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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</B></FONT>

<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
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</DIV>

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<P align="center"><FONT size="5"><B>Form&nbsp;S-8</B></FONT>

<P align="center"><FONT size="3">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT>

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<P align="center"><FONT size="6"><B>Bank of Granite 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>Delaware<BR></B>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
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&nbsp;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>56-1550545<BR></B>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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<P align="center"><FONT size="2">Post Office Box 128<BR>
23 North Main Street<BR>
Granite Falls, North Carolina 28630<BR>
(Address of principal executive offices)</FONT>

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<P align="center"><FONT size="2">BANK OF GRANITE<BR>
EMPLOYEE&#146;S PROFIT SHARING<BR>
RETIREMENT PLAN AND TRUST<BR>
(Full title of the plan)</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>
Post Office Box 128<BR>
23 North Main Street<BR>
Granite Falls, North Carolina 28630<BR>
(Name and address of agent for service)<BR>
(828)&nbsp;496-2000<BR>
(Telephone number, including area code, of agent for service)</FONT>

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<P align="center"><FONT size="2"><FONT size="3">CALCULATION OF REGISTRATION FEE</FONT></FONT>

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    <TD width="3%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
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    <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="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 per</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>Title of each class of securities 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>share</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, par value $1.00 per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">400,000</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.76</FONT></TD>
    <TD nowrap><FONT size="2"> <SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">7,104,000</FONT></TD>
    <TD nowrap><FONT size="2"> <SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">653.57</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>&nbsp;</SUP></FONT></TD>
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    <TD width="96%"><FONT size="2"><SUP>1</SUP> 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></TD>
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    <TD width="96%"><FONT size="2"><SUP>2</SUP> In accordance with Rule&nbsp;457(h)(1) of Regulation&nbsp;C, the proposed maximum
offering price for the shares is computed on the basis of the average high and
low prices for common stock on January&nbsp;3, 2003 as quoted on the Nasdaq National
Market System.<sup>&#174;</sup></FONT></TD>
    <TD width="1%" align="left" nowrap><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 II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79969exv4w1.txt">Employee's Profit Sharing Retirement Plan & Trust</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79969exv5w1.htm">Opinion of Robinson, Bradshaw & Hinson, P.A.</A></TD></TR>
<TR><TD colspan="9"><A HREF="g79969exv23w2.htm">Consent of Deloitte & Touche LLP</A></TD></TR>
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<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B></FONT>

<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>

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<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission
by Bank of Granite Corporation (the &#147;Company&#148;) are incorporated by reference
into this registration statement:
</FONT>
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    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the Company&#146;s annual report on Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 2001;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the Company&#146;s quarterly reports on Form&nbsp;10-Q for the fiscal
quarters ended March&nbsp;31, 2002, June&nbsp;30, 2002 and September&nbsp;30, 2002;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the Company&#146;s current reports on Form&nbsp;8-K filed on January&nbsp;14,
2002, April&nbsp;9, 2002, July&nbsp;9, 2002, July&nbsp;11, 2002, October&nbsp;15,
2002 and December&nbsp;18, 2002;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">all other reports filed by the Company pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 since December
31, 2001; and</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the description of the Company&#146;s common stock, par value $1.00
per share, as set forth in the registrant&#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 description.</FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant or the Bank of Granite
Employee&#146;s Profit Sharing Retirement Plan and Trust (the &#147;Plan&#148;) pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment that indicates that all securities offered hereunder
have been sold or that deregisters all of such securities then remaining
unsold, shall be deemed to be incorporated by reference into this registration
statement and to be a part hereof from the date of filing of such documents.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained herein or in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document (which
also is or is deemed to be incorporated by reference herein) modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
</FONT>
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<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></FONT>

<P align="left"><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 him 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
cause to believe the person&#146;s conduct was unlawful.
</FONT>
<P align="left"><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
</FONT>
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<P align="left"><FONT size="2"> person reasonably believed to be in or not opposed to the best 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 align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 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 145(a) and (b)&nbsp;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; that
indemnification provided for by Section&nbsp;145 shall not be deemed exclusive of
any other rights to which the indemnified party may be entitled; and that the
corporation may purchase and maintain insurance on behalf of 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 align="left"><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 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 align="left"><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 validly approved by stockholders may eliminate or limit personal
liability of its directors 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 align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Restated Certificate of Incorporation, as amended (the
&#147;Charter&#148;), 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 Charter also provides for advancement of expenses to
directors to defend lawsuits brought against them as directors of the Company,
with no obligations 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 align="left"><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 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, 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,
</FONT>
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<P align="left"><FONT size="2"> 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 the 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 the foregoing 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 align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Bylaws provide that the Company 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. Such
insurance may, but need not, be for the benefit of all directors, officers, or
employees.
</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B></FONT>

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</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>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" align="center"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bank of Granite Employee&#146;s Profit Sharing Retirement Plan and Trust</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated Certificate of Incorporation of the Company, as amended
(incorporated by reference to Exhibit&nbsp;3(a) to the Quarterly Report on
Form&nbsp;10-Q of the Company for the fiscal quarter ended March&nbsp;31, 2001)
&#091;Securities and Exchange Commission File No.&nbsp;0-15956&#093;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of the Company (incorporated by reference to Exhibit&nbsp;D of
Pre-Effective Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;S-4
(Registration Statement No.&nbsp;33-11876) of the Company filed on February
23, 1987)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><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" align="center"><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. (contained in Exhibit&nbsp;5.1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><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>
</TABLE>
</CENTER>
<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes as follows:
</FONT>
<P align="left"><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 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>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment to this 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.
</FONT>
<P align="left"><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 that remain unsold at the termination of the
offering.
</FONT>
<P align="center"><FONT size="2">4</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp; That, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Company&#146;s annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of the Plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this
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.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp; Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of
the Company 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 Company 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 of 1933 and will be
governed by the final adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P align="left"><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 18th&nbsp;day of December, 2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&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" valign="top" align="left"><FONT size="2"><B>BANK OF GRANITE CORPORATION</B></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.<BR>
Chairman and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Plan
Committee 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 18th&nbsp;day of December, 2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>BANK OF GRANITE EMPLOYEE&#146;S PROFIT<BR>
SHARING RETIREMENT PLAN AND TRUST</B></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>
    <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 colspan="3" valign="top" align="left"><FONT size="2">The Plan Committee</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>
    <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">&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"><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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">John A. Forlines, Jr.<BR>
Plan Committee Member</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>
    <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">&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/ 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">&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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Kirby A. Tyndall<BR>
Plan Committee Member</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>
    <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">&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/ Charles M. Snipes</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"><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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Charles A. Snipes<BR>
Plan Committee Member</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>
    <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">&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/ Kim T. Hutchens</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"><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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Kim T. Hutchens<BR>
Plan Committee Member</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>
    <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">&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/ Melodie R. Mathes</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"><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">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Melodie R. Mathes<BR>
Plan Committee Member</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><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="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Signature</B><BR>
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Title</B><BR>
</FONT><HR size="1" noshade><FONT size="2">
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><B>Date</B><BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="bottom">
    <TD 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, Chief Executive<BR>
Officer and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD 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">
President and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD 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<BR>
(Principal Financial and<BR>
Accounting Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ John N. Bray<BR>
</FONT><HR size="1" noshade><FONT size="2">
John N. Bray</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">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD 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">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Barbara F. Freiman<BR>
</FONT><HR size="1" noshade><FONT size="2">
Barbara F. Freiman</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">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD 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">December 18&nbsp;, 2002</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Boyd C. Wilson, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
Boyd C. Wilson</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">December 18&nbsp;, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">7</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

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<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 Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bank of Granite Employee&#146;s Profit Sharing Retirement Plan and Trust</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated Certificate of Incorporation of the Company, as amended
(incorporated by reference to Exhibit&nbsp;3(i) to the Quarterly Report on
Form&nbsp;10-Q of the Company for the fiscal quarter ended March&nbsp;31, 2001)
&#091;Securities and Exchange Commission File No.&nbsp;0-15956&#093;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of the Company (incorporated by reference to Exhibit&nbsp;D of
Pre-Effective Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;S-4
(Registration Statement No.&nbsp;33-11876) of the Company filed on February
23, 1987.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><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>

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    <TD valign="top" align="center"><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. (contained in Exhibit&nbsp;5.1)</FONT></TD>
</TR>

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    <TD valign="top" align="center"><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>
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sv8
Table of Contents
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.)
Post Office Box 128
23 North Main Street
Granite Falls, North Carolina 28630
(Address of principal executive offices)
BANK OF GRANITE
EMPLOYEE'S PROFIT SHARING
RETIREMENT PLAN AND TRUST
(Full title of the plan)
JOHN A. FORLINES, JR.
Chairman and Chief Executive Officer
Bank of Granite Corporation
Post Office Box 128
23 North Main Street
Granite Falls, North Carolina 28630
(Name and address of agent for service)
(828) 496-2000
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount to be
offering price per
aggregate offering
Amount of
Title of each class of securities to be registered
registered
share
price
registration fee
Common Stock, par value $1.00 per share
400,000
1
$
17.76
2
$
7,104,000
2
$
653.57
1
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
In accordance with Rule 457(h)(1) of Regulation C, the proposed maximum
offering price for the shares is computed on the basis of the average high and
low prices for common stock on January 3, 2003 as quoted on the Nasdaq National
Market System.
®
TABLE OF CONTENTS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 6. Indemnification of Directors and Officers.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
EXHIBIT INDEX
Employee's Profit Sharing Retirement Plan & Trust
Opinion of Robinson, Bradshaw & Hinson, P.A.
Consent of Deloitte & Touche LLP
Table of Contents
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
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, 2001;
(b)
the Company's quarterly reports on Form 10-Q for the fiscal
quarters ended March 31, 2002, June 30, 2002 and September 30, 2002;
(c)
the Company's current reports on Form 8-K filed on January 14,
2002, April 9, 2002, July 9, 2002, July 11, 2002, October 15,
2002 and December 18, 2002;
(d)
all other reports filed by the Company pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 since December
31, 2001; and
(e)
the description of the Company's common stock, par value $1.00
per share, as set forth in the registrant'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 description.
All documents subsequently filed by the registrant or the Bank of Granite
Employee's Profit Sharing Retirement Plan and Trust (the "Plan") pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment that indicates that all securities offered hereunder
have been sold or that deregisters all of such securities then remaining
unsold, shall be deemed to be incorporated by reference into this registration
statement and to be a part hereof from the date of filing of such documents.
Any statement contained herein or in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document (which
also is or is deemed to be incorporated by reference herein) modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
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 him 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
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
2
Table of Contents
person reasonably believed to be in or not opposed to the best 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 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 145(a) and (b) 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; that
indemnification provided for by Section 145 shall not be deemed exclusive of
any other rights to which the indemnified party may be entitled; and that the
corporation may purchase and maintain insurance on behalf of 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 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 validly approved by stockholders may eliminate or limit personal
liability of its directors 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 Restated Certificate of Incorporation, as amended (the
"Charter"), 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 Charter also provides for advancement of expenses to
directors to defend lawsuits brought against them as directors of the Company,
with no obligations 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 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, 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,
3
Table of Contents
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 the 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 the foregoing 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 provide that the Company 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. Such
insurance may, but need not, be for the benefit of all directors, officers, or
employees.
Item 8. Exhibits.
Exhibit Number
Description
4.1
Bank of Granite Employee's Profit Sharing Retirement Plan and Trust
4.2
Restated Certificate of Incorporation of the Company, as amended
(incorporated by reference to Exhibit 3(a) to the Quarterly Report on
Form 10-Q of the Company for the fiscal quarter ended March 31, 2001)
[Securities and Exchange Commission File No. 0-15956]
4.3
Bylaws of the Company (incorporated by reference to Exhibit D of
Pre-Effective Amendment No. 1 to Registration Statement on Form S-4
(Registration Statement No. 33-11876) of the Company filed on February
23, 1987)
5.1
Opinion of Robinson, Bradshaw & Hinson, P.A.
23.1
Consent of Robinson, Bradshaw & Hinson, P.A. (contained in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
Item 9. Undertakings.
The Company hereby undertakes as follows:
(1)  To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement 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.
(2)  That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment to this 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.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered that remain unsold at the termination of the
offering.
4
Table of Contents
(4)  That, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Company's annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of the Plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this
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.
(5)  Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of
the Company 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 Company 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 of 1933 and will be
governed by the final adjudication of such issue.
5
Table of Contents
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 18th day of December, 2002.
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, the Plan
Committee 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 18th day of December, 2002.
BANK OF GRANITE EMPLOYEE'S PROFIT
SHARING RETIREMENT PLAN AND TRUST
By:
The Plan Committee
By:
/s/ John A.
Forlines, Jr.
John A. Forlines, Jr.
Plan Committee Member
By:
/s/ Kirby A. Tyndall
Kirby A. Tyndall
Plan Committee Member
By:
/s/ Charles M. Snipes
Charles A. Snipes
Plan Committee Member
By:
/s/ Kim T. Hutchens
Kim T. Hutchens
Plan Committee Member
By:
/s/ Melodie R. Mathes
Melodie R. Mathes
Plan Committee Member
6
Table of Contents
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, Chief Executive
Officer and Director
December 18 , 2002
/s/ Charles M. Snipes
Charles M. Snipes
President and Director
December 18 , 2002
/s/ Kirby A. Tyndall
Kirby A. Tyndall
Chief Financial Officer
(Principal Financial and
Accounting Officer)
December 18 , 2002
/s/ John N. Bray
John N. Bray
Director
December 18 , 2002
/s/ Paul M. Fleetwood, III
Paul M. Fleetwood, III
Director
December 18 , 2002
/s/ Barbara F. Freiman
Barbara F. Freiman
Director
December 18 , 2002
/s/ Hugh R. Gaither
Hugh R. Gaither
Director
December 18 , 2002
/s/ Boyd C. Wilson, Jr.
Boyd C. Wilson
Director
December 18 , 2002
7
Table of Contents
EXHIBIT INDEX
Exhibit Number
Description
4.1
Bank of Granite Employee's Profit Sharing Retirement Plan and Trust
4.2
Restated Certificate of Incorporation of the Company, as amended
(incorporated by reference to Exhibit 3(i) to the Quarterly Report on
Form 10-Q of the Company for the fiscal quarter ended March 31, 2001)
[Securities and Exchange Commission File No. 0-15956]
4.3
Bylaws of the Company (incorporated by reference to Exhibit D of
Pre-Effective Amendment No. 1 to Registration Statement on Form S-4
(Registration Statement No. 33-11876) of the Company filed on February
23, 1987.)
5.1
Opinion of Robinson, Bradshaw & Hinson, P.A.
23.1
Consent of Robinson, Bradshaw & Hinson, P.A. (contained in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP