Document:

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                                  EXHIBIT 10.1

                                      LEASE

         This Lease made and executed this 7th day of December, 1992 by and
between H. Scott Clifton, married, hereinafter referred to as "Lessor" and The
Savings Bank, an Ohio corporation, hereinafter referred to as "Lessee",
WITNESSETH:

         The Lessor does hereby let and lease unto the Lessee the Pythian Castle
building on North Court Street, in the City of Circleville, Ohio, and being the
entire first, second and third floors and basements of said building, said
premises bearing street numbers 114, 118, and 120 North Court Street,
Circleville, Ohio, bounded and described as follows: See attached Exhibit A.

         The parties hereto specifically agree that this Lease shall remain in
full force and effect for a period of five (5) years, commencing on the 1st day
of January, 1993, and terminating on the 31st day of December 1997, yielding and
paying therefore, during the term aforesaid, the total rent of Ninety Thousand
Dollars ($90,000.00), payable in equal monthly installments, each in the amount
of One Thousand Five Hundred Dollars ($1,500.00), payable on the 1st day of
January, 1993, and a like amount on the 1st day of each month thereafter until
the expiration of the terms herein set forth.

         The parties hereto specifically agree that Lessee shall have an
exclusive option to renew this lease for three (3) five (5) year periods, the
first five (5) year period to cover calendar years 1998 through 2002, the second
five (5) year period to cover calendar years 2003 through 2007, and the third
(3rd) five (5) year period to cover calendar years 2008 through 2012, with
monthly rental during the first five (5) year option period to be One Thousand
Eight Hundred Dollars ($1,800.00) per month; and with monthly rental during the
second five (5) year option period to be Two Thousand One Hundred Sixty Dollars
($2,160.00) per month, and with monthly rental during the third five (5) year
option period to be Two Thousand Five Hundred Ninety Two Dollars ($2,592.00).

         Said Lessee shall give Lessor written notice of Lessee's intention to
renew for the first option period no later than July 1, 1997 and no later than
July 1, 2002 for the second option period, and no later than July 1, 2007 for
the third option period.

         The Lessee and Lessor further covenant and agree as follows, to-wit:

         1. That Lessee has assumed and knows the condition of said premises and
received the same in good order and repair, and that no representations as to
the condition and repair thereof have been made by Lessor or Lessor's Agents;
and that Lessee will keep said premises in good repair and will keep the
premises and appurtenances in a clean, safe and healthy condition according to
the Circleville City ordinances, laws of the State of Ohio, and the direction of
any public officer during the terms of this Lease at Lessee's own expense; and
will without injury thereto, remove snow and ice from areas contiguous to said
premises.

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         2. That the Lessee will use and occupy said premises and appurtenances
in a careful, safe and proper manner, and will not permit any structural changes
of the demised premises except by the prior written consent of Lessor which
consent shall not be unreasonably withheld. All alterations and additions to
said premises shall remain for the benefit of the Lessor unless otherwise
provided in said written consent.

         3. That the Lessee will pay for all water, electricity, gas or other
energy sources used as utilities by Lessee commencing January 1, 1993, on the
premises. Lessee will also pay all minor repairs and maintenance on said
building including any filter changing, light bulbs, and other minor repair
items. Lessee shall also pay for any and all painting or carpeting desired by
Lessee during the term of this Lease on the interior of said building. Lessee
further agrees to pay for and forever hold the Lessor harmless from any and all
trash removal and snow removal during the term of this Lease. Lessor covenants
and agrees to maintain the roof and exterior of said building and the building
structure during the full term of this Lease, and Lessee shall maintain the
heating and air conditioning units servicing said building. The Lessor shall
also be responsible for all maintenance and repair of exterior surface areas
being concrete and asphalt driving and parking areas. The Lessee shall be
responsible for and shall repair all plumbing and electrical repairs.

         4. That if Lessee defaults in the payment of rent or any part thereof,
or in the performance of any of its covenants or agreements hereunder, and such
default shall have continued in the event of non-payment of rent, for forty-five
(45) days after it shall become due and without demand made therefore, this
Lease shall terminate upon written notice from the Lessor to the Lessee, and the
Lessor shall be entitled to take any and all eviction procedures necessary.

         5. That Lessee will deliver up and surrender to the Lessor possession
of the premises hereby leased upon the expiration of this Lease or its
termination in any way in a good condition and repair as the same shall be at
the commencement of said term, loss by ordinary wear and tear and decay only
excepted.

         6. That Lessor will at all times after the execution of this Lease
carry fire and extended coverage insurance on the building. Lessee covenants and
agrees to carry insurance on any and all contents located in the leased
premises.

         7. Lessee covenants and agrees that it will protect and save and keep
the Lessor harmless and indemnified against and for any penalty or damage or
charges imposed for any violation of any law or ordinance, whether occasioned by
the neglect of the Lessee or those holding under Lessee and that Lessee will at
all times protect, indemnify and save and keep harmless the Lessor against and
from all claims, loss, cost damage or expense arising out of or from any
accident or other occurrence on or about the demised premises causing injury to
any person or property whomsoever or whatsoever, and will protect, indemnify,
save and keep harmless the Lessor against and from any and all loss, cost,
damage or expense arising out of any failure of Lessee in any respect to comply
with and perform all the requirements and provisions of this Lease. Lessor shall
indemnify and save harmless the Lessee, from any and all EPA liens, or liens to
any source, resulting from known or unknown substances being stored, leaked, or
contaminating the soil, air or any other item, resulting from the storage of,

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use of, or location of any harmful substance used by Lessors, or lessor's
agents, or Lessee prior to the execution of this Lease.

         8.  Lessee agrees that at its own cost and expense, it will procure and
continue in force general liability insurance covering any and all claims for
injuries to persons occurring in, upon or about the demised premises during the
term of this Lease, due to Lessee's negligence, such insurance at all times to
be in an amount not less than Three Hundred Thousand Dollars ($300,000.00) for
injury to persons per incident. Such insurance shall be written with a company
or companies authorized to engage in the business of general liability insurance
in the state in which the demised premises are located, and there shall be
delivered to the Lessor customary insurance certifications evidencing such paid
up insurance. In the event Lessee fails to furnish such policies, the Lessor may
obtain such insurance and the premium on such insurance shall be deemed
additional rent to be paid by the Lessee unto the Lessor upon demand.

         9.  That in the event any improvements located on the leased premises
shall be more than fifty percent (50%) destroyed by fire, flood, act of God, or
other casualty, or by termites or other natural causes, either Lessor or Lessee
upon written notice to the other party may cancel and terminate this Lease. In
the event of partial destruction, if the Lessee desires, all rent and other sums
payable to Lessor hereunder shall abate in the same ratio as the area of the
improvements rendered unusable thereby bears to the total improvements. In the
event of total destruction of improvements or of partial destruction which in
the judgment of the Lessee shall make it impractical to use the demised
premises, all rent and other sums payable by Lessee hereunder shall abate from
the date of destruction until thirty (30) days after the day of restoration of
the improvements is completed and accepted by Lessee in writing or until the
date upon which the restored area of the improvements is capable of being used,
whichever is earlier. If the leased premises is less than fifty percent (50%)
destroyed by fire, flood, act of God, or other casualty, or by termites or other
natural causes, Lessor shall as soon as practical, repair same.

         10. That all of Lessee's personal property of any kind or description
which may at any time be in the demised premises shall be at Lessee's sole risk
or at the risk of those claiming under Lessee, and Lessor shall not be liable
for any damage to said property or loss suffered by the business or occupation
of Lessee caused by water from any source whatsoever or from the bursting,
overflowing, leaking of sewer or steam pipes or from the heating or plumbing
fixtures or from electric wires or from gas or odors caused in any manner
whatsoever, except negligence on the part of the Lessor, or by theft.

         11. That except as otherwise provided herein with regard to notices, if
the Lessor defaults in the performance of any of its covenants or agreements
hereunder and such default shall have continued for thirty (30) days after
notice thereof shall have been given to the Lessor by the Lessee, the Lessor not
having taken, within thirty (30) days, measures to correct such default, this
Lease shall terminate upon notice from Lessee to the Lessor.

         12. This Lease and covenants and agreements hereunder contained shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

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         13. And Lessor covenants and agrees with said Lessee that said Lessee
paying the rents and observing and keeping the covenants of this Lease on
Lessee's part to be kept, shall lawfully, peaceably, and quietly hold and occupy
said premises during said terms, without any hindrance or molestation by said
Lessor.

         14. Lessee shall keep the leased premises, and restrooms, clear of all
trash and refuse, and shall provide its own janitorial service.

         15. Lessee shall make no major alterations or additions in or to said
premises without prior written consent of Lessor; Lessee shall permit the Lessor
or agents to enter upon said premises at all reasonable times to examine or to
make any repairs which Lessor may see fit to make.

         16. Lessee shall keep the sidewalks and parking areas adjacent to said
premises free from ice and snow, and Lessee shall have the right to assign this
Lease or sublet the premises or any part thereof without the consent of Lessor.
Lessee shall further be responsible for the maintenance, upkeep and installation
of any and all signs located upon the leased premises.

         17. Lessee shall pay any and all real estate taxes levied against the
leased property, during the initial term, and all extensions thereof.

         18. The parties hereto specifically understand and agree that the vault
and the vault door are the property of the Lessee, and shall remain so, even at
the termination of this Lease at the end of the initial term, or at the end of
any extension thereof.

         19. Lessee shall be responsible for any and all interior repairs and
maintenance, and shall be responsible for the repair, maintenance and painting
of the exterior front of the first floor only fronting on Court Street, with all
other exterior, structural, and roof repairs to be at the Lessor's sole expense.

         20. Lessee shall further be granted the right to park one (1) vehicle
on the east side of the leased premises, during the full term of this Lease or
any extension thereof.

         21. Lessee shall be responsible for exterior maintenance and repair for
the first floor only fronting upon Court Street. All other exterior maintenance,
repair and painting shall be the responsibility of Lessor.

         IN WITNESS WHEREOF, THIS Lease has been duly executed under seal as of
the date and year first above written.

/s/ Thomas F. Tootle                        /s/ H. Scott Clifton
------------------------------              ------------------------------
Thomas F. Tootle                            H. Scott Clifton, Lessor

/s/ Janet S. Easterday                      /s/ Karen L. Clifton
------------------------------              ------------------------------
Janet S. Easterday                          Karen L. Clifton, Lessor

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                                            THE SAVINGS BANK, LESSEE

/s/ Brenda K. Fowler                        /s/ Stephen A. Gary
------------------------------              -------------------------------
Brenda K. Fowler                            BY:  Stephen A. Gary, President

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STATE OF OHIO
COUNTY OF PICKAWAY, SS;

         On this 7th day of December, 1992, before me, a Notary Public in and
for said County and State, personally came the within named H. Scott Clifton and
Karen L. Clifton, his wife, Lessors and acknowledged the signing of the
foregoing Lease to be a free and voluntary act and deed.

         Witness my official seal and signature on the day last above mentioned.

                                             /s/ Thomas F. Tootle
                                             -----------------------------------
                                             Thomas F. Tootle, Notary Public
                                             State of Ohio, Lifetime Commission
                                             Per O.R.C. Section 147.03

STATE OF OHIO
COUNTY OF PICKAWAY, SS:

         On this 7th day of December, 1992, before me, a Notary Public in and
for said County and State, personally came the within named The Savings Bank, an
Ohio corporation, by Stephen A. Gary, its President, Lessee, and acknowledged
the signing of the foregoing Lease to be a free and voluntary act and deed.

         Witness my official seal and signature on the day last above mentioned.

                                             /s/ Thomas F. Tootle
                                             -----------------------------------
                                             Thomas F. Tootle, Notary Public
                                             State of Ohio, Lifetime Commission
                                             Per O.R.C. Section 147.03

This instrument prepared by:                YOUNG, TOOTLE & DUMM
                                            Attorneys at Law
                                            Circleville, Ohio

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                                  EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         This Agreement is made this 28th day of January, 2000, by and between
The Savings Bank, an Ohio chartered commercial bank (hereinafter called the
"Bank"), and Stephen A. Gary hereinafter called the "Employee."

         WHEREAS, the Board of Directors of the Bank believes that the future
services of the Employee in a senior executive capacity will be of great value
to the Bank; and

         WHEREAS, the Employee is willing to continue in the employ of the Bank
on a full-time basis for the term of this Agreement.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein set forth, the parties hereto have agreed and do hereby
mutually agree as follows:

1.       Term -- Agreement to Serve

         The Bank hereby employs for itself or its subsidiaries (hereinafter
         sometimes collectively referred to as "Bank"), the services of Employee
         for a period commencing as of the date first written above and
         terminating January 31, 2005 (the "Termination Date"), subject to the
         rights of earlier termination hereinafter set forth, to perform the
         duties of President and Chief Executive Officer. The Employee hereby
         accepts such employment in consideration of the compensation and the
         other terms and conditions herein provided, and agrees to serve the
         Bank well and faithfully and to devote his best efforts to such
         employment as long as it shall continue hereunder. During the period of
         such employment, the Employee will devote all of his time and attention
         -- reasonable vacations, periods of illness and the like excepted -- to
         the affairs of the Bank.

2.       Base Salary and Fringe Benefits

         Except as otherwise provided herein, as compensation for these services
         hereunder, the Bank will pay to Employee, in installments and on dates
         in accordance with its normal payroll, during the period of his
         employment hereunder, a base salary at the aggregate rate of One
         Hundred Twenty One Thousand Dollars ($121,000) per year, subject to the
         right of the parties, by mutual agreement, to adjust such rate upward
         in respect of any future calendar year or years after the date hereof,
         hereinafter "Base Pay."

         In addition the Bank shall:

         (a)      Provide $135,000 in term life insurance, payable to the
                  beneficiary of Employee's choice.

         (b)      Provide to the spouse and/or children of Employee upon the
                  death of Employee the benefits set forth in an agreement
                  between the Employee and the Bank dated

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                  June 1, 1993 which payments currently are funded by a "key
                  man" life insurance policy on the life of Employee.

         (c)      Provide four (4) weeks paid vacation annually.

         (d)      Pay for and provide to Employee reasonable and customary
                  disability insurance. In the event the parties are unable to
                  agree on what shall constitute "reasonable and customary" the
                  decision of the Bank shall be conclusive, provided, however,
                  that such insurance shall provide Employee with a monthly
                  disability insurance payment equal to not less than 60% of his
                  monthly Base Pay and Employee shall be entitled to receive
                  100% of his Base Pay during the first ninety (90) days of any
                  disability of Employee.

         (e)      Provide for the Employee's participation in other employee
                  benefit plans or programs of the Bank, if any, to the extent
                  that his position, tenure, salary and other qualifications
                  make him eligible to participate, subject to the rules and
                  regulations applicable thereto including employee bonus plans,
                  if any, as the same may be in effect from time to time.

         (f)      Reimbursement of fees and expenses incurred in connection with
                  business of the Bank including, Rotary Club dues, fees for
                  attendance at banking related conventions and similar items
                  approved by the Board of Directors.

3.       Termination of Employment

         The employment of the Employee under the terms of this Agreement shall
         cease and terminate as follows:

         (a)      Expiration of Term

                  On the Termination Date; or,

         (b)      Death

                  On the date of his death; or,

         (c)      Termination by the Bank with Cause

                  For Cause at any time by action of the Board. For purposes
                  hereof, the term "Cause" shall mean removal by order of a
                  regulatory agency having jurisdiction over the Bank, or the
                  Employee's willful and repeated failure to perform his duties
                  under this Employment Agreement, which failure has not been
                  cured within thirty (30) days after the Bank gives notice
                  thereof to the Employee; it being expressly understood that
                  negligence or bad judgment shall not constitute "Cause" so
                  long as such act or omission shall be without intent of
                  personal profit and is reasonably believed by the Employee to
                  be in or not adverse to the best interests of the Bank; or,

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         (d)      Disability

                  Upon receipt by the Employee of written notice from the Bank
                  that, in its opinion, based on reliable medical evidence, the
                  Employee is unable by reason of permanent disability to
                  continue the proper performance of his duties hereunder. For
                  purposes of this Employment Agreement, the Employee's
                  "permanent disability" shall be deemed to have occurred after
                  one hundred eighty (180) consecutive days, during which one
                  hundred eighty (180) days the Employee, by reason of his
                  physical or mental disability or illness, shall have been
                  unable to discharge his duties under this Employment
                  Agreement. The date of permanent disability shall be such one
                  hundred eightieth (180th) day. In the event either the Bank or
                  the Employee, after receipt of notice of the Employee's
                  permanent disability from the other, dispute that the
                  Employee's permanent disability shall have occurred, the
                  Employee shall promptly submit to physical examinations by
                  three physicians in the Circleville, Ohio, area, one of whom
                  shall be a physician who regularly has treated Employee, and,
                  unless two of such physicians shall issue their written
                  statement to the effect that in their opinion, based on their
                  diagnosis, the Employee is capable of resuming his employment
                  and devoting his full time and energy to discharging his
                  duties within sixty (60) days after the date of such
                  statement, such permanent disability shall be deemed to have
                  occurred. or,

         (e)      Termination by the Bank without Cause

                  At the election of the Bank, at any time during the term of
                  this Agreement without cause.

         (f)      Termination in Connection with Change in Control.

