EMPLOYMENT AGREEMENT

                          SYNERGY FINANCIAL GROUP, INC.

                              EMPLOYMENT AGREEMENT


         THIS  AGREEMENT,  is  effective  as of this  1st day of  January  2005,
(hereinafter  the  ("Effective  Date") by and between Synergy  Financial  Group,
Inc.,  Cranford,  New  Jersey  (hereinafter  the  "Company")  and John S.  Fiore
(hereinafter the "Executive").

                                   WITNESSETH

         WHEREAS,  the  Executive has  heretofore  been employed by Synergy Bank
(the  "Savings  Bank") and the  Company  as the  President  and Chief  Executive
Officer and is experienced in all phases of the business of the Company; and

         WHEREAS, the Company desires to be ensured of the Executive's continued
active participation in the business of the Company; and

         WHEREAS,  in order to induce the  Executive  to remain in the employ of
the Company and in  consideration  of the Executive's  agreeing to remain in the
employ of the Company,  the parties desire to specify the continuing  employment
relationship between the Company and the Executive;

         NOW  THEREFORE,  in  consideration  of  the  premises  and  the  mutual
agreements herein contained, the parties hereby agree as follows:

         1. Employment. The Company hereby employs the Executive in the capacity
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of President and Chief  Executive  Officer.  The Executive  hereby  accepts said
employment and agrees to render such  administrative and management  services to
the  Company as are  currently  rendered  and as are  customarily  performed  by
persons situated in a similar  executive  capacity.  The Executive shall promote
the business of the Company.  The Executive's  other duties shall be such as the
Board of  Directors  for the Company (the "Board of  Directors"  or "Board") may
from time to time reasonably  direct,  including  normal duties as an officer of
the Company.

         2. Term of Employment.  The term of employment of Executive  under this
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Agreement  shall be for the period  commencing on the Effective  Date and ending
thirty-six (36) months thereafter (hereinafter the "Term"). Additionally, on, or
before,  each annual  anniversary date from the Effective Date, the Term of such
Agreement  shall be  extended  for an  additional  year so that the  contract is
always for a thirty-six (36) month term,  unless the Board of Directors makes an
affirmative  decision  not to extend  the Term and gives  written  notice to the
Executive of such  decision not to extend such Term not later than November 1 of
such year.  References  herein to the Term of this Agreement shall refer both to
the initial term and successive terms.



<PAGE>



         3. Compensation, Benefits and Expenses.
            -----------------------------------

            (a) Base Salary.  The Company shall compensate and pay the Executive
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during  the  Term of  this  Agreement  a  minimum  base  salary  at the  rate of
$345,000.00 per annum (hereinafter the "Base Salary"),  payable in cash not less
frequently  than  bi-weekly;  provided,  that the rate of such  salary  shall be
reviewed  by the  Board of  Directors  not less  often  than  annually,  and the
Executive shall be entitled to receive  increases at such percentages or in such
amounts as  determined  by the Board of  Directors.  The Base  Salary may not be
decreased without the Executive's express written consent. The Base Salary shall
be offset by any Base Salary paid to the Executive by the Savings Bank.

            (b)  Discretionary   Bonus.  The  Executive  shall  be  entitled  to
                 ---------------------
participate in an equitable manner with all other senior management employees of
the Company in discretionary  bonuses that may be authorized and declared by the
Board of Directors to its senior  management  executives  from time to time.  No
other  compensation  shall be deemed a substitute for the  Executive's  right to
participate in such discretionary bonuses and as declared by the Board.

            (c)  Participation  in Benefit and Retirement  Plans.  The Executive
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shall be entitled to  participate in and receive the benefits of any plan of the
Company which may be or may become applicable to senior  management  relating to
pension  or other  retirement  benefit  plans,  supplementary  retirement  plan,
profit-sharing,  stock options or incentive plans, or other plans,  benefits and
privileges  given to employees  and  executives  of the  Company,  to the extent
commensurate with his then duties and responsibilities, as fixed by the Board of
Directors of the Company.

            (d)  Participation  in Medical  Plans and  Insurance  Policies.  The
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Executive  shall be entitled to  participate  in and receive the benefits of any
plan or policy of the Company  which may be or may become  applicable  to senior
management relating to life insurance, short and long term disability,  medical,
dental,  vision,  prescription drugs or medical  reimbursement plans. During the
term of the Executive's  employment with the Company, the Executive's  dependent
family may  participate in such programs,  with the cost of premiums paid by the
Company. Additionally,  upon termination with Good Reason, without cause or as a
result of a change in control,  Executive and Executive's dependent family shall
continue to be eligible to  participate  in medical and dental  insurance  plans
sponsored by the Company for the remaining  Term of the Agreement with the total
cost of such premiums paid by the Company.

            (e)  Vacations and Sick Leave.  The  Executive  shall be entitled to
                 ------------------------
paid annual vacation leave in accordance  with the policies as established  from
time to time by the Board of Directors,  which shall,  in no event, be less than
five weeks per annum. In the event of termination of employment, Executive shall
be paid  for  unused  and  accrued  vacation  at the  then-current  salary.  The
Executive  shall also be entitled to an annual sick leave benefit as established
by the Board for senior management employees of the Company.


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<PAGE>



            (f) Expenses. The Company shall reimburse the Executive or otherwise
                --------
provide  for or pay for or pay  for  all  reasonable  expenses  incurred  by the
Executive in furtherance of, or in connection with, the business of the Company,
including,  but not by way of limitation,  premium country club dues, automobile
and traveling  expenses,  industry  conventions  and meetings and all reasonable
entertainment  expenses,  subject  to such  reasonable  documentation  and other
limitations as may be  established by the Board of Directors of the Company.  In
addition,  the Company shall  reimburse  the Executive for the costs  associated
with preparation of his federal and state tax returns.

