EXHIBIT 10(p)
March 31, 1997
Regent Bancshares Corp.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Attention: Xxxx X. Xxxxx
President
Dear Xx. Xxxxx:
The purpose of this letter is to evidence the agreement between Regent
Bancshares Corp. ("Regent") and the undersigned pursuant to which the
undersigned is on the date hereof purchasing 8,182 shares of Regent Series A
Convertible Preferred Stock (the "Shares") from Regent at a price of $6.50 per
share, an aggregate of $53,183, which funds are transmitted herewith.
In connection with this purchase, the undersigned represents and warrants
to Regent as follows: (i) the undersigned understands the high degree of risk
involved in an investment in the Shares and has carefully considered the risks
involved in making an investment in the Shares; (ii) the undersigned understands
the restrictions on the transferability of the Shares; (iii) the undersigned is
able to bear the economic risk of an investment in the Shares, is able to hold
the Shares for an indefinite period of time, is able to afford a complete loss
of his investment and has adequate means of providing for his current needs and
possible personal contingencies and has had no need for liquidity in his
investment; (iv) the undersigned has such knowl edge and experience in financial
and business matters that the under signed is capable of evaluating the merits
and risks of an investment in the Shares and of making an informed investment
decision; (v) the undersigned has been given the opportunity to ask questions of
and to receive answers from Regent concerning Regent, Regent National Bank and
the Shares and to obtain any additional information that Regent possesses or can
acquire without unreasonable effort or expense;
Xxxx X. Xxxxx
Page 2
March 31, 1997
(vi) the Shares are being acquired in good faith by the undersigned solely for
his own personal account for investment purposes only and are not being
purchased with a view to or for resale, distribution, subdivision or
fractionalization thereof in a manner that would violate applicable provisions
of the Securities Act of 1933, as amended (vii) also having the undersigned
consents to the placement of a restrictive legend on the certificates
representing the Shares.
Sincerely,
/s/ Xxxx X. Xxxxx
-----------------------------------
Xxxx X. Xxxxx
JEH:sh
