Document:

Exhibit 10.17

                  ENFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION
                      ONE YEAR CHANGE IN CONTROL AGREEMENT

      This One Year  Change In Control  Agreement  is made and  entered  into on
December 8, 2008 (the  "Effective  Date") by and between Enfield Federal Savings
and  Loan  Association  (the  "Association")  a  federally  chartered  financial
institution,  with  its  principal  offices  at  855  Enfield  Street,  Enfield,
Connecticut 06082, Michael J. Marcucci ("Executive") and New England Bancshares,
Inc. (the  "Company"),  a Maryland  corporation  and the holding  company of the
Association, as guarantor (the "Agreement"). Any reference to the "Bank" as used
herein shall mean Valley Bank, an affiliate of the Association.

      WHEREAS,  the  Association  recognizes  the importance of Executive to the
Association's operations and wishes to protect his position with the Association
in the event of a Change in Control of the  Association  or the  Company for the
period provided for in this Agreement; and

      WHEREAS, Executive and the Board of Directors of the Association desire to
enter into this Agreement setting forth the terms and conditions of payments due
to  Executive  in the event of a Change in Control  and the  related  rights and
obligations of each of the parties.

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

1.    Term of Agreement.

      (a)   The term of this Agreement shall be (i) the initial term, consisting
of  the  period  commencing  on the  Effective  Date  and  ending  on the  first
anniversary  of the  Effective  Date,  plus (ii) any and all  extensions  of the
initial term made pursuant to this Section 1.

      (b)   Commencing  on the  first  anniversary  of the  Effective  Date  and
continuing  each  anniversary  date  thereafter,  the Board of  Directors of the
Association (the "Board of Directors") may extend the term of this Agreement for
an additional  one (1) year period beyond the then  effective  expiration  date,
provided that  Executive  shall not have given at least sixty (60) days' written
notice of his desire that the term not be extended.

      (c)   Notwithstanding  anything  in this  Section  to the  contrary,  this
Agreement shall terminate if Executive or the Association terminates Executive's
employment prior to a Change in Control.

2.    Change in Control.

      (a)   Upon the occurrence of a Change in Control of the Association or the
Company  followed  at  any  time  during  the  term  of  this  Agreement  by the
termination  of  Executive's  employment  in  accordance  with the terms of this
Agreement,  other  than for Just  Cause,  as  defined  in  Section  2(c) of this
Agreement,  the provisions of Section 3 of this Agreement shall apply.  Upon the
occurrence of a Change in Control, Executive shall have the right to elect to

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voluntarily  terminate  his  employment  at any  time  during  the  term of this
Agreement following an event constituting "Good Reason."

      "Good Reason" means,  unless  Executive has consented in writing  thereto,
the occurrence following a Change in Control, of any of the following:

            (i)   the   assignment   to  Executive  of  any  duties   materially
                  inconsistent with Executive's position, including any material
                  change in status, title, authority, duties or responsibilities
                  or any other action that results in a material  diminution  in
                  such status,  title,  authority,  duties or  responsibilities,
                  excluding  for this  purpose an  isolated,  insubstantial  and
                  inadvertent action not taken in bad faith and that is remedied
                  by the Association or Executive's employer reasonably promptly
                  after receipt of notice thereof given by the Executive;

            (ii)  a  material   reduction  by  the  Association  or  Executive's
                  employer of the Executive's base salary in effect  immediately
                  prior to the Change in Control;

            (iii) the  relocation of the  Executive's  office to a location more
                  than  twenty-five  (25) miles from its location as of the date
                  of this Agreement;

            (iv)  the  taking  of any  action by the  Association  or any of its
                  affiliates  or  successors  that  would  materially  adversely
                  affect  the  Executive's  overall  compensation  and  benefits
                  package,  unless such changes to the compensation and benefits
                  package  are  made  on  a  non-discriminatory   basis  to  all
                  employees; or

            (v)   the  failure  of  the  Association  or  the  affiliate  of the
                  Association by which  Executive is employed,  or any affiliate
                  that directly or indirectly  owns or controls any affiliate by
                  which  Executive  is  employed,  to obtain the  assumption  in
                  writing  of  the  Association's  obligation  to  perform  this
                  Agreement by any successor to all or substantially  all of the
                  assets of the Association or such affiliate within thirty (30)
                  days after a reorganization,  merger,  consolidation,  sale or
                  other  disposition  of  assets  of  the  Association  or  such
                  affiliate.

      Upon the occurrence of any event  described in clauses (i),  (ii),  (iii),
(iv),  and (v) above,  Executive  shall have the right to elect to terminate his
employment  under this Agreement by  resignation  upon not less than thirty (30)
days prior  written  notice  given  within a  reasonable  period of time (not to
exceed, except in case of a continuing breach, ninety (90) days) after the event
giving rise to said right to elect,  which termination by Executive shall be for
"Good  Reason." The  Association  shall have at least thirty (30) days to remedy
any condition set forth in clauses (i) through (v), provided,  however, that the
Association shall be entitled to waive such period and make an immediate payment
in accordance with Section 3.

                                      2

<PAGE>

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

            (i)   Merger:   The  Company  or  the  Association  merges  into  or
                  consolidates  with  another  corporation,  or  merges  another
                  corporation  into the  Company  or the  Association,  and as a
                  result less than a majority of the  combined  voting  power of
                  the  resulting  corporation  immediately  after the  merger or
                  consolidation is held by persons who were  stockholders of the
                  Company immediately before the merger or consolidation.

            (ii)  Acquisition of Significant Share Ownership:  There is filed or
                  required to be filed a report on Schedule  13D or another form
                  or schedule  (other than Schedule 13G) required under Sections
                  13(d) or 14(d) of the Securities  Exchange Act of 1934, if the
                  schedule discloses that the filing person or persons acting in
                  concert has or have become the beneficial owner of 25% or more
                  of a class of the Company's voting securities, but this clause
                  (ii) shall not apply to beneficial ownership of Company voting
                  shares held in a fiduciary  capacity by an entity of which the
                  Company directly or indirectly  beneficially  owns 50% or more
                  of its outstanding voting securities.

            (iii) Change  in  Board  Composition:   During  any  period  of  one
                  consecutive    years,    individuals    who   constitute   the
                  Association's  or the  Company's  Board  of  Directors  at the
                  beginning  of the one year  period  cease  for any  reason  to
                  constitute  at  least  a  majority  of  the  Company's  or the
                  Association's Board of Directors;  provided, however, that for
                  purposes  of this clause  (iii),  each  director  who is first
                  elected  by the  board (or  first  nominated  by the board for
                  election by the stockholders) by a vote of at least two-thirds
                  (2/3) of the directors who were  directors at the beginning of
                  the one  year  period  shall be  deemed  to have  also  been a
                  director at the beginning of such period; or

            (iv)  Sale of  Assets:  The  Company or the  Association  sells to a
                  third party all or substantially all of its assets.

Notwithstanding the foregoing,  a merger or combination of the Bank with or into
the  Association,  or vice  versa,  or any other  affiliate  of the Company or a
similar  merger or combination  of the  Association  into the Bank or any of its
affiliates,  or  any  other  type  of  corporate  reorganization  involving  the
Association or any other  affiliate of the Company shall not constitute a Change
in Control for purposes of this Agreement.

      (c)  Executive  shall not have the right to receive  termination  benefits
pursuant to Section 3 hereof  upon  termination  for Just Cause.  The term "Just
Cause"  shall mean  termination  because  of  Executive's  personal  dishonesty,
incompetence,  willful  misconduct,  any  breach  of  fiduciary  duty  involving
personal profit, intentional failure to perform stated duties, willful violation
of  any  law,  rule,  regulation  (other  than  traffic  violations  or  similar
offenses), final cease

                                       3

<PAGE>

and desist order,  or any material  breach of any  provision of this  Agreement.
Notwithstanding  the  foregoing,  Executive  shall  not be  deemed  to have been
terminated  for Just Cause  unless and until there shall have been  delivered to
him a copy of a resolution duly adopted by the affirmative vote of a majority of
the entire  membership  of the Board of  Directors  at a meeting of the Board of
Directors called and held for that purpose (after reasonable notice to Executive
and an opportunity for him, together with counsel,  to be heard before the Board
of Directors), finding that in the good faith opinion of the Board of Directors,
Executive  was  guilty of  conduct  justifying  termination  for Just  Cause and
specifying the particulars thereof in detail. Executive shall not have the right
to receive  compensation or other benefits for any period after  termination for
Just Cause. During the period beginning on the date of the Notice of Termination
for Just Cause  pursuant to Section 4 hereof  through  the Date of  Termination,
stock  options  granted to  Executive  under any stock  option plan shall not be
exercisable  nor shall any unvested stock awards granted to Executive  under any
stock  benefit  plan  of the  Association,  the  Company  or any  subsidiary  or
affiliate thereof, vest. At the Date of Termination,  such stock options and any
such  unvested  stock  awards  shall  become  null  and void  and  shall  not be
exercisable  by or  delivered  to  Executive  at any  time  subsequent  to  such
termination for Just Cause.

      (d)   For purposes of this  Agreement,  termination  of employment as used
herein shall mean  "Separation  from  Service" as defined in Section 409A of the
Internal  Revenue  Code of  1986,  as  amended  (the  "Code")  and the  Treasury
Regulations promulgated thereunder,  provided, however, that the Association and
Executive  reasonably  anticipate that the level of bona fide services Executive
would perform after termination  would  permanently  decrease to a level that is
less than 50% of the average level of bona fide services  performed  (whether as
an  employee  or an  independent  contractor)  over  the  immediately  preceding
36-month period.

3.    Termination Benefits.

      (a)   If Executive's employment is voluntarily (in accordance with Section
2(a) of this  Agreement) or  involuntarily  terminated  within one (1) year of a
Change in Control, Executive shall receive:

            (i)   a lump sum cash payment equal to one (1) times the Executive's
                  "base amount," within the meaning of Code Section  280G(b)(3).
                  Such  payment  shall  be made  not  later  than  five (5) days
                  following  Executive's  termination  of employment  under this
                  Section 3.

            (ii)  Continued  life  insurance and  non-taxable  health and dental
                  insurance  coverage which Executive  participated in as of the
                  date of the Change in  Control  (collectively,  the  "Employee
                  Benefit  Plans") for a period of twelve (12) months  following
                  Executive's termination of employment.  Said coverage shall be
                  provided  under the same terms and conditions in effect on the
                  date of Executive's  termination of employment.  To the extent
                  that benefits  required under this Section  3(a)(ii) cannot be
                  provided under the terms of any Association health and welfare
                  plans,  the  Association  shall pay the Executive the value of
                  such benefits in a single cash lump  distribution  within five
                  (5) calendar days  following the  Executive's  termination  of
                  employment; and

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<PAGE>

            (iii) Notwithstanding the foregoing, in the event the Executive is a
                  Specified  Employee (as defined herein),  then,  solely to the
                  extent  required to avoid  penalties  under Code Section 409A,
                  the Executive's  payments shall be delayed until the first day
                  of the seventh month following the Executive's Separation from
                  Service. A "Specified Employee" shall be interpreted to comply
                  with Code Section  409A and shall mean a key  employee  within
                  the  meaning  of  Code  Section  416(i)   (without  regard  to
                  paragraph 5 thereof).

      (b)   Notwithstanding  the  preceding  provisions of this Section 3, in no
event  shall the  aggregate  payments  or  benefits  to be made or  afforded  to
Executive  under said  paragraphs  (the  "Termination  Benefits")  constitute an
"excess  parachute  payment"  under  Section  280G of the Code or any  successor
thereto,  and to avoid such a result,  Termination  Benefits will be reduced, if
necessary, to an amount (the "Non-Triggering Amount"), the value of which is one
dollar  ($1.00) less than an amount equal to three (3) times  Executive's  "base
amount," as determined in accordance  with said Section 280G.  The allocation of
the reduction  required hereby among the Termination  Benefits  provided by this
Section 3 shall be determined by the Executive,  provided  however that if it is
determined  that such  election by the  Executive  shall be in violation of Code
Section 409A, the cash severance  payable  pursuant to Section 3 hereof shall be
reduced by the minimum amount  necessary to result in no portion of payments and
benefits  payable to the Executive under Section 3 being  non-deductible  to the
Association  pursuant  to  Section  280G of the Code and  subject  to excise tax
imposed under Section 4999 of the Code.

