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Item 1.01 Entry Into a Material Definitive Agreement. On May 25, 2005, the Board of Directors considered and approved the First Amendment to Restated City Savings Bank Deferred Director Supplemental Retirement Plan (the “Amendment”). The purpose of the Amendment is to bring the Restated City Savings Bank Deferred Director Supplemental Retirement Plan (the “Plan”) into compliance with the American Jobs Creation Act of 2004 by, among other things, tracking the new tax legislation’s definitions of disability and change in control, and providing for a payout upon a change in control of City Savings Bank of the present value of benefits to which a director is entitled upon attainment of age seventy under the Plan. The Amendment will apply to benefits which accrue on and after January 1, 2005. A copy of the Amendment is attached hereto as Exhibit 10.1 and incorporated herein by this reference. On May 25, 2005, the Board of Directors also considered and approved First Amendments to Deferred Compensation Agreements between City Savings Bank (the “Bank”) and Thomas F. Swirski, President and Chief Executive Officer, and between the Bank and George L. Koehm, Executive Vice President and Treasurer. The purpose of the First Amendments to Deferred Compensation Agreements is to bring them into compliance with the American Jobs Creation Act of 2004. The amendments to the Deferred Compensation Agreements include provisions tracking the new tax legislation’s definitions of disability and change in control and providing for a six month delay in commencement of benefits to key employees after separation from service. In addition, the First Amendments to Deferred Compensation Agreements provide for the payout of benefits in installments in the event of a change in control. The Amendments will apply to benefits which accrue on and after January 1, 2005. A copy of the First Amendment to Deferred Compensation Agreement between the Bank and Mr. Swirski is attached hereto as Exhibit 10.2 and incorporated herein by this reference. A copy of the First Amendment to Deferred Compensation Agreement between the Bank and Mr. Koehm is attached hereto as Exhibit 10.3 and incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits | 