Document:

EMPLOYMENT
        AGREEMENT

       

      This
        Agreement is between Matrix Bancorp, Inc. (“Company”) and Scot Wetzel
        (“Executive”), and shall be effective as of January 11, 2006 (the “Effective
        Date”).

       

      1. Appointment.
        Company
        hereby appoints Executive to serve as Company’s President and Chief Executive
        Officer (“CEO”) throughout the Term specified below. Throughout the Term,
        Company will also recommend to the Nominating and Corporate Governance Committee
        of Company’s Board of Directors (the “Board”) that Executive be nominated to
        serve on the Board. Throughout the Term, if and to the extent permitted by
        applicable banking regulations and banking regulatory authorities, Company
        shall
        also cause Executive to be appointed and to serve as the President and CEO
        of
        Matrix Capital Bank (“Bank”) and shall cause him to be elected to serve as the
        Chairman of Bank’s board of directors (the “Bank Board”).

       

      2. Compensation.

       

      a. Salary
        and Salary Review.
        Company
        shall pay or cause Bank to pay Executive a total base salary from Company
        and
        Bank (the “Base Salary”) of $300,000 per year, which shall be payable in equal
        installments in accordance with Company’s standard payroll practice, less
        customary or legally required withholdings and deductions. Company may, in
        its
        sole discretion, increase Executive’s base salary, as and when Company deems
        appropriate, in which case new Executive’s base salary shall not thereafter be
        reduced. Executive shall receive directors fees or other compensation for
        serving as a director of Company or Bank if and to the extent that it is
        the
        general policy of Company or Bank to pay such fees to employee directors,
        in
        which event Executive shall be entitled to receive the same fees as would
        any
        other employee director serving in the same position. 

       

      b. Cash
        Bonuses.
        Executive will be eligible to participate in Company’s Executive Incentive Plan,
        as it may be amended, modified, or changed from time to time by the Compensation
        Committee of the Board of Directors. 

       

      c. Special
        Bonus.
        No
        later than January 15, 2006, Company shall pay Executive a one-time Special
        Bonus in the amount of $100,000, less legally required withholdings and
        deductions.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      d. Stock
        Options.
        On or
        before the date of this Agreement, Company’s Compensation Committee shall grant
        Executive two options (the “Options”) to purchase an aggregate of 200,000 shares
        of Company’s common stock (the “Stock”) at an exercise price per share of $19,
        which price is equal to or greater than the fair market value of the Stock
        on
        the date hereof and will be equal to or greater than the fair market value
        of
        the Stock on the date of grant by the Compensation Committee. The Options
        shall
        vest 20% per year on each anniversary of the actual grant date for five years.
        Of the 200,000 Options, the first 100,000 Options (the “Plan Option”) shall be
        subject to and granted in accordance with the terms and conditions of Company’s
        1996 Stock Option Plan in effect as of the Effective Date (the “Plan”). Because
        Section 3(c) of the Plan currently limits the amount of stock options that
        can
        be granted to any one person to 100,000 shares in any 365 day period, the
        second
        100,000 Options (the “Special Option”) will be subject to and granted in
        accordance with the terms and conditions of a new stock option plan (the
        “Special Plan”) that will be adopted by the Board of Directors for the purpose
        of granting the Special Option and certain other stock options which Company
        has
        agreed to issue but which cannot be granted under the terms of the Plan.
        The
        terms and conditions governing options granted under the Special Plan shall
        be
        substantially identical to those governing options granted under the Plan.
        Company agrees to submit the Special Plan and the Special Option to its
        shareholders for approval at its next annual or special meeting of shareholders,
        which is currently expected to occur on or about June 15, 2006, and to register
        the shares of common stock underlying the Special Plan with the Securities
        and
        Exchange Commission on Form S-8. If for any reason the Special Plan or the
        Special Option is disapproved by the shareholders or is not approved within
        thirty (30) days of the date of the next annual or special meeting of Company’s
        shareholders, then the grant of the Special Option shall be cancelled and
        of no
        further effect. If the Special Option is so cancelled, Executive shall have
        the
        right to receive from Company payment in cash of $950,000 (the “Cash Option
        Payment”) as liquidated damages on account of Company’s failure to provide the
        Special Option to Executive. The Cash Option Payment shall be paid by Company
        on
        the first business day after the thirty (30) day period following the
        shareholders meeting if the Special Option has not been approved by Company’s
        shareholders by that time, provided, however, that the Company may with
        Executive’s consent (such consent not to be unreasonably withheld) extend by a
        reasonable period of time the period within which the Company may seek to
        obtain
        the required shareholder approval. The Cash Option Payment is an agreement
        for
        liquidated damages between the parties on account of the breach of the Agreement
        by Company resulting from Company’s failure to deliver the Special Option as
        agreed and does not purport to represent the fair value of the Special Option;
        rather, the Cash Option Payment has been determined by arms length negotiations
        between Company and Executive, considering, among other factors, the importance
        of the Options to Executive’s decision to accept Company’s offer of employment
        in December of 2005, Executive’s determination to accept the other terms of this
        Agreement, including its term, minimum salary and benefits payable upon
        termination, Executive’s assessment of Company’s future prospects, and hence its
        stock price, during the ten year term of the Special Option if Executive
        remains
        employed by Company for that entire period of time and in consideration of
        Executive’s waiver of his right to declare a breach of this Agreement for the
        Company’s failure to provide the Special Options. Accordingly, and considering
        the difficulty in ascertaining damages for a breach of Company’s obligation to
        provide the Special Option, the parties agree that the Cash Option Payment
        will
        constitute liquidated damages for such breach and that Executive’s receipt of
        the Cash Option Payment shall be a complete waiver of any claims or rights
        of
        Executive resulting from such breach, irrespective of the value placed on
        the
        Special Option in other contexts, including but not limited to the value
        used in
        the Company’s financial statements pursuant to FAS 123R. 

       

      e. Contract
        Expenses.
        Company
        shall reimburse Executive for the costs and expenses, including reasonable
        legal
        fees, that he incurs in connection with the review, drafting and negotiation
        of
        this Agreement and any other contemporaneous written agreements between
        Executive and Company contemplated by this Agreement. 

       

      
        
          
          

        

        
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      3. Fringe
        Benefits.

       

      a. Insurance.
        Executive and Executive’s dependents shall be eligible for coverage under the
        group insurance plans made available from time to time to Company’s executive
        and management employees. The premiums for the coverage of Executive and
        Executive’s dependents under that plan shall be paid pursuant to the formula in
        place for other executive and management employees covered by Company’s group
        insurance plans. 