4.    Notice of Termination.

      (a)   Any purported  termination by the  Association or by Executive shall
be communicated by Notice of Termination to the other party hereto. For purposes
of this Agreement,  a "Notice of Termination"  shall mean a written notice which
shall indicate the specific termination  provision in this Agreement relied upon
and shall set forth in detail the facts and  circumstances  claimed to provide a
basis  for  termination  of  Executive's   employment  under  the  provision  so
indicated.

      (b)   "Date of Termination" shall mean the date specified in the Notice of
Termination  (which,  in the case of a termination for Just Cause,  shall not be
less than thirty (30) days from the date such Notice of Termination is given).

5.    Source of Payments.

      All payments  provided in this  Agreement  shall be timely paid in cash or
check  from  the  general  funds  of  the  Association.  The  Company,  however,
unconditionally guarantees payment and provision of all amounts and benefits due
hereunder  to  Executive  and,  if  such  amounts  and  benefits  due  from  the
Association are not timely paid or provided by the Association, such amounts and
benefits shall be paid or provided by the Company.

6.    Effect on Prior Agreements and Existing Benefit Plans.

                                       5

<PAGE>

      This  Agreement  contains  the entire  understanding  between  the parties
hereto and supersedes any prior agreement between the Association and Executive,
except that this Agreement  shall not affect or operate to reduce any benefit or
compensation inuring to Executive of a kind elsewhere provided.  No provision of
this  Agreement  shall be  interpreted  to mean that  Executive  is  subject  to
receiving fewer benefits than those  available to him without  reference to this
Agreement.  Nothing in this  Agreement  shall confer upon Executive the right to
continue in the employ of the Association or shall impose on the Association any
obligation to employ or retain Executive in its employ for any period.

7.    No Attachment.

      (a)   Except as required by law, no right to receive  payments  under this
Agreement  shall be  subject to  anticipation,  commutation,  alienation,  sale,
assignment,  encumbrance,  charge,  pledge,  or  hypothecation  or to execution,
attachment,  levy or similar  process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null, void
and of no effect.

      (b)   This  Agreement  shall be binding upon, and inure to the benefit of,
Executive, the Association and their respective successors and assigns.

8.    Modification and Waiver.

      (a)   This  Agreement  may  not  be  modified  or  amended  except  by  an
instrument in writing signed by the parties hereto.

      (b)   No term or condition of this Agreement  shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement,  except by written  instrument of the party charged with such
waiver or estoppel.  No such written waiver shall be deemed a continuing  waiver
unless specifically  stated therein,  and each such waiver shall operate only as
to the specific  term or condition  waived and shall not  constitute a waiver of
such  term  or  condition  for  the  future  or as to any act  other  than  that
specifically waived.

9.    Severability.

      If, for any reason,  any provision of this  Agreement,  or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this  Agreement or any part of such  provision not held so invalid,  and each
such other  provision and part thereof shall to the full extent  consistent with
law continue in full force and effect.

10.   Headings for Reference Only.

      The headings of sections  and  paragraphs  herein are included  solely for
convenience of reference and shall not control the meaning or  interpretation of
any of the provisions of this Agreement.  In addition,  references herein to the
masculine shall apply to both the masculine and the feminine.

                                       6

<PAGE>

11.   Governing Law.

      Except  to  the  extent   preempted   by  federal   law,   the   validity,
interpretation, performance, and enforcement of this Agreement shall be governed
by the  laws of the  State of  Connecticut,  without  regard  to  principles  of
conflicts of law of that State.

12.   Arbitration.

      Any  dispute  or  controversy  arising  under or in  connection  with this
Agreement shall be settled exclusively by arbitration,  conducted before a panel
of three  arbitrators  sitting in a location  selected by Executive within fifty
(50) miles from the location of the Association, in accordance with the rules of
the American Arbitration  Association then in effect. Judgment may be entered on
the arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
until the Date of Termination  during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

13.   Payment of Legal Fees.

      All  reasonable  legal fees paid or incurred by Executive  pursuant to any
dispute or question of  interpretation  relating to this Agreement shall be paid
or reimbursed by the Association,  only if Executive is successful pursuant to a
legal judgment,  arbitration or settlement.  Such  reimbursement  shall occur no
later than two and  one-half (2 1/2) months  after the date on which the dispute
is settled or resolved in Executive's favor.

14.   Indemnification.

      The Company or the  Association  shall provide  Executive  (including  his
heirs,  executors and administrators)  with coverage under a standard directors'
and  officers'  liability  insurance  policy at its expense and shall  indemnify
Executive (and his heirs,  executors and  administrators)  to the fullest extent
permitted under  applicable law against all expenses and liabilities  reasonably
incurred  by him in  connection  with  or  arising  out of any  action,  suit or
proceeding  in which he may be  involved by reason of his having been a director
or officer of the Company or the Association  (whether or not he continues to be
a director or officer at the time of incurring  such  expenses or  liabilities),
such  expenses and  liabilities  to include,  but not be limited to,  judgments,
court costs, attorneys' fees and the cost of reasonable settlements.

                                       7

<PAGE>

15.   Successors to the Association and the Company.

      The  Association  and the Company shall require any successor or assignee,
whether direct or indirect, by purchase, merger,  consolidation or otherwise, to
all or  substantially  all of the business or assets of the  Association  or the
Company,  expressly  and  unconditionally  to assume  and agree to  perform  the
Association's and the Company's  obligations  under this Agreement,  in the same
manner and to the same extent  that the  Association  and the  Company  would be
required to perform if no such succession or assignment had taken place,  except
if the  Association  merges into the Bank, the Bank shall  automatically  assume
this Agreement.

16.   Required Regulatory Provisions.

      In the event any of the  foregoing  provisions  of this  Section 16 are in
conflict with the terms of this Agreement, this Section 16 shall prevail.

      (a)   The Board of Directors may terminate  Executive's  employment at any
time, but any termination by the  Association,  other than  termination for Just
Cause,  shall not prejudice  Executive's right to compensation or other benefits
under this Agreement. Executive shall not have the right to receive compensation
or other benefits for any period after termination for Just Cause.

      (b)   If Executive is suspended from office and/or temporarily  prohibited
from  participating  in the  conduct  of the  Association's  affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12
U.S.C.  ss.1818(e)(3)  or  (g)(1);  the  Association's  obligations  under  this
Agreement  shall  be  suspended  as of the date of  service,  unless  stayed  by
appropriate  proceedings.  If the  charges  in the  notice  are  dismissed,  the
Association  may in its  discretion:  (i)  pay  Executive  all  or  part  of the
compensation  withheld while its contract  obligations were suspended;  and (ii)
reinstate (in whole or in part) any of the obligations which were suspended.

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

      (d)   If the  Association  is in default as defined in Section  3(x)(1) of
the Federal Deposit  Insurance Act, 12 U.S.C.  ss.1813(x)(1)  all obligations of
the Association  under this Agreement shall terminate as of the date of default,
but this  paragraph  shall not  affect  any  vested  rights  of the  contracting
parties.

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<PAGE>

      (e)   All obligations under this Agreement shall be terminated,  except to
the extent  determined  that  continuation  of the contract is necessary for the
continued  operation of the Association:  (i) by the Director of the OTS (or his
or her designee),  at the time the Federal Deposit Insurance  Corporation (FDIC)
enters  into  an  agreement  to  provide  assistance  to or  on  behalf  of  the
Association  under the  authority  contained  in  Section  13(c) of the  Federal
Deposit Insurance Act, 12 U.S.C. ss.1823(c);  or (ii) by the Director of the OTS
(or his or her designee) at the time the Director (or his  designee)  approves a
supervisory  merger  to  resolve  problems  related  to  the  operations  of the
Association  or when the  Association  is determined by the Director to be in an
unsafe or unsound condition. Any rights of the parties that have already vested,
however, shall not be affected by such action.

      (f)   Any  payments  made to  Executive  pursuant  to this  Agreement,  or
otherwise,  are subject to and conditioned  upon their compliance with 12 U.S.C.
ss.1828(k)  and FDIC  regulation  12  C.F.R.  Part  359,  Golden  Parachute  and
Indemnification Payments.

                                       9

<PAGE>

                                   SIGNATURES

      IN WITNESS  WHEREOF,  Enfield Federal Savings and Loan Association and New
England  Bancshares,  Inc.  have caused this  Agreement to be executed and their
seals to be affixed  hereunto by their duly authorized  officers,  and Executive
has signed this Agreement, on the 8th day of December, 2008.

ATTEST:                                 ENFIELD FEDERAL SAVINGS AND
                                        LOAN ASSOCIATION

/s/ Nancy L. Grady                      By:   /s/ David J. O'Connor
--------------------                          ---------------------------------
Nancy L. Grady                                For the Entire Board of Directors
Corporate Secretary

ATTEST:                                 NEW ENGLAND BANCSHARES, INC.
                                        (as guarantor)

/s/ Nancy L. Grady                      By:   /s/ David J. O'Connor
-------------------                           ----------------------------------
Nancy L. Grady                                For the Entire Board of Directors
Corporate Secretary

WITNESS:                                EXECUTIVE

/s/ Nancy L. Grady                      /s/ Michael J. Marcucci
-------------------                     --------------------------
Nancy L. Grady                          Michael J. Marcucci
Corporate Secretary

                                       10Exhibit 10.18

                               FIRST AMENDMENT TO
                      TWO YEAR CHANGE IN CONTROL AGREEMENT

      First Amendment,  dated as of December 22, 2008 (the "Amendment"),  to the
Two Year Change in Control Agreement, dated as of November 21, 2006 (as amended,
the "Agreement"),  by and among Valley Bank (the "Bank") and Anthony M. Mattioli
(the "Executive"). Capitalized terms which are not defined herein shall have the
same meaning as set forth in the Agreement.

                              W I T N E S S E T H:

      WHEREAS,  the parties  desires to amend the  Agreement  to comply with the
final  regulations  issued in April 2007 by the Internal  Revenue  Service under
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"); and

      WHEREAS,  pursuant to Section  8(a) of the  Agreement,  the parties to the
Agreement desire to amend the Agreement;

      NOW,  THEREFORE,  in consideration of the premises,  the mutual agreements
herein set forth and such other consideration the sufficiency of which is hereby
acknowledged, the Bank and the Executive hereby amends the Agreement as follows:

      Section 1. References to Valley Bank. All references to Valley Bank in the
Agreement shall include any successor to the Bank.

      Section 2. Amendment to Section 2(a) of the Agreement. Section 2(a) of the
Agreement  is hereby  amended to add the  following  immediately  after  Section
2(a)(v):

            "provided,  however, that prior to any termination of employment for
            Good Reason,  the Executive must first provide written notice to the
            Bank  (or  its  successor  in  interest)  within  ninety  (90)  days
            following the initial  existence of the  condition,  describing  the
            existence of such condition,  and the Bank shall thereafter have the
            right to remedy the  condition  within  thirty (30) days of the date
            the Bank received the written notice from the Executive. If the Bank
            remedies the condition within such thirty (30) day cure period, then
            no Good  Reason  shall be  deemed  to  exist  with  respect  to such
            condition.  If the Bank does not remedy the  condition  within  such
            thirty (30) day cure period, then the Executive may deliver a Notice
            of  Termination  for Good Reason at any time within  sixty (60) days
            following the expiration of such cure period."

      Section 3. New Section 2(d) of the  Agreement.  Section 2 of the Agreement
is hereby amended to add a new Section 2(d) to read in its entirety as follows:

            "(d) For purposes of this Agreement,  any termination of Executive's
            employment shall be construed to require a "Separation from Service"
            in accordance with Code Section 409A and the regulations promulgated
            thereunder,  such that the Bank and Executive reasonably  anticipate
            that the level of bona fide services Executive

<PAGE>

            would perform after  termination  of  employment  would  permanently
            decrease  to a level that is less than 50% of the  average  level of
            bona  fide  services   performed  (whether  as  an  employee  or  an
            independent  contractor) over the immediately  preceding  thirty-six
            (36)-month period."

      Section  4.  Amendment  to  Section  3(a)(ii)  of the  Agreement.  Section
3(a)(ii) of the Agreement is hereby amended and a new Section 3(a)(iii) is added
to read in its entirety as follows:

            "(ii) Continued  life  insurance and  non-taxable  health and dental
                  insurance  coverage which Executive  participated in as of the
                  date of the Change in  Control  (collectively,  the  "Employee
                  Benefit  Plans")  for a period  ending upon the earlier of (A)
                  one  year  after  the  date  of   termination  of  Executive's
                  employment,  or (B) the date the Executive  receives full time
                  employment by another employer (provided that the Executive is
                  entitled  under  the  terms  of such  employment  to  benefits
                  substantially similar to those Executive received prior to his
                  termination  of employment  in  connection  with the Change in
                  Control  and at a cost no greater  than it would have been had
                  Executive continued as an employee of the Bank). Said coverage
                  shall be  provided  under  the same  terms and  conditions  in
                  effect on the date of  Executive's  termination of employment.
                  To the  extent  that  benefits  required  under  this  Section
                  3(a)(ii) cannot be provided under the terms of any Bank health
                  and welfare plans,  the Bank shall pay the Executive the value
                  of such  benefits  in a single cash lump  distribution  within
                  five (5) calendar days following the  Executive's  termination
                  of employment; and

            (iii) Notwithstanding the foregoing, in the event the Executive is a
                  Specified  Employee (as defined herein),  then,  solely to the
                  extent  required to avoid  penalties  under Code Section 409A,
                  the Executive's  payments shall be delayed until the first day
                  of the seventh month following the Executive's Separation from
                  Service. A "Specified Employee" shall be interpreted to comply
                  with Code Section  409A and shall mean a key  employee  within
                  the  meaning  of  Code  Section  416(i)   (without  regard  to
                  paragraph 5 thereof)."

      Section 5. Amendment to Section 3(b) of the Agreement. Section 3(b) of the
Agreement  is hereby  amended to amend and restate the last  sentence of Section
3(b) to read in its entirety as follows:

            "The   allocation  of  the  reduction   required  hereby  among  the
            Termination  Benefits provided by this Section 3 shall be determined
            by the  Executive,  provided  however that if it is determined  that
            such election by the Executive shall be in violation of Code Section
            409A, the cash severance  payable pursuant to Section 3 hereof shall
            be reduced by the minimum  amount  necessary to result in no portion
            of payments and benefits  payable to the Bank under  Section 3 being
            non-deductible  to the Bank pursuant to Section 280G of the Code and
            subject to excise tax imposed under Section 4999 of the Code."

                                       2

<PAGE>

      Section 6.  Amendment  to Section 13 of the  Agreement.  Section 13 of the
Agreement is hereby amended to add the following
sentence immediately at the end thereof:

      "Such  payment  or  reimbursement  shall be made to  Executive  as soon as
practicable  but not  later  than  March  15 of the  calendar  year  immediately
following the year in which such expenses were incurred by Executive."

      Section 7.  Effectiveness.  This Amendment shall be deemed effective as of
the date first above written,  as if executed on such date.  Except as expressly
set forth herein,  this Amendment  shall not by implication or otherwise  alter,
modify,  amend or in any way affect any of the terms,  conditions,  obligations,
covenants or agreements  contained in the  Agreement,  all of which are ratified
and  affirmed in all  respects  and shall  continue in full force and effect and
shall be otherwise unaffected.

      Section 8. Governing  Law. This  Amendment and the rights and  obligations
hereunder  shall be governed by and construed in accordance with the laws of the
State of Connecticut,  except to the extent  preempted by the laws of the United
States of America.

      Section  9.   Compliance  with  Section  409A.  This  Agreement  shall  be
interpreted and administered consistent with Section 409A of the Code.

      IN WITNESS  WHEREOF,  the Bank has duly executed this  Amendment as of the
day and year first written above.

                                        VALLEY BANK

                                        By:     /s/ David J. O'Connor
                                                ---------------------
                                        Name:   David J. O'Connor
                                        Title:  Director

                                        EXECUTIVE

                                        /s/ Anthony M. Mattiolli
                                        ------------------------
                                        Anthony M. Mattioli

                                       3

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