0001117768-03-000104 Sample Contracts

John W. Spence III 4712 Clendenin Road Nashville, Tennessee 37220 (615) 383-2654
Michigan Community Bancorp LTD • November 24th, 2003 • State commercial banks

This will confirm our agreement as to the terms on which John W. Spence III, a resident of Tennessee (the "Investment Manager"), will act as the Investment Manager for Spence Limited, L.P., a Georgia limited partnership (the "Fund") of which Financial Junk, LLC, a Georgia limited liability company (the "General Partner"), is the general partner. The Fund will be the successor by merger of Spence Limited, L.P., a Tennessee limited partnership.

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JOINT FILING AGREEMENT
Joint Filing Agreement • November 24th, 2003 • Michigan Community Bancorp LTD • State commercial banks

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

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