            (g)  Automobile.  The Company  will  provide the  Executive  with an
                -----------
automobile for business use. Upon termination of employment of the Executive for
any reason,  the Company will transfer title of ownership of such  automobile to
the Executive and the Executive will pay any applicable taxes.

            (h) Changes in Benefits.  The Company  shall not make any changes in
                -------------------
such plans, benefits or privileges previously described in Section 3(c), (d) and
(e) which would adversely affect the Executive's rights or benefits  thereunder,
unless such change  occurs  pursuant to a program  applicable  to all  executive
officers of the Company and does not result in a proportionately greater adverse
change in the rights of, or benefits  to the  Executive,  as  compared  with any
other executive officer of the Company. Nothing paid to Executive under any plan
or  arrangement  presently  in effect or made  available  in the future shall be
deemed to be in lieu of the salary payable to Executive pursuant to Section 3(a)
hereof.

            (i)  Other  Arrangements.  Notwithstanding  anything  herein  to the
                --------------------
contrary,  the Company and the  Executive may enter into  additional  agreements
related to compensation,  retirement, bonus arrangements, insurance arrangements
and the  like.  No such  additional  arrangements  will  reduce or  replace  any
obligations of the Company set forth herein unless specifically  provided for in
writing as set forth in such additional agreements.

         4. Loyalty.
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            (a) The  Executive  shall devote his full time and  attention to the
performance  of his  employment  under  this  Agreement.  During the term of the
Executive's  employment under this Agreement,  the Executive shall not engage in
any business or activity  contrary to the  business  affairs or interests of the
Company.

            (b) Nothing  contained in this Section shall be deemed to prevent or
limit the right of Executive to invest in the capital stock or other  securities
of any business dissimilar from that of the Company,  or, solely as a passive or
minority investor, in any business.

         5. Standards.  During the term of this Agreement,  the Executive  shall
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perform his duties in  accordance  with such  reasonable  standards  expected of
executives with comparable  positions


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<PAGE>


in comparable  organizations  and as may be established from time to time by the
Board of Directors.

         6.  Termination and Termination  Pay. The Executive's  employment under
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this Agreement shall be terminated upon any of the following occurrences:

            (a)  Death.  The  death  of the  Executive  during  the Term of this
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Agreement,  in which event the  Executive's  estate shall be entitled to receive
the compensation due the Executive through the last day of the calendar month in
which Executive's death shall have occurred.

            (b) Just Cause. The Board of Directors may terminate the Executive's
                ----------
employment at any time, but any termination by the Board of Directors other than
termination  for Just  Cause,  shall  not  prejudice  the  Executive's  right to
compensation or other benefits under this Agreement. The Executive shall have no
right to receive compensation or other benefits for any period after termination
for "Just  Cause".  The Board may,  within its sole  discretion,  acting in good
faith,  terminate the  Executive for Just Cause and shall notify such  Executive
accordingly.  Termination for "Just Cause" shall include  termination because of
the Executive's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit,  intentional failure to perform stated
duties,  willful  violation of any law, rule or  regulation  (other than traffic
violations or similar  offenses) or final  cease-and-desist  order,  or material
breach of any provision of the Agreement.

            (c)  Without  Just Cause.  Except as provided  pursuant to Section 9
                --------------------
hereof, in the event  Executive's  employment under this Agreement is terminated
by the Board of Directors  without Just Cause, the Company shall be obligated to
continue to pay the  Executive  the salary  provided  pursuant  to Section  3(a)
herein plus the highest rate of bonus granted to the Executive  during the prior
three  calendar  years,  for a period of thirty six (36) months from the date of
termination of  employment,  and continued  participation  in all benefit plans,
retirement plans and perquisites  during such period or comparable  compensation
for such benefits to the extent that continued participation is not permissible,
including,  but  not  limited  to the  cost  of the  Executive  and  Executive's
dependent  family  obtaining all health,  life,  disability,  and other benefits
which the Executive  would be eligible to participate in through such date based
upon the benefit levels substantially equal to those being provided Executive at
the date of termination of employment.

            (d) With Good Reason.
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               (i)  The  Executive  may,  by  written  notice  to the  Board  of
                    Directors, terminate this Agreement at any time within sixty
                    (60) days following an event  constituting "Good Reason." In
                    the event, the Executive terminates this Agreement with Good
                    Reason,  the Company  shall be  obligated to continue to pay
                    the Executive the salary  provided  pursuant to Section 3(a)
                    of  this  Agreement  for  a  period  of  thirty-six   months
                    thereafter,  and the  cost of the  Executive  obtaining  all
                    health, life, disability and other benefits which the


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<PAGE>

                    Executive  would be eligible to  participate in through such
                    date based upon benefit levels  substantially equal to those
                    being  provided the Executive at the date of  termination of
                    employment.

                    (ii)   "Good Reason" shall exist if, without the Executive's
                           express  written  consent,   the  Company  materially
                           breaches any of its obligations under this Agreement.
                           Without  limitation,  such a material breach shall be
                           deemed to occur upon any of the following:

                           (1)      A  material  reduction  in  the  Executive's
                                    function, duties or responsibilities,  which
                                    change would cause the Executive's  position
                                    to  become  one  of  lesser  responsibility,
                                    importance  or scope from the  position  and
                                    attributes described herein;

                           (2)