies of any records it may request, all at
      Borrower's expense.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender's interest in the Collateral or if Borrower fails to
comply with any provision of this Agreement or any Related Documents, including
but not limited to Borrower's failure to discharge or pay when due any amounts
Borrower is required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrower's behalf may (but shall not be obligated to) take
any action that Lender deems appropriate on any Collateral and paying all costs
for insuring, maintaining and preserving any Collateral. All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate
charged under the Note from the date incurred or paid by Lender to the date of
repayment by Borrower. All such expenses will become a part of the indebtedness
and, at Lender's option, will (A) be payable on demand; (B) be added to the
balance of the Note and be apportioned among and be payable with any installment
payments to become due during either (1) the term of any applicable insurance
policy; or (2) the remaining term of the Note; or (C) be treated as a balloon
payment which will be due and payable at the Note's maturity.

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this
Agreement is in effect, Borrower shall not, without the prior written consent of
Lender:

      INDEBTEDNESS AND LIENS. (1) Except for trade debt incurred in the normal
      course of business and indebtedness to Lender contemplated by this
      Agreement, create, incur or assume indebtedness for borrowed money,
      including capital leases, (2) sell, transfer, mortgage, assign, pledge,
      lease, grant a security interest in, or encumber any of Borrower's assets
      (except as allowed as Permitted Liens), or (3) sell with recourse any of
      Borrower's accounts, except to Lender.

      CONTINUITY OF OPERATIONS. (1) Engage in any business activities
      substantially different than those in which Borrower is presently engaged,
      (2) cease operations, liquidate, merge, transfer, acquire or consolidate
      with any other entity, change its name, dissolve or transfer or sell
      Collateral out of the ordinary course of business, or (3) pay any
      dividends on Borrower's stock (other than dividends payable in its stock),
      provided, however that notwithstanding the foregoing, but only so long as
      no Event of Default has occurred and is continuing or would result from
      the payment of dividends, if Borrower is a "Subchapter S Corporation" (as
      defined in the Internal Revenue Code of 1986, as amended), Borrower may
      pay cash dividends on its stock to its shareholders from time to time in
      amounts necessary to enable the shareholders to pay income taxes and make
      estimated income tax payments to satisfy their liabilities under federal
      and state law which arise solely from their status as Shareholders of a
      Subchapter S Corporation because of their ownership of shares of
      Borrower's stock, or purchase or retire any of Borrower's outstanding
      shares or alter or amend Borrower's capital structure.

      LOANS ACQUISITIONS AND GUARANTIES. (1) Loan, invest in or advance money
      or assets to any other person, enterprise or entity, (2) purchase, create
      or acquire any interest in any other enterprise or entity, or (3) incur
      any obligation as surety or guarantor other than in the ordinary course of
      Business.

      AGREEMENTS. Borrower will not enter into any agreement containing any
      provisions which would be violated or breached by the performance of
      Borrower's obligations under this Agreement or in connection herewith.

CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to
Borrower, whether under this Agreement or under any other agreement, Lender
shall have no obligation to make Loan advances or to disburse Loan proceeds if:
(A) Borrower or any guarantor is in default under the terms of this Agreement or
any other agreement that Borrower or any guarantor has with Lender; (B) Borrower
or any guarantor dies, becomes incompetent or becomes insolvent, files a
petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C)
there occurs a material adverse change in Borrower's financial condition, in the
financial condition of any guarantor, or in the value of any collateral securing
any Loan; or (D) any guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such guarantor's guaranty of the Loan or any other loan with
Lender; or (E) Lender in good faith deems itself insecure, even though no Event
of Default shall have occurred.

RIGHT OF SETOFF. To the extant permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This Includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts.

DEFAULT. Each of the following shall constitute an Event of Default under this
Agreement:

      PAYMENT DEFAULT. Borrower fails to make any payment when due under the
      Loan.

      OTHER DEFAULT. Borrower fails to comply with any other term, obligation,
      covenant or condition contained in this Agreement or in any of the Related
      Documents.

      FALSE STATEMENTS. Any representation or statement made by Borrower to
      Lender is false in any material respect.

<PAGE>

                                                                          PAGE 3

                            BUSINESS LOAN AGREEMENT
                                   (CONTINUED)

LOAN NO: 1914

      INSOLVENCY. The dissolution or termination of Borrower's existence as a
      going business, the insolvency of Borrower, the appointment of a receiver
      for any part of Borrower's property, any assignment for the benefit of
      creditors, any type of creditor workout, or the commencement of any
      proceeding under any bankruptcy or insolvency laws by or against Borrower.

      CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
      forfeiture proceedings, whether by judicial proceeding, self-help,
      repossession or any other method, by any creditor of Borrower or by any
      governmental agency against any collateral securing the Loan.

      EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with
      respect to any Guarantor of any of the Indebtedness or any Guarantor dies
      or becomes incompetent, or revokes or disputes the validity of, or
      liability under, any Guaranty of the Indebtedness. In the event of a
      death, Lender, at its option, may, but shall not be required to, permit
      the Guarantor's estate to assume unconditionally the obligations arising
      under the guaranty in a manner satisfactory to Lender, and, in doing so,
      cure any Event of Default.

      CHANGE IN OWNERSHIP. Any change in ownership of twenty-five percent (25%)
      or more of the common stock of Borrower.

      INSECURITY. Lender in good faith believes itself insecure.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where
otherwise provided in this Agreement or the Related Documents, all commitments
and obligations of Lender under this Agreement immediately will terminate
(including any obligation to make further Loan Advances or disbursements), and,
at Lender's option, all Indebtedness immediately will become due and payable,
all without notice of any kind to Borrower, except that in the case of an Event
of Default of the type described in the "Insolvency" subsection above, such
acceleration shall be automatic and not optional. In addition, Lender shall have
all the rights and remedies provided in the Related Documents or available at
law, in equity, or otherwise. Except as may be prohibited by applicable law, all
of Lender's rights and remedies shall be cumulative and may be exercised
singularly or concurrently. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or to
take action to perform an obligation of Borrower or of any Grantor shall not
affect Lender's right to declare a default and to exercise its rights and
remedies.

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Agreement. Unless specifically slated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of
the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code. Accounting
words and terms not otherwise defined in this Agreement shall have the meanings
assigned to them in accordance with generally accepted accounting principles as
in effect on the date of this Agreement:

      ADVANCE. The word "Advance" means a disbursement of Loan funds made, or to
      be made, to Borrower or on Borrower's behalf on a line of credit or
      multiple advance basis under the terms and conditions of this Agreement.

      AGREEMENT. The word "Agreement" means this Business Loan Agreement, as
      this Business Loan Agreement may be amended or modified from time to time,
      together with all exhibits and schedules attached to this Business Loan
      Agreement from time to time.

      BORROWER. The word "Borrower" means First State Financial Corporation and
      includes all co-signers and co-makers signing the Note.

      COLLATERAL. The word "Collateral" means all property and assets granted as
      collateral security for a Loan, whether real or personal property, whether
      granted directly or indirectly, whether granted now or in the future, and
      whether granted in the form of a security interest, mortgage, collateral
      mortgage, deed of trust, assignment, pledge, crop pledge, chattel
      mortgage, collateral chattel mortgage, chattel trust, factor's lien,
      equipment trust, conditional sale, trust receipt, lien, charge, lien or
      title retention contract, lease or consignment intended as a security
      device, or any other security or lien interest whatsoever, whether created
      by law, contract, or otherwise.

      EVENT OF DEFAULT. The words "Event of Default" mean any of the events of
      default set forth in this Agreement in the default section of this
      Agreement.

      GAAP. The word "GAAP" means generally accepted accounting principles.

      GRANTOR. The word "Grantor" means each and all of the persons or entities
      granting a Security Interest in any Collateral for the Loan, including
      without limitation all Borrowers granting such a Security Interest.

      GUARANTOR. The word "Guarantor" means any guarantor, surety, or
      accommodation party of any or all of the Loan.

      GUARANTY. The word "Guaranty" means the guaranty from Guarantor to
      Lender, including without limitation a guaranty of all or part of the
      Note.

      INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced by
      the Note or Related Documents, including all principal and interest
      together with all other indebtedness and costs and expenses for which
      Borrower is responsible under this Agreement or under any of the Related
      Documents.

      LENDER. The word "Lender" means Independent Bankers' Bank of Florida, its
      successors and assigns.

      LOAN. The word "Loan" means any and all loans and financial accommodations
      from Lender to Borrower whether now or hereafter existing, and however
      evidenced, including without limitation those loans and financial
      accommodations described herein or described on any exhibit or schedule
      attached to this Agreement from time to time.

      NOTE. The word "Note" means the Now executed by First State Financial
      Corporation in the principal amount of $4,000,000.00 dated April 30, 2004,
      together with all renewals of, extensions of, modifications of,
      refinancings of, consolidations of, and substitutions for the notes or
      credit agreement.

      PERMITTED LIENS. The words "Permitted Liens" mean (1) liens and security
      interests securing indebtedness owed by Borrower to Lender; (2) liens for
      taxes, assessments, or similar charges either not yet due or being
      contested in good faith; (3) liens of materialman, mechanics,
      warehousemen, or carriers, or other like liens arising in the ordinary
      course of business and securing obligations which are not yet delinquent:
      (4) purchase money liens or purchase money security interests upon or in
      any property acquired or held by Borrower in the ordinary course of
      business so secure indebtedness outstanding on the date of this Agreement
      or permitted to be incurred under the paragraph of this Agreement titled
      "Indebtedness and Liens"; (5) liens and security interests which, as of
      the date of this Agreement, have been disclosed to and approved by the
      Lender in writing; and (6) those liens and security interests which in the
      aggregate constitute an immaterial and insignificant monetary amount with
      respect to the net value of Borrower's assets.

