DEFERRED COMPENSATION AGREEMENT

Exhibit 10(b)

D EFERRED C OMPENSATION A GREEMENT

THIS AGREEMENT entered into this the 15th day of January, 1987, by and between THE NATIONAL BANK OF SUMMERS, a corporation organized and existing under the laws of the UNITED STATES OF AMERICA (hereinafter referred to as the “Corporation”), and                      , an independent contractor (hereinafter referred to as “Director”).

WHEREAS, the Director has provided services in a capable and efficient manner, resulting in substantial growth and progress to the Corporation; and

WHEREAS, the experience of the Director is such that assurance of his continued services is essential to the future growth and profits of the Corporation; and

WHEREAS, the Corporation desires to retain the services of the Director; and

WHEREAS, the Director is willing to continue to provide services to the Corporation if the Corporation will agree to pay to him or his designees certain benefits in accordance with the provisions and conditions hereinafter set forth; and

WHEREAS, the Corporation is the owner of certain life insurance policies and other property on behalf of the Director. NOW, THEREFORE, in consideration of the agreements between the parties, the parties covenant and agree as follows:

1. PROMISE TO PAY

Notwithstanding any other agreements between the parties, the Corporation agrees to pay the Director certain amounts, as hereinafter set forth, payments of which will be deferred pursuant to the terms of this Agreement as hereinafter set forth.

2. MATURITY DATE

The Corporation agrees that the payments to the Director shall commence upon the first day of the month following his sixty-fifth (65th) birthday, hereinafter called the Maturity Date.

3. DEFERRED COMPENSATION BENEFIT

If the Director is living on the Maturity Date, the Director shall be entitled to receive, in monthly installments over a period of one hundred eighty (180) Months, an amount determined by the following table assuming all dividends have been reinvested in the policy and the policy has been continuously kept in full force plus the then value of all other investments made by and owned by the Corporation on behalf of the Director.

Example: (1st, 2nd, 3rd, etc.) 12 monthly payments shall equal (1/15, 1/14, 1/13, etc.) of the net cash surrender value plus any dividend payable during the preceding year divided by one minus the current marginal Federal Tax bracket of the Corporation.

Table I

“Net cash surrender value” shall mean the cash surrender value on the maturity date plus annual increases (cumulatively) of cash value less amounts of cash value used for payments to the Director (or equal to what would have been paid out of cash value if the corporation does not actually pay by borrowing or making partial surrenders) which would be the total payments to the Director less the tax savings of the Corporation due to the payments being tax deductible.

The Director shall be entitled to a minimum monthly payment of $                  beginning at the maturity date.

EXAMPLE OF 3 .