       

      b. Vehicle
        Allowance and Travel Reimbursements.
        Company
        shall provide Executive with a vehicle allowance of $750 per month, payable
        in
        equal installments at the same time Executive’s salary installments are paid.
        Such payments shall be in addition to, and not a substitute for, Company’s
        obligation to reimburse Executive for business travel that Executive conducts
        in
        Executive’s personal vehicle at the same rates as are set from time to time by
        the Board for business travel by its executive and management employees pursuant
        to Section 3.c below. 

       

      c. Expenses.
        Subject
        to Company’s policies and procedures for the reimbursement of business expenses
        incurred by its executive and management employees, Company shall reimburse
        Executive for all reasonable and necessary expenses incurred by Executive
        in
        connection with Executive’s performance of Executive’s duties under this
        Agreement, including expenses incurred as a director of Company or of Bank,
        all
        in accordance with its policies and procedures relating to executive employee
        expense reimbursements. 

       

      d. Country
        Club.
        Company
        shall pay all annual membership dues and incidental fees associated with
        Executive’s membership and use of privileges at one country club of Executive’s
        choosing.

       

      e. Professional
        Organizations.
        Company
        shall pay directly, or reimburse Executive for, dues, membership fees and
        incidental expenses associated with Executive’s membership in and participation
        in professional or service organizations, including the Young President’s
        Organization, that in Executive’s reasonable discretion relate to or advance his
        effectiveness in serving Company.

       

      f. Life
        Insurance.
        Company
        shall provide Executive with life insurance benefits comparable to those
        afforded to its other executive employees. 

       

      g. Miscellaneous
        Benefits.
        Executive shall receive all fringe benefits that Company may from time to
        time
        make available generally to its executive and management employees.

       

      4. Paid
        Leave.

       

      a. Vacation.
        During
        each year of continuous, full-time employment, Executive shall earn four
        (4)
        weeks per year of paid vacation time, which vacation time shall accrue in
        accordance with Company policy applicable to Company’s executive and management
        employees as set forth in Company’s Employee Handbook as in effect from time to
        time. 

       

      
        
          
          

        

        
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      b. Sick
        Leave and Holidays.
        Executive shall receive paid sick leave and holidays under the guidelines
        for
        such leave applicable from time to time to Company’s executive and management
        employees.

       

      5. Term
        and Termination.

       

      a. Term.
        Unless
        earlier terminated pursuant to this Section 5, the initial term of this
        Agreement shall be 3 years beginning on the date of this Agreement. Upon
        the
        expiration of the initial term, or any subsequent renewal term, this Agreement
        shall automatically renew for a renewal term of 1 year, unless no fewer than
        three (3) months before the expiration of the initial term, or any subsequent
        renewal term, either party gives the other written notice of its or his
        intention not to renew this Agreement upon its expiration (the initial term
        together with any renewal terms are referred to herein as the
“Term”).

       

      b. Termination
        by Consent.
        This
        Agreement may be terminated at any time by the parties’ mutual agreement,
        expressed in writing.

       

      c. Termination
        by Executive.

       

      i. Executive
        may terminate this Agreement before the end of its initial term or any renewal
        term upon thirty (30) days’ prior written notice, in which case Company’s only
        obligation to Executive with respect to compensation shall be payment of
        salary,
        accrued, unused vacation compensation earned as of the-last date bona fide
        services are performed for Company under this Agreement (the “Termination
        Date”). 

       

      ii. Executive
        may, by written notice to Company made not less than sixty (60) days before
        the
        Termination Date, elect to terminate his employment on the basis of “good
        reason” if: (a) Company commits a material breach of its obligations under
        Section 1 of this Agreement; or (b) there is a material reduction of Executive’s
        duties, authority or status other than reductions or limitations imposed
        by law
        or regulatory authority; or (c) a material change of the principal location
        in
        which Executive is required to perform his duties hereunder without Executive’s
        prior consent (it being agreed that any location within the Denver, Colorado
        metropolitan area shall not be deemed a material change); or (d) a material
        reduction in (or a failure to pay or provide) Executive’s compensation or
        benefits payable under this Agreement, other than Company’s failure to deliver
        the Special Options under Section 2.d of this Agreement if the Cash Option
        Payment is made or as otherwise permitted by this Agreement; or (e) any other
        material breach by Company of this Agreement. Any such notice of termination
        by
        Executive for “good reason” shall specify the circumstances constituting “good
        reason” and shall afford Company an opportunity to cure such circumstances at
        any time within the thirty (30) day period following the date of such notice.
        If
        Company does cure such circumstances within said thirty (30) day period,
        the
        notice of termination shall be withdrawn by Executive and of no further force
        and effect. In the event that the circumstances cited in Executive’s notice are
        not cured within the thirty (30) days after the notice, this Agreement shall
        be
        terminated sixty (60) days after Executive’s original written notice and such
        termination shall be treated in all respects as if it had been a termination
        of
        employment by Company without cause under Section 5.d of this Agreement.
        

       

      
        
          
          

        

        
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      iii. If
        at any
        time during the Term of this Agreement, Guy A. Gibson ceases to serve as
        Chairman of the Board of Directors of Company, then Executive may, by written
        notice to the Company no later than sixty (60) days after the appointment
        of the
        Chairman of the Board replacing Gibson (unless Executive is the Chairman
        replacing Gibson), elect to terminate his employment, which termination shall
        be
        treated for all purposes (other than Section 7) as a termination on the basis
        of
“good reason” within the meaning of the preceding paragraph. 

       

      d. Termination
        by Company Without Cause.
        Company
        may in its sole discretion terminate Executive’s employment at any time without
        cause. In such an event, the following terms will apply:

       

      i. Company
        shall pay Executive severance compensation equal to Executive’s Base Salary for
        the longer of one year or the remaining initial term of this Agreement which
        shall be payable ratably over the period of time during the Restricted Period,
        as defined in Section 7 of this Agreement, payable in equal installments
        in
        accordance with Company’s standard payroll practice, less legally required
        withholdings and deductions, provided, however, that all payments of severance
        compensation for the first six (6) months after the Termination Date (the
        “Deferral Period”) shall be withheld by Company and not paid to Executive until
        after the end of the Deferral Period, at which time all payments attributable
        to
        the Deferral Period (the “Deferred Amounts”) shall be paid to Executive in a
        lump sum, less required deductions and withholdings. Payment of the Deferred
        Amounts shall be made before the end of the Deferral Period in the event
        of (A)
        Executive’s death or (B) a determination by Company’s counsel that such an
        earlier payment of the Deferred Amounts will not be subject to the additional
        tax imposed by Section 409A of the Internal Revenue Code, as amended (the
        “Code”) or any successor provision of the Code. If and to the extent that any
        other payments or benefits to Executive are triggered by the termination
        of
        Executive’s employment and would be, in the Company’s judgment, subject to the
        additional tax imposed by Code Section 409A, then such other payments and
        benefits will also be treated as Deferred Amounts under this subparagraph.
        The
        parties further agree to cooperate to amend this Agreement with the goal
        of
        giving Executive the economic benefits described herein in a manner that
        does
        not result in any such tax being imposed. In any event, however, Company
        shall
        not be required to make any payments of severance compensation or other
        post-termination benefits under this Agreement until such time as Executive
        shall deliver to Company a complete release of any claims against Company,
        its
        officers, directors, employees, agents or affiliates arising out of or related,
        directly or indirectly, to his employment by Company or Bank or this Agreement,
        provided, however, that no such release shall operate to release, waive or
        limit
        Executive’s rights to continuing coverage under Company’s directors and officers
        insurance under Section 6 of this Agreement or to indemnification and
        advancement of expenses from Company under the Indemnification Agreement
        between
        Company and Executive attached hereto as Exhibit
        A
        or
        otherwise. 

       

      ii. If
        and to
        the extent that Executive remains eligible after such termination to receive
        cash bonuses under the terms of Company’s
        Executive Incentive Plan, as it is in effect at the time of Executive’s
        termination without cause, on account of services provided to Company by
        Executive prior to the date of such termination, then Executive shall be
        awarded
        and paid a cash bonus in accordance with the terms of the Executive Incentive
        Plan, proportionately reduced to reflect any partial year of employment,
        which
        bonus, if awarded, will be treated as Deferred Amounts and withheld for the
        Deferral Period if and to the extent required by the terms of the preceding
        paragraph i. 

       

      
        
          
          

        

        
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      iii. Company
        shall continue to provide to Executive and his family, at Company’s expense, for
        the maximum period permitted by COBRA, all health insurance and other benefits
        described in Section 3 above that are subject to COBRA, on the same terms
        and
        conditions, and at the same cost, if any, to Executive, as such benefits
        had
        been provided to Executive before the Termination Date.

       

      iv. Company
        shall permit Executive to exercise all options to purchase Company’s stock that
        had vested as of the Termination Date for a period of thirty (30) days after
        the
        Termination Date or such longer period as may be permitted by the Plan, the
        Special Plan or Company’s Compensation Committee, provided, however, that in any
        event Executive’s exercise of options and sale of Company stock shall at all
        times be subject to all restrictions made applicable by any securities law
        or
        regulation to persons holding positions such as Executive holds with Company.
        

       

      e. Termination
        by Company With Cause.
        Company
        may terminate this Agreement effective immediately, with Company’s only
        obligation being the payment of salary and accrued, unused vacation compensation
        earned as of the date of termination, by written notice to Executive if
        Executive: (i) commits a material violation of this Agreement; or
        (ii) engages in any of the following forms of misconduct: commission of any
        act involving dishonesty or moral turpitude; theft of Company’s property; or
        willful misconduct, including but not limited to willful disregard of any
        directive of the Chairman of the Board or the Board (either of (i) or (ii)
        being
        deemed to be “with cause” hereunder). The written notice from Company to
        Executive shall disclose, in reasonable detail, the basis on which Company
        believes that Executive’s termination is with cause. If Executive provides
        written notice to Company of Executive’s intent to dispute the existence of such
        cause within twenty four (24) hours of Executive’s receipt of Company’s notice
        of termination with cause, Company shall permit Executive to appear at a
        Board
        meeting (which meeting may be telephonic) to present Executive’s response to the
        written notice. With prior notice to the Company, Executive’s personal attorney
        will be allowed to attend such Board meeting. No later than two (2) business
        days after such meeting, the Board shall determine whether (a) to rescind
        its
        termination of Executive’s employment, (b) to reclassify such termination as a
        termination without cause, or (c) to affirm the termination with cause. Company
        shall promptly notify Executive of any such determination in writing. If
        Executive does not dispute the existence of cause for his termination, such
        termination shall be effective on the date set forth in the original notice
        of
        termination. If Executive disputes the existence of cause for his termination
        before the Board and such termination is not rescinded, such termination
        shall
        be effective on the first to occur of (i) the date set forth in the original
        notice of termination or (ii) the date of the Board’s determination to
        reclassify or affirm the termination. 

       

      
        
          
          

        

        
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      f. Gross
        Up for Excess Taxes.
        

       

      i. If
        any
        payment or benefit provided by Company to or for the benefit of the Executive,
        whether paid or payable or distributed or distributable pursuant to the terms
        of
        this Agreement or otherwise, including, by example and not by way of limitation,
        acceleration by the Company or otherwise of the date of payment under any
        plan,
        program, arrangement or agreement of Company (a “Payment”) is subject to the
        excise tax imposed by Code section 4999 or any interest or penalties with
        respect to such excise tax (the “Excise Tax”), then Company shall make such
        additional payments to Executive (the Excise Tax Gross Up Payments”) as are
        necessary to provide Executive with enough funds to pay the Excise Tax, as
        well
        as any additional taxes (other than the 409A Tax, as defined below), including
        but not limited to additional Excise Tax, attributable to or resulting from
        the
        payment of the Excise Tax Gross Up Payments, with the end result that Executive
        shall be in the same position with respect to his tax liability (other than
        the
        409A Tax) as he would have been in if no Excise Tax had ever been imposed.
        

       

      ii. If
        any
        Payment provided to Executive by Company pursuant to this Agreement is subject
        to the tax imposed by Section 409A of the Code, including any interest or
        penalties incurred by Executive with respect to such tax (such tax, interest
        and
        penalties are hereinafter collectively referred to as the “409A Tax”), then
        Executive shall be entitled to receive an additional payment (a “409A Gross-Up
        Payment”) in an amount such that the remaining balance of the Gross-Up Payment
        after reduction for the amount of the incremental taxes imposed upon the
        Gross-Up Payment (including any state and federal income or payroll taxes
        and
        409A Tax imposed on the 409A Tax reimbursed by Company but excluding any
        state
        and federal income or payroll taxes on any Payment and excluding any Excise
        Tax), is equal to the 409A Tax imposed upon the Payment, provided, however,
        that: (A) Company’s obligation to make a 409A Gross Up Payment shall be limited
        to an amount equal to three times the 409A Tax (not including for this
        purpose 409A Tax attributable to the payment of any portion of the 409A
        Gross Up Payment); (B) Executive may elect to waive his right to any 409A
        Gross
        Up Payment if Executive believes, in his sole discretion, that his receipt
        of
        such payment will cause additional 409A Tax beyond the amount of the 409A
        Gross
        Up Payment; (C) if (1) Executive is a “specified person” within the meaning of
        Sections 409A(a)(2)(B)(ii) of the Code, and (2) as a result of Executive’s
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the
        Code Executive would receive any Payment that, absent the application of
        this
        subparagraph (C), the parties agree would be subject to the interest and
        additional tax imposed pursuant to Section 409A(a) of the Code as a result
        of
        the application of Section 409A(a)(2)(B)(i) of the Code, then no such Payment
        shall be made prior to the date that is the earliest of: (a) 6 months after
        Executive’s separation from service, (b) Executive’s date of death, or (c) such
        other date on which such Payment will not be subject to such interest and
        additional tax, and (D) because it is the intent of the parties that all
        compensation and benefits, including severance and other post-termination
        compensation, provided under this Agreement be paid to Executive and that
        all
        Payments not be subject to 409A Tax, then to the extent that any such
        compensation and benefits could become subject to 409A Tax, the parties agree
        to
        cooperate to amend this Agreement in a manner that ensures that Executive
        receives all of the Payments and all of the economic benefits that are intended
        to be derived from the Payments and, to the extent practicable, that does
        not
        result in 409A Tax being imposed. 

       

      6. Indemnification
        and Directors and Officers’ Insurance.

       

      a. A
        copy of
        the Indemnification Agreement between Company and the CEO, executed
        contemporaneously with this Agreement, is attached hereto as Exhibit
        A.

       

      
        
          
          

        

        
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      b. Company
        shall provide and maintain directors’ and officers’ liability insurance policies
        in a commercially reasonable amount, as determined by Company’s Board of
        Directors in its discretion, covering Executive to the same extent that Company
        provides such coverage for its other executive officers. Such insurance coverage
        shall continue as to Executive even if he has ceased to be a director, employee
        or agent of Company with respect to acts or omissions that occurred prior
        to his
        cessation of employment with Company. Notwithstanding the foregoing, however,
        if
        Company shall cease to maintain directors’ and officers’ liability insurance
        policies covering Executive and other executive officers by reason of: (i)
        a
        consolidation, merger, sale or other reorganization of Company; (ii) any
        person
        or entity or group of persons or entities acting in concert acquiring management
        control of Company; or (iii) the insurers providing such insurance canceling
        or
        refusing to renew such insurance, then Executive shall have coverage only
        to the
        extent provided in any run-off policies extending the period during which
        Company or Executive may give the insurers notice of a claim under the
        terminated directors’ and officers’ liability insurance policies. Company shall
        take all reasonable actions to ensure that it obtains such run-off policies
        and
        that such run-off policies extend the claims reporting period through any
        applicable statutes of limitations, but nothing in this section shall obligate
        Company to obtain extraordinary insurance coverage for Executive. Insurance
        contemplated under this Section 6 shall inure to the benefit of Executive’s
        heirs, executors and administrators.

       

      7. Confidentiality,
        Noninterference and Non-compete.

       

      a. Executive
        understands, acknowledges, and agrees that during the course of his employment,
        he will have access to technical, business, and customer information, materials,
        and data relating to Company’s and Bank’s business that have not been released
        to the public, including, but not limited to, confidential information,
        materials, or proprietary data belonging to Company or Bank (collectively,
        “Confidential Information”). Executive also understands, acknowledges, and
        agrees that all Confidential Information is the property of Company and/or
        Bank.
        Executive agrees to hold and safeguard all Confidential Information and agrees
        not to disclose or divulge any Confidential Information to any person, firm,
        corporation, business, or any other entity without the written authorization
        of
        an officer or director of Company or as required by Executive’s performance of
        services under this Agreement. Notwithstanding the foregoing, this Agreement
        shall not prohibit Executive from responding to any subpoena or court order,
        or
        from disclosing any information that has entered the public domain other
        than as
        a result of Executive’s violation of any legal duty of
        nondisclosure.

       

      b. For
        purposes of this Agreement, the “Restricted Period” shall be any period with
        respect to which Executive is paid severance compensation pursuant to Section
        5(d), above (including the Deferral Period), or, if Executive resigns without
        “good reason” pursuant to Section 5.c.i above, then it shall be the twelve (12)
        month period following the effective date of the resignation. During the
        Restricted Period, other than the period following a resignation under Section
        5.c.iii, Executive shall
        not
        (except on behalf of Company or with Company’s prior written consent), directly
        or indirectly, (i) solicit
        the business of any of Company’s or Bank’s customers or clients, (ii) hinder,
        disrupt or otherwise interfere with Company’s or Bank’s ongoing business
        relationship with any of their respective customers or clients, (iii) solicit
        the employment of any employee of Company or Bank or (iv) encourage, counsel
        or
        otherwise cause any employee of Company or Bank to terminate the employee’s
        employment relationship with Company or Bank. 

       

      
        
          
          

        

        
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      c. In
        the
        event of Executive’s resignation from employment under Section 5.c.i. or 5.c.iii
        of this Agreement, Company may, no later than five (5) business days after
        the
        effective date of such resignation, elect to impose on Executive a restriction
        against competing with Company (the “Non-Compete”) for a period of up to twelve
        (12) months after termination (the “Non-Compete Period”) by (i) giving written
        notice to the Executive of such election, including the number of months
        that
        Company is electing to impose the Non-Compete and (ii) beginning one month
        after
        the date of termination, paying Executive $31,500 (a “Non-Compete Payment”) each
        month that the Non-Compete is in effect (a “Non-Compete Purchase Election”),
        such payment being made in arrears for the preceding month.. After the
        Non-Compete Purchase Election has been made, Company may not extend the
        Non-Compete Period without Executive’s consent. During the Non-Compete Period,
        Executive may not
        (except on behalf of the Company or with the Company’s prior written consent),
        directly or indirectly, (i) engage in the Company’s business or the Bank’s
        Business (collectively, the “Business”) in the state of Colorado or any other
        state where, as of the date of termination, the Company has existing banking
        operations or other sales offices or has invested a substantial amount of
        effort
        or money with the intent of establishing banking operations or sales offices
        (the “Territory”),
        (ii)
        interfere with the Business, or (iii) own, manage, control, participate in,
        consult with, render services for or in any manner engage in or represent
        any
        business within the Territory that is competitive with the Business as such
        business is conducted or proposed to be conducted from and after the date
        of
        this Agreement. Nothing herein shall prohibit Executive from being a passive
        owner of not more than five percent (5%) of the outstanding stock of any
        class
        of a corporation which is publicly traded, so long as Executive has no active
        participation in the business of such corporation. A Non-Compete Payment
        shall
        not reduce or otherwise affect the obligation of Company, if any, to provide
        post-termination compensation or benefits to Executive. If
        Executive breaches the Non-Compete during the Non-Compete Period, Company
        may
        cease making further Non-Compete Payments and Executive shall be obligated
        to
        repay all prior Non-Compete Payments to Company. If Company elects to impose
        a
        Non-Compete, any Non-Compete Payment will be deemed to be a Payment subject
        to
        Section 5.f. of this Agreement. 

       

      d. It
        is
        hereby acknowledged by the parties hereto that a breach by Executive of any
        of
        the covenants contained in this Section 7 will cause irreparable harm and
        damage
        to Company, the monetary amount of which may be virtually impossible to
        ascertain. As a result, Executive acknowledges and agrees that Company shall
        be
        entitled to an injunction from any court of competent jurisdiction enjoining
        and
        restraining any violation of any or all of the covenants contained in this
        Section 7 by Executive or any of his affiliates, associates, partners or
        agents,
        either directly or indirectly, and that any such injunction or other equitable
        relief shall be in addition to, and not a substitute for, any other remedies
        available to Company, including but not limited to money damages.  

       

      8. Successors
        and Assigns.
        Company, its successors and assigns may assign this Agreement to any person
        or
        entity in connection with (a) a consolidation, merger, sale or other
        reorganization of Company or Bank or (b) any person or entity or group of
        persons or entities acting in concert acquiring management control of Company
        or
        Bank. Any other transfer or assignment of this Agreement by Company shall
        only
        be made with Executive’s consent, which shall not be unreasonably withheld. This
        Agreement thereafter shall bind, and inure to the benefit of, Company’s
        successor or assign. Executive has no power or authority to assign either
        this
        Agreement or any right or obligation arising thereunder.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      9. Miscellaneous.

       

      a. Governing
        Law.
        This
        Agreement, and all other disputes or issues arising from or relating in any
        way
        to Company’s relationship with Executive, shall be governed by the internal laws
        of the State of Colorado, irrespective of the choice of law rules of any
        jurisdiction; except that Executive’s rights and obligations in relation to
        indemnification shall be governed by the laws of the state in which Company
        is
        incorporated.

       

      b. Severability.
        If any
        court of competent jurisdiction declares any provision of this Agreement
        invalid
        or unenforceable, the remainder of the agreement shall remain fully enforceable.
        To the extent that any court concludes that any provision of this Agreement
        is
        void or voidable, the court shall reform such provision(s) to render the
        provision(s) enforceable, but only to the extent absolutely necessary to
        render
        the provision(s) enforceable.

       

      c. Integration.
        This
        Agreement constitutes the entire agreement of the parties and a complete
        merger
        of prior negotiations and agreements and, except as provided in the preceding
        subparagraph, shall not be modified except in a writing signed by Executive
        and
        Company.

       

      d. Waiver.
        No
        provision of this Agreement shall be deemed waived, nor shall there be an
        estoppel against the enforcement of any such provision, except by a writing
        signed by the party charged with the waiver or estoppel. No waiver shall
        be
        deemed continuing unless specifically stated therein, and the written waiver
        shall operate only as to the specific term or condition waived, and not for
        the
        future or as to any act other than that specifically waived.

       

      e. Construction.
        Headings in this Agreement are for convenience only and shall not control
        the
        meaning of this Agreement. Whenever applicable, masculine and neutral pronouns
        shall equally apply to the feminine genders; the singular shall include the
        plural and the plural shall include the singular. The parties have reviewed
        and
        understand this Agreement, and each has had a full opportunity to negotiate
        the
        Agreement’s terms and to consult with counsel of their own choosing. Therefore,
        the parties expressly waive all applicable common law and statutory rules
        of
        construction that any provision of this Agreement should be construed against
        the drafter, and agree that this Agreement and all amendments thereto shall
        be
        construed as a whole, according to the fair meaning of the language
        used.

       

      f. Disputes.
        Any
        action arising from or relating any way to this Agreement, or otherwise arising
        from or relating to Executive’s employment with Company, shall be tried only in
        the state or federal courts situated in Denver, Colorado. The parties consent
        to
        jurisdiction and venue in those courts to the greatest extent possible under
        law.

       

      [SIGNATURES
        FOLLOW]

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

        

      
        
          	 	EXECUTIVE	 	 	COMPANY
	 	Scot
                  Wetzel:	 	 	Matrix
                  Bancorp,
                  Inc.
	 	 	 	 	 
	
                  By:

                	 /s/Scot
                  T. Wetzel	 	
                  By:

                	 /s/Guy
                  A. Gibson
	 	 	 	 	 
	
                  Date:

                	
                   3/15/06

                	 	
                  Date:

                	 

                   3/15/06

                

        

         

      

      
        
          
          

        

        
          11Unassociated Document

    Exhibit
      10.23

     

     

    Separation
      Agreement and Release

     

    This
      Separation Agreement and Release (this “Agreement”) is entered into on this
14th day
      of
      February, 2006, by and among L. Leighton Alston (“Executive”), West Georgia
      National Bank (the “Bank”), and the Bank’s sole shareholder, WGNB Corp. (“WGNB”;
      with the Bank and WGNB being collectively referred to as the
“Company”).

     

    WHEREAS,
      Executive, the Bank and WGNB are parties to an Employment Agreement, dated
      May 27, 2005 (the “Employment Agreement”), pursuant to which Executive has
      served as Chief Executive Officer of the Bank and as President and Chief
      Executive Officer of WGNB; and

     

    WHEREAS,
      Executive, the Bank and WGNB wish to terminate the Employment Agreement and
      all
      other aspects of the relationship between them; and

     

    WHEREAS,
      the
      parties wish to set forth fully in this Agreement the terms of separation,
      such
      that this Agreement will supersede those of the Employment
      Agreement;

     

    NOW,
      THEREFORE,
      for and
      in consideration of the payments, benefits and mutual promises set forth below,
      the sufficiency of which is acknowledged, Executive, the Bank and WGNB hereby
      agree as follows:

     

    1.  Employment
      Termination.

     

    The
      Company and Executive agree that:

     

    (1)  Executive’s
      last day of employment with the Company was February 11, 2006 (the “Severance
      Date”);

     

    (2)  Executive’s
      “Severance Period” will mean the 24-month period beginning on the Severance
      Date; and

     

    (3)  This
      Agreement was first delivered to the Executive on February 7, 2006 (the
“Delivery Date”).

     

    2.  Payments.
      The
      Bank and WGNB shall be severally liable to Executive for the payments described
      in this Section 2; provided, these payments are expressly conditioned upon
      Executive’s compliance with Sections 4, 5, 6 and 7 below. To this effect,
      the Bank shall pay or transfer to Executive the following:

     

    (a)  Final
      Paycheck.
      His
      regular base salary for all periods through his Severance Date at the time
      and
      in the manner it shall pay other executive officers their base salary for such
      periods.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)  Final
      Bonus Payment.
      The
      remaining balance of his executive bonus for the 2005 fiscal year; provided,
      this bonus payment shall be paid at the same time and in the same manner it
      is
      paid to other executive officers but in no event later than March 15,
      2006.

     

    (c)  Vacation
      Benefit.
      Consistent with the Company’s general vacation policy, a lump-sum cash payment
      equal to the value of his total earned and unused vacation days as of his
      Severance Date.

     

    (d)  Severance
      Pay.
      $300,000 in 24 equal monthly installments of $12,500 commencing on March 1,
      2006, with each subsequent installment being due and paid on the day of each
      subsequent month within the Severance Period on which other executive employees
      receive their first paycheck during that month; provided, the Bank shall pay
      all
      amounts of said severance pay remaining unpaid as of the last day of the
      Severance Period on said last day.

     

    (e)  COBRA
      Coverage and Premium Payments.
      Under
      the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”),
      Executive will have the opportunity to elect continuation coverage of his
      medical and dental benefits for himself, his spouse and/or eligible dependents
      to the extent he and/or they are participating in the Company’s plans for those
      benefits as of his Severance Date. If elected in a timely manner, COBRA coverage
      generally will end on the last day of the 18th month following his Severance
      Date (unless an earlier end date or an extension is required under COBRA).
      If
      and to the extent Executive timely elects COBRA continuation coverage, then
      while his COBRA coverage is in effect for himself during the first 18 mouths
      of
      his Severance Period, the Bank shall pay 100 percent of the premium amount
      for
      Executive’s COBRA coverage. Executive, his spouse and/or his dependents shall be
      responsible for paying 100 percent of the premium amount for any COBRA coverage
      for Executive’s spouse and/or dependents; provided, if the Bank and/or WGNB can
      legally and without additional cost (other than the cost of an amendment to
      the
      Bank’s or WGNB’s cafeteria plan) deduct Executive’s payments for spousal and/or
      dependent COBRA benefits from the payments to Executive of his severance pay
      (as
      described in subsection (d) hereof), the Bank and/or WGNB shall do
      so.

     

    (f)  Home
      Computer.
      Ownership of the desktop computer and printer that Executive has maintained
      at
      his residence; provided, Executive agrees that the Bank will first change the
      hard drive in the computer to ensure that no Company information or files
      remain.

     

    (g)  Contact
      List.
      An
      electronic copy of Executive’s contact list saved from the on his computer at
      the Bank.

     

    3.  Stock
      and Options.

     

    (a)  Previously
      Vested Shares.
      WGNB
      shall honor Executive’s exercise of all of his WGNB stock options that vested
      prior to February 10, 2006, and thereby shall allow him to purchase 29,493
      shares of WGNB stock pursuant to the terms of such options; provided, Executive
      agrees not to sell or otherwise transfer or encumber any of such shares until
      or
      after August 11, 2006, and acknowledges that WGNB may place a legend on the
      stock certificate(s) for such shares reflecting such restriction.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)  Newly
      Vested Shares.
      Executive shall be permitted to exercise the options to purchase 2,629 shares
      of
      WGNB stock that vest on February 10, 2006; provided, Executive agrees that
      he may not exercise said options earlier than August 11, 2006. Executive
      shall have fifteen (15) days beginning on August 11, 2006 to exercise said
      options after which time said options (if not exercised) will
      lapse.

     

    4.  Mutual
      General Releases.

     

    (a)  Executive’s
      General Release.
      Executive agrees, for himself, his spouse, heirs, executor, administrator,
      assigns, insurers, attorneys and other persons or entities acting or purporting
      to act on his behalf (the “Executive’s Parties”), to irrevocably and
      unconditionally release, acquit and forever discharge the Bank and WGNB, their
      affiliates, subsidiaries, directors, officers, employees, shareholders,
      partners, agents, representatives, predecessors, successors, assigns, insurers,
      attorneys, benefit plans sponsored by the Bank and WGNB and said plans’
fiduciaries, agents and trustees (the “Bank’s Parties”), from any and all
      actions, causes of action, suits, claims, obligations, liabilities, debts,
      demands, contentions, damages, judgments, levies and executions of any kind,
      whether in law or in equity, known or unknown, which the Executive’s Parties
      have, have had, or may in the future claim to have against the Bank’s Parties,
      including but not limited to those claims arising out of, related to, or
      resulting from Executive’s employment with the Bank and WGNB or the termination
      thereof. It is understood that this is a general release. This release
      specifically includes without limitation any claims arising in tort or contract,
      any claim based on wrongful discharge, any claim based on breach of contract,
      any claim arising under federal, state or local law prohibiting race, sex,
      age,
      religion, national origin, handicap, disability or other forms of
      discrimination, any claim arising under federal, state or local law concerning
      employment practices, and any claim relating to compensation or benefits. This
      specifically includes, without limitation, any claim which Executive has or
      has
      had under Title VII of the Civil Rights Act of 1964, as amended, the Age
      Discrimination in Employment Act, as amended (“ADEA”), the Americans with
      Disabilities Act, as amended, and the Employee Retirement income Security Act
      of
      1974, as amended (“ERISA”). Notwithstanding anything herein to the contrary,
      Executive shall have a right to, and is not releasing any claim for, (i) any
      breach of, or any amounts due or performance of the Bank’s Parties under, this
      Agreement, or (ii) any benefits Executive may have accrued or otherwise carved
      in the normal course under any employee benefit plan (within the meaning of
      ERISA) as of his Severance Date.

     

    (b)  Executive’s
      ADEA Release.
      Executive hereby acknowledges that he is knowingly and voluntarily waiving
      and
      releasing any rights he may have under ADEA and that the consideration given
      for
      this Agreement is in addition to anything of value to which he was already
      entitled. He further acknowledges that he has been advised by this writing,
      as
      required by ADEA, that: (A) the waiver and release do not apply to any
      rights or claims that may arise on or after the date he executes this release;
      (B) he has the right to consult with an attorney prior to executing this
      release; (C) he has twenty-one (21) days from the Delivery Date to consider
      this release (although he may choose to voluntarily execute this release
      earlier); (D) he has seven (7) days following his execution of this release
      to revoke the release; and (E) this release shall not be effective until
      the date upon which the revocation period has expired, which shall be the eighth
      (8th)
      day
      after he executes this release.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)  Company’s
      Release.
      The
      Bank and WGNB agree, for the Bank’s Parties, to irrevocably and unconditionally
      release, acquit and forever discharge the Executive’s Parties from any and all
      actions, cause of action, suits, claims, obligations, liabilities, debts,
      demands, contentions, damages, judgments, levies and executions of any kind,
      whether in law or in equity, known or unknown, which the Bank’s Parties have,
      have had, or may in the future claim to have against the Executive’s Parties,
      including but not limited to claims arising out of, related to, or resulting
      from Executive’s employment with the Bank and WGNB or the termination thereof.
      It is understood that this is a general release. This release specifically
      includes without limitation any claims arising in tort or contract, any claim
      based on wrongful discharge, any claim based on breach of contract, any claim
      arising under federal, state or local law prohibiting race, sex, age, religion,
      national origin, handicap, disability or other forms of discrimination, any
      claim arising under federal, state or local law concerning employment practices,
      and any claim relating to compensation or benefits. Notwithstanding anything
      herein to the contrary, the Company shall have a right to, and is not releasing
      any claim for, any breach of, or any amounts due or performance of the
      Executive’s Parties under, this Agreement. Further and notwithstanding the
      foregoing, nothing in this Agreement shall be construed as extinguishing any
      debts owed to the Bank under existing loans made to Executive or Executive’s
      Parties.

     

    5.  Inquiries
      and Nondisparagement.
      In
      response to inquiries concerning Executive’s employment with the Company and the
      termination of that employment, the statements of the Company and its
      representatives will always be and remain consistent with the content of the
      press release announcing Executive’s termination of employment, a copy of which
      is attached hereto as Exhibit A. Executive, on the one hand, and WGNB and
      the Bank, on the other hand, covenant and agree not to make or publish any
      disparaging, derogatory, critical, unflattering, or otherwise negative comments
      about the other, whether true or untrue, to any person or entity, or to make
      any
      statements from which a disparaging, derogatory, critical, unflattering, or
      otherwise negative meaning could reasonably be inferred; provided, if Executive
      or any representative of WGNB or the Bank is required by law to testify, provide
      information or give a statement under oath, nothing in this provision is
      intended to prevent or discourage them from doing so truthfully.

     

    6.  Restrictive
      Covenants.
      The
      obligations contained in Section 4 of the Employment Agreement are
      incorporated herein by reference, and the time periods in Sections 4.6, 4.7
      and 4.10 shall be treated as expiring at the end of the Severance
      Period.

     

    7.  Cooperation
      in Defense of Claims.
      Executive agrees to cooperate in the defense of any claim to which WGNB or
      the
      Bank is a party or to which WGNB or the Bank becomes a party which reasonably
      requires his cooperation. Cooperation shall include, but not be limited to,
      meeting with counsel for WGNB or the Bank, making himself available for
      testimony without requiring a subpoena, and providing documents and information
      to WGNB or the Bank as reasonably required. The Company shall make good efforts
      to schedule any meetings, hearings or other events that require Executive’s lime
      in a manner that does not interfere with any employment or other obligations
      he
      may have. To the extent Executive incurs any out-of-pocket expenses (for
      example, travel or parking expenses), the Bank and/or WGNB shall reimburse
      him
      for such expenses under policies similar to those applicable to expense
      reimbursements of Company executive officers.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.  Unasserted
      Claims.
      Executive hereby represents he has no knowledge of any nonfrivolous claims
      that
      may be asserted against the Bank or WGNB, that arise solely out of Executive’s
      actions or inactions, and that he believes may result in a successful claim
      against the Bank or WGNB.

     

    9.  Miscellaneous.

     

    (a)  Invalidity
      of Any Provision.
      It is
      the intention of the parties hereto that the provisions of this Agreement shall
      be enforced to the fullest extent permissible under the laws of each state
      and
      jurisdiction in which such enforcement is sought, but that the unenforceability
      (or the modification to conform with such laws) of any provision hereof shall
      not render unenforceable or impair the remainder of this Agreement which shall
      be deemed amended to delete or modify, as necessary, the invalid or
      unenforceable provisions. The parties further agree to alter the balance of
      this
      Agreement in order to render the same valid and enforceable. The terms of the
      restrictive covenant provisions of this Agreement shall be deemed modified
      to
      the extent necessary to be enforceable and, specifically, without limiting
      the
      foregoing, if the term of the applicable restrictive covenant is too long to
      be
      enforceable, it shall be modified to encompass the longest term which is
      enforceable; and, if the scope of the geographic area of the applicable
      restrictive covenant is too great to be enforceable, it shall be modified to
      encompass the greatest area that is enforceable.

     

    (b)  Applicable
      Law.
      This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of Georgia.

     

    (c)  Arbitration.
      In the
      event of a controversy or claim arising out of this Agreement which cannot
      be
      settled by the parties or their legal representatives, other than a claim by
      WGNB or the Bank against Executive under Section 6 hereof for which they seek
      specific performance or injunctive relief, it will be resolved exclusively
      by
      arbitration conducted in Georgia by one arbitrator in accordance with the rules
      of the American Arbitration Association, and judgment upon the award may be
      entered in any court having jurisdiction. All arbitration hearings will be
      commenced within ninety (90) days of the demand for arbitration; provided,
      the
      arbitrator will, upon a showing of cause, be permitted to extend the
      commencement of such hearing. By executing this Agreement, the parties agree
      to
      submit personal and subject matter jurisdiction to the Superior Court of Carroll
      County, Georgia for purposes of enforcing the arbitration provision, enforcing
      an arbitration award or vacating an arbitration award.

     

    (d)  Waiver
      of Breach.
      The
      waiver of a breach of any provision of this Agreement by a party hereto shall
      not operate or be construed as a wavier of any subsequent breach by the other
      party hereto.

     

    (e)  Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of the Bank and WGNB and its Affiliates,
      and their respective successors and assigns. This Agreement shall inure to
      the
      benefit of and be enforceable by the Executive’s estate and/or legal
      representatives.

     

    (f)  Assignment
      of Agreement.
      This
      Agreement may not be assigned by any of the parties without the express written
      consent of the other parties to this Agreement; provided, however, that the
      provisions of this Agreement shall inure to the benefit of and be binding upon
      each successor of WGNB or the Bank, whether by merger, consolidation, transfer
      of all or substantially all assets, or otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (g)  Notices.
      All
      notices, demands and other communications hereunder shall be in writing and
      shall be delivered in person or deposited in the United States mail, certified
      or registered, with return receipt requested, as follows:

     

    
      
        	 	
                (1)

                 

              	
                If
                  to the Executive:

                 

              	
                Mr.
                  L. Leighton Alston

                244
                  Foggy Bottom Drive

                Carrollton,
                  Georgia 30116

                 

              
	 	
                (2)

                 

              	
                If
                  to the Bank or WGNB:

                 

              	
                WGNB
                  CORP.

                West
                  Georgia National Bank

                P.O.
                  Box 280

                Carrollton,
                  Georgia 30112

                Attention:
                  Chairman

                 

              
	 	
                With
                  a copy to:

                 

              	
                Eric
                  C. Lang

                The
                  Lang Legal Group LLC

                1800
                  Century Place

                Suite
                  570

                Atlanta,
                  GA 30345

              

      

    

     

    (h)  Entire
      Agreement.
      This
      Agreement contains the, entire agreement of the parties with respect to the
      subject matter hereof. All understanding and agreements heretofore made between
      the parties hereto with respect to the subject matter of this Agreement are
      merged into this document which alone fully and completely expresses their
      agreement. This Agreement may not be uliauged orally but only by an agreement
      in
      writing signed by both parties.

     

    (i)  Application
      of Code Section 409A.
      It is
      the intent of the parties to this Agreement that this Agreement shall be
      interpreted, construed and operated in compliance with any applicable provisions
      of Code Section 409A. To the extent that future regulations issued pursuant
      to
      Code Section 409A require any amendments to this Agreement, the parties agree
      that they will consent to, and make, such amendments.

     

    (j)  Captions.
      The
      captions appearing in this Agreement arc inserted only as a matter of
      convenience and in no way define, limit, construe or describe the scope or
      intent of any provisions of this Agreement or in any way affect this
      Agreement.

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement under seal as of this 14th day
      of
      February, 2006.

     

    
      	 	 	 
	 	EXECUTIVE:
	 
 	 
 	 
 
	 	By:  	/s/ L.
              Leighton Alston
	 	
              
L.
              Leighton Alston
	 	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	WGNB
              CORP.
	 
 	 
 	 
 
	 	By:  	/s/ R.
              David Perry
	 	
              
Title: 
Chairman,
              Executive Compensation and Management
              Succession Committee
	 	 

    

    
      	 	 	 
	 	WEST
              GEORGIA NATIONAL BANK
	 
 	 
 	 
 
	 	By:  	/s/ W.T.
              Green, Jr.
	 	
              
Title: 
Chairman,
              Board of Directors
	 	 

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    WGNB
      Corp. Announces Resignation of its President and Chief Executive Officer of
      West
      Georgia National Bank

     

    CARROLLTON,
      Ga.-(BUSINESS WIRE)--Feb. 6, 2006--WGNB Corp. (NASDAQ: WGNB ), the holding
      company for West Georgia National Bank, the thirty-ninth highest performing
      publicly traded community bank under $1 billion in assets in the nation
      according to US Banker, and one of only 38 publicly traded financial
      institutions in the nation under $2 billion market cap admitted by Sandler
      O’Neill & Partners, L.P., to its 2005 Bank & Thrift Sm-All Stars, today
      announced the resignation of its President and Chief Executive Officer L.
      Leighton Alston.

     

    Alston
      has been with WGNB for more than 28 years. Prior to joining WGNB , he was an
      Assistant National Bank Examiner for the Comptroller of the Currency,
      Administrator of National Banks, under the United States Treasury Department
      for
      three years. During his 28 years of involvement with the bank, total assets
      have
      grown from $25million to $524miliion and market Capitalization has grown to
      more
      than $126 million. Alston joined WGNB in January 1978. In March of 1991 he
      was
      named President and Chief Executive Officer and elected to the Boards of WGNB
      Corp. and West Georgia National Bank.

     

    “WGNB
      is
      a great institution with an impressive history,” said L. Leighton Alston. “We
      have just finished the fifteenth consecutive year of annual earnings growth.
      This is the right time for me, personally, to stop down from my positions at
      WGNB Corp. and West Georgia National Bank.”

     

    “Leighton
      Alston has served the bank and this community with extraordinary spirit and
      dedication and with a long and enviable list of accomplishments,” said W.T.
“Tommy” Green, Jr., Chairman of the Board of WGNB Corp. “The momentum generated
      under his leadership will carry on into the future.”

     

    Dealty
      Lipham, President and Director of West Georgia National Bank and Executive
      Vice
      President of WGNB Corp., has been appointed by the Board as Interim CEO of
      WGNB
      Corp.

     

    Chairman
      Green added “I am confident in the depth of the WGNB management team developed
      by Leighton, our deeply embedded culture of customer service and our long
      history of community involvement, all of which make us an Industry
      leader.”

     

    About
      WGNB Corp,

     

    WGNB
      Corp. stock is traded on the NASDAQ Small Cap market under the symbol WGNB.
      West
      Georgia National Bank has seven full service locations in Carrollton, Bowdon,
      Villa Rica and Douglasville. The bank currently has assets of $516,000,000.
      For
      more information about West Georgia National Bank, visit the company’s Web site
      at www.wgno.com.
      Interested parties may contact Steven J. Haack, Chief Financial Officer, via
      email at shack@wgnb.com
      or at
      WGNB Corp., P.O. Box 280, Carrollton, Georgia 30112.

     

    Except
      for historical information contained in this press release, the matters
      discussed consist of forward-looking information under the Private Securities
      Litigation Reform Act of 1995. The accuracy of the forward-looking information
      is necessarily subject to and involves risk and uncertainties, which could
      cause
      actual results to differ materially from forward-looking information. These
      risk
      and uncertainties include but are not limited to, general economic conditions,
      competition and other factors, included in filings with the Securities and
      Exchange Commission.

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