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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-8</B>
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<DIV align="center" style="font-size: 11pt; margin-top: 12pt">REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BANK OF GRANITE CORPORATION</B>
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<DIV align="center" style="font-size: 10pt">(Exact name of Registrant, as Specified in Its Charter)
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    <TD align="center" valign="top">Delaware
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-1550545</TD>
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    <TD>&nbsp;</TD>
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    <TD align="center" valign="top">(State or Other Jurisdiction of
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer)</TD>
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    <TD align="center" valign="top">Incorporation or Organization)
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>23 North Main Street, Post Office Box 128, Granite Falls, North Carolina 28630</U><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>Bank of Granite Corporation 2007 Stock Incentive Plan</U><BR>
(Full Title of the Plans)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Kirby A. Tyndall<BR>
Secretary, Treasurer and Chief Financial 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)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>(828)&nbsp;496-2000</U><BR>
(Telephone Number, Including Area Code, of Agent for Service)
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copy to:<BR>
Krista R. Bowen<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
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B>
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    <TD nowrap align="center">Proposed Maximum</TD>
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    <TD nowrap align="center">Title of Each Class of Securities</TD>
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<TD align="center" valign="top" style="border-top: 2px solid #000000">Common Stock, $1.00 par value per share
</TD>
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    <TD align="center" valign="top" style="border-top: 2px solid #000000">750,000<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
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    <TD align="center" valign="top" style="border-top: 2px solid #000000">$17.04<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
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    <TD align="center" valign="top" style="border-top: 2px solid #000000">$12,780,000
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    <TD align="center" valign="top" style="border-top: 2px solid #000000">$392.35</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 that may be necessary
to adjust the number of shares reserved for issuance pursuant to Bank of Granite Corporation 2007
Stock Incentive Plan as a result of a stock split, stock dividend or similar adjustment of the
outstanding common stock of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act of 1933,
calculated on the basis of $17.04 per share, the average of the high and low share prices of Bank
of Granite Corporation common stock on the Nasdaq Global Select Market on June&nbsp;19, 2007.
</DIV>


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<TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II<BR> 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;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts And Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv5w1.htm">Exhibit 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv23w2.htm">Exhibit 23.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv23w3.htm">Exhibit 23.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w1.htm">Exhibit 24.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w2.htm">Exhibit 24.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w3.htm">Exhibit 24.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w4.htm">Exhibit 24.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w5.htm">Exhibit 24.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w6.htm">Exhibit 24.6</A></TD></TR>
<TR><TD colspan="9"><A HREF="g08027s8exv24w7.htm">Exhibit 24.7</A></TD></TR>
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<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: The document containing the information specified in Part&nbsp;I of Form S-8 will be sent or
given to participants in the Bank of Granite Corporation 2007 Stock Incentive Plan, as specified by
Rule&nbsp;428(b)(1) promulgated by the Securities and Exchange Commission (the &#147;Commission&#148;) under the
Securities Act of 1933. In accordance with Rule&nbsp;428 and the requirements of Part&nbsp;I of Form S-8,
such documents are not being filed with the Commission either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under the Securities
Act. Bank of Granite Corporation (the &#147;Company&#148;) will maintain a file of such documents in
accordance with the provisions of Rule&nbsp;428. Upon request, the Company will furnish to the
Commission or its staff a copy or copies of all of the documents included in such file.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Commission by the Company are incorporated
by reference into this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2006;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended March&nbsp;31, 2007;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#146;s Current Reports on Form 8-K and 8-K/A filed on January&nbsp;8, 2007, January&nbsp;18,
2007, January&nbsp;23, 2007, April&nbsp;12, 2007, May&nbsp;18, 2007, May&nbsp;22, 2007 and May&nbsp;25, 2007;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&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, as amended (the &#147;Exchange Act&#148;) including any amendment or report filed for the purpose of
updating such descriptions; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange
Act since December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&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 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
shall be deemed incorporated by reference into this Registration Statement to be a part hereof from
the date of the filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in the documents 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 that 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.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts And Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 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 or other business entity, 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 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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&nbsp;145, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(f) states 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
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.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Section 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 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s restated certificate of incorporation provides that to the fullest extent
permitted by the Delaware General Corporation Law, 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 the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit&nbsp;Index.
</DIV>
<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by
Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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
&#147;Calculation of Registration Fee&#148; table in the effective
registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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 reports
filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d)
of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are incorporated by reference in
this Registration Statement.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company 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 13(a) or 15(d) of
the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;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 <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company 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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 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 21st day of June,
2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">BANK OF GRANITE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Charles M. Snipes</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles M. Snipes<BR>
Chairman and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Charles M. Snipes
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Charles M. Snipes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board and<BR>
Chief Executive Officer, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Kirby A. Tyndall
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Kirby A. Tyndall</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial Officer, Secretary
and Treasurer<BR>
(Principal
Financial Officer and Principal
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ John N. Bray*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
John N. Bray</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Joseph D. Crocker*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Joseph D. Crocker</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Leila N. Erwin*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Leila N. Erwin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Paul M. Fleetwood, III*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Paul M. Fleetwood, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Hugh R. Gaither*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Hugh R. Gaither</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ James Y. Preston*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James Y. Preston</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Boyd C. Wilson, Jr.*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Boyd C. Wilson, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 21, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">* By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>/s/ Kirby A. Tyndall</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kirby A. Tyndall, Attorney-in-Fact</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><U>EXHIBIT NO.</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>DESCRIPTION</U></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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) dated April&nbsp;1, 2003,
is incorporated herein by reference</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 Quarterly Report on Form&nbsp;10-Q for the
quarter ended March&nbsp;31, 2006, is incorporated herein by reference</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Robinson, Bradshaw &#038; Hinson, P.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Robinson, Bradshaw &#038; Hinson, P.A. (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Dixon Hughes PLLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of John N. Bray, dated June&nbsp;18, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Joseph D. Crocker, dated June&nbsp;18, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Leila N. Erwin, dated June&nbsp;18, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Paul M. Fleetwood, III, dated June&nbsp;18, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Hugh R. Gaither, dated June&nbsp;18, 2007.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of James Y. Preston, dated June&nbsp;18, 2007.</TD>
</TR>
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    <TD>&nbsp;</TD>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Boyd C. Wilson, Jr., dated June&nbsp;18, 2007.</TD>
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Bank of Granite Corporation
Table of Contents
UNITED STATES
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
56-1550545
(State or Other Jurisdiction of
(I.R.S. Employer)
Incorporation or Organization)
Identification No.)
23 North Main Street, Post Office Box 128, Granite Falls, North Carolina 28630
(Address of Principal Executive Offices)
Bank of Granite Corporation 2007 Stock Incentive Plan
(Full Title of the Plans)
Kirby A. Tyndall
Secretary, Treasurer and Chief Financial 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:
Krista R. Bowen
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
Amount Of
Title of Each Class of Securities
Amount To Be
Offering Price
Aggregate
Registration
To Be Registered
Registered
Per Unit
Offering Price
Fee
Common Stock, $1.00 par value per share
750,000
(1)
$17.04
(2)
$12,780,000
$392.35
(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 that may be necessary
to adjust the number of shares reserved for issuance pursuant to Bank of Granite Corporation 2007
Stock Incentive Plan as a result of a stock split, stock dividend or similar adjustment of the
outstanding common stock of the Registrant.
(2)     Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act of 1933,
calculated on the basis of $17.04 per share, the average of the high and low share prices of Bank
of Granite Corporation common stock on the Nasdaq Global Select Market on June 19, 2007.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts And Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
Exhibit 5.1
Exhibit 23.2
Exhibit 23.3
Exhibit 24.1
Exhibit 24.2
Exhibit 24.3
Exhibit 24.4
Exhibit 24.5
Exhibit 24.6
Exhibit 24.7
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Note: The document containing the information specified in Part I of Form S-8 will be sent or
given to participants in the Bank of Granite Corporation 2007 Stock Incentive Plan, as specified by
Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the
Securities Act of 1933. In accordance with Rule 428 and the requirements of Part I of Form S-8,
such documents are not being filed with the Commission either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities
Act. Bank of Granite Corporation (the "Company") will maintain a file of such documents in
accordance with the provisions of Rule 428. Upon request, the Company will furnish to the
Commission or its staff a copy or copies of all of the documents included in such file.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed with the Commission by 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, 2006;
(b)     the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2007;
(c)     the Company's Current Reports on Form 8-K and 8-K/A filed on January 8, 2007, January 18,
2007, January 23, 2007, April 12, 2007, May 18, 2007, May 22, 2007 and May 25, 2007;
(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, as amended (the "Exchange Act") including any amendment or report filed for the purpose of
updating such descriptions; and
(e)     any other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange
Act since December 31, 2006.
All documents subsequently filed by the Company with the Commission pursuant to Section 13(a),
13(c), 14 and 15(d) of 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
shall be deemed incorporated by reference into this Registration Statement to be a part hereof from
the date of the filing of such documents.
Any statement contained in the documents 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 that 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.
2
Table of Contents
Item 4. Description of Securities
.
Not applicable.
Item 5. Interests of Named Experts And Counsel.
Not applicable.
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 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 or other business entity, 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 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, 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) states 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.
3
Table of Contents
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 restated certificate of incorporation provides that to the fullest extent
permitted by the Delaware General Corporation Law, 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 the 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.
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, 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.
4
Table of Contents
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See the Exhibit Index.
Item 9. Undertakings.
(a)     The Company 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;
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 reports
filed with or furnished to the Commission by the registrant 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 Company 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
5
Table of Contents
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 Company 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
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 21st day of June,
2007.
BANK OF GRANITE CORPORATION
By:
/s/ Charles M. Snipes
Charles M. Snipes
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/ Charles M. Snipes
Charles M. Snipes
Chairman of the Board and
Chief Executive Officer, Director
June 21, 2007
/s/ Kirby A. Tyndall
Kirby A. Tyndall
Chief Financial Officer, Secretary
and Treasurer
(Principal
Financial Officer and Principal
Accounting Officer)
June 21, 2007
/s/ John N. Bray*
John N. Bray
Director
June 21, 2007
/s/ Joseph D. Crocker*
Joseph D. Crocker
Director
June 21, 2007
/s/ Leila N. Erwin*
Leila N. Erwin
Director
June 21, 2007
/s/ Paul M. Fleetwood, III*
Paul M. Fleetwood, III
Director
June 21, 2007
/s/ Hugh R. Gaither*
Hugh R. Gaither
Director
June 21, 2007
/s/ James Y. Preston*
James Y. Preston
Director
June 21, 2007
/s/ Boyd C. Wilson, Jr.*
Boyd C. Wilson, Jr.
Director
June 21, 2007
* By:
/s/ Kirby A. Tyndall
Kirby A. Tyndall, Attorney-in-Fact
7
Table of Contents
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) dated April 1, 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 Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006, 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 Dixon Hughes PLLC
23.3
Consent of Deloitte & Touche LLP
24.1
Power of Attorney of John N. Bray, dated June 18, 2007.
24.2
Power of Attorney of Joseph D. Crocker, dated June 18, 2007.
24.3
Power of Attorney of Leila N. Erwin, dated June 18, 2007.
24.4
Power of Attorney of Paul M. Fleetwood, III, dated June 18, 2007.
24.5
Power of Attorney of Hugh R. Gaither, dated June 18, 2007.
24.6
Power of Attorney of James Y. Preston, dated June 18, 2007.
24.7
Power of Attorney of Boyd C. Wilson, Jr., dated June 18, 2007.
8