Promissory Installment Note

Exhibit 10.7

Promissory Installment Note

RECITATIONS: Date: May 19, 2006 Lender: David L. Hawkins Lender' s Address:

225 Cane Run Road

Munfordville, Kentucky 42765 Borrowers:

Maria L. Bouvette and J. Chester Porter

162 S. Buckman Street

Shepherdsville, Kentucky 40165 Principal Amount: $ 506,315.79 Term:

Interest at Prime + 1.0% per annum, payable

quarterly. Principal and accrued and unpaid

interest due in full on January 1, 2012

RECITAL: This Note amends and replaces that certain Secured Promissory Note dated January 10, 1994 by Maria L. Bouvette, Joseph B. Bryant, J. Chester Porter and Ruth W. Porter as Co-Makers, and David L. Hawkins as Lender (the " 1994 Note" ) and delivered as part of the consideration for the purchase of the stock of Pioneer Bancshares, Inc. by B and P Bancorp, Inc. as of that date. The 1994 Note is hereby cancelled and is of no further force and effect.

INTEREST RATE : Annual interest rate on matured, unpaid amounts shall be New York Prime Rate plus 1.0%

PAYMENT TERMS . Interest on this Note shall be payable quarterly on the first day of July, October, January and April of each year. The entire outstanding principal balance of this Note and all accrued and unpaid interest thereon shall be due and payable on January 1, 2012.

BORROWERS' PRE-PAYMENT RIGHT . Borrowers reserve the right to prepay this Note in whole or in part, prior to maturity, without penalty.

COLLATERAL . This note is collateralized by a certain mortgage on real property in Bullitt County, Kentucky recorded at Book 0482, page 609 in the Office of the Clerk of Bullitt County.

DEFAULT AND ACCELERATION CLAUSE . If Borrowers default in the payment of this Note or in the performance of any obligation, and the default continues after Lender gives ...