EMPLOYMENT AGREEMENT





         THIS EMPLOYMENT AGREEMENT is made and entered into as of the 1st day of

March, 2003 by and between Community First Bank, a Virginia corporation,

hereinafter called the "Corporation", and Christopher S. Chamberlin hereinafter

called "Employee", and provides as follows:



                                    RECITALS



         WHEREAS, the Corporation is a commercial bank; and



         WHEREAS, Employee has been involved in the management of the business

and affairs of the Corporation and, therefore, possesses managerial experience,

knowledge, skills and expertise in such type of business; and



         WHEREAS, the employment of Employee by the Corporation is in the best

interests of the Corporation and Employee; and



         WHEREAS, the parties have mutually agreed upon the terms and conditions

of Employee's continued employment by the Corporation as hereinafter set forth;



                               TERMS OF AGREEMENT



         NOW, THEREFORE, for and in consideration of the premises and of the

mutual promises and undertakings of the parties as hereinafter set forth, the

parties covenant and agree as follows:



         Section 1. Employment. (a) Employee shall be employed as the Senior

Vice President of the Corporation and shall discharge such duties and

responsibilities of an executive nature as may be assigned to him by the

President & CEO, including general responsibility for the business of the

Corporation.



                  (b) References in this Agreement to services rendered for the

Corporation and compensation and benefits payable or provided by the Corporation

shall include services rendered for and compensation and benefits payable or

provided by any Affiliate. References in this Agreement to "Affiliate" shall

mean any business entity that, directly or indirectly, through one or more

intermediaries, is controlled by the Corporation.





         Section 2. Term and Renewal. The initial term of this Agreement shall

end March 1, 2006. However, on each February 28, beginning with February 28,

2004, the term of this Agreement shall be renewed and extended by one year

unless Employee or the Corporation gives prior notice to the other in writing

that the term shall not be renewed and extended. This Agreement shall terminate

at the end of its term.







         Section 3. Exclusive Service. Employee shall devote his best efforts

and full time to rendering services on behalf of the Corporation in furtherance

of its best interests. Employee shall comply with all policies, standards and

regulations of the Corporation now or hereafter promulgated, and shall perform

his duties under this Agreement to the best of his abilities and in accordance

with standards of conduct applicable to officers of banks.



         Section 4. Salary. (a) As compensation while employed hereunder,

Employee, during his faithful performance of this Agreement, in whatever

capacity rendered, shall receive an annual base salary of $99,750 payable on

such terms and in such installments as the parties may from time to time

mutually agree upon. The President & CEO, at his discretion, may increase

Employee's base salary during the term of this Agreement.



                  (b) The Corporation shall withhold state and federal income

taxes; social security taxes and such other payroll deductions as may from time

to time be required by law or agreed upon in writing by Employee and the

Corporation. The Corporation shall also withhold and remit to the proper party

any amounts agreed to in writing by the Corporation and Employee for

participation in any corporate sponsored benefit plans for which a contribution

is required.



                  (c) Except as otherwise expressly set forth hereunder, no

compensation shall be paid pursuant to this Agreement in respect of any month or

portion thereof subsequent to any termination of Employee's employment by the

Corporation.



         Section 5. Bonuses. Employee shall receive only such bonuses as the

President & CEO, in its discretion, decides to pay to Employee.

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