FIRST AMENDMENT TO THE FIRST FARMERS AND MERCHANTS BANK DIRECTOR DEFERRED COMPENSATION AGREEMENT DATED JULY 18, 2006 FOR THOMAS RANDALL STEVENS

Exhibit 10.11

FIRST AMENDMENT

TO THE

FIRST FARMERS AND MERCHANTS BANK

DIRECTOR DEFERRED COMPENSATION AGREEMENT

DATED JULY 18, 2006

FOR

THOMAS RANDALL STEVENS

THIS FIRST AMENDMENT is adopted this 5th day of January, 2007, by First Farmers and Merchants Bank, a state-chartered commercial bank located in Columbia, Tennessee (the “Bank”).

The Bank and Thomas Randall Stevens (the “Director”) executed the Director Deferred Compensation Agreement on July 18, 2006 (the “Agreement”).

Pursuant to Article 10, the Bank may amend this Agreement at any time.  The Bank hereby amends the Agreement for the purpose of changing the pre-Separation from Service death benefit amount.  Therefore, the following changes shall be made:

Section 3.1 of the Agreement shall be deleted in its entirety and replaced with the following:

3.1                                  Establishing and Crediting .  The Bank shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts:

(a)                                   Any Deferrals hereunder;

(b)                                  A monthly credit of Four Thousand Nine Hundred Seven Dollars ($4,907) on the first day