Exhibit 10.1 [First Keystone Financial, Inc. Letterhead] December 11, 2006 Steven N. Stein Financial Stocks Capital Partners IV L.P. 441 Vine Street Suite 507 Cincinnati, Ohio 45202 Re: First Keystone Financial, Inc. (the "Company") Dear Mr. Stein: In...First Keystone Financial Inc • December 20th, 2006 • Savings institution, federally chartered
In connection with Financial Stocks Capital Partners IV L.P.'s ("FSCP") agreement to purchase 240,000 shares of common stock of the Company pursuant to that certain subscription agreement between FSCP and the Company of even date herewith as part of the private placement (the "Offering") by the Company of 400,000 shares of the common stock thereof (the "Common Stock"), the Company agrees to appoint, subject to receipt of the non- objection of the Office of Thrift Supervision ("OTS"), a representative of FSCP to the Boards of Directors of the Company and First Keystone Bank (the "Bank"), the Company's wholly owned subsidiary. It is our understanding that the representative of FSCP will be Ned Vidinli. We will appoint him to the class of directors whose terms end with the annual meeting of stockholders to be held in 2010. We also commit to use our best efforts to obtain the OTS' non-objection to the appointment of Mr. Vidinli and to appoint him to the Boards promptly after receipt of suc
