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                                  EXHIBIT 10.11

                              EMPLOYMENT AGREEMENT

      This Employment Agreement ("Agreement") is entered into as of April 14,
2003 ("Effective Date") between Franklin Bank, N.A. ("Bank") and David L. Shelp
("Shelp").

                                    RECITALS

      Bank wishes to continue employment of Shelp as its President and Chief
Executive Officer and Shelp wishes to accept such continued employment under the
terms and conditions set forth in this Agreement.

      IT IS AGREED as follows:

      EMPLOYMENT. Bank hereby employs Shelp as its President and Chief Executive
Officer. Shelp accepts such employment. Shelp shall continue as a Director on
the Board of Directors of Bank. Shelp shall also serve as President and Chief
Executive Officer, and as a Director on the Board of Directors, of Franklin
Bancorp ("Bancorp"). Shelp shall also continue in his role as interim Chief
Financial Officer of Bank and Bancorp until a replacement is found and hired.

      TERM. The term of employment under this Agreement shall commence on the
Effective Date and shall terminate, unless otherwise terminated earlier under
Section 11, on December 31, 2003. Except as to consulting services provided in
Section 18, employment beyond December 31, 2003 shall only be pursuant to a new
Employment Agreement, as mutually agreed to by the parties, with negotiations
for such new agreement commencing on or before December 1, 2003.

      DUTIES. Shelp shall devote his full-time efforts to the proper and
faithful performance of all duties customarily discharged by a President and
Chief Executive Officer for a financial institution, including without
limitation (a) supervision of day-to-day operations, (b) overseeing, recruiting,
assembling and/or training Bank's management team, (c) formulation and
implementation of operational policies, (d) management of all personnel
functions consistent with Bank's overall policies, (e) initiation and
supervision of inside and outside marketing activities and (f) any additional
duties assigned to him from time to time by the Board of Directors of Bank.
Shelp agrees to use his best efforts and comply with all fiduciary and
professional standards in the performance of his duties hereunder. There may be
occasions that Shelp may choose to work offsite, in his discretion as his work
and responsibilities permit. Said offsite work shall not be considered vacation
days and will not be a breach of this Agreement. Shelp shall have primary
responsibility for hiring a Chief Financial Officer and Senior Vice President
for Retail Operations for the Bank, subject to the approval of its Board of
Directors. Shelp shall make nominations to the Compensation Committee of the
Board of Directors for the Senior Vice President for Retail Operations' position
and to the Audit Committee of the Board of Directors for the Chief Financial
Officer position. The respective Committees and the Board of Directors will act
expeditiously on Shelp's recommendations, and absent any unforeseen
circumstances, shall decide on such candidates within no more than fifteen (15)
days after Shelp's recommendation. Notwithstanding the foregoing, Shelp will not
have responsibility for the hiring of a Chief Credit Officer and a Chief Lending
Officer, as those functions will be handled by Bank's Board of Directors. All
future payouts under existing or new severance agreements will not be the
responsibility of Shelp.

      BASE SALARY. Shelp shall be paid a base salary of Two Hundred Sixty
Thousand Dollars ($260,000.00) per annum, less applicable withholding, in equal
monthly payments or more frequently in accordance with Bank's regular practice.
The foregoing base salary shall be retroactive to January 1, 2003. The
retroactive increment due to Shelp for the period from January 1, 2003 to the
present will be included in the first payroll after execution of this Agreement.

      EXECUTIVE BONUS. Shelp will be eligible for the 2003 Executive Bonus Plan
based on the Bonus Plan that is currently in effect, a copy of which is attached
to this Agreement as Exhibit B.

      LONGEVITY BONUS. If Shelp's employment as President/CEO has not been
terminated before December 1, 2003, then on December 31, 2003, Bank shall pay
Shelp a one-time longevity bonus of $50,000 less applicable withholding.

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      VACATION. Shelp shall be entitled to six (6) weeks of paid vacation time
for 2003.

      STOCK OPTIONS. Concurrent with this Agreement, the Board of Directors
shall approve the issuance to Shelp of 2,000 stock options pursuant to the
Executive Stock Option Plan. Such options shall vest on the date of Shelp's
termination of employment with Bank. With respect to the 2,700 options
previously granted to Shelp at the exercise price of $18.70, 900 each on
December 18, 2003, 2004 and 2005, such options will be immediately vested upon
the signing of this Agreement.

      BENEFITS. During his employment under this Agreement, Shelp may
participate in all Bank sponsored retirement plans, 401(k) plans, life insurance
plans, medical insurance plans, disability insurance plans, employee stock
ownership plans and such other benefit plans generally available from time to
time to other executive employees of Bank or Franklin Bancorp for which he
qualifies under the terms of the plans. Shelp's participation in any benefits
under any benefit plan shall be on the terms and subject to the conditions
specified in such plan. Notwithstanding the foregoing, Shelp shall not
participate in the group long-term disability plan provided by Bank. After
December 31, 2003 (or such later date for the end of Shelp's employment with
Bank if Bank and Shelp agree to an extension of employment beyond December 31,
2003), the following benefits shall be continued for Shelp by Bank for three (3)
years: health, dental, prescription and vision insurance, executive and group
life insurance, and executive long term disability insurance. If Shelp's
participation in any such benefit plan is barred, Bank shall arrange to provide
Shelp with substantially similar benefits or Bank's cost equivalent of such
benefits.

      REIMBURSEMENT OF EXPENSES. Bank will reimburse Shelp for the reasonable
and necessary expenses incurred by him in the performance of his duties under
this Agreement in accordance with Bank's policies in effect from time to time.

      TERMINATION OF EMPLOYMENT. Shelp's employment under this Agreement shall
terminate on the earliest of the following events in subsections (a) through
(e).

      Shelp's employment under this Agreement may be terminated at any time by
the Board of Directors of Bank (and by the Board of Directors of Franklin
Bancorp). Shelp's employment is "at-will."

      Shelp's employment under this Agreement shall terminate on December 31,
2003.

      Shelp's employment under this Agreement shall terminate upon his
retirement, resignation or death. If Shelp resigns, he agrees to give thirty
(30) days prior written notice of his resignation.

      Shelp's employment under this Agreement shall terminate upon thirty (30)
days written notice by Bank to Shelp of a termination due to Disability,
provided such notice is delivered during the period of Disability. The term
"Disability" shall mean, for purposes of this Agreement, the inability of Shelp,
due to injury, illness, disease or bodily or mental infirmity, to engage in the
performance of his material duties of employment with Bank as contemplated by
Section 3 herein for (i) any period of ninety (90) consecutive days or (ii) a
period of one hundred fifty days (150) in any consecutive twelve (12) months,
provided that interim returns to work of less than ten (10) consecutive business
days in duration shall not be deemed to interfere with a determination of
consecutive absent days if the reason for absence before and after the interim
return are the same. Benefits to which Shelp is entitled under any disability
policy or plan provided by Bank shall reduce the base salary paid to Shelp
during any period of Disability on a dollar-for-dollar basis.

      Bank shall have the right to terminate Shelp's employment for the
following:

      Shelp's conviction of a felony;

      intentional failure to perform Shelp's duties as set forth in this
Agreement which failure is not remedied by Shelp after receipt by him of a
written notice from the Board of Directors of Bank or Franklin Bancorp
specifying the required action and the time period within which the action must
be taken, which period shall not be less than three (3) days; or

      the order of any court or supervising governmental agency with
jurisdiction over the affairs of Bank or any subsidiary or affiliate;

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      If Shelp's employment terminates pursuant to Sections 11(b), (c), (d) or
(e) herein, Bank shall be obligated to continue to pay Shelp's salary and, to
the extent earned, accrued and unpaid, executive bonus and furnish the then
existing benefits under Section 9 up to the date of termination only (except as
otherwise set forth in this Agreement).

      If Shelp's employment is terminated by Bank for any reason other than
pursuant to Sections 11(b), (c), (d) or (e) herein, except as otherwise set
forth in this Agreement, Bank shall continue to pay Shelp's salary and the then
existing benefits under Section 9 up to December 31, 2003 and, to the extent
earned, accrued, and unpaid to the date of termination, annual executive bonus
and longevity bonus.

      Notwithstanding anything herein to the contrary, if Shelp is replaced by
Bank as President/CEO prior to December 1, 2003, for any reason other than
pursuant to Sections 11(b), (c), (d) or (e) herein, he shall remain at Bank
providing services if requested by Bank for thirty (30) days after the new
President/CEO has begun his/her employment.

      Shelp shall resign as an officer and director of Bank and Bancorp upon
termination of his employment.

      CONFIDENTIALITY. During Shelp's employment with Bank and at all times
after the termination of such employment, regardless of the reason for such
termination, Shelp shall hold all Confidential Information relating to Bank in
strict confidence and in trust for Bank and shall not disclose or otherwise
communicate, provide or reveal in any manner whatsoever any of the Confidential
Information to anyone other than Bank without the prior written consent of Bank.
"Confidential Information" includes, without limitation, financial information,
related trade secrets (including, without limitation, Bank's business plan,
methods and/or practices) and other proprietary business information of Bank
which may include, without limitation, market studies, customer and client
lists, referral lists and other items relative to the business of Bank.
"Confidential Information" shall not include information which is or becomes in
the public domain through no action by Shelp or information which is generally
disclosed by Bank to third parties without restrictions on such third parties.

      SOLICITATION OF CUSTOMERS. During his employment with Bank and for a
period of one year after the termination of Shelp's employment, regardless of
the reason for the termination, Shelp shall not, whether directly or indirectly,
for his own benefit or for the benefit of any other person or entity, or as a
partner, stockholder, member, manager, officer, director, proprietor, employee,
consultant, representative, agent of any entity other than Bank, solicit,
directly or indirectly, any customer of Bank, or induce any customer of Bank to
terminate any association with Bank, or otherwise attempt to provide services to
any customer of Bank. Shelp shall prevent such solicitation to the extent he has
authority to prevent same and otherwise shall not interfere with the
relationship between Bank and its customers. This Section 13 shall not preclude
Shelp from serving as a director on the board of another financial institution
as long as he does not take part in any decisions with respect to customers of
Bank, for the one (1) year time period noted above.

      SOLICITATION OF EMPLOYEES AND OTHERS. During his employment with Bank and
for a period of one year after termination of Shelp's employment, Shelp shall
not, whether directly or indirectly, for his own benefit or for the benefit of
any other person or entity, or as a partner, stockholder, member, manager,
officer, director, proprietor, employee, consultant, representative, agent of
any entity other than Bank, solicit, for purposes of employment or association,
any employee or agent of Bank ("Solicited Person"), or induce any Solicited
Person to terminate such employment or association for purposes of becoming
employed or associated elsewhere, or hire or otherwise engage any Solicited
Person as an employee or agent of an entity with whom Shelp may be affiliated or
permit such, or otherwise interfere with the relationship between Bank and its
employees and agents. For purposes of this Agreement, an employee or agent of
Bank shall mean an individual employed or retained by Bank during the Term
and/or who terminates such association with Bank within a period of six (6)
months either prior to or after the termination of Shelp's employment with Bank.
This Section 14 shall not preclude Shelp from serving as a director on the board
of another financial institution as long as he does not take part in any
decisions with respect to employees or agents of Bank, for the one (1) year time
period noted above.

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      REMEDIES. In the event of a material breach or threatened material breach
of Section 12, Section 13 or Section 14, Bank, in addition to its other remedies
at law or in equity, shall be entitled to injunctive or other equitable relief
in order to enforce or prevent any violations of the aforementioned Sections.

      SEVERABILITY AND SAVINGS. Each provision in this Agreement is separate. If
necessary to effectuate the purpose of a particular provision, the Agreement
shall survive the termination of Shelp's employment with Bank. If any provision
of this Agreement, in whole or in part, is held to be invalid or unenforceable,
the parties agree that any such provision shall be deemed modified to make such
provision enforceable to the maximum extent permitted by applicable law. As to
any provision held to be invalid or unenforceable, the remaining provisions of
this Agreement shall remain in effect.

      BINDING EFFECT. This Agreement shall be binding upon and shall inure to
the benefit of Bank and its successors and assigns. This Agreement shall be
binding upon and inure to the benefit of Shelp, his heirs and personal
representatives. This Agreement is not assignable by Shelp.

      CONSULTING. After December 31, 2003, or, if the parties mutually agree to
the extension of employment, such later date that Shelp's employment with Bank
terminates, Shelp shall provide consulting services to Bank, upon Bank's request
and with a frequency (if at all) in Bank's discretion at times mutually agreed
upon by the parties, at the rate of $200.00 per hour. Shelp shall render such
consulting services as an independent contractor and not as an employee of Bank.

      MISCELLANEOUS. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing
and signed by Bank and Shelp. The waiver or nonenforcement by Bank of a breach
by Shelp of any provision of this Agreement shall not be construed as a waiver
of any subsequent breach by Shelp. This Agreement, together with the Letter
Agreement dated April 3, 2003 between Shelp and Bank and the Mutual Release of
Claims and Covenant Not to Sue dated April 14, 2003 between Shelp, Bank and
Bancorp constitute the parties' entire agreement and supersede any and all prior
agreements, representations or promises, oral or otherwise, express or implied.

      Any notice under this Agreement must be in writing and delivered
personally or by overnight courier, sent by facsimile transmission or mailed by
registered or certified mail to the parties at their respective addresses.

      This Agreement shall be governed by the laws of the State of Michigan.

      Although this Agreement was drafted by Bank, the parties agree that it
accurately reflects the intent and understanding of each party and should not be
construed against Bank for the sole reason that it was the drafter if there is
any dispute over the meaning or intent of any provisions.

      This Agreement may be executed in counterparts, which together shall
constitute one Agreement.

      By their signatures below, the parties acknowledge that they have had
sufficient opportunity to read and consider, and that they have carefully read
and considered, each provision of this Agreement and that they are voluntarily
signing this Agreement.

      The parties have executed this Agreement as of the Effective Date.

WITNESS:

                                            /s/  David L. Shelp
-------------------------------             ------------------------------------
                                            David L. Shelp

-------------------------------             FRANKLIN BANK, N.A.

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

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

                                       49<PAGE>
                                                                   EXHIBIT 10.18

                        AMENDMENT TO SEVERANCE AGREEMENT
                 WAIVER AND RELEASE OF SEVERANCE BENEFITS UPON
                               CHANGE IN CONTROL
                    UNDER THE CIRCUMSTANCES DESCRIBED HEREIN

      THIS AMENDMENT TO SEVERANCE AGREEMENT ("Amendment") is dated as of
November 10, 2003, between FRANKLIN BANK, NATIONAL ASSOCIATION ("Franklin") and
Craig L. Johnson (the "Officer").

      WHEREAS, Franklin and Officer, an officer of Franklin, entered into that
certain Severance Agreement made as of the 16th day of June 2003 (the "Franklin
Officer Severance Agreement"), pursuant to which the Officer is entitled to
certain severance benefits if, within three (3) years of a "Change in Control"
of Franklin (as defined in the Severance Agreement), the Officer is no longer an
officer of Franklin due to reasons enumerated in Section 3A of the Severance
Agreement; and

      WHEREAS, Franklin has entered into an Agreement and Plan of Merger
("Merger Agreement") with First Place Financial Corp. ("First Place"), dated as
of November 10, 2003; and

      WHEREAS, Franklin and the Officer agree that it is in the interests of
Franklin and its shareholders to enter into a new severance agreement whereby
the terms of the Severance Agreement are replaced and superceded in their
entirety; and

      WHEREAS, Franklin and the Officer wish to enter into a new severance
agreement, to take effect upon the dated defined in the Merger Agreement as the
Effective Time thereof ("Effective Time"), in a form substantially similar to
such severance agreements in place between First Place and its officers.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained
and for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree to the following:

      1. Effective as of the Effective Time, the Franklin Officer Severance
Agreement shall terminate and the terms and the mutual and unilateral
obligations set forth therein shall terminate in their entirety.

      2. Effective as of the Effective Time, the Officer hereby waives and
releases any and all right or claim he has or may have to exercise, demand, or
otherwise receive any compensation, including, but not limited to a cash payment
or series of cash payments, acceleration of vesting of any Franklin-provided
employee benefits, otherwise, provided pursuant to the Franklin Officer
Severance Agreement, as a result of the transactions contemplated by the Merger
Agreement.

      3. Effective as of the Effective Time, and contemporaneous with the action
described in paragraph 1 above related to the termination of the Franklin
Officer Severance Agreement, a new severance agreement, substantially in the
form attached hereto, which is substantially identical to severance agreements
previously entered into between First Place and its officers, shall take effect
between First Place and the Officer.
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      4. This Amendment to Severance Agreement shall not take effect in the
event that the Merger Agreement does not take effect.

      5. This Amendment to Severance Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which taken
together will constitute one and the same instrument.

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

                                        FRANKLIN NATIONAL ASSOCIATION

                                        By: [SIG]
                                            ---------------------------------

                                        CRAIG L. JOHNSON

                                        /s/ Craig L. Johnson
                                        -------------------------------------
                                        Craig L. Johnson

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