Exhibit 10.2
Crescent
Bank and Trust
Consulting Agreement
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This consulting agreement is between Crescent Bank and Trust and Xxxxx X.
Xxxxxx. The term of this agreement is January 1, 1998 to December 31, 2008.
Xx. Xxxxxx in signing this agreement agrees to a non-compete clause with regard
to automobile sub-prime lending until this agreement has expired. For services
listed below Xx. Xxxxxx will be compensated $3,000 per month in salary plus
Family Major Medical Coverage:
1. Xx. Xxxxxx will be available via the telephone for all Crescent Bank &
Trust management, lenders and collection personnel for consultation
purposes on any lending or collection matters.
2. Xx. Xxxxxx will be available to monitor all information concerning the
potential purchase of loan packages.
In addition, Xx. Xxxxxx will be available to Crescent Bank & Trust at a rate of
$50.00 per hour (not to exceed 400 hours annually) to perform the following:
a.) loan package due diligence
b.) loan quality control
c.) branch marketing surveys
or
d.) any other area management feels he can be of benefit
/s/ Xxxx X. Xxxxxxx 12/28/97
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Xxxx X. Xxxxxxx Date
CEO - Crescent Bank & Trust
/s/ Xxxxx X. Xxxxxx 12/28/97
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Xxxxx X. Xxxxxx Date
Approved by:
Board of Directors
Crescent Bank & Trust
/s/ Xxxxxx X. Xxxxxxx 12/28/97
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Xxxxxx X. Xxxxxxx Date
Secretary