      RELATED DOCUMENTS. The words "Related Documents" mean all promissory
      notes, credit agreements, loan agreements, environmental agreements,
      guaranties, security agreements, mortgages, deeds of trust, security
      deeds, collateral mortgages, and all other instruments, agreements and
      documents, whether now or hereafter existing, executed in connection with
      the Loan.

      SECURITY AGREEMENT. The words "Security Agreement" mean and include
      without limitation any agreements, promises, covenants, arrangements,
      understandings or other agreements, whether created by law, contract, or
      otherwise, evidencing, governing, representing, or

<PAGE>

                                                                          PAGE 4

                             BUSINESS LOAN AGREEMENT
                                   (CONTINUED)

LOAN NO: 1914

      creating a Security Interest.

      SECURITY INTEREST. The words "Security Interest" mean, without limitation,
      any and all types of collateral security, present and future, whether in
      the form of a lien, charge, encumbrance, mortgage, deed of trust, security
      deed, assignment, pledge, crop pledge, chattel mortgage, collateral
      chattel mortgage, chattel trust, factor's lion, equipment trust,
      conditional sale, trust receipt, lien or title retention contract
      lease or consignment intended as a security device or any other
      security or lien interest whatsoever whether created by law, contract, or
      otherwise.

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN
AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
DATED APRIL 30, 2004.

BORROWER:

FIRST STATE FINANCIAL CORPORATION

By: /s/ Corey Coughlin
    --------------------------------------------------
    Corey Coughlin, President/CEO of First State
    Financial Corporation

LENDER:

INDEPENDENT BANKERS' BANK OF FLORIDA

By: /s/ [ILLEGIBLE]
    ---------------------------------------------------
    Authorized Signer

                                  [ILLEGIBLE]
<PAGE>

                           COMMERCIAL PLEDGE AGREEMENT

<TABLE>
<CAPTION>
  PRINCIPAL      LOAN DATE     MATURITY   LOAN NO      CALL/COLL    ACCOUNT     OFFICER         INITIALS
  ---------      ---------     --------   -------      ---------    -------     -------         --------
<S>             <C>            <C>        <C>         <C>           <C>         <C>             <C>
$4,000,000.00   04-03-2004                 1914       16 STOCK BAR                 03              PS
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
         applicability of this document to any particular loan or item.
Any item above containing "***" has been omitted due to text length limitations.

<TABLE>
<S>                                                <C>
GRANTOR: FIRST STATE FINANCIAL CORPORATION (TIN:   LENDER: INDEPENDENT BANKERS' BANK OF FLORIDA
         65-0771145)                                       A STATE OF FLORIDA CHARTERED COMMERCIAL BANK
         22 SOUTH LINKS AVENUE                             615 CRESCENT EXECUTIVE COURT
         SARASOTA, FL 34236                                SUITE 400
                                                           LAKE MARY, FL 32746
                                                           (407) 541-1620
</TABLE>

THIS COMMERCIAL PLEDGE AGREEMENT DATED APRIL 30, 2004, IS MADE AND EXECUTED
BETWEEN FIRST STATE FINANCIAL CORPORATION ("GRANTOR") AND INDEPENDENT BANKERS'
BANK OF FLORIDA ("LENDER").

GRANT OF SECURITY INTEREST. FOR VALUABLE CONSIDERATION, GRANTOR GRANTS TO LENDER
A SECURITY INTEREST IN THE COLLATERAL TO SECURE THE INDEBTEDNESS AND AGREES THAT
LENDER SHALL HAVE THE RIGHTS STATED IN THIS AGREEMENT WITH RESPECT TO THE
COLLATERAL, IN ADDITION TO ALL OTHER RIGHTS WHICH LENDER MAY HAVE BY LAW.

COLLATERAL DESCRIPTION. The word "Collateral" as used in this Agreement means
Grantor's present and future rights, title and interest in and to, together with
any and all present and future additions thereto, substitutions therefore, and
replacements thereof, together with any and all present and future certificates
and/or instruments evidencing any Stock and further together with all Income and
Proceeds as described herein:

      40,000 SHARES OF FIRST STATE BANK STOCK WHICH REPRESENTS 100% OF THE
      PREFERRED STOCK OF FIRST STATE BANK,

      1,960 SHARES OF FIRST STATE BANK STOCK WHICH REPRESENTS 100% OF THE COMMON
      STOCK OF FIRST STATE BANK AND ALL ADDITIONS, SUBSTITUTIONS, REPLACEMENTS
      AND PROCEEDS THEREOF

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Grantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Grantor holds
jointly with someone else and all accounts Grantor may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Grantor authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
Indebtedness against any and all such accounts.

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. Grantor
represents and warrants to Lender that:

      OWNERSHIP. Grantor is the lawful owner of the Collateral free and clear of
      all security interests, liens, encumbrances and claims of others except as
      disclosed to and accepted by Lender in writing prior to execution of this
      Agreement.

      RIGHT TO PLEDGE. Grantor has the full right, power and authority to enter
      into this Agreement and to pledge the Collateral.

      AUTHORITY; BINDING EFFECT. Grantor has the full right, power and authority
      to enter into this Agreement and to grant a security interest in the
      Collateral to Lender. This Agreement is binding upon Grantor as well as
      Grantor's successors and assigns, and is legally enforceable in accordance
      with its terms. The foregoing representations and warranties, and all
      other representations and warranties contained in this Agreement are and
      shall be continuing in nature and shall remain in full force and effect
      until such time as this Agreement is terminated or cancelled as provided
      herein.

      NO FURTHER ASSIGNMENT. Grantor has not, and shall not, sell, assign,
      transfer, encumber or otherwise dispose of any of Grantor's rights in the
      Collateral except as provided in this Agreement.

      NO DEFAULTS. There are no defaults existing under the Collateral, and
      there are no offsets or counterclaims to the same. Grantor will strictly
      and promptly perform each of the terms, conditions, covenants and
      agreements, if any, contained in the Collateral which are to be performed
      by Grantor.

      NO VIOLATION. The execution and delivery of this Agreement will not
      violate any law or agreement governing Grantor or to which Grantor is a
      party, and its certificate or articles of incorporation and bylaws do not
      prohibit any term or condition of this Agreement.

      FINANCING STATEMENTS. Grantor authorizes Lender to file a UCC financing
      statement, or alternatively, a copy of this Agreement to perfect Lender's
      security interest. At Lender's request, Grantor additionally agrees to
      sign all other documents that are necessary to perfect, protect, and
      continue Lender's security interest in the Property. Grantor will pay all
      filing fees, title transfer fees, and other fees and costs involved unless
      prohibited by law or unless Lender is required by law to pay such fees and
      costs. Grantor irrevocably appoints Lender to execute documents necessary
      to transfer title if there is a default. Lender may file a copy of this
      Agreement as a financing statement. If Grantor changes Grantor's name or
      address, or the name or address of any person granting a security interest
      under this Agreement changes, Grantor will promptly notify the Lender of
      such change.

LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL. Lender may hold
the Collateral until all Indebtedness has been paid and satisfied. Thereafter
Lender may deliver the Collateral to Grantor or to any other owner of the
Collateral. Lender shall have the following rights in addition to all other
rights Lender may have by law:

      MAINTENANCE AND PROTECTION OF COLLATERAL. Lender may, but shall not be
      obligated to, take such steps as it deems necessary or desirable to
      protect, maintain, insure, store, or care for the Collateral, including
      paying of any liens or claims against the Collateral. This may include
      such things as hiring other people, such as attorneys, appraisers or other
      experts. Lender may charge Grantor for any cost incurred in so doing. When
      applicable law provides more than one method of perfection of Lender's
      security interest, Lender may choose the method(s) to be used. If the
      Collateral consists of stock, bonds or other investment property for which
      no certificate has been issued, Grantor agrees, at Lender's request,
      either to request issuance of an appropriate certificate or to give
      instructions on Lender's forms to the issuer, transfer agent, mutual fund
      company, or broker, as the case may be, to record on its books or records
      Lender's security interest in the Collateral.

      INCOME AND PROCEEDS FROM THE COLLATERAL. Lender may receive all Income and
      Proceeds and add it to the Collateral. Grantor agrees to deliver to Lender
      immediately upon receipt, in the exact form received and without
      commingling with other property, all Income and Proceeds from the
      Collateral which may be received by, paid, or delivered to Grantor or for
      Grantor's account, Whether as an addition to, in discharge of, in
      substitution of, or in exchange for any of the Collateral.

      APPLICATION OF CASH. At Lender's option, Lender may apply any cash,
      whether included in the Collateral or received as Income and Proceeds or
      through liquidation, sale, or retirement, of the Collateral, to the
      satisfaction of the Indebtedness or such portion thereof as

<PAGE>

                           COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1914                       (CONTINUED)                           PAGE 2

      Lender shall choose, whether or not matured.

      TRANSACTIONS WITH OTHERS. Lender may (1) extend time for payment or other
      performance, (2) grant a renewal or change in terms or conditions, or (3)
      compromise, compound or release any obligation, with any one or more
      Obligors, endorsers, or Guarantors of the Indebtedness as Lender deems
      advisable, without obtaining the prior written consent of Grantor, and no
      such act or failure to act shall affect Lender's rights against Grantor or
      the Collateral.

      ALL COLLATERAL SECURES INDEBTEDNESS. All Collateral shall be security for
      the Indebtedness, whether the Collateral is located at one or more offices
      or branches of Lender. This will be the case whether or not the office or
      branch where Grantor obtained Grantor's loan knows about the Collateral or
      relies upon the Collateral as security.

      COLLECTION OF COLLATERAL. Lender at Lender's option may, but need not,
      collect the Income and Proceeds directly from the Obligors. Grantor
      authorizes and directs the Obligors, if Lender decides to collect the
      Income and Proceeds, to pay and deliver to Lender all Income and Proceeds
      from the Collateral and to accept Lender's receipt for the payments.

      POWER OF ATTORNEY. Grantor irrevocably appoints Lender as Grantor's
      attorney-in-fact, with full power of substitution, (a) to demand, collect,
      receive, receipt for, sue and recover all Income and Proceeds and other
      sums of money and other property which may now or hereafter become due,
      owing or payable from the Obligors in accordance with the terms of the
      Collateral; (b) to execute, sign and endorse any and all instruments,
      receipts, checks, drafts and warrants issued in payment for the
      Collateral; (c) to settle or compromise any and all claims arising under
      the Collateral, and in the place and stead of Grantor, execute and deliver
      Grantor's release and acquittance for Grantor; (d) to file any claim or
      claims or to take any action or institute or take part in any proceedings,
      either in Lender's own name or in the name of Grantor, or otherwise, which
      in the discretion of Lender may seem to be necessary or advisable; and (e)
      to execute in Grantor's name and to deliver to the Obligors on Grantor's
      behalf, at the time and in the manner specified by the Collateral, any
      necessary instruments or documents.

      PERFECTION OF SECURITY INTEREST. Upon Lender's request, Grantor will
      deliver to Lender any and all of the documents evidencing or constituting
      the Collateral. When applicable law provides more than one method of
      perfection of Lender's security interest, Lender may choose the method(s)
      to be used. Upon Lender's request, Grantor will sign and deliver any
      writings necessary to perfect Lender's security interest. If any of the
      Collateral consists of securities for which no certificate has been
      issued, Grantor agrees, at Lender's option, either to request issuance of
      an appropriate certificate or to execute appropriate instructions on
      Lender's forms instructing the issuer, transfer agent, mutual fund
      company, or broker, as the case may be, to record on its books or records,
      by book-entry or otherwise, Lender's security interest in the Collateral.
      Grantor hereby appoints Lender as Grantor's irrevocable attorney-in-fact
      for the purpose of executing any documents necessary to perfect, amend, or
      to continue the security interest granted in this Agreement or to demand
      termination of filings of other secured parties. THIS IS A CONTINUING
      SECURITY AGREEMENT AND WILL CONTINUE IN EFFECT EVEN THOUGH ALL OR ANY PART
      OF THE INDEBTEDNESS IS PAID IN FULL AND EVEN THOUGH FOR A PERIOD OF TIME
      GRANTOR MAY NOT BE INDEBTED TO LENDER.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender's interest in the Collateral or if Grantor fails to
comply with any provision of this Agreement or any Related Documents, including
but not limited to Grantor's failure to discharge or pay when due any amounts
Grantor is required to discharge or pay under this Agreement or any Related
Documents, Lender on Grantor's behalf may (but shall not be obligated to) take
any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and
other claims, at any time levied or placed on the Collateral and paying all
costs for insuring, maintaining and preserving the Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear
interest at the rate charged under the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B)
be added to the balance of the Note and be apportioned among and be payable with
any installment payments to become due during either (1) the term of any
applicable insurance policy; or (2) the remaining term of the Note; or (C) be
treated as a balloon payment which will be due and payable at the Note's
maturity. The Agreement also will secure payment of these amounts. Such right
shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.

LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care
in the physical preservation and custody of the Collateral in Lender's
possession, but shall have no other obligation to protect the Collateral or its
value. In particular, but without limitation, Lender shall have no
responsibility for (A) any depreciation in value of the Collateral or for the
collection or protection of any Income and Proceeds from the Collateral, (B)
preservation of rights against parties to the Collateral of against third
persons, (C) ascertaining any maturities, calls, conversions, exchanges, offers,
tenders, or similar matters relating to any of the Collateral, or (D) informing
Grantor about any of the above, whether or not Lender has or is deemed to have
knowledge of such matters. Except as provided above, Lender shall have no
liability for depreciation or deterioration of the Collateral.

DEFAULT. Default will occur if payment in full is not made immediately when due.

RIGHTS AND REMEDIES ON DEFAULT. If Default occurs under this Agreement, at any
time thereafter, Lender may exercise any one or more of the following rights and
remedies;

      ACCELERATE INDEBTEDNESS. Declare all Indebtedness, including any
      prepayment penalty which Grantor would be required to pay, immediately due
      and payable, without notice of any kind to Grantor.

      COLLECT THE COLLATERAL. Collect any of the Collateral and, at Lender's
      option and to the extent permitted by applicable law, retain possession of
      the Collateral while suing on the Indebtedness.

      SELL THE COLLATERAL. Sell the Collateral, at Lender's discretion, as a
      unit or in parcels, at one or more public or private sales. Unless the
      Collateral is perishable or threatens to decline speedily in value or is
      of a type customarily sold on a recognized market, Lender shall give or
      mail to Grantor, and other persons as required by law, notice at least ten
      (10) days in advance of the time and place of any public sale, or of the
      time after which any private sale may be made. However, no notice need be
      provided to any person who, after Default occurs, enters into and
      authenticates an agreement waiving that person's right to notification of
      sale. Grantor agrees that any requirement of reasonable notice as to
      Grantor is satisfied if Lender mails notice by ordinary mail addressed to
      Grantor at the last address Grantor has given Lender in writing. If a
      public sale is held, there shall be sufficient compliance with all
      requirements of notice to the public by a single publication in any
      newspaper of general circulation in the county where the Collateral is
      located, setting forth the time and place of sale and a brief description
      of the property to be sold. Lender may be a purchaser at any public sale.

      SELL SECURITIES. Sell any securities included in the Collateral in a
      manner consistent with applicable federal and state securities laws. If,
      because of restrictions under such laws, Lender is unable, or believes
      Lender is unable, to sell the securities in an open market transaction,
      Grantor agrees that Lender will have no obligation to delay sale until the
      securities can be registered. Then Lender may make a private sale

<PAGE>

                           COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1914                      (CONTINUED)                            PAGE 3

      to one or more persons or to a restricted group of persons, even though
      such sale may result in a price that is less favorable than might be
      obtained in an open market transaction. Such a sale will be considered
      commercially reasonable. If any securities held as Collateral are
      "restricted securities" as defined in the Rules of the Securities and
      Exchange Commission (such as Regulation D or Rule 144) or the rules of
      state securities departments under state "Blue Sky" laws, or if Grantor or
      any other owner of the Collateral is an affiliate of the issuer of the
      securities. Grantor agrees that neither Grantor, nor any member of
      Grantor's family, nor any other person signing this Agreement will sell or
      dispose of any securities of such issuer without obtaining Lender's prior
      written consent.

      RIGHTS AND REMEDIES WITH RESPECT TO INVESTMENT PROPERTY, FINANCIAL ASSETS
      AND RELATED COLLATERAL. In addition to other rights and remedies granted
      under this Agreement and under applicable law, Lender may exercise any or
      all of the following rights and remedies: (1) register with any issuer or
      broker or other securities intermediary any of the Collateral consisting
      of investment property or financial assets (collectively herein,
      "investment property") in Lender's sole name or in the name of Lender's
      broker, agent or nominee; (2) cause any issuer, broker or other securities
      intermediary to deliver to Lender any of the Collateral consisting of
      securities, or investment property capable of being delivered; (3) enter
      into a control agreement or power of attorney with any issuer or
      securities intermediary with respect to any Collateral consisting of
      investment property, on such terms as Lender may deem appropriate, in its
      sole discretion, including without limitation, an agreement granting to
      Lender any of the rights provided hereunder without further notice to or
      consent by Grantor; (4) execute any such control agreement on Grantor's
      behalf and in Grantor's name, and hereby irrevocably appoints Lender as
      agent and attorney-in-fact, coupled with an interest, for the purpose of
      executing such control agreement on Grantor's behalf; (5) exercise any and
      all rights of Lender under any such control agreement or power of
      attorney; (6) exercise any voting, conversion, registration, purchase,
      option, or other rights with respect to any Collateral; (7) collect, with
      or without legal action, and issue receipts concerning any notes, checks,
      drafts, remittances or distributions that are paid or payable with respect
      to any Collateral consisting of investment property. Any control agreement
      entered with respect to any investment property shall contain the
      following provisions, at Lender's discretion. Lender shall be authorized
      to instruct the issuer, broker or other securities intermediary to take or
      to refrain from taking such actions with respect to the investment
      property as Lender may instruct, without further notice to or consent by
      Grantor. Such actions may include without limitation the issuance of
      entitlement orders, account instructions, general trading or buy or sell
      orders, transfer and redemption orders, and stop loss orders. Lender shall
      be further entitled to instruct the issuer, broker or securities
      intermediary to sell or to liquidate any investment property, or to pay
      the cash surrender or account termination value with respect to any and
      all investment property, and to deliver all such payments and liquidation
      proceeds to Lender. Any such control agreement shall contain such
      authorizations as are necessary to place Lender in "control" of such
      investment collateral, as contemplated under the provisions of the Uniform
      Commercial Code and shall fully authorize Lender to issue "entitlement
      orders" concerning the transfer, redemption, liquidation or disposition of
      investment collateral, in conformance with the provisions of the Uniform
      Commercial Code.

      FORECLOSURE. Maintain a judicial suit for foreclosure and sale of the
      Collateral.

      TRANSFER TITLE. Effect transfer of title upon sale of all or part of the
      Collateral. For this purpose, Grantor irrevocably appoints Lender as
      Grantor's attorney-in-fact to execute endorsements, assignments and
      instruments in the name of Grantor and each of them (if more than one) as
      shall be necessary or reasonable.

      OTHER RIGHTS AND REMEDIES. Have and exercise any or all of the rights and
      remedies of a secured creditor under the provisions of the Uniform
      Commercial Code, at law, in equity, or otherwise.

      APPLICATION OF PROCEEDS. Apply any cash which is part of the Collateral,
      or which is received from the collection or sale of the Collateral, to
      reimbursement of any expenses, including any costs for registration of
      securities, commissions incurred in connection with a sale, reasonable
      attorneys' fees end court costs, whether or not there is a lawsuit and
      including any fees on appeal, incurred by Lender in connection with the
      collection and sale of such Collateral and to the payment of the
      indebtedness of Grantor to Lender, with any excess funds to be paid to
      Grantor as the interests of Grantor may appear. Grantor agrees, to the
      extent permitted by law, to pay any deficiency after application of the
      proceeds of the Collateral to the Indebtedness.

      ELECTION OF REMEDIES. Except as may be prohibited by applicable law, all
      of Lender's rights and remedies, whether evidenced by this Agreement, the
      Related Documents, or by any other writing, shall be cumulative and may be
      exercised singularly or concurrently. Election by Lender to pursue any
      remedy shall not exclude pursuit of any other remedy, and an election to
      make expenditures or to take action to perform an obligation of Grantor
      under this Agreement, after Grantor's failure to perform, shall not affect
      Lender's right to declare a default and exercise its remedies.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Agreement:

      AMENDMENTS. This Agreement, together with any Related Documents,
      constitutes the entire understanding and agreement of the parties as to
      the matters set forth in this Agreement. No alteration of or amendment to
      this Agreement shall be effective unless given in writing and signed by
      the party or parties sought to be charged or bound by the alteration or
      amendment.

      ATTORNEYS' FEES; EXPENSES, Grantor agrees to pay upon demand all of
      Lender's costs and expenses, including Lender's reasonable attorneys' fees
      and Lender's legal expenses, incurred in connection with the enforcement
      of this Agreement. Lender may hire or pay someone else to help enforce
      this Agreement, and Grantor shall pay the costs and expenses of such
      enforcement. Costs and expenses include Lender's reasonable attorneys'
      fees and legal expenses whether or not there is a lawsuit, including
      reasonable attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction),
      appeals, and any anticipated post-judgment collection services. Grantor
      also shall pay all court costs and such additional fees as may be directed
      by the court.

      CAPTION HEADINGS. Caption headings in this Agreement are for convenience
      purposes only and are not to be used to interpret or define the provisions
      of this Agreement.

      GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY, CONSTRUED AND ENFORCED
      IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF FLORIDA. THIS
      AGREEMENT HAS BEEN ACCEPTED BY LENDER IN THE STATE OF FLORIDA.

      CHOICE OF VENUE. If there is a lawsuit, Grantor agrees upon Lender's
      request to submit to the jurisdiction of the courts of Seminole County,
      State of Florida.

      NO WAIVER BY LENDER. Lander shall not be deemed to have waived any rights
      under this Agreement unless such waiver is given in writing and signed by
      Lender. No delay or omission on the part of Lender in exercising any right
      shall operate as a waiver of such right or any other right. A waiver by
      Lender of a provision of this Agreement shall not prejudice or constitute
      a waiver of Lender's right otherwise to demand strict compliance with that
      provision or any other provision of this Agreement. No prior waiver by
      Lender, nor any course of dealing between Lender and Grantor, shall
      constitute a waiver of any of Lender's rights or of any of Grantor's
      obligations as to any future

<PAGE>

                           COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1914                       (CONTINUED)                           PAGE 4

      transactions. Whenever the consent of Lender is required under this
      Agreement, the granting of such consent by Lender in any instance shall
      not constitute continuing consent to subsequent instances where such
      consent is required and in all cases such consent may be granted or
      withheld in the sole discretion of Lender.

      NOTICES. Any notice required to be given under this Agreement shall be
      given in writing, and shall be effective when actually delivered, when
      actually received by telefacsimile (unless otherwise required by law),
      when deposited with a nationally recognised overnight courier, or, if
      mailed, when deposited in the United States mail, as first class,
      certified or registered mail postage prepaid, directed to the addresses
      shown near the beginning of this Agreement. Any party may change its
      address for notices under this Agreement by giving written notice to the
      other parties, specifying that the purpose of the notice is to change the
      party's address. For notice purposes, Grantor agrees to keep lender
      informed at ail times of Grantor's current address. Unless otherwise
      provided or required by law, if there is more than one Grantor, any notice
      given by Lender to any Grantor is deemed to be notice given to all
      Grantors.

      SEVERABILITY. If a court of competent jurisdiction finds any provision of
      this Agreement to be illegal, invalid, or unenforceable as to any
      circumstance, that finding shall not make the offending provision illegal,
      invalid, or unenforceable as to any other circumstance. If feasible, the
      offending provision shall be considered modified so that it becomes legal,
      valid and enforceable. If the offending provision cannot be so modified,
      it shall be considered deleted from this Agreement. Unless otherwise
      required by law, the illegality, invalidity, or unenforceability of any
      provision of this Agreement shall not affect the legality, validity or
      enforceability of any other provision of this Agreement.

      SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this
      Agreement on transfer of Grantor's interest, this Agreement shall be
      binding upon and inure to the benefit of the parties, their successors and
      assigns. If ownership of the Collateral becomes vested in a person other
      than Grantor, Lender, without notice to Grantor, may deal with Grantor's
      successors with reference to this Agreement and the Indebtedness by way of
      forbearance or extension without releasing Grantor from the obligations of
      this Agreement or liability under the Indebtedness.

      TIME IS OF THE ESSENCE. Time is of the essence in the performance of this
      Agreement.

      WAIVE JURY, ALL PARTIES TO THIS AGREEMENT HEREBY WAIVE THE RIGHT TO ANY
      JURY TRIAL IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY ANY PARTY
      AGAINST ANY OTHER PARTY.

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of
the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code:

      AGREEMENT. The word "Agreement" means this Commercial Pledge Agreement, as
      this Commercial Pledge Agreement may be amended or modified from time to
      time, together with all exhibits and schedules attached to this Commercial
      Pledge Agreement from time to time.

      BORROWER. The word "Borrower" means First State Financial Corporation and
      includes all co-signers and co-makers signing the Note.

      COLLATERAL. The word "Collateral" means all of Grantor's right, title and
      interest in and to all the Collateral as described in the Collateral
      Description section of this Agreement.

      DEFAULT. The word "Default" means the Default set forth in this Agreement
      in the section titled "Default".

      GRANTOR. The word "Grantor" means First State Financial Corporation.

      INCOME AND PROCEEDS. The words "Income and Proceeds" mean all present and
      future income, proceeds, earnings, increases, and substitutions from or
      for the Collateral of every kind and nature, including without limitation
      all payments, interest, profits, distributions, benefits, rights, options,
      warrants, dividends, stock dividends, stock splits, stock rights,
      regulatory dividends, subscriptions, monies, claims for money due and to
      become due, proceeds of any insurance on the Collateral, shares of stock
      of different par value or no par value issued in substitution or exchange
      for shares included in the Collateral, and all other property Grantor is
      entitled to receive on account of such Collateral, including accounts,
      documents, instruments, Chattel paper, and general intangibles.

      INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced by
      the Note or Related Documents, including all principal and interest
      together with all other indebtedness and costs and expenses for which
      Grantor is responsible under this Agreement or under any of the Related
      Documents.

      LENDER. The word "Lender" means Independent Bankers' Bank of Florida, its
      successors and assigns.

      NOTE. The word "Note" means the Note executed by First State Financial
      Corporation in the principal amount of $4,000,000.00 dated April 30, 2004,
      together with all renewals of, extensions of, modifications of,
      refinancings of, consolidations of, and substitutions for the note or
      credit agreement.

      OBLIGOR. The word "Obligor" means without limitation any and all persons
      obligated to pay money or to perform some other act under the Collateral.

      PROPERTY. The word "Property" means all of Grantor's right, title and
      interest in and to all the Property as described in the "Collateral
      Description" section of this Agreement.

      RELATED DOCUMENTS. The words "Related Documents" mean all promissory
      notes, credit agreements, loan agreements, environmental agreements,
      guaranties, security agreements, mortgages, deeds of trust, security
      deeds, collateral mortgages, and all other instruments, agreements and
      documents, whether now or hereafter existing, executed in connection with
      the Indebtedness.

GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL PLEDGE
AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED APRIL 30, 2004.

<PAGE>

                           COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1914                      (CONTINUED)                            PAGE 5

GRANTOR:

FIRST STATE FINANCIAL CORPORATION

BY: /s/ Corey Coughlin
    ---------------------------
    COREY COUGHLIN, PRESIDENT/CEO OF FIRST STATE
    FINANCIAL CORPORATION

                                  [ILLEGIBLE]

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