EMPLOYMENT AGREEMENT



     This Agreement,  made and dated as of January 2, 2002, by and between Union

Federal Savings and Loan  Association,  a federal  savings and loan  association

("Employer"),  and J. Lee  Walden,  a resident  of  Montgomery  County,  Indiana

("Employee").





                               W I T N E S S E T H



     WHEREAS,  Employee is employed by Employer as its Chief  Financial  Officer

and has made valuable  contributions to the profitability and financial strength

of Employer's predecessor;



     WHEREAS,  Employer  desires  to  encourage  Employee  to  continue  to make

valuable  contributions  to Employer's  business  operations  and not to seek or

accept employment elsewhere;



     WHEREAS,  Employee  desires to be assured of a secure minimum  compensation

from Employer for his services over a defined term;



     WHEREAS,  Employer desires to assure the continued  services of Employee on

behalf of Employer on an objective and impartial  basis and without  distraction

or  conflict  of  interest  in the event of an  attempt  by any person to obtain

control of Employer or Union  Community  Bancorp (the  "Holding  Company"),  the

Indiana  corporation which owns all of the issued and outstanding  capital stock

of Employer;



     WHEREAS,  Employer  recognizes that when faced with a proposal for a change

of control of Employer or the Holding Company,  Employee will have a significant

role in helping the Boards of  Directors  assess the options  and  advising  the

Boards of  Directors on what is in the best  interests of Employer,  the Holding

Company,  and its  shareholders,  and it is necessary for Employee to be able to

provide this advice and counsel without being influenced by the uncertainties of

his own situation;



     WHEREAS,  Employer  desires  to provide  fair and  reasonable  benefits  to

Employee on the terms and subject to the conditions set forth in this Agreement;



     WHEREAS,   Employer  desires  reasonable  protection  of  its  confidential

business  and  customer  information  which it has  developed  over the years at

substantial  expense and assurance  that Employee will not compete with Employer

for a  reasonable  period  of time  after  termination  of his  employment  with

Employer, except as otherwise provided herein.



     NOW,  THEREFORE,  in consideration of these premises,  the mutual covenants

and undertakings  herein  contained and the continued  employment of Employee by

Employer as its Chief Financial Officer,  Employer and Employee,  each intending

to be legally bound, covenant and agree as follows:



     1.  Upon  the  terms  and  subject  to the  conditions  set  forth  in this

Agreement,  Employer employs Employee as Employer's Chief Financial Officer, and

Employee accepts such employment.



     2. Employee agrees to serve as Employer's  Chief  Financial  Officer and to

perform  such  duties in that  office as may  reasonably  be  assigned to him by

Employer's  Board of  Directors;  provided,  however,  that such duties shall be

performed   in  or  from  the   offices  of   Employer   currently   located  at

Crawfordsville,  Indiana.  Employee  shall not be required to be absent from the

location of the  principal  executive  offices of  Employer on travel  status or

otherwise  more than 45 days in any calendar year.  Employer shall not,  without

the written  consent of  Employee,  relocate or transfer  Employee to a location

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