Certificate Number                              Number of Preferred Securities
   **P-1**                                                           1,250,000

                              CUSIP NO. 124296 20 3

                   Certificate Evidencing Preferred Securities
                                       of
                              BVBC Capital Trust I

                     _____% Cumulative Preferred Securities
                (liquidation amount $8.00 per Preferred Security)

      BVBC Capital Trust I, a statutory business trust created under the laws of
the State of  Delaware  (the  "Trust"),  hereby  certifies  that Cede & Co. (the
"Holder")  is the  registered  owner of One Million Two Hundred  Fifty  Thousand
(1,250,000) preferred securities of the Trust representing  undivided beneficial
interests  in the  assets of the  Trust and  designated  the  _____%  Cumulative
Preferred  Securities  (liquidation  amount $8.00 per Preferred  Security)  (the
"Preferred Securities").  The Preferred Securities are transferable on the books
and  records  of the Trust,  in person or by a duly  authorized  attorney,  upon
surrender of this  certificate  duly endorsed and in proper form for transfer as
provided  in  Section  5.04 of the  Trust  Agreement  (as  defined  below).  The
designations, rights, privileges, restrictions, preferences, and other terms and
provisions of the Preferred  Securities  are set forth in, and this  certificate
and the  Preferred  Securities  represented  hereby  are issued and shall in all
respects be subject to the terms and  provisions  of, the  Amended and  Restated
Trust  Agreement of the Trust dated as of  __________,  2000, as the same may be
amended from time to time (the "Trust Agreement"),  including the designation of
the terms of Preferred  Securities as set forth therein.  The Holder is entitled
to the benefits of the Preferred  Securities Guarantee Agreement entered into by
Blue Valley Ban Corp., a Kansas  corporation,  and Wilmington Trust Company,  as
guarantee trustee,  dated as of ______________,  2000 (the "Guarantee"),  to the
extent  provided  therein.  The Trust will furnish a copy of the Trust Agreement
and the Guarantee to the Holder without charge upon written request to the Trust
at its principal  place of business or registered  office.  Upon receipt of this
certificate,  the Holder is bound by the Trust  Agreement and is entitled to the
benefits thereunder.

      IN WITNESS WHEREOF, the Administrative Trustees of the Trust have executed
this certificate this _____ day of ___________, 2000.

                                   BVBC CAPITAL TRUST I



                                    By:________________________________________
                                       Robert D. Regnier, Administrative Trustee




                                    By:________________________________________
                                       Mark A. Fortino, Administrative Trustee




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