Exhibit 10.4

                      Summary of Officer Bonus Arrangements
DESCRIPTION

The officers of the  Corporation  and its banking  subsidiary are eligible for a
bonus  calculated  as a percentage  of each  officer's  base  salary.  Executive
officers  of the  Corporation  participate  in the plan on the same basis as all
other  participating  officers.  The bonus is approved by the Board of Directors
and the specific  percentage  award is determined  based upon the  Corporation's
return on average assets for the  twelve-month  period ending on November 30. If
the return on assets is less than one and one quarter percent  (1.25%),  no cash
bonuses are paid under the plan.  The threshold  bonus is 2% of salary,  and the
maximum is 20% of salary.  If the Corporation were to achieve a one and one half
percent (1.50%) return on average assets,  officers would receive a bonus of 10%
of salary.

OTHER PROVISIONS

If an officer's  employment  is  terminated  for any reason  before the bonus is
paid, the officer forfeits all rights to the bonus.  This bonus arrangement does
not  give  any  officer  the  right  to be  retained  in the  employment  of the
Corporation and does not affect the right of the Corporation to terminate,  with
or without cause, any officer's  employment at any time. The Corporation has the
right to withhold from any compensation  payable to an officer,  or to cause the
officer  (or the  executor or  administrator  of his or her estate or his or her
distributee)  to make payment of, any  federal,  state,  local or foreign  taxes
required to be withheld with respect to any payment.  The Board of Directors may
amend,  alter,  suspend or discontinue the bonus arrangements as it shall at any
time or from time to time determine in its sole discretion.