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EXHIBIT 10.4
AGREEMENT
The following are the terms and conditions for Southeast Financial Holdings,
Inc. providing consulting services to the management and directors of GBC
Bancorp, Inc.
I. SERVICES AND DUTIES
(A) Timetables
Southeast Financial Holdings, Inc. will advise the management
and Board of Directors of GBC Bancorp, Inc. on the
establishment of a comprehensive plan for the development and
execution of the company's stock offering. Southeast Financial
Holdings, Inc. will assist the bank's management in
establishing a computer database that will enable the bank's
management and directors to gauge the progress of the capital
raising campaign on a daily basis.
(B) Coordination of Media Campaigns
Public Relations (Free Advertising)
Southeast Financial Holdings, Inc. will prepare written news
releases regarding the bank, as well as the officers and
directors. These releases, which are subject to approval, are
intended to enhance interest in the bank.
Media Announcements (Paid Advertising)
Southeast Financial Holdings, Inc. will prepare all layout and
design work for the bank's "tombstone" announcements with
coupons, and will advise on placement and related marketing
factors, such as location in newspaper, style of announcement,
and announcement identification techniques.
(C) Marketing Overview
Southeast Financial Holdings, Inc. will advise management
(Monday through Friday, weekends if necessary) how best to
coordinate all aspects of the company's marketing campaign,
including advice as to proven marketing techniques which have
been successful in other Denovo bank stock offerings.
Southeast Financial Holdings, Inc. will make sure the bank's
management and directors are committed to the marketing
campaign, as this is an essential point to a timely completion
of the stock sale. Recommendations will be made on how to
allocate each director's fund raising responsibilities. Advice
will be offered to all officers and directors as to proven
marketing techniques that will enable them to maximize their
efforts. Included will be suggested form letters and notices.
Investor meetings, including open houses, breakfast meetings,
luncheon meetings, and cocktail receptions are the best
settings for introducing the bank to potential investors.
(D) XXX XXXXX, Pension and Profit Sharing Suitability
Southeast Financial Holdings, Inc. will work with the officers
and management of the bank in processing all retirement
account purchases shares through the various types of
retirement accounts that potential investors may have already
established.
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If potential investors wish to use retirement funds to invest
in the bank's stock, but do not have a retirement account
established or have a custodian that will not process this
type of transaction, Southeast Financial Holdings, Inc. will
seek out those retirement custodians who will allow such a
transaction. Southeast Financial Holdings, Inc. will oversee
all retirement account transactions to ensure they are
properly initiated and completed.
II. FEE ARRANGEMENT
(A) Southeast Financial Holdings, Inc. will be paid the sum of
$7,500.00 upon the acceptance of this Agreement, thereafter
Southeast Financial Holdings, Inc. will receive the sum of
$20,000.00 per month (paid upon the 25th of each month) unless
terminated by GBC Bancorp, Inc., for the term of this
Agreement or until the Agreement is terminated as provided
herein.
III. TERM OF AGREEMENT
This Agreement shall begin July 25, 2001, and shall end August 25,
2001. This contract may be extended at the Bank's discretion.
The undersigned agree to the terms and conditions as outlined in this
Agreement.
/s/ Xxx Xxxxxxx
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Xxx Xxxxxxx, President
Southeast Financial Holdings, Inc.
/s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Executive Vice President/CFO
GBC Bancorp, Inc.
07-25-01
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