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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<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: 10pt; margin-top: 18pt">REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TSB Financial Corporation</B>
</DIV>

<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"><B>North Carolina</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-4814503</B></TD>
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<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer)</TD>
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<TR valign="bottom">
    <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: 18pt">1057 Providence Road<BR>
Charlotte, North Carolina 28207
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<DIV align="center" style="font-size: 10pt; margin-top: 1pt">(Address of principal executive offices)
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>The Scottish Bank 1999 Stock Option Plan for Directors</B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt">(Full title of the plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Jan H. Hollar</B><BR>
1057 Providence Road<BR>
Charlotte, North Carolina 28207
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 1pt">(Name and address of agent for service)
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(704)&nbsp;331-8686
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 1pt">(Telephone number, including area code, of agent for service)
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Stephen M. Lynch</B><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: 18pt">CALCULATION OF REGISTRATION FEE
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<TD align="center" valign="top" style="border-top: 3px double #000000">Title of <BR>
securities to be <BR>
registered
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    <TD style="border-right: 1px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000">Amount<BR>
to be<BR>
registered
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    <TD style="border-right: 1px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000">Proposed maximum<BR>
offering price<BR>
per unit
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000">Proposed maximum<BR>
aggregate<BR>
offering price
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000">Amount of<BR>
registration<BR>
fee</TD>
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<TD align="left" valign="top" style="border-top: 1px solid #000000">Common Stock, $0.01 par value
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">95,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$21.00(1)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">$1,995,000(1)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 1px solid #000000">$214.00</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
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    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with Rule&nbsp;457(h)(1) of Regulation&nbsp;C, the price for the shares is computed on the basis of the average
high and low prices for Common Shares on September&nbsp;18, 2006 as reported on the Over-the-Counter Bulletin Board.</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preliminary Note</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSB Financial Corporation is a recently organized corporation formed for the purpose of
effecting a holding company reorganization of The Scottish Bank, a North Carolina banking
association (the &#147;Bank&#148;), pursuant to a statutory share exchange that was completed on September
14, 2006. Pursuant to the share exchange, the registrant assumed the Bank&#146;s stock options
outstanding at the time of the share exchange, and the obligations of the Bank under the Bank&#146;s
existing option plans and stock purchase plan. Pursuant to the share exchange, the assumed options
became exercisable to acquire the same number of shares of the registrant&#146;s common stock. Prior to
the share exchange, the Bank&#146;s common stock was registered under Section 12(g) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). As a result of the share exchange, the
registrant&#146;s common stock is deemed registered under Section 12(g) of the Exchange Act pursuant to
Rule&nbsp;12(g)-3(a) thereunder. The Bank has filed its annual and quarterly report, proxy statements
and other filings required under Section&nbsp;13 of the Exchange Act with the Federal Deposit Insurance
Corporation (&#147;FDIC&#148;) in accordance with Section 12(i) of the Exchange Act. Copies of such filings
are available for inspection at the offices of the FDIC&#146;s Accounting and Securities Disclosure
Section located at 1776 F Street, N.W., Washington, DC 20429. Copies of the filings may also be
obtained by contacting the FDIC&#146;s Accounting and Securities Disclosure Section at (202)&nbsp;898-8913,
or by facsimile at (202)&nbsp;898-8505.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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;the Bank&#146;s annual report on Form 10-KSB for the fiscal year ended December&nbsp;31, 2005 filed
with the FDIC;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Bank&#146;s quarterly report on Form 10-QSB for the fiscal quarter ended June&nbsp;30, 2006
filed with the FDIC;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Bank&#146;s current reports on Form 8-K filed with the FDIC on February&nbsp;15, 2006, April&nbsp;19,
2006, May&nbsp;30, 2006 and June&nbsp;27, 2006;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the registrant&#146;s current report on Form 8-K filed with the Securities and Exchange
Commission on September&nbsp;15, 2006; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the description of the registrant&#146;s common stock included in its current report on Form
8-K filed with the Securities and Exchange Commission on September&nbsp;15, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant pursuant to Section&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment indicating that all
securities offered by this registration statement have been sold or that deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference into the registration
statement and to be part thereof from the date of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other subsequently filed
document (which also is, or is deemed to be, incorporated by reference herein) modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this registration statement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests Of Named Experts And Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinson, Bradshaw &#038; Hinson, P.A., Charlotte, North Carolina, will give an opinion about the
legality of the securities registered by this registration statement. Members of such firm
beneficially owned approximately 1100 shares of our common stock as of the date of this
registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;55-2-02 of the North Carolina Business Corporation Act (the &#147;Business Corporation Act&#148;)
enables a corporation in its articles of incorporation to eliminate or limit, with certain
exceptions, the personal liability of a director for monetary damages for breach of duty as a
director. No such provision is effective to eliminate or limit a director&#146;s liability for (i)&nbsp;acts
or omissions that the director at the time of the breach knew or believed to be clearly in conflict
with the best interests of the corporation, (ii)&nbsp;improper distributions as described in Section
55-8-33 of the Business Corporation Act, (iii)&nbsp;any transaction from which the director derived an
improper personal benefit or (iv)&nbsp;acts or omissions occurring prior to the date the exculpatory
provision became effective. The registrant&#146;s articles of incorporation limit the personal
liability of its directors to the fullest extent permitted by the Business Corporation Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;55-8-50 through 55-8-58 of the Business Corporation Act permit a corporation to indemnify
its directors, officers, employees or agents under either or both a statutory or nonstatutory
scheme of indemnification. Under the statutory scheme, a corporation may, with certain exceptions,
indemnify a director, officer, employee or agent of the corporation who was, is, or is threatened
to be made, a party to any threatened, pending or completed legal action, suit or proceeding,
whether civil, criminal, administrative, or investigative because of the fact that such person was
or is a director, officer, agent or employee of the corporation, or is or was serving at the
request of such corporation as a director, officer, employee or agent of another corporation or
enterprise. This indemnity may include the obligation to pay any judgment, settlement, penalty,
fine or reasonable expenses incurred in connection with a proceeding (including counsel fees), but
no such indemnification may be granted unless such director, officer, employee or agent (i)
conducted himself in good faith, (ii)&nbsp;reasonably believed (1)&nbsp;that any action taken in his official
capacity with the corporation was in the best interests of the corporation or (2)&nbsp;that in all other
cases his conduct was not opposed to the corporation&#146;s best interests, and (iii)&nbsp;in the case of any
criminal proceeding, had no reasonable cause to believe his conduct was unlawful. Whether a
director has met the requisite standard of conduct for the type of indemnification set forth above
is determined by the board of directors, a committee of directors, special legal counsel or the
shareholders in accordance with Section&nbsp;55-8-55 of the Business Corporation Act. A corporation may
not indemnify a director under the statutory scheme in connection with a proceeding by or in the
right of the corporation in which a director was adjudged liable to the corporation or in
connection with any other proceeding in which a director was adjudged liable on the basis of having
received an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to, and notwithstanding the conditions of and limitations on, the indemnification
described above under the statutory scheme, Section&nbsp;55-8-57 of the Business Corporation Act permits
a corporation to indemnify, or agree to indemnify, any of its directors, officers, employees or
agents against liability and expenses (including counsel fees) in any proceeding (including
proceedings brought by or on behalf of the corporation) arising out of their status as such or
their activities in such capacities, except for any liabilities or expenses incurred on account of
activities that were, at the time taken, known or believed by the person to be clearly in conflict
with the best interests of the corporation. The registrant&#146;s articles of incorporation provide for
indemnification to the fullest extent permitted under the Business Corporation Act, which means
that the registrant may indemnify its directors, officers, employees and agents in accordance with
either the statutory or nonstatutory standard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;55-8-52 and 55-8-56 of the Business Corporation Act require a corporation, unless its
articles of incorporation provide otherwise, to indemnify a director or officer who has been wholly
successful, on the merits or otherwise, in the defense of any proceeding to which such director or
officer was a party
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">because he is or was a director or officer of the corporation. Unless prohibited by the articles
of incorporation, a director or officer also may make application and obtain court-ordered
indemnification if the court determines that such director or officer is fairly and reasonably
entitled to such indemnification as provided in Sections&nbsp;55-8-54 and 55-8-56 of the Business
Corporation Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, Section&nbsp;55-8-57(c) of the Business Corporation Act authorizes a corporation to
purchase and maintain insurance on behalf of an individual who is or was a director, officer,
employee or agent of the corporation against certain liabilities incurred by such a person, whether
or not the corporation is otherwise authorized by the Business Corporation Act to indemnify that
person. The registrant has purchased and maintains such insurance.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

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

<DIV align="center">
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    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><U>Exhibit Number</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>Description</U></TD>
</TR>

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<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">Articles of Incorporation of TSB Financial Corporation, incorporated
herein by reference to Exhibit&nbsp;3.1 of the registrant&#146;s Current
Report on Form&nbsp;8-K filed on September&nbsp;15, 2006.</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">Bylaws of TSB Financial Corporation, incorporated herein by
reference to Exhibit&nbsp;3.2 of the registrant&#146;s Current Report on Form
8-K filed on September&nbsp;15, 2006.</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 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 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. (contained 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 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 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 William B. Allen, dated September&nbsp;1, 2006</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">24.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of James H. Barnhardt, Jr., dated August&nbsp;26, 2006</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">24.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of William B. Barnhardt, dated August&nbsp;30, 2006</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">24.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Amy Rice Blumenthal, dated August&nbsp;29, 2006</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">24.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of P.W. Davis, III, dated August&nbsp;28, 2006</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">24.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Jubal A. Early, dated August&nbsp;30, 2006</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">24.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of William States Lee, IV, dated August&nbsp;28, 2006</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">24.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Donald J. Sherrill, dated August&nbsp;29, 2006</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">24.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Marc H. Silverman, dated August&nbsp;28, 2006</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">24.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of John B. Stedman, Jr., dated August&nbsp;24, 2006</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">24.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of David J. Zimmerman, dated August&nbsp;28, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


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


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


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


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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;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 provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the 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 Act and
will be governed by the final adjudication of such issue.
</DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-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;<I>The Registrant</I>. Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe it meets all 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 Charlotte, State of North Carolina on
September&nