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<P align="center"><FONT size="2"><B>As filed with the Securities and
Exchange Commission on November 6, 2001</B></FONT>

<P align="right"><FONT size="2"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>

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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549</FONT>


<P align="center"><FONT size="3"><B>FORM S-8</B></FONT><BR>

<FONT size="2">REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</FONT>

<P align="center"><FONT size="3"><B>HIGH STREET CORPORATION</B></FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></DIV>

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        <TD align="center" valign="top"><FONT size="2"><B>North Carolina</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>56-2248359</B></FONT></TD>
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        <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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(I.R.S. Employer</FONT></TD>
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        <TD align="center" valign="top"><FONT size="2">incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
Identification No.)</FONT></TD>
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        <TD align="center" valign="top"><FONT size="2"><B>1310 Hendersonville Road<BR>
Asheville, North Carolina</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
<B>28803</B></FONT></TD>
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        <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
(Zip code)</FONT></TD>
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<P align="center"><FONT size="2"><B>HIGH STREET CORPORATION MANAGEMENT STOCK OPTION PLAN<BR>
HIGH STREET CORPORATION NON-EMPLOYEE STOCK OPTION PLAN</B><BR>
(Full title of the plans)</FONT>

<P align="center"><FONT size="2">J. Edgar McFarland<BR>
President and Chief Executive Officer<BR>
High Street Corporation<BR>
1310 Hendersonville Road<BR>
Asheville, North Carolina 28803<BR>
(828)&nbsp;277-5001<BR>
(Name, address and telephone number, including area code, of agent for service)</FONT>

<P align="center"><FONT size="2">with a copy to:</FONT>

<P align="center"><FONT size="2">J. Norfleet Pruden, III<BR>
Kennedy Covington Lobdell &#038; Hickman, L.L.P.<BR>
100 North Tryon Street<BR>
Suite&nbsp;4200<BR>
Charlotte, North Carolina 28202<BR>
(704)&nbsp;331-7400</FONT>

<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B></FONT>

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        <TD width="12%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
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        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Title of Securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
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        <TD nowrap align="center" colspan="2"><FONT size="1"><B>to be Registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share(1)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock,
no par value:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">179,066 shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">9.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">1,611,594</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">403</FONT></TD>
        <TD nowrap><FONT size="2">(2)</FONT></TD>
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        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares subject to
outstanding options
under the Plans*</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock,
no par value:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">83,555 shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">6.55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">547,285</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">137</FONT></TD>
        <TD nowrap><FONT size="2">(3)</FONT></TD>
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        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares available
for future grant
under the Plans*</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="g72453ex4-3.txt">NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="g72453ex4-4.txt">MANAGEMENT STOCK OPTION PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="g72453ex5.txt">OPINION OF KENNEDY COVINGTON LOBDELL & HICKMAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="g72453ex24-1.txt">POWER OF ATTORNEY</A></TD></TR>
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        <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The shares of Common Stock are being offered to eligible employees and
directors of Registrant and its direct and indirect subsidiaries pursuant
to options granted to them in accordance with the terms of the High Street
Corporation Management Stock Option Plan and the High Street Corporation
Non-Employee Director Stock Option Plan (collectively, the &#147;Plans&#148;), as
assumed and adopted by Registrant in connection with the reorganization of
High Street Banking Company into a holding company form of organization
whereby High Street Banking Company became the wholly-owned subsidiary of
Registrant.</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For the sole purpose of calculating the Registration Fee, the number of
shares to be registered under this Registration Statement has been broken
down into two subtotals.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;457(h), such Registration Fee is based upon a price per
share of $9.00, reflecting the weighted average price of the 179,066
outstanding options under the Plans.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;457(c) and (h)(1), such Registration Fee is based upon
$6.55, the average of the high and low price of Registrant&#146;s common stock
on the OTC Bulletin Board on October&nbsp;30, 2001.</FONT></TD>
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<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART I</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;1. Plan Information.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;1 is omitted from this Registration
Statement in accordance with the Note to Part I of Form&nbsp;S-8.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;2 is omitted from this Registration
Statement in accordance with the Note to Part I of Form&nbsp;S-8.
</FONT>
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<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Registrant with the Securities and
Exchange Commission are incorporated by reference into this registration
statement:
</FONT>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(a)</FONT></TD>
        <TD><FONT size="2">The registrant&#146;s Current Report on Form&nbsp;8-K filed pursuant to
Rule&nbsp;12g-3, promulgated under the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), on November&nbsp;1, 2001.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed with the Commission pursuant
to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act after the date
hereof prior to the filing of a post-effective amendment which indicates that
all securities being offered have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated herein by reference
and to be a part hereof from the dates of filing of such documents.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common stock of High Street Banking Company, Registrant&#146;s subsidiary,
was registered as a class with the Federal Deposit Insurance Corporation
(FDIC), under Section&nbsp;12(g) of the Exchange Act.
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P><FONT size="2">As a result of a holding company reorganization, Registrant became the
successor registrant under Section&nbsp;12(g) pursuant to Rule&nbsp;12g-3, promulgated
under the Exchange Act, by virtue of the Form&nbsp;8-K filed by Registrant as
successor registrant of the Bank. Accordingly, because there is no
registration statement on file that describes Registrant&#146;s securities, a
description of the securities is included here.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. Registrant&#146;s authorized capital stock consists of 20,000,000
shares of common stock, no par value per share.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividend Rights</I>. Holders of shares of Registrant&#146;s common stock are
entitled to receive such cash dividends as the board of directors of Registrant
may declare out of legally available funds. However, the payment of dividends
by Registrant is subject to the restrictions of North Carolina law applicable
to the declaration of dividends by a business corporation. Under such
provisions, cash dividends may not be paid if a corporation will not be able to
pay its debts as they become due in the usual course of business after making
such cash dividend distribution or the corporation&#146;s total assets would be less
than the sum of its total liabilities plus the amount that would be needed to
satisfy certain liquidation preferential rights.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting Rights</I>. Each share of Registrant&#146;s common stock entitles the
holder thereof to one vote on all matters upon which shareholders have the
right to vote. The board of directors of Registrant is classified so that
approximately one-third of the directors will be elected each year.
Shareholders of Registrant are not entitled to cumulate their votes for the
election of directors.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liquidation Rights</I>. In the event of any liquidation, dissolution or
winding up of Registrant, the holders of shares of Registrant&#146;s common stock
will be entitled to receive, after payment of all debts and liabilities of
Registrant, all remaining assets of Registrant available for distribution in
cash or in kind.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Preemptive Rights; Redemption</I>. Holders of shares of Registrant&#146;s common
stock will not be entitled to preemptive rights with respect to any shares that
may be issued. The registrant&#146;s common stock is not subject to any redemption
rights.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Classification of the Board of Directors</I>. Registrant&#146;s articles of
incorporation provide that the board of directors of Registrant shall be
divided into three classes, which shall be as nearly equal in number as
possible. Each director generally serves for a term ending on the date of the
third annual meeting of shareholders following the annual meeting at which the
director was elected. However, to establish staggered terms for the board of
directors of Registrant, the initial directors of Registrant in the first class
will serve for a term ending on the date of the next annual meeting of
shareholders of Registrant, and the initial directors in the second class will
serve for a term ending on the second annual meeting of shareholders of
Registrant following the date hereof. Due to the classified board,
approximately one-third of the members of the board of directors of Registrant
will be elected each year, and two annual meetings will be required for
Registrant&#146;s shareholders to change a majority of the members constituting the
board of directors of Registrant.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>North Carolina Shareholder Protection Act and North Carolina Control Share
Acquisition Act</I>. The articles of incorporation of Registrant provide that the
provisions of the North Carolina Business Corporation Act entitled the North
Carolina Shareholder Protection Act and the North Carolina Control Share
Acquisition Act shall not apply to Registrant.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant is incorporated under the laws of the State of North Carolina.
North Carolina&#146;s Business Corporation Act (the &#147;BCA&#148;) contains provisions
prescribing the extent to which directors and officers of a corporation shall
or may be indemnified.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;55-2-02 of the BCA permits a corporation in its articles of
incorporation to eliminate or limit, with certain exceptions, the personal
liability of a director for monetary damages for breach of duty as a director.
A corporation may not limit or eliminate a director&#146;s personal liability for
monetary damages for breach of duty as a director with respect to (1)&nbsp;acts or
omissions that the director at the time of such breach knew or believed were
clearly in conflict with the best interests of Registrant, (2)&nbsp;liabilities for
unlawful distributions, (3)&nbsp;any transaction from which the director derived an
improper personal benefit (defined to exclude a director&#146;s reasonable
compensation or other reasonable incidental benefit for or on account of his
service as a director or otherwise), or (4)&nbsp;acts or omissions occurring prior
to the date that the provision limiting liability of directors became
effective.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s bylaws provide for indemnification of directors to the
fullest extent permitted by law. Sections&nbsp;55-8-50 through 55-8-58 of the BCA
permit a corporation to indemnify its directors under either or both a
statutory or non-statutory scheme of indemnification. Under the statutory
scheme, a corporation may, with certain exceptions, indemnify a director of the
corporation who was, is, or is threatened to be made, a party to any
threatened, pending or completed legal action, suit or proceeding, whether
civil, criminal, administrative, or investigative because of the fact that such
person was or is director of the corporation, or is or was serving at the
request of such corporation as a director of another corporation or enterprise.
This indemnity may include the obligation to pay any judgment, settlement,
penalty, fine (including an excise tax assessed with respect to an employee
benefit plan) or reasonable expenses incurred in connection with a proceeding
(including counsel fees), but no such indemnification may be granted unless
such director (a)&nbsp;conducted himself in good faith, (b)&nbsp;reasonably believed (i)
that any action taken in his official capacity with the corporation was in the
best interests of the corporation or (ii)&nbsp;that in all other cases his conduct
was not opposed to the corporation&#146;s bests interests, and (c)&nbsp;in the case of
any criminal proceeding, had no reasonable cause to believe his conduct was
unlawful. Whether a director has met the requisite standard of conduct for the
type of indemnification set forth above is determined by the board of
directors, a committee of directors, special legal counsel or the shareholders
in accordance with Section&nbsp;55-8-55 of the BCA. A corporation may not indemnify
a director under the statutory scheme in connection with a proceeding by or in
the right of the corporation in which a director was adjudged liable to the
corporation or in connection with any other proceeding in which a director was
adjudged liable on the basis of having received an improper personal benefit.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to, and notwithstanding the conditions of and limitations on,
the indemnification described above under the statutory scheme, Section&nbsp;55-8-57
of the BCA permits a corporation to indemnify, or agree to indemnify, any of
its directors against liability and expenses (including counsel fees) in any
proceeding (including proceedings brought by or on behalf of the corporation)
arising out of their status as such or their activities in such capacity,
except for any liabilities or expenses incurred on account of activities that
were, at the time taken, known or believed by the person to be clearly in
conflict with the best interests of the corporation.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;55-8-52 of the BCA requires a corporation, unless its articles of
incorporation provide otherwise, to indemnify a director who has been wholly
successful, on the merits or otherwise, in the defense of any proceeding to
which such director was, or was threatened to be, made a party because he is or
was a director of the corporation. Unless prohibited by the articles of
incorporation, a director also may make application and obtain court-ordered
indemnification if the court determines that such director is fairly and
reasonably entitled to such indemnification as provided in Section&nbsp;55-8-54 of
the BCA.
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Federal Deposit Insurance Act, as amended, both the Bank and
Registrant would be prohibited from paying any indemnification with respect to
any liability or legal expense incurred by a director as a result of an action
or proceeding by a federal banking agency resulting in a civil money penalty or
certain other remedies against such person.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The BCA permits a corporation to provide for indemnification of directors
and officers in its articles of incorporation or bylaws or by contract or
otherwise, against liability in various proceedings, and to purchase and
maintain insurance policies on behalf of these individuals. Registrant&#146;s
articles of incorporation provide for the elimination of the personal liability
for monetary damages for certain breaches of fiduciary duty by directors and
Registrant&#146;s bylaws provide for the indemnification of director to the maximum
extent permitted by North Carolina law. Additionally, Registrant has purchased
and maintains an insurance policy covering its directors and officers against
personal liability, which may include liabilities under the Securities Act.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of exhibits is set forth on the Exhibit&nbsp;Index that immediately
precedes the exhibits and is incorporated by reference herein.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant hereby undertakes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in the registration statement; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement;</FONT></TD>
</TR>
</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="94%"><FONT size="2">provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished
to the Commission by Registrant pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act that are incorporated by reference in the registration
statement.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">5</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;That, for purposes of determining any liability under the Securities
Act, each filing of Registrant&#146;s annual report pursuant to Section&nbsp;13(a)
or Section&nbsp;15(d) of the Exchange Act that is incorporated by reference in
the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of Registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the
payment by Registrant of expenses incurred or paid by a director, officer
or controlling person of Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered,
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&#091;SIGNATURES ON NEXT PAGE&#093;</FONT>

<P align="center"><FONT size="2">6</FONT>
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<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2">SIGNATURES</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Asheville, State of North Carolina, on the 1st&nbsp;day of November, 2001.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="47%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" colspan="3" valign="top"><FONT size="2">HIGH STREET CORPORATION</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">/s/ J. Edgar McFarland<BR>
</FONT><HR size="1" noshade><FONT size="2">
J. Edgar McFarland<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities indicated
on this 1st&nbsp;day of November, 2001.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR>
        <TD>&nbsp;<BR></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ J. Edgar McFarland<BR>
</FONT><HR size="1" noshade><FONT size="2">
J. Edgar McFarland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
President, Chief Executive Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Anne D. Martin<BR>
</FONT><HR size="1" noshade><FONT size="2">
Anne D. Martin</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Wilbur F. Boswell, III<BR>
</FONT><HR size="1" noshade><FONT size="2">
Wilbur F. Boswell, III</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
M. Hunt Broyhill</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Lynda Lea DeHart<BR>
</FONT><HR size="1" noshade><FONT size="2">
Lynda Lea DeHart</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ James R. Hodges<BR>
</FONT><HR size="1" noshade><FONT size="2">
James R. Hodges</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Jimmy R. Jacumin</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Hurshell H. Keener<BR>
</FONT><HR size="1" noshade><FONT size="2">
Hurshell H. Keener</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">7</FONT>
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Christine M. McGuire</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Marvin M. Pearlman</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert B. Peterson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Robert A. Richie<BR>
</FONT><HR size="1" noshade><FONT size="2">
Robert A. Richie</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Carl H. Ricker, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Victor C. Shealy, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
Victor C. Shealy, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ A. Alex Shuford<BR>
</FONT><HR size="1" noshade><FONT size="2">
A. Alex Shuford</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ John T. South<BR>
</FONT><HR size="1" noshade><FONT size="2">
John T. South</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ John S. Stevens<BR>
</FONT><HR size="1" noshade><FONT size="2">
John S. Stevens</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ William F. Stokes, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
William F. Stokes, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><BR>
</FONT><HR size="1" noshade><FONT size="2">
Karl H. Straus</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Pamela M. Turner<BR>
</FONT><HR size="1" noshade><FONT size="2">
Pamela Mills Turner</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">8</FONT>
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<P align="center"><FONT size="2">HIGH STREET CORPORATION</FONT>

<P align="center"><FONT size="2">EXHIBIT INDEX</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Exhibit Description</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Articles of Incorporation of High Street Corporation
(incorporated by reference to Exhibit&nbsp;3.1 to Registrant&#146;s
Current Report on Form&nbsp;8-K filed November&nbsp;1, 2001)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Bylaws of High Street Corporation (incorporated by reference
to Exhibit&nbsp;3.2 to to Registrant&#146;s Current Report on Form&nbsp;8-K
filed November&nbsp;1, 2001)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
High Street Corporation Non-Employee Director Stock Option
Plan, dated October&nbsp;31, 2001*</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
High Street Corporation Management Stock Option Plan, dated
October&nbsp;31, 2001*</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Opinion of Kennedy Covington Lobdell &#038; Hickman, L.L.P. as to
the legality of the securities being registered *</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Kennedy Covington Lobdell &#038; Hickman, L.L.P.
(included in Exhibit&nbsp;5 hereto)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">24.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Power of Attorney *</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
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      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
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{"company-data": {"conformed-name": "HIGH STREET CORP", "cik": "0001161639", "assigned-sic": "6770", "irs-number": "562248395"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-72806", "film-number": "1775630"}, "business-address": {"street1": "1310 HENDERSONVILLE RD", "city": "ASHEVILLE", "state": "NC", "zip": "28803", "phone": "8282775001"}, "mail-address": {"street1": "1310 HENDERSONVILLE RD", "city": "ASHEVILLE", "state": "NC", "zip": "28803"}}
High Street Corporation Form S-8
Table of Contents
As filed with the Securities and
Exchange Commission on November 6, 2001
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
HIGH STREET CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina
56-2248359
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
1310 Hendersonville Road
Asheville, North Carolina
28803
(Address of principal executive offices)
(Zip code)
HIGH STREET CORPORATION MANAGEMENT STOCK OPTION PLAN
HIGH STREET CORPORATION NON-EMPLOYEE STOCK OPTION PLAN
(Full title of the plans)
J. Edgar McFarland
President and Chief Executive Officer
High Street Corporation
1310 Hendersonville Road
Asheville, North Carolina 28803
(828) 277-5001
(Name, address and telephone number, including area code, of agent for service)
with a copy to:
J. Norfleet Pruden, III
Kennedy Covington Lobdell & Hickman, L.L.P.
100 North Tryon Street
Suite 4200
Charlotte, North Carolina 28202
(704) 331-7400
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Amount to be
Offering Price
Aggregate Offering
Amount of
to be Registered
Registered
Per Share(1)
Price
Registration Fee
Common Stock,
no par value:
179,066 shares
$
9.00
$
1,611,594
$
403
(2)
Shares subject to
outstanding options
under the Plans*
Common Stock,
no par value:
83,555 shares
$
6.55
$
547,285
$
137
(3)
Shares available
for future grant
under the Plans*
TABLE OF CONTENTS
PART I
PART II
SIGNATURES
NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN
MANAGEMENT STOCK OPTION PLAN
OPINION OF KENNEDY COVINGTON LOBDELL & HICKMAN
POWER OF ATTORNEY
Table of Contents
*
The shares of Common Stock are being offered to eligible employees and
directors of Registrant and its direct and indirect subsidiaries pursuant
to options granted to them in accordance with the terms of the High Street
Corporation Management Stock Option Plan and the High Street Corporation
Non-Employee Director Stock Option Plan (collectively, the "Plans"), as
assumed and adopted by Registrant in connection with the reorganization of
High Street Banking Company into a holding company form of organization
whereby High Street Banking Company became the wholly-owned subsidiary of
Registrant.
(1)
For the sole purpose of calculating the Registration Fee, the number of
shares to be registered under this Registration Statement has been broken
down into two subtotals.
(2)
Pursuant to Rule 457(h), such Registration Fee is based upon a price per
share of $9.00, reflecting the weighted average price of the 179,066
outstanding options under the Plans.
(3)
Pursuant to Rule 457(c) and (h)(1), such Registration Fee is based upon
$6.55, the average of the high and low price of Registrant's common stock
on the OTC Bulletin Board on October 30, 2001.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
The information required by Item 1 is omitted from this Registration
Statement in accordance with the Note to Part I of Form S-8.
Item 2. Registrant Information and Employee Plan Annual Information.
The information required by Item 2 is omitted from this Registration
Statement in accordance with the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by Registrant with the Securities and
Exchange Commission are incorporated by reference into this registration
statement:
(a)
The registrant's Current Report on Form 8-K filed pursuant to
Rule 12g-3, promulgated under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), on November 1, 2001.
In addition, all documents subsequently filed with the Commission pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date
hereof prior to the filing of a post-effective amendment which indicates that
all securities being offered have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated herein by reference
and to be a part hereof from the dates of filing of such documents.
Item 4. Description of Securities.
The common stock of High Street Banking Company, Registrant's subsidiary,
was registered as a class with the Federal Deposit Insurance Corporation
(FDIC), under Section 12(g) of the Exchange Act.
2
Table of Contents
As a result of a holding company reorganization, Registrant became the
successor registrant under Section 12(g) pursuant to Rule 12g-3, promulgated
under the Exchange Act, by virtue of the Form 8-K filed by Registrant as
successor registrant of the Bank. Accordingly, because there is no
registration statement on file that describes Registrant's securities, a
description of the securities is included here.
General
. Registrant's authorized capital stock consists of 20,000,000
shares of common stock, no par value per share.
Dividend Rights
. Holders of shares of Registrant's common stock are
entitled to receive such cash dividends as the board of directors of Registrant
may declare out of legally available funds. However, the payment of dividends
by Registrant is subject to the restrictions of North Carolina law applicable
to the declaration of dividends by a business corporation. Under such
provisions, cash dividends may not be paid if a corporation will not be able to
pay its debts as they become due in the usual course of business after making
such cash dividend distribution or the corporation's total assets would be less
than the sum of its total liabilities plus the amount that would be needed to
satisfy certain liquidation preferential rights.
Voting Rights
. Each share of Registrant's common stock entitles the
holder thereof to one vote on all matters upon which shareholders have the
right to vote. The board of directors of Registrant is classified so that
approximately one-third of the directors will be elected each year.
Shareholders of Registrant are not entitled to cumulate their votes for the
election of directors.
Liquidation Rights
. In the event of any liquidation, dissolution or
winding up of Registrant, the holders of shares of Registrant's common stock
will be entitled to receive, after payment of all debts and liabilities of
Registrant, all remaining assets of Registrant available for distribution in
cash or in kind.
Preemptive Rights; Redemption
. Holders of shares of Registrant's common
stock will not be entitled to preemptive rights with respect to any shares that
may be issued. The registrant's common stock is not subject to any redemption
rights.
Classification of the Board of Directors
. Registrant's articles of
incorporation provide that the board of directors of Registrant shall be
divided into three classes, which shall be as nearly equal in number as
possible. Each director generally serves for a term ending on the date of the
third annual meeting of shareholders following the annual meeting at which the
director was elected. However, to establish staggered terms for the board of
directors of Registrant, the initial directors of Registrant in the first class
will serve for a term ending on the date of the next annual meeting of
shareholders of Registrant, and the initial directors in the second class will
serve for a term ending on the second annual meeting of shareholders of
Registrant following the date hereof. Due to the classified board,
approximately one-third of the members of the board of directors of Registrant
will be elected each year, and two annual meetings will be required for
Registrant's shareholders to change a majority of the members constituting the
board of directors of Registrant.
North Carolina Shareholder Protection Act and North Carolina Control Share
Acquisition Act
. The articles of incorporation of Registrant provide that the
provisions of the North Carolina Business Corporation Act entitled the North
Carolina Shareholder Protection Act and the North Carolina Control Share
Acquisition Act shall not apply to Registrant.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
3
Table of Contents
Item 6. Indemnification of Directors.
Registrant is incorporated under the laws of the State of North Carolina.
North Carolina's Business Corporation Act (the "BCA") contains provisions
prescribing the extent to which directors and officers of a corporation shall
or may be indemnified.
Section 55-2-02 of the BCA permits a corporation in its articles of
incorporation to eliminate or limit, with certain exceptions, the personal
liability of a director for monetary damages for breach of duty as a director.
A corporation may not limit or eliminate a director's personal liability for
monetary damages for breach of duty as a director with respect to (1) acts or
omissions that the director at the time of such breach knew or believed were
clearly in conflict with the best interests of Registrant, (2) liabilities for
unlawful distributions, (3) any transaction from which the director derived an
improper personal benefit (defined to exclude a director's reasonable
compensation or other reasonable incidental benefit for or on account of his
service as a director or otherwise), or (4) acts or omissions occurring prior
to the date that the provision limiting liability of directors became
effective.
The Registrant's bylaws provide for indemnification of directors to the
fullest extent permitted by law. Sections 55-8-50 through 55-8-58 of the BCA
permit a corporation to indemnify its directors under either or both a
statutory or non-statutory scheme of indemnification. Under the statutory
scheme, a corporation may, with certain exceptions, indemnify a director of the
corporation who was, is, or is threatened to be made, a party to any
threatened, pending or completed legal action, suit or proceeding, whether
civil, criminal, administrative, or investigative because of the fact that such
person was or is director of the corporation, or is or was serving at the
request of such corporation as a director of another corporation or enterprise.
This indemnity may include the obligation to pay any judgment, settlement,
penalty, fine (including an excise tax assessed with respect to an employee
benefit plan) or reasonable expenses incurred in connection with a proceeding
(including counsel fees), but no such indemnification may be granted unless
such director (a) conducted himself in good faith, (b) reasonably believed (i)
that any action taken in his official capacity with the corporation was in the
best interests of the corporation or (ii) that in all other cases his conduct
was not opposed to the corporation's bests interests, and (c) in the case of
any criminal proceeding, had no reasonable cause to believe his conduct was
unlawful. Whether a director has met the requisite standard of conduct for the
type of indemnification set forth above is determined by the board of
directors, a committee of directors, special legal counsel or the shareholders
in accordance with Section 55-8-55 of the BCA. A corporation may not indemnify
a director under the statutory scheme in connection with a proceeding by or in
the right of the corporation in which a director was adjudged liable to the
corporation or in connection with any other proceeding in which a director was
adjudged liable on the basis of having received an improper personal benefit.
In addition to, and notwithstanding the conditions of and limitations on,
the indemnification described above under the statutory scheme, Section 55-8-57
of the BCA permits a corporation to indemnify, or agree to indemnify, any of
its directors against liability and expenses (including counsel fees) in any
proceeding (including proceedings brought by or on behalf of the corporation)
arising out of their status as such or their activities in such capacity,
except for any liabilities or expenses incurred on account of activities that
were, at the time taken, known or believed by the person to be clearly in
conflict with the best interests of the corporation.
Section 55-8-52 of the BCA requires a corporation, unless its articles of
incorporation provide otherwise, to indemnify a director who has been wholly
successful, on the merits or otherwise, in the defense of any proceeding to
which such director was, or was threatened to be, made a party because he is or
was a director of the corporation. Unless prohibited by the articles of
incorporation, a director also may make application and obtain court-ordered
indemnification if the court determines that such director is fairly and
reasonably entitled to such indemnification as provided in Section 55-8-54 of
the BCA.
4
Table of Contents
Under the Federal Deposit Insurance Act, as amended, both the Bank and
Registrant would be prohibited from paying any indemnification with respect to
any liability or legal expense incurred by a director as a result of an action
or proceeding by a federal banking agency resulting in a civil money penalty or
certain other remedies against such person.
The BCA permits a corporation to provide for indemnification of directors
and officers in its articles of incorporation or bylaws or by contract or
otherwise, against liability in various proceedings, and to purchase and
maintain insurance policies on behalf of these individuals. Registrant's
articles of incorporation provide for the elimination of the personal liability
for monetary damages for certain breaches of fiduciary duty by directors and
Registrant's bylaws provide for the indemnification of director to the maximum
extent permitted by North Carolina law. Additionally, Registrant has purchased
and maintains an insurance policy covering its directors and officers against
personal liability, which may include liabilities under the Securities Act.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
A list of exhibits is set forth on the Exhibit Index that immediately
precedes the exhibits and is incorporated by reference herein.
Item 9. Undertakings.
Registrant hereby undertakes:
(a) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information
set forth in the registration statement; and
(i) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement;
provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished
to the Commission by Registrant pursuant to Section 13 or 15(d) of the
Exchange Act that are incorporated by reference in the registration
statement.
(b) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
5
Table of Contents
(c) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(d) That, for purposes of determining any liability under the Securities
Act, each filing of Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act that is incorporated by reference in
the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(e) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of Registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the
payment by Registrant of expenses incurred or paid by a director, officer
or controlling person of Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered,
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.
[SIGNATURES ON NEXT PAGE]
6
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Asheville, State of North Carolina, on the 1st day of November, 2001.
HIGH STREET CORPORATION
By:
/s/ J. Edgar McFarland
J. Edgar McFarland
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities indicated
on this 1st day of November, 2001.
Name
Title
/s/ J. Edgar McFarland
J. Edgar McFarland
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ Anne D. Martin
Anne D. Martin
Chief Financial Officer
(Principal Financial and Accounting Officer)
/s/ Wilbur F. Boswell, III
Wilbur F. Boswell, III
Director
M. Hunt Broyhill
Director
/s/ Lynda Lea DeHart
Lynda Lea DeHart
Director
/s/ James R. Hodges
James R. Hodges
Director
Jimmy R. Jacumin
Director
/s/ Hurshell H. Keener
Hurshell H. Keener
Director
7
Table of Contents
Christine M. McGuire
Director
Marvin M. Pearlman
Director
Robert B. Peterson
Director
/s/ Robert A. Richie
Robert A. Richie
Director
Carl H. Ricker, Jr.
Director
/s/ Victor C. Shealy, Jr.
Victor C. Shealy, Jr.
Director
/s/ A. Alex Shuford
A. Alex Shuford
Director
/s/ John T. South
John T. South
Director
/s/ John S. Stevens
John S. Stevens
Director
/s/ William F. Stokes, Jr.
William F. Stokes, Jr.
Director
Karl H. Straus
Director
/s/ Pamela M. Turner
Pamela Mills Turner
Director
8
Table of Contents
HIGH STREET CORPORATION
EXHIBIT INDEX
Exhibit No.
Exhibit Description
4.1
Articles of Incorporation of High Street Corporation
(incorporated by reference to Exhibit 3.1 to Registrant's
Current Report on Form 8-K filed November 1, 2001)
4.2
Bylaws of High Street Corporation (incorporated by reference
to Exhibit 3.2 to to Registrant's Current Report on Form 8-K
filed November 1, 2001)
4.3
High Street Corporation Non-Employee Director Stock Option
Plan, dated October 31, 2001*
4.4
High Street Corporation Management Stock Option Plan, dated
October 31, 2001*
5
Opinion of Kennedy Covington Lobdell & Hickman, L.L.P. as to
the legality of the securities being registered *
23.1
Consent of Kennedy Covington Lobdell & Hickman, L.L.P.
(included in Exhibit 5 hereto)
24.1
Power of Attorney *
*
Filed herewith.