                  In the event that the employment of the Employee is terminated
                  by the Bank in connection with a Change of Control
                  (hereinafter defined) for any reason other than for "Cause" as
                  defined in Section 3(c) above, then the following shall occur:

                  (i)      The Bank shall promptly pay to the Employee or to his
                           beneficiaries, dependents or estate an amount equal
                           to the product of 2.99 multiplied by the Employee's
                           "base amount" as defined in Section 280G(b)(3) of the
                           Internal Revenue Code of 1986, as amended, and the
                           regulations promulgated thereunder (hereinafter
                           collectively referred to as "Section 280G");

                  (ii)     The Employee, his dependents, beneficiaries and
                           estate shall continue to be covered at the Bank's
                           expense under all health, life, disability and other
                           benefit plans of the Bank, as described in Section 2
                           of this Agreement, in which the Employee was a
                           participant prior to the effective date of the
                           termination of his employment as if the Employee were
                           still employed under this Agreement until the earlier
                           of the expiration of the term of this

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                           Agreement or the date on which the Employee is
                           included in another employer's benefit plans as a
                           full-time employee; and

                  (iii)    The Employee shall not be required to mitigate the
                           amount of any payment provided for in this Agreement
                           by seeking other employment or otherwise, nor shall
                           any amounts received from other employment or
                           otherwise by the Employee offset in any manner the
                           obligations of the Bank hereunder, except as
                           specifically stated in subparagraph (ii) above.

                  (iv)     A "Change in Control" shall mean any one of the
                           following events:

                           (A) the acquisition of ownership or power to vote
                           more than 25% of the voting stock of the Bank;

                           (B) the acquisition of the ability to control the
                           election of a majority of the directors of the Bank;

                           (C) during any period of three or less consecutive
                           years, individuals who at the beginning of such
                           period constitute the Board of Directors of the Bank
                           cease for any reason to constitute at least a
                           majority thereof; provided, however, that any
                           individual whose election or nomination for election
                           as a member of the Board of Directors of the Bank was
                           approved by a vote of at least two-thirds of the
                           directors then in office shall be considered to have
                           continued to be a member of the Board of Directors of
                           the Bank;

                           (D) an event that would be required to be reported in
                           response to Item 1(a) of Form 8-K or Item 6(e) of
                           Schedule 14A of Regulation 14A pursuant to the
                           Securities Exchange Act of 1934, as amended
                           (hereinafter referred to as the "Exchange Act"), or
                           any successor thereto, whether or not any class of
                           securities of the Bank is registered under the
                           Exchange Act.

                  (v)      In the event that the Employee becomes entitled to
                           the benefits or payments set forth under this Section
                           3(f) or other benefits due form the Bank to Employee
                           (together, the "Total Benefits"), and in the event
                           that any of the Total Benefits will be subject to the
                           Excise Tax as set forth in Section 280G of the Code
                           (herein the "Excise Tax"), the Bank shall pay to the
                           Employee an additional amount (the "Gross-Up
                           Payment(s)") on a monthly basis in addition to the
                           amounts set forth in Section 3(f) hereof, such that
                           the net amount retained by the Employee, after
                           deduction of any Excise Tax on the Total Benefits and
                           any federal, state and local income tax, Excise Taxes
                           and FICA and Medicare withholding taxes upon the
                           payment provided for by this Section 3(f), shall be
                           equal to the Total Benefits.

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                           For purposes of determining whether any of the Total
                           Benefits will be subject to the Excise Tax and the
                           amount of such Excise Tax, (i) any other payments or
                           benefits received or to be received by the Employee
                           in connection with a Change in Control or the
                           Employee's termination of employment (whether
                           pursuant to the terms of this Agreement or any other
                           agreement, or other plan or arrangement with the
                           Bank, any Person whose actions result in a Change in
                           Control or any Person affiliated with the Bank or
                           such Person) shall be treated as "parachute payments"
                           within the meaning of Section 280G(b)(2) of the Code,
                           and all "excess parachute payments" within the
                           meaning of Section 280G(b)(1) shall be treated as
                           subject to the Excise Tax, unless in the opinion of
                           tax counsel ("Tax Counsel") selected by the Bank's
                           independent auditors and acceptable to the Employee,
                           such other payments or benefits (in whole or in part)
                           do not constitute parachute payments, or such excess
                           parachute payments (in whole or in part) represent
                           reasonable compensation for services actually
                           rendered within the meaning of Section 280G(b)(4) of
                           the Code in excess of the Base Amount (as defined in
                           Section 280G(b)(3) of the Code), or are otherwise not
                           subject to the Excise Tax, (ii) the amount of the
                           Total Benefits which shall be treated as subject to
                           the Excise Tax shall be equal to the lesser of (A)
                           the total amount of the Total Benefits reduced by the
                           amount of such Total Benefits that in the opinion of
                           Tax Counsel are not parachute payments, or (B) the
                           amount of excess parachute payments within the
                           meaning of Section 280G(b)(1) (after applying clause
                           (i), above), and (iii) the value of any noncash
                           benefits or any deferred payment or benefit shall be
                           determined by the Bank's independent auditors in
                           accordance with the principles of sections 280G(d)(3)
                           and (4) of the Code. For purposes of determining the
                           amount of the Gross-Up Payments, the Employee shall
                           be deemed to pay federal income taxes at the highest
                           marginal rate of federal income taxation in the
                           calendar years in which the Gross-Up Payments are to
                           be made and state and local income taxes at the
                           highest marginal rate of taxation in the state and
                           locality of the Employee's residence on the date of
                           termination of employment, net of the reduction in
                           federal income taxes which could be obtained from
                           deduction of such state and local taxes (calculated
                           by assuming that any reduction under Section 68 of
                           the Code in the amount of itemized deductions
                           allowable to the Employee applies first to reduce the
                           amount of such state and local income taxes that
                           would otherwise be deductible by the Employee).

                           In the event that the Excise Tax is subsequently
                           determined to be less than the amount taken into
                           account hereunder at the time of termination of the
                           Employee's employment, the Employee shall repay to
                           the Bank, at the time that the amount of such
                           reduction in Excise Tax is finally determined, the
                           portion of the Gross-Up Payments attributable to such
                           reduction (plus that portion of the Gross-Up Payments
                           attributable to the Excise Tax, federal, state and
                           local income taxes and FICA and Medicare withholding
                           taxes imposed on the Gross-Up Payments being repaid
                           by the Employee to

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                           the extent that such repayment results in a reduction
                           in Excise Tax, FICA and Medicare withholding taxes
                           and/or a federal, state or local income tax
                           deduction) plus interest on the amount of such
                           repayment at the rate provided in Section
                           1274(b)(2)(B) of the Code. In the event that the
                           Excise Tax is determined to exceed the amount taken
                           into account hereunder at the time of the termination
                           of the Employee's employment (including by reason of
                           any payment the existence or amount of which cannot
                           be determined at the time of the Gross-Up Payments),
                           the Bank shall make an additional Gross-Up Payment to
                           the Employee in respect of such excess (plus any
                           interest, penalties or additions payable by the
                           Employee with respect to such excess) at the time
                           that the amount of such excess is finally
                           determined."

                  (vi)     For purposes of this Agreement, an event shall be
                           deemed to have occurred "in connection with a Change
                           in Control" if such event occurs within one year
                           before or after a Change in Control.

         Upon termination of employment of the Employee pursuant to paragraph
         3(a), (b), (c), (d) or (e) above, the Employee shall be entitled to
         receive the amount of Base Pay provided for in paragraph 2 hereof
         through the date of his termination of employment. In addition, in the
         event of the termination of employment of Employee pursuant to
         paragraph 3(e) above, the Bank shall pay to the Employee a lump sum
         severance payment in an amount equal to the Base Pay and other benefits
         set forth in Section 2 hereof through January 31, 2005, unless such
         termination occurs as a result of a "Change of Control" pursuant to
         Section 3(f) hereof, in which case the provisions of that Section 3(f)
         shall apply.

         In the event that this Agreement is terminated pursuant to either
         paragraph 3(a) or 3(e), or paragraph 3(f) if such termination occurs
         more than six (6) months after a "Change of Control," and the Bank and
         the Employee fail to enter into an extension or renewal of this
         Agreement on substantially similar terms and conditions for a term of
         not less than twelve (12) additional months (i.e. through at least
         January 31, 2006), then in such case the Bank shall pay to Employee an
         additional amount in cash equal to the annual Base Salary of Employee
         for the period ending January 31, 2005. Any such amount due under this
         subparagraph shall be paid not later than February 15, 2005.

4.       Covenant Not to Compete

         (a)      Throughout the term of this Agreement and for a period of one
                  (1) year thereafter, Employee agrees that he will not, except
                  on behalf of the Bank or with the written consent of the Bank,

                  (i)     engage in any business activity, directly or
                          indirectly, on his own behalf or as a partner,
                          stockholder (except by ownership of less than 1% of
                          the outstanding stock of a publicly held Bank),
                          director, trustee, principal, agent, employee,
                          consultant or otherwise of any person, firm or Bank,

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                          which is competitive with any activity in which the
                          Bank or any parent, subsidiary or affiliate of the
                          Bank is engaged at the time,

                  (ii)    allow the use of his name by or in connection with any
                          business which is competitive with an activity in
                          which the Bank or any parent, subsidiary or affiliate
                          of the Bank is engaged, or

                  (iii)   offer employment to or employ, for himself or on
                          behalf of any competitor of the Bank or any parent,
                          subsidiary or affiliate thereof, any person who at any
                          time within the prior three years shall have been
                          employed by the Bank or any parent, subsidiary or
                          affiliate of the Bank.

         (b)      The parties acknowledge that this paragraph 5 is fair and
                  reasonable under the circumstances. It is the desire and
                  intent of the parties that the provisions of this paragraph 5
                  shall be enforced to the fullest extent permitted by law.
                  Accordingly, if any particular portion of this paragraph 5
                  shall be adjudicated to be invalid or unenforceable, this
                  paragraph 5 shall be deemed amended to:

                  (i)      reform the particular portion to provide for such
                           maximum restrictions as will be valid and
                           enforceable, or if that is not possible; and

                  (ii)     delete therefrom the portion thus adjudicated to be
                           invalid or unenforceable, such reformation or
                           deletion to apply only with respect to the operation
                           of this paragraph 5 in the particular jurisdiction in
                           which such adjudication is made.

         (c)      The provisions of this paragraph 5 shall not apply in the
                  event the employment of the Employee is terminated by the Bank
                  pursuant to paragraph 3(e) of this Agreement.

         (d)      During the term of Employee's employment hereunder, the
                  covenants contained in this paragraph 5 shall apply without
                  regard to geographic location. Upon the termination of
                  Employee's employment, the covenants contained in this
                  paragraph 5 shall be limited to those areas in Pickaway
                  County, Ohio or within a two (2) mile radius of any township
                  contiguous to Pickaway County, Ohio.

5.       Inventions, Discoveries and Improvements

         The Employee hereby agrees to assign and transfer to the Bank, its
         successors and assigns, his entire right, title and interest in and to
         any and all inventions, discoveries, trade secrets and improvements
         thereto which he may discover or develop, either solely or jointly with
         others, during his employment hereunder and for a period of one year
         after termination of such employment, which would relate in any way to
         the business of the Bank or any parent, subsidiary or affiliate of the
         Bank, together with all rights to letters patent, copyrights or
         trademarks which may be granted with respect thereto. Immediately upon
         making or developing any invention, discovery, trade secret or
         improvement

                                       7
<PAGE>   8

         thereto, Employee shall notify the Bank thereof and shall execute and
         deliver to the Bank, without further compensation, such documents as
         may be necessary to assign and transfer to the Bank his entire right,
         title and interest in and to such invention, discovery, trade secret or
         improvement thereto, and to prepare or prosecute applications for
         letters patent with respect to the same in the name of the Bank.

6.       Confidential Information

         Employee shall not at any time, in any manner, while employed by the
         Bank or thereafter, either directly or indirectly, except in the course
         of carrying out the Bank's business or as previously authorized in
         writing on behalf of the Bank, disclose or communicate to any person,
         firm, or Bank, any information of any kind concerning any matters
         affecting or relating to the Bank's business or any of its data,
         figures, projections, estimates, customer lists, tax records, personnel
         histories, and accounting procedures of the Bank, without regard to
         whether any or all of such information would otherwise be deemed
         confidential or material. In the event that Employee is required to
         disclose such information under the terms of a subpoena issued by a
         court of competent jurisdiction, Employee shall give written notice of
         such subpoena to the Bank within two (2) days of receipt. The Bank may
         undertake to obtain an order dismissing such subpoena prior to
         Employee's obligations to supply information thereunder. If the Bank
         does not obtain such an order, the Employee shall not be deemed to have
         violated the provisions hereof by disclosures made pursuant to such
         subpoena.

7.       Non-Assignability

         (a)      Neither party to this Agreement shall have the right to assign
                  this Agreement or any rights or obligations hereunder provided
                  that nothing herein shall prevent the Employee from
                  designating one or more members of his family or a trust or
                  trusts for the members of his family as a beneficiary or
                  beneficiaries entitled to receive payments hereunder as
                  heretofore specified.

         (b)      Except as provided above, no title to any payments which shall
                  become due and payable to the Employee, his personal
                  representative or designated beneficiary under the provisions
                  hereof, shall be vested in him or any of them until the actual
                  payment thereof is made to such person by the Bank in
                  accordance with the provisions of this Agreement. Neither he
                  nor any of them shall have the right or power to transfer,
                  assign, anticipate or encumber any interest in any such
                  payment, prior to the actual receipt thereof from the Bank.
                  None of them shall be permitted to appoint any agent or
                  attorney-in-fact and except as provided herein, to collect or
                  receive his share of such payments or any part thereof unless
                  permission to do so shall be specifically granted by the Bank
                  in writing. The Bank, in the absence of such written
                  permission, shall not in any manner recognize such
                  appointment, transfer, assignment or encumbrance.

         (c)      If the Employee or any personal representative or any
                  designated beneficiary attempts to transfer, assign or
                  encumber his interest in such payments, or any part thereof,
                  prior to the payment or distribution thereof to him or her;
                  or, if any

                                       8
<PAGE>   9

                  transfer or seizure thereof is attempted to be made or brought
                  through the operation of any bankruptcy or insolvency law, the
                  right of the person taking such action or concerned therein or
                  affected thereby, and who would, but for this provision, be
                  entitled to receive such payments, or any part thereof, shall
                  forthwith and ipso facto terminate, all rights bestowed on any
                  such person being hereby, on the happening of any such event,
                  expressly revoked; and the Bank shall thereafter, in its
                  absolute discretion, at such time or times as it deems proper,
                  cause such part of such person's theretofore existing share of
                  such payments to be paid to such person or persons, including
                  the Employee, or any parent, spouse or child of said person,
                  as the Bank, in its uncontrolled discretion, shall deem
                  advisable; and the remainder of such payments, if any, may be
                  distributed by the Bank to the person or person who would have
                  been entitled to receive the same if such person had died
                  immediately prior to said attempted transfer, assignment or
                  encumbrance, or attempted transfer or seizure by operation of
                  law.

8.       Binding Effect

         This Agreement shall be binding upon and inure to the benefit of any
         successor of the Bank, and any such successor shall be deemed
         substituted for the Bank under the terms of this Agreement. As used in
         this Agreement, the term "successor" shall include any person, firm,
         Bank, or other business entity which, at any time, whether by merger,
         purchase, or otherwise, acquires all or substantially all of the assets
         or business of the Bank.

9.       Entire Agreement

         This Agreement contains the entire agreement of the parties hereto
         concerning the subject matter hereof, and if the date hereof supersedes
         and cancels any and all other oral or written agreements or
         understandings between the parties with respect to the subject matter
         hereof. The Agreement may not be changed orally, but only by agreement
         in writing signed by both parties.

10.      Authorization for Acts of Bank

         Any act, request, approval, consent or opinion of the Bank hereunder
         shall be authorized, given or expressed by resolution of its Board of
         Directors.

11.      Arbitration

         In the event the parties are unable to resolve any issue,
         misunderstanding, disagreement or dispute after making a good faith
         effort to do so, the parties hereto agree to arbitrate any such issue,
         misunderstanding, disagreement or dispute in connection with the terms
         in effect in this Agreement in accordance with the Rules of the
         American Arbitration Association, before one arbitrator mutually
         agreeable to the parties hereto. If after eight weeks they have been
         unable to agree upon one arbitrator, then either party may appoint one
         arbitrator and require the other party to appoint a second arbitrator.
         Whereupon, the two appointed arbitrators shall appoint a third
         arbitrator mutually agreeable to the two

                                       9
<PAGE>   10

         arbitrators. The arbitration shall occur in Circleville, Ohio, or such
         other place as mutually agreed upon. Each party shall bear their own
         expenses in connection with such arbitration.

12.      Regulatory Reformation

         If any provision of this Agreement shall be deemed unacceptable to Ohio
         Department of Financial Institutions or the Federal Deposit Insurance
         Corporation (hereinafter collectively referred to herein as the
         "Regulators"), the parties shall use their best efforts to cause the
         Regulators to find this Agreement acceptable. In the event the parties
         are unable to agree upon such modifications as are required to make the
         Agreement acceptable to the Regulators, then either party may terminate
         this Agreement and the parties shall have no further obligations
         hereunder whatsoever. Such termination shall not affect the ability of
         the Employee to continue to work for the Bank on an "at will" basis as
         mutually agreed by the Employee and the Bank.

13.      Governing Law

         This Agreement is executed and delivered in the State of Ohio and is
         intended to be interpreted, construed and enforced in accordance with
         the laws of such State.

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

                                    The Savings Bank

                                    By:  /s/ Thomas F. Tootle
                                        ----------------------------------------
                                    Its: Chairman of the Board
                                        ----------------------------------------

                                    /s/ Stephen A. Gary
                                    --------------------------------------------
                                    Employee

                                       10

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