EXHIBIT 10
PURCHASE AND ASSUMPTION AGREEMENT
BETWEEN
ADVANTAGE BANK
AND
PEOPLES BANK, NATIONAL ASSOCIATION
PURCHASE AND ASSUMPTION AGREEMENT
i
PAGE
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ARTICLE I - THE ASSETS.................................................................... 4
Section 1.1. Banking Centers............................................... 4
ARTICLE II - TRANSFER OF ASSETS AND LIABILITIES........................................... 4
Section 2.1. Transferred Assets............................................ 4
Section 2.2. Purchase Price................................................ 5
Section 2.3. Deposit Liabilities........................................... 7
Section 2.4. Loans......................................................... 9
Section 2.5. Employee Matters.............................................. 11
Section 2.6. Records and Data Processing, etc.............................. 13
Section 2.7. Security...................................................... 14
Section 2.8. Taxes and Fees; Proration of Certain Expenses................. 14
Section 2.9. Title to Real Property........................................ 14
Section 2.10. Environmental Matters......................................... 16
Section 2.11 Safe Deposit Business......................................... 17
ARTICLE III - CLOSING AND EFFECTIVE TIME.................................................. 17
Section 3.1. Effective Time................................................ 17
Section 3.2. Closing....................................................... 18
Section 3.3. Post-Closing