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<TITLE>LSB Bancshares, Inc.</TITLE>
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<P align="center" style="font-size: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>



<P align="center" style="font-size: 12pt"><B>FORM S-8<BR>
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 16pt"><B>LSB Bancshares, Inc.</B>
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<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top">North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">56-1348147</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(State or Other Jurisdiction of Incorporation or Organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">One LSB Plaza, Lexington, North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">27292</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">LSB Bancshares, Inc. Comprehensive Equity Compensation Plan for Directors and Employees
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<DIV align="center" style="font-size: 10pt">(Full Title of the Plan)
</DIV>


<P align="center" style="font-size: 10pt">Robert F. Lowe<BR>
One LSB Plaza, Lexington, North Carolina 27292
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<DIV align="center" style="font-size: 10pt">(Name and Address of Agent For Service)
</DIV>


<P align="center" style="font-size: 10pt">(336)&nbsp;248-6500
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<DIV align="center" style="font-size: 10pt">(Telephone Number, Including Area Code, of Agent For Service)
</DIV>


<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


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    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="15"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of Each Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>To Be Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B></TD>
</TR>

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    <TD colspan="15"><HR size="1" noshade>&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par
value $5.00
per share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">750,000 shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">16.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">12,150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,539.41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="15"><HR size="1" noshade>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, pursuant to Rule 416(c) under the Securities Act of 1933,
this Registration Statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.

<P align="left" style="font-size: 10pt">(1)&nbsp;This Registration Statement relates to such indeterminable number of shares
of additional Common Stock of LSB Bancshares, Inc. (&#147;LSB&#148;) as may be issuable
as a result of a recapitalization, stock split or other corporate event or
transaction as more fully described in the LSB Comprehensive Equity
Compensation Plan for Directors and Employees (the &#147;Plan&#148;).


<P align="left" style="font-size: 10pt">(2)&nbsp;The filing fee has been calculated in accordance with Rule 457(c) and (h)
based on the average of the high ($16.30) and low ($16.10) prices of LSB&#146;s
shares of Common Stock reported on the Nasdaq National Market on August&nbsp;18,
2004.



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSB has omitted the information required by Part&nbsp;I of Form S-8 relating to
the Plan in accordance with the Note to Part&nbsp;I of Form S-8.


<P align="center" style="font-size: 10pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed by LSB and the Plan with the SEC
are incorporated by reference herein and shall be deemed a part hereof:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Annual Report of LSB on Form 10-K for the fiscal year
ended December&nbsp;31, 2003, filed with the SEC on March&nbsp;15, 2004,
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Quarterly Report of LSB on Form 10-Q for the fiscal
quarter ended March&nbsp;31, 2004, filed with the SEC on May&nbsp;7, 2004,
pursuant to Section 13(a) or 15(d) of the Exchange Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Quarterly Report of LSB on Form 10-Q for the fiscal
quarter ended June&nbsp;30, 2004, filed with the SEC on August&nbsp;6, 2004,
pursuant to Section 13(a) or 15(d) of the Exchange Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Current Reports of LSB on Form 8-K, filed with the SEC on
January&nbsp;7, 2004, January&nbsp;15, 2004, March&nbsp;24, 2004, April&nbsp;16, 2004,
May&nbsp;20, 2004, May&nbsp;21, 2004 and July&nbsp;16, 2004, pursuant to Section
13(a) or 15(d) of the Exchange Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All other reports filed by LSB with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act since December&nbsp;31, 2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of LSB&#146;s Common Stock and any rights issued
in connection therewith contained in LSB&#146;s Registration Statements
on Form 8-A filed with the SEC on April&nbsp;29, 1988 (as amended by
Amendment No.&nbsp;1 on Form&nbsp;8, dated October&nbsp;30, 1991) and March&nbsp;6, 1998
pursuant to Section&nbsp;12 of the Exchange Act and any amendment or
report filed for the purpose of updating any such descriptions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by LSB or the Plan pursuant to Sections&nbsp;13(a), 13(c),
14 and 15(d) of the Exchange Act after the date hereof and prior to the filing
of a post-effective amendment hereto which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of filing of such documents.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained 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.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;55-8-50 through 55-8-58 of the General Statutes of North Carolina
provide for indemnification of directors, officers, employees, and agents of a
North Carolina corporation. Subject to certain exceptions, a corporation may
indemnify an individual made a party to a proceeding because he is or was a
director or officer against liability incurred in the proceeding if (i)&nbsp;he
conducted himself in good faith; (ii)&nbsp;he reasonably believed (a)&nbsp;in the case of
conduct in his official capacity with the corporation, that his conduct was in
the corporation&#146;s best interests and (b)&nbsp;in all other cases, that his conduct
was at least not opposed to the corporation&#146;s best interests; and (iii)&nbsp;in the
case of any criminal proceeding, he had no reasonable cause to believe his
conduct was unlawful. A corporation, as authorized by its board of directors,
may pay expenses incurred by a director or officer in defending a proceeding in
advance of the final disposition of such proceeding upon receipt of an
undertaking by or on behalf of such director or officer to repay such amount
unless it shall ultimately be determined that he is entitled to be indemnified
by the corporation against such expenses. A corporation may, in its articles
of incorporation or bylaws or by contract or resolution, indemnify or agree to
indemnify any one or more of its directors, officers, employees, or agents
against liability and expenses in any proceeding (including without limitation
a proceeding brought by or on behalf of the corporation itself) arising out of
their status as such or their activities in any of the foregoing capacities;
provided, however, that a corporation may not indemnify or agree to indemnify a
person against liability or expenses he may incur on account of his activities
which were at the time taken known or believed by him to be clearly in conflict
with the best interests of the corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSB&#146;s Bylaws and Articles of Incorporation, as amended, require
indemnification of LSB&#146;s directors and officers to the fullest extent permitted
by law. In addition, LSB&#146;s Bylaws describe procedures pursuant to which its
directors and officers may seek indemnification and/or advancement of expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSB has purchased standard director and officer liability insurance
policies that will, subject to certain limitations, indemnify LSB and its
directors and officers for damages they


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<P align="left" style="font-size: 10pt">become legally obligated to pay as a result of any negligent act, error, or
omission committed by directors or officers while acting in their capacities as
such.



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibits to this Registration Statement are listed in the Index to
Exhibits which immediately follows the signature pages hereto.


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



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 this Registration Statement
or any material change to such information in this Registration
Statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for the purpose of determining any liability under the
Securities Act of 1933, 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; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of
the registrant&#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 an
employee benefit plan&#146;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 <I>bona fide</I>
offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provision, or
otherwise, the registrant has been advised that in the opinion of the SEC
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
registrant of expenses incurred or paid by a</TD>
</TR>

</TABLE>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Act
and will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&#091;SIGNATURES BEGIN ON THE NEXT PAGE&#093;



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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>


<P align="left" style="font-size: 10pt"><B>The Registrant. </B>Pursuant to the requirements of the Securities Act of 1933,
the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Lexington, State of North Carolina, on August
19, 2004.


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<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>LSB BANCSHARES, INC.</B></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert F. Lowe</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert F. Lowe</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President
and<BR>
Chief Executive Officer</TD>
</TR>
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</DIV>


<P align="left" style="font-size: 10pt"><B>The Plan. </B>Pursuant to the requirements of the Securities Act of 1933, the LSB
Compensation Committee has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Lexington, State of North Carolina, on August&nbsp;19, 2004.


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    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&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"><B>LSB BANCSHARES, INC.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>COMPREHENSIVE EQUITY COMPENSATION</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>PLAN FOR DIRECTORS AND EMPLOYEES</B></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">LSB STOCK OPTION AND</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">COMPENSATION COMMITTEE</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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert B. Smith, Jr.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert B. Smith, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the LSB Stock Option
and<BR>
Compensation Committee</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Robert F. Lowe and Monty J. Oliver, and
each of them (with full power each to act alone), as his or her true and lawful
attorneys-in-fact and agents with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments (including post-effective
amendments) to this Registration Statement and to file the same, with all
exhibits thereto and all documents in connection therewith, with the SEC,
granting unto said attorneys-in-fact and agents, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming that all said
attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to
be done by virtue thereof.


<P align="center" style="font-size: 10pt">6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt">&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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><B>SIGNATURE</B><BR>
<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
<B>TITLE</B><BR>
<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>DATE</B><BR>
<HR size="1" noshade></TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert F. Lowe<BR>
<HR size="1" noshade>
Robert F. Lowe</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director, Chairman, President<BR>
and Chief Executive Officer<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Monty J. Oliver<BR>
<HR size="1" noshade>
Monty J. Oliver</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Secretary and Treasurer<BR>
(Principal Financial and<BR>
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Michael S. Albert<BR>
<HR size="1" noshade>
Michael S. Albert</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<HR size="1" noshade>
Walter A. Hill, Sr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert B. Smith, Jr.<BR>
<HR size="1" noshade>
Robert B. Smith, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ John W. Thomas<BR>
<HR size="1" noshade>
John W. Thomas III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Leonard H. Beck<BR>
<HR size="1" noshade>
Leonard H. Beck</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Marvin D. Gentry<BR>
<HR size="1" noshade>
Marvin D. Gentry</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Samuel R. Harris<BR>
<HR size="1" noshade>
Samuel R. Harris, MD</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ David A. Smith<BR>
<HR size="1" noshade>
David A. Smith</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Burr W. Sullivan<BR>
<HR size="1" noshade>
Burr W. Sullivan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Sue H. Hunter<BR>
<HR size="1" noshade>
Sue H. Hunter</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><B>SIGNATURE</B><BR>
<HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
<B>TITLE</B><BR>
<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>DATE</B><BR>
<HR size="1" noshade></TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Roberts E. Timberlake<BR>
<HR size="1" noshade>
Roberts E. Timberlake</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Lloyd G. Walter, Jr.<BR>
<HR size="1" noshade>
Lloyd G. Walter, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Julius S. Young<BR>
<HR size="1" noshade>
Julius S. Young, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 19, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt">Index to Exhibits


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Description</B><HR size="1" noshade></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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LSB Bancshares, Inc. Comprehensive Equity Compensation Plan
for Directors and Employees, incorporated by reference to
Appendix&nbsp;VI of LSB&#146;s 2003 Proxy Statement filed with the SEC
on March&nbsp;16, 2004 (SEC File No.&nbsp;000-11448).</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of February&nbsp;10, 1998 by and between
LSB and Wachovia Bank, N.A., as Rights Agent, incorporated by
reference to Exhibit&nbsp;1 of LSB&#146;s Registration Statement on Form
8-A filed with the SEC on March&nbsp;6, 1998 (SEC File No.
000-11448).</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation of LSB, as amended, incorporated by
reference to Exhibit&nbsp;4.1 of LSB&#146;s Registration Statement on
Form&nbsp;S-8 filed with the SEC on May&nbsp;16, 2001 (SEC File No.
333-61046).</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of LSB, as amended, incorporated by reference to
Exhibit&nbsp;3.2 of LSB&#146;s Annual Report on Form&nbsp;10-K for the fiscal
year ended December&nbsp;31, 1995 filed with the SEC on March&nbsp;28,
1996 (SEC File No.&nbsp;000-11448).</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Poyner &#038; Spruill 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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Poyner &#038; Spruill LLP (included in Exhibit&nbsp;5).</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Turlington and Company, L.L.P.</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</BODY>
</HTML>
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LSB Bancshares, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
LSB Bancshares, Inc.
(Exact Name of Registrant as Specified in Its Charter)
North Carolina
56-1348147
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
One LSB Plaza, Lexington, North Carolina
27292
(Address of Principal Executive Offices)
(Zip Code)
LSB Bancshares, Inc. Comprehensive Equity Compensation Plan for Directors and Employees
(Full Title of the Plan)
Robert F. Lowe
One LSB Plaza, Lexington, North Carolina 27292
(Name and Address of Agent For Service)
(336) 248-6500
(Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF REGISTRATION FEE
Title of Each Class
Proposed Maximum
Proposed Maximum
of Securities
Amount To Be
Offering Price
Aggregate Offering
Amount of
To Be Registered
Registered (1)
Per Share (2)
Price (2)
Registration Fee
Common Stock, par
value $5.00
per share
750,000 shares
$
16.20
$
12,150,000
$
1,539.41
In addition, pursuant to Rule 416(c) under the Securities Act of 1933,
this Registration Statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.
(1) This Registration Statement relates to such indeterminable number of shares
of additional Common Stock of LSB Bancshares, Inc. ("LSB") as may be issuable
as a result of a recapitalization, stock split or other corporate event or
transaction as more fully described in the LSB Comprehensive Equity
Compensation Plan for Directors and Employees (the "Plan").
(2) The filing fee has been calculated in accordance with Rule 457(c) and (h)
based on the average of the high ($16.30) and low ($16.10) prices of LSB's
shares of Common Stock reported on the Nasdaq National Market on August 18,
2004.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
LSB has omitted the information required by Part I of Form S-8 relating to
the Plan in accordance with the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed by LSB and the Plan with the SEC
are incorporated by reference herein and shall be deemed a part hereof:
(a)
The Annual Report of LSB on Form 10-K for the fiscal year
ended December 31, 2003, filed with the SEC on March 15, 2004,
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended (the "Exchange Act").
(b)
The Quarterly Report of LSB on Form 10-Q for the fiscal
quarter ended March 31, 2004, filed with the SEC on May 7, 2004,
pursuant to Section 13(a) or 15(d) of the Exchange Act.
(c)
The Quarterly Report of LSB on Form 10-Q for the fiscal
quarter ended June 30, 2004, filed with the SEC on August 6, 2004,
pursuant to Section 13(a) or 15(d) of the Exchange Act.
(d)
The Current Reports of LSB on Form 8-K, filed with the SEC on
January 7, 2004, January 15, 2004, March 24, 2004, April 16, 2004,
May 20, 2004, May 21, 2004 and July 16, 2004, pursuant to Section
13(a) or 15(d) of the Exchange Act.
(e)
All other reports filed by LSB with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act since December 31, 2003.
(f)
The description of LSB's Common Stock and any rights issued
in connection therewith contained in LSB's Registration Statements
on Form 8-A filed with the SEC on April 29, 1988 (as amended by
Amendment No. 1 on Form 8, dated October 30, 1991) and March 6, 1998
pursuant to Section 12 of the Exchange Act and any amendment or
report filed for the purpose of updating any such descriptions.
All documents filed by LSB or the Plan pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Exchange Act after the date hereof and prior to the filing
of a post-effective amendment hereto which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of filing of such documents.
2
Any statement contained 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 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Sections 55-8-50 through 55-8-58 of the General Statutes of North Carolina
provide for indemnification of directors, officers, employees, and agents of a
North Carolina corporation. Subject to certain exceptions, a corporation may
indemnify an individual made a party to a proceeding because he is or was a
director or officer against liability incurred in the proceeding if (i) he
conducted himself in good faith; (ii) he reasonably believed (a) in the case of
conduct in his official capacity with the corporation, that his conduct was in
the corporation's best interests and (b) in all other cases, that his conduct
was at least not opposed to the corporation's best interests; and (iii) in the
case of any criminal proceeding, he had no reasonable cause to believe his
conduct was unlawful. A corporation, as authorized by its board of directors,
may pay expenses incurred by a director or officer in defending a proceeding in
advance of the final disposition of such proceeding upon receipt of an
undertaking by or on behalf of such director or officer to repay such amount
unless it shall ultimately be determined that he is entitled to be indemnified
by the corporation against such expenses. A corporation may, in its articles
of incorporation or bylaws or by contract or resolution, indemnify or agree to
indemnify any one or more of its directors, officers, employees, or agents
against liability and expenses in any proceeding (including without limitation
a proceeding brought by or on behalf of the corporation itself) arising out of
their status as such or their activities in any of the foregoing capacities;
provided, however, that a corporation may not indemnify or agree to indemnify a
person against liability or expenses he may incur on account of his activities
which were at the time taken known or believed by him to be clearly in conflict
with the best interests of the corporation.
LSB's Bylaws and Articles of Incorporation, as amended, require
indemnification of LSB's directors and officers to the fullest extent permitted
by law. In addition, LSB's Bylaws describe procedures pursuant to which its
directors and officers may seek indemnification and/or advancement of expenses.
LSB has purchased standard director and officer liability insurance
policies that will, subject to certain limitations, indemnify LSB and its
directors and officers for damages they
3
become legally obligated to pay as a result of any negligent act, error, or
omission committed by directors or officers while acting in their capacities as
such.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The Exhibits to this Registration Statement are listed in the Index to
Exhibits which immediately follows the signature pages hereto.
Item 9. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
to file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement 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;
(2)
that, for the purpose of determining any liability under the
Securities Act of 1933, 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; and
(3)
to remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold
at the termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of
the registrant's annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit 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.
(c)
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provision, or
otherwise, the registrant has been advised that in the opinion of the SEC
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
registrant of expenses incurred or paid by a
4
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 Act
and will be governed by the final adjudication of such issue.
[SIGNATURES BEGIN ON THE NEXT PAGE]
5
SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933,
the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Lexington, State of North Carolina, on August
19, 2004.
LSB BANCSHARES, INC.
By:
/s/ Robert F. Lowe
Name:
Robert F. Lowe
Title:
Chairman of the Board, President
and
Chief Executive Officer
The Plan.
Pursuant to the requirements of the Securities Act of 1933, the LSB
Compensation Committee has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Lexington, State of North Carolina, on August 19, 2004.
LSB BANCSHARES, INC.
COMPREHENSIVE EQUITY COMPENSATION
PLAN FOR DIRECTORS AND EMPLOYEES
LSB STOCK OPTION AND
COMPENSATION COMMITTEE
By:
/s/ Robert B. Smith, Jr.
Name:
Robert B. Smith, Jr.
Title:
Chairman of the LSB Stock Option
and
Compensation Committee
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Robert F. Lowe and Monty J. Oliver, and
each of them (with full power each to act alone), as his or her true and lawful
attorneys-in-fact and agents with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments (including post-effective
amendments) to this Registration Statement and to file the same, with all
exhibits thereto and all documents in connection therewith, with the SEC,
granting unto said attorneys-in-fact and agents, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming that all said
attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to
be done by virtue thereof.
6
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/ Robert F. Lowe
Robert F. Lowe
Director, Chairman, President
and Chief Executive Officer
(Principal Executive Officer)
August 19, 2004
/s/ Monty J. Oliver
Monty J. Oliver
Secretary and Treasurer
(Principal Financial and
Accounting Officer)
August 19, 2004
/s/ Michael S. Albert
Michael S. Albert
Director
August 19, 2004
Walter A. Hill, Sr.
Director
/s/ Robert B. Smith, Jr.
Robert B. Smith, Jr.
Director
August 19, 2004
/s/ John W. Thomas
John W. Thomas III
Director
August 19, 2004
/s/ Leonard H. Beck
Leonard H. Beck
Director
August 19, 2004
/s/ Marvin D. Gentry
Marvin D. Gentry
Director
August 19, 2004
/s/ Samuel R. Harris
Samuel R. Harris, MD
Director
August 19, 2004
/s/ David A. Smith
David A. Smith
Director
August 19, 2004
/s/ Burr W. Sullivan
Burr W. Sullivan
Director
August 19, 2004
/s/ Sue H. Hunter
Sue H. Hunter
Director
August 19, 2004
7
SIGNATURE
TITLE
DATE
/s/ Roberts E. Timberlake
Roberts E. Timberlake
Director
August 19, 2004
/s/ Lloyd G. Walter, Jr.
Lloyd G. Walter, Jr.
Director
August 19, 2004
/s/ Julius S. Young
Julius S. Young, Jr.
Director
August 19, 2004
8
Index to Exhibits
Exhibit No.
Description
4.1
LSB Bancshares, Inc. Comprehensive Equity Compensation Plan
for Directors and Employees, incorporated by reference to
Appendix VI of LSB's 2003 Proxy Statement filed with the SEC
on March 16, 2004 (SEC File No. 000-11448).
4.2
Rights Agreement dated as of February 10, 1998 by and between
LSB and Wachovia Bank, N.A., as Rights Agent, incorporated by
reference to Exhibit 1 of LSB's Registration Statement on Form
8-A filed with the SEC on March 6, 1998 (SEC File No.
000-11448).
4.3
Articles of Incorporation of LSB, as amended, incorporated by
reference to Exhibit 4.1 of LSB's Registration Statement on
Form S-8 filed with the SEC on May 16, 2001 (SEC File No.
333-61046).
4.4
Bylaws of LSB, as amended, incorporated by reference to
Exhibit 3.2 of LSB's Annual Report on Form 10-K for the fiscal
year ended December 31, 1995 filed with the SEC on March 28,
1996 (SEC File No. 000-11448).
5
Opinion of Poyner & Spruill LLP.
23.1
Consent of Poyner & Spruill LLP (included in Exhibit 5).
23.2
Consent of Turlington and Company, L.L.P.
24
Power of Attorney (included in the signature page).
9