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<TITLE>BANK OF GRANITE CORPORATION</TITLE>
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<P align="right"><FONT size="2">Registration No.&nbsp;333-______</FONT>

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<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT>

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<P align="center"><FONT size="4"><B>Form&nbsp;S-8</B></FONT>

<P align="center"><FONT size="2">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT>

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<P align="center"><FONT size="4"><B>BANK OF GRANITE
CORPORATION</B></FONT><BR>
<FONT size="2">(Exact name of Registrant, as Specified in Its Charter)</FONT>

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    <TD align="center" valign="top"><FONT size="2"><U>Delaware</U><BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
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<U>56-1550545</U><BR>
(I.R.S. Employer)<BR>
Identification No.)</FONT></TD>
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<P align="center"><FONT size="2"><U>23 North Main Street, Post Office Box 128, Granite Falls, North Carolina 28630</U><BR>
(Address of Principal Executive Offices)</FONT>

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<P align="center"><FONT size="2">Bank of Granite/First Commerce Corporation Omnibus Stock and Incentive Plan<BR>
Bank of Granite/First Commerce Bank 1997 Incentive Stock Option Plan<BR>
<U>Bank of Granite/First Commerce Bank 1997 Nonqualified Stock Option Plan for Directors</U><BR>
(Full Title of the Plans)</FONT>

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<P align="center"><FONT size="2">John A. Forlines, Jr.<BR>
Chairman and Chief Executive Officer<BR>
Bank of Granite Corporation<BR>
23 North Main Street<BR>
Post Office Box 128<BR>
<U>Granite Falls, North Carolina 28630</U><BR>
(Name and Address of Agent For Service)</FONT>

<P align="center"><FONT size="2"><U>(828)&nbsp;496-2000</U><BR>
(Telephone Number, Including Area Code, of Agent for Service)</FONT>

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<P align="center"><FONT size="2">Copy to:<BR>
Henry H. Ralston<BR>
Robinson, Bradshaw &#038; Hinson, P.A.<BR>
101 North Tryon Street, Suite&nbsp;1900<BR>
Charlotte, North Carolina 28246<BR>
(704)&nbsp;377-2536</FONT>


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

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    <TD nowrap align="center" colspan="3"><FONT size="1">Proposed Maximum</FONT></TD>
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    <TD nowrap align="center"><FONT size="1">Title of Each Class of Securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">Amount To Be</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">Offering Price Per</FONT></TD>
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    <TD nowrap align="center" colspan="3"><FONT size="1">Aggregate Offering</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">Amount Of</FONT></TD>
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    <TD nowrap align="center"><FONT size="1">To Be Registered</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">Registered (1)</FONT></TD>
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    <TD nowrap align="center" colspan="3"><FONT size="1">Unit (2)</FONT></TD>
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    <TD nowrap align="center" colspan="3"><FONT size="1">Price (2)</FONT></TD>
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    <TD nowrap align="center" colspan="3"><FONT size="1">Registration Fee</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, $1.00 par value
per share, issuable under the
following:</FONT></DIV></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bank of Granite/First Commerce
Corporation Omnibus Stock and
Incentive Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">41,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">738,072.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">59.71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bank of Granite/First Commerce
Bank 1997 Incentive Stock Option
Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53,251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">941,211.425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">76.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bank of Granite/First Commerce
Bank 1997 Nonqualified Stock
Option Plan for Directors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">87,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,549,850.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">125.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">182,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,229,134.125</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">261.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<P><FONT size="2">(1)&nbsp; Represents the number of unexercised options outstanding under the plans,
which were assumed in connection with the merger of First Commerce Corporation
into the Company. In addition, pursuant to Rule&nbsp;416 under the Securities Act
of 1933, as amended, this registration statement also relates to an
indeterminate number of additional shares of Common Stock issuable with respect
to the shares registered hereunder in the event of a stock split, stock
dividend or other similar transaction.
</FONT>
<P><FONT size="2">(2)&nbsp; Estimated solely for purpose of calculating the registration fee in
accordance with Rule&nbsp;457(h) of the Securities Act of 1933, pursuant to which
shares subject to outstanding options are deemed to be offered at the weighted
average price at which such options may be exercised.
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<P align="center"><FONT size="2"><B>PART II<BR>
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 with the Securities and Exchange Commission
(the &#147;Commission&#148;) by Bank of Granite Corporation (the &#147;Company&#148;) are
incorporated by reference into this registration statement:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; the Company&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2002;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; the Company&#146;s Quarterly Reports on Form&nbsp;10-Q for the fiscal quarters
ended March&nbsp;31, 2003 and June&nbsp;30, 2003;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; the Company&#146;s Current Reports on Form&nbsp;8-K filed on January&nbsp;13, 2003,
January&nbsp;23, 2003, March&nbsp;21, 2003, April&nbsp;15, 2003, July&nbsp;14, 2003, July&nbsp;16, 2003
and July&nbsp;23, 2003;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; the description of the Company&#146;s common stock, par value $1.00 per
share, contained in the Company&#146;s registration statements filed pursuant to
Section&nbsp;12 of the Securities Exchange Act of 1934, including any amendment or
report filed for the purpose of updating such descriptions;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; all other reports filed by the Company pursuant to Section&nbsp;13(a) or
15(d) of the Exchange Act since December&nbsp;31, 2003; and
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp; all documents subsequently filed by the Company with the Commission
pursuant to Section&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended (the &#147;Exchange Act&#148;) after the date of this registration
statement and prior to the filing of a post-effective amendment which indicates
that all securities offered by this registration statement have been sold or
that deregisters all securities then remaining unsold.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(a) of the General Corporation Law of the State of Delaware
provides that a Delaware corporation may indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the corporation)
by reason of the fact that the person is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe the person&#146;s conduct was unlawful.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(b) provides that a Delaware corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the fact that such
person acted in any of the capacities set forth above, against expenses
(including attorneys&#146; fees) actually and reasonably incurred by the person in
connection with the defense or settlement of such action or suit if the person
in good faith and in a manner the person reasonably believed to be in or not
opposed to the best
</FONT>
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<P><FONT size="2">interests of the corporation, except that no indemnification shall be made
in respect of any claim, issue or matter as to which such person shall have
been adjudged to be liable to the corporation unless and only to the extent
that the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability, but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(c) further provides that to the extent a present or former
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a)&nbsp;and (b)&nbsp;of Section
145, thereof or in the defense of any claim, issue, or matter therein, such
person shall be indemnified against expenses (including attorneys&#146; fees)
actually and reasonably incurred by such person in connection therewith.
Section&nbsp;145(f) provides that the indemnification provided for by Section&nbsp;145
shall not be deemed exclusive of any other rights to which those seeking
indemnification may be entitled. Section&nbsp;145(g) permits a corporation to
purchase and maintain insurance on behalf of any person who was or is a
director, officer, employee or agent of the corporation, or a person who is or
was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against such person or incurred by
such person in any such capacity or arising out of such person&#146;s status as
such, whether or not the corporation would have the power to indemnify such
person against such liabilities under Section&nbsp;145.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Section&nbsp;145(e) provides that expenses (including attorneys&#146;
fees) incurred by an officer or director in defending any civil, criminal,
administrative or investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it is ultimately determined that such person is
not entitled to be indemnified by the corporation as authorized by Section&nbsp;145.
Moreover, Section&nbsp;145(j) provides that the indemnification provided by, or
granted pursuant to, Section&nbsp;145 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a
director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the Delaware General Corporation Law provides that a
corporation in its original certificate of incorporation or an amendment
thereto may eliminate or limit personal liability of its directors to the
corporation or its stockholders for monetary damages for breach of a director&#146;s
fiduciary duty. However, no such provision may eliminate or limit the
liability of a director for breaching the director&#146;s duty of loyalty, failing
to act in good faith, engaging in intentional misconduct or knowingly violating
a law, paying a dividend or approving a stock purchase or redemption that was
illegal, or obtaining an improper personal benefit. No such provision may
limit the liability of a director for any act or omission occurring prior to
the date when such provision became effective.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s certificate of incorporation provides that to the fullest
extent permitted by the General Corporation Law of the State of Delaware, as
amended from time to time, a director of the Company shall not be liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty
as a director. Any repeal or modification of this provision by the Company&#146;s
stockholders will have only prospective effect and will not adversely affect
any limitation on the personal liability of a director of the Company existing
at the time of such repeal or modification. The Company&#146;s restated certificate
of incorporation, as amended, also provides for advancement of expenses to
directors to defend lawsuits brought against them as directors of the company,
with no obligation for any director to repay such expenses to the company
unless it is ultimately determined by the Company that the director is not
entitled to indemnification by the company.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s bylaws provide that any person and his or her heirs,
executors, or administrators, may be indemnified or reimbursed by the company
for reasonable expenses actually incurred in
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><FONT size="2">connection with any threatened, pending or completed action, suit or
proceeding, civil, administrative, investigative or criminal, to which any of
them has been made a party by reason of a person being or having been a
director, officer, or employee of the Company or of any firm, corporation, or
organization which that person served in any such capacity at the request of
the Company; provided, however, that such person acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the best
interest of the company and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his or her conduct was unlawful and,
provided further that no such person shall be so indemnified or reimbursed in
relation to any matter in such action, suit, or proceeding that has been made
the subject of a compromise settlement except with the approval of a court of
competent jurisdiction, or the holders of record of a majority of the
outstanding shares of the company, or its board of directors, acting by vote of
directors not parties to the same or substantially the same action, suit, or
proceeding, constituting a majority of the whole number of directors. The
bylaws also state that this right of indemnification or reimbursement is not
exclusive of other rights to which the indemnified party and his or her heirs,
executors, or administrators may be entitled as a matter of law.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the bylaws of the Company provide that it may, upon the
affirmative vote of a majority of its board of directors, purchase insurance
for the purpose of indemnifying its directors, officers, and other employees to
the extent that such indemnification is allowed pursuant to the bylaws. This
insurance may, but need not, be for the benefit of all directors, officers, or
employees.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit&nbsp;Index.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The undersigned 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;(1)&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 valign="top">
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="85%"><FONT size="2">to include any prospectus
required by Section&nbsp;10(a)(3) of the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="85%"><FONT size="2">to reflect in the prospectus
any facts or events arising after the effective date
of this registration statement (or the most recent
post-effective amendment hereof) which, individually
or in the aggregate, represent a fundamental change
in the information set forth in this registration
statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered
(if the total dollar value of securities offered
would not exceed that which was registered) and any
deviation from the low or high end of the estimated
maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to
Rule&nbsp;424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in
the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="85%"><FONT size="2">to include any material
information with respect to the plan of distribution
not previously disclosed in this registration
statement or any material change to such information
in this registration statement;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">5</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P><FONT size="2"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(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 the Company pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are incorporated by
reference in this registration statement.
</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;(2)&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>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&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><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefit plan&#146;s annual
report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by
reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; The undersigned registrant hereby undertakes that insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the 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 the registrant of expenses incurred or
paid by a director, officer or controlling person of the 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, the 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>
<P align="center"><FONT size="2">6</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Company
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 Granite Falls, State of North Carolina on this 15th
day of August, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">BANK OF GRANITE CORPORATION</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ JOHN A. FORLINES, JR.</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">John A. Forlines, Jr.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman 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 of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</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>
    <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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ JOHN A. FORLINES, JR.<BR>
</FONT><HR size="1" noshade><FONT size="2">
John A. Forlines, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board and<BR>
Chief Executive Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ KIRBY A. TYNDALL<BR>
</FONT><HR size="1" noshade><FONT size="2">
Kirby A. Tyndall</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer, Secretary and<BR>
Treasurer (Principal Financial Officer<BR>
and Principal Accounting Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ PAUL M. FLEETWOOD, III*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Paul M. Fleetwood, III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ JAMES Y.
PRESTON*<BR>
</FONT><HR size="1" noshade><FONT size="2">
James Y. Preston</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ HUGH R. GAITHER*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Hugh R. Gaither</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ CHARLES M. SNIPES*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Charles M. Snipes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ BOYD C. WILSON, JR., CPA*<BR>
</FONT><HR size="1" noshade><FONT size="2">
Boyd C. Wilson, Jr., CPA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">August 15, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">*&nbsp;By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ KIRBY A. TYNDALL</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Kirby A. Tyndall, Attorney-in-Fact</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">7</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1">EXHIBIT NO.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">DESCRIPTION</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 align="center" valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of stock certificate for Bank of Granite Corporation&#146;s common
stock filed as Exhibit&nbsp;4.1 to the Company&#146;s Registration Statement on
Form&nbsp;S-4 (Registration Statement No.&nbsp;333-104233) on June&nbsp;11, 2003, is
incorporated herein by reference</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles 5, 6, 7, 10 and 13 of the Restated Certificate of
Incorporation of Bank of Granite Corporation, as amended, filed as
Exhibit&nbsp;3.1 to the Company&#146;s Registration Statement on Form&nbsp;S-4
(Registration Statement No.&nbsp;333-104233) on June&nbsp;11, 2003, is
incorporated herein by reference</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Robinson, Bradshaw &#038; Hinson, P.A.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 Robinson, Bradshaw &#038; Hinson, P.A. (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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 of Paul M. Fleetwood, III, dated August 15, 2003.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney of James Y. Preston, dated August 15, 2003.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney of Hugh R. Gaither, dated August 15, 2003.</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">24.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney of Charles M. Snipes, dated August 15, 2003.</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">24.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney of Boyd C. Wilson, Jr., CPA, dated August 15, 2003.</FONT></TD>
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{"company-data": {"conformed-name": "BANK OF GRANITE CORP", "cik": "0000810689", "assigned-sic": "6022", "irs-number": "561550545", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-108032", "film-number": "03851348"}, "business-address": {"street1": "PO BOX 128", "street2": "23 NORTH MAIN STREET", "city": "GRANITE FALLS", "state": "NC", "zip": "28630", "phone": "7043963141"}, "mail-address": {"street1": "23 NORTH MAIN ST", "city": "GRANITE FALLS", "state": "NC", "zip": "28630"}, "former-company": {"former-conformed-name": "BANCSHARES OF GRANITE CORP", "date-changed": "19870224"}}
BANK OF GRANITE CORPORATION
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
BANK OF GRANITE
CORPORATION
(Exact name of Registrant, as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
56-1550545
(I.R.S. Employer)
Identification No.)
23 North Main Street, Post Office Box 128, Granite Falls, North Carolina 28630
(Address of Principal Executive Offices)
Bank of Granite/First Commerce Corporation Omnibus Stock and Incentive Plan
Bank of Granite/First Commerce Bank 1997 Incentive Stock Option Plan
Bank of Granite/First Commerce Bank 1997 Nonqualified Stock Option Plan for Directors
(Full Title of the Plans)
John A. Forlines, Jr.
Chairman and Chief Executive Officer
Bank of Granite Corporation
23 North Main Street
Post Office Box 128
Granite Falls, North Carolina 28630
(Name and Address of Agent For Service)
(828) 496-2000
(Telephone Number, Including Area Code, of Agent for Service)
Copy to:
Henry H. Ralston
Robinson, Bradshaw & Hinson, P.A.
101 North Tryon Street, Suite 1900
Charlotte, North Carolina 28246
(704) 377-2536
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Each Class of Securities
Amount To Be
Offering Price Per
Aggregate Offering
Amount Of
To Be Registered
Registered (1)
Unit (2)
Price (2)
Registration Fee
Common Stock, $1.00 par value
per share, issuable under the
following:
Bank of Granite/First Commerce
Corporation Omnibus Stock and
Incentive Plan
41,758
$
17.675
$
738,072.65
$
59.71
Bank of Granite/First Commerce
Bank 1997 Incentive Stock Option
Plan
53,251
$
17.675
$
941,211.425
$
76.15
Bank of Granite/First Commerce
Bank 1997 Nonqualified Stock
Option Plan for Directors
87,686
$
17.675
$
1,549,850.05
$
125.38
Total
182,695
$
17.675
$
3,229,134.125
$
261.24
(1)  Represents the number of unexercised options outstanding under the plans,
which were assumed in connection with the merger of First Commerce Corporation
into the Company. In addition, pursuant to Rule 416 under the Securities Act
of 1933, as amended, this registration statement also relates to an
indeterminate number of additional shares of Common Stock issuable with respect
to the shares registered hereunder in the event of a stock split, stock
dividend or other similar transaction.
(2)  Estimated solely for purpose of calculating the registration fee in
accordance with Rule 457(h) of the Securities Act of 1933, pursuant to which
shares subject to outstanding options are deemed to be offered at the weighted
average price at which such options may be exercised.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed with the Securities and Exchange Commission
(the "Commission") by Bank of Granite Corporation (the "Company") are
incorporated by reference into this registration statement:
(a)  the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2002;
(b)  the Company's Quarterly Reports on Form 10-Q for the fiscal quarters
ended March 31, 2003 and June 30, 2003;
(c)  the Company's Current Reports on Form 8-K filed on January 13, 2003,
January 23, 2003, March 21, 2003, April 15, 2003, July 14, 2003, July 16, 2003
and July 23, 2003;
(d)  the description of the Company's common stock, par value $1.00 per
share, contained in the Company's registration statements filed pursuant to
Section 12 of the Securities Exchange Act of 1934, including any amendment or
report filed for the purpose of updating such descriptions;
(e)  all other reports filed by the Company pursuant to Section 13(a) or
15(d) of the Exchange Act since December 31, 2003; and
(f)  all documents subsequently filed by the Company with the Commission
pursuant to Section 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended (the "Exchange Act") after the date of this registration
statement and prior to the filing of a post-effective amendment which indicates
that all securities offered by this registration statement have been sold or
that deregisters all securities then remaining unsold.
Item 6. Indemnification of Directors and Officers.
Section 145(a) of the General Corporation Law of the State of Delaware
provides that a Delaware corporation may indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the corporation)
by reason of the fact that the person is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with such action,
suit or proceeding if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe the person's conduct was unlawful.
Section 145(b) provides that a Delaware corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the fact that such
person acted in any of the capacities set forth above, against expenses
(including attorneys' fees) actually and reasonably incurred by the person in
connection with the defense or settlement of such action or suit if the person
in good faith and in a manner the person reasonably believed to be in or not
opposed to the best
3
interests of the corporation, except that no indemnification shall be made
in respect of any claim, issue or matter as to which such person shall have
been adjudged to be liable to the corporation unless and only to the extent
that the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability, but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.
Section 145(c) further provides that to the extent a present or former
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a) and (b) of Section
145, thereof or in the defense of any claim, issue, or matter therein, such
person shall be indemnified against expenses (including attorneys' fees)
actually and reasonably incurred by such person in connection therewith.
Section 145(f) provides that the indemnification provided for by Section 145
shall not be deemed exclusive of any other rights to which those seeking
indemnification may be entitled. Section 145(g) permits a corporation to
purchase and maintain insurance on behalf of any person who was or is a
director, officer, employee or agent of the corporation, or a person who is or
was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against such person or incurred by
such person in any such capacity or arising out of such person's status as
such, whether or not the corporation would have the power to indemnify such
person against such liabilities under Section 145.
In addition, Section 145(e) provides that expenses (including attorneys'
fees) incurred by an officer or director in defending any civil, criminal,
administrative or investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such director or
officer to repay such amount if it is ultimately determined that such person is
not entitled to be indemnified by the corporation as authorized by Section 145.
Moreover, Section 145(j) provides that the indemnification provided by, or
granted pursuant to, Section 145 shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a
director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person.
Section 102(b)(7) of the Delaware General Corporation Law provides that a
corporation in its original certificate of incorporation or an amendment
thereto may eliminate or limit personal liability of its directors to the
corporation or its stockholders for monetary damages for breach of a director's
fiduciary duty. However, no such provision may eliminate or limit the
liability of a director for breaching the director's duty of loyalty, failing
to act in good faith, engaging in intentional misconduct or knowingly violating
a law, paying a dividend or approving a stock purchase or redemption that was
illegal, or obtaining an improper personal benefit. No such provision may
limit the liability of a director for any act or omission occurring prior to
the date when such provision became effective.
The Company's certificate of incorporation provides that to the fullest
extent permitted by the General Corporation Law of the State of Delaware, as
amended from time to time, a director of the Company shall not be liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty
as a director. Any repeal or modification of this provision by the Company's
stockholders will have only prospective effect and will not adversely affect
any limitation on the personal liability of a director of the Company existing
at the time of such repeal or modification. The Company's restated certificate
of incorporation, as amended, also provides for advancement of expenses to
directors to defend lawsuits brought against them as directors of the company,
with no obligation for any director to repay such expenses to the company
unless it is ultimately determined by the Company that the director is not
entitled to indemnification by the company.
The Company's bylaws provide that any person and his or her heirs,
executors, or administrators, may be indemnified or reimbursed by the company
for reasonable expenses actually incurred in
4
connection with any threatened, pending or completed action, suit or
proceeding, civil, administrative, investigative or criminal, to which any of
them has been made a party by reason of a person being or having been a
director, officer, or employee of the Company or of any firm, corporation, or
organization which that person served in any such capacity at the request of
the Company; provided, however, that such person acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the best
interest of the company and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his or her conduct was unlawful and,
provided further that no such person shall be so indemnified or reimbursed in
relation to any matter in such action, suit, or proceeding that has been made
the subject of a compromise settlement except with the approval of a court of
competent jurisdiction, or the holders of record of a majority of the
outstanding shares of the company, or its board of directors, acting by vote of
directors not parties to the same or substantially the same action, suit, or
proceeding, constituting a majority of the whole number of directors. The
bylaws also state that this right of indemnification or reimbursement is not
exclusive of other rights to which the indemnified party and his or her heirs,
executors, or administrators may be entitled as a matter of law.
In addition, the bylaws of the Company provide that it may, upon the
affirmative vote of a majority of its board of directors, purchase insurance
for the purpose of indemnifying its directors, officers, and other employees to
the extent that such indemnification is allowed pursuant to the bylaws. This
insurance may, but need not, be for the benefit of all directors, officers, or
employees.
Item 8. Exhibits.
See the Exhibit Index.
Item 9. Undertakings.
(a)  The undersigned registrant hereby undertakes:
(1) 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
of 1933, as amended (the "Securities Act");
(ii)
to reflect in the prospectus
any facts or events arising after the effective date
of this registration statement (or the most recent
post-effective amendment hereof) which, individually
or in the aggregate, represent a fundamental change
in the information set forth in this registration
statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered
(if the total dollar value of securities offered
would not exceed that which was registered) and any
deviation from the low or high end of the estimated
maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in
the "Calculation of Registration Fee" table in the
effective registration statement; and
(iii)
to include any material
information with respect to the plan of distribution
not previously disclosed in this registration
statement or any material change to such information
in this registration statement;
5
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(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 the Company pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") that are incorporated by
reference in this registration statement.
(2) 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.
(3) 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.
(b)  The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c)  The undersigned registrant hereby undertakes that insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the 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 the registrant of expenses incurred or
paid by a director, officer or controlling person of the 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, the 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.
6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
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 Granite Falls, State of North Carolina on this 15th
day of August, 2003.
BANK OF GRANITE CORPORATION
By:
/s/ JOHN A. FORLINES, JR.
John A. Forlines, Jr.
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ JOHN A. FORLINES, JR.
John A. Forlines, Jr.
Chairman of the Board and
Chief Executive Officer
August 15, 2003
/s/ KIRBY A. TYNDALL
Kirby A. Tyndall
Chief Financial Officer, Secretary and
Treasurer (Principal Financial Officer
and Principal Accounting Officer)
August 15, 2003
/s/ PAUL M. FLEETWOOD, III*
Paul M. Fleetwood, III
Director
August 15, 2003
/s/ JAMES Y.
PRESTON*
James Y. Preston
Director
August 15, 2003
/s/ HUGH R. GAITHER*
Hugh R. Gaither
Director
August 15, 2003
/s/ CHARLES M. SNIPES*
Charles M. Snipes
Director
August 15, 2003
/s/ BOYD C. WILSON, JR., CPA*
Boyd C. Wilson, Jr., CPA
Director
August 15, 2003
* By:
/s/ KIRBY A. TYNDALL
Kirby A. Tyndall, Attorney-in-Fact
7
EXHIBIT INDEX
EXHIBIT NO.
DESCRIPTION
4.1
Form of stock certificate for Bank of Granite Corporation's common
stock filed as Exhibit 4.1 to the Company's Registration Statement on
Form S-4 (Registration Statement No. 333-104233) on June 11, 2003, is
incorporated herein by reference
4.2
Articles 5, 6, 7, 10 and 13 of the Restated Certificate of
Incorporation of Bank of Granite Corporation, as amended, filed as
Exhibit 3.1 to the Company's Registration Statement on Form S-4
(Registration Statement No. 333-104233) on June 11, 2003, is
incorporated herein by reference
5.1
Opinion of Robinson, Bradshaw & Hinson, P.A.
23.1
Consent of Robinson, Bradshaw & Hinson, P.A. (included in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
24.1
Power of Attorney of Paul M. Fleetwood, III, dated August 15, 2003.
24.2
Power of Attorney of James Y. Preston, dated August 15, 2003.
24.3
Power of Attorney of Hugh R. Gaither, dated August 15, 2003.
24.4
Power of Attorney of Charles M. Snipes, dated August 15, 2003.
24.5
Power of Attorney of Boyd C. Wilson, Jr., CPA, dated August 15, 2003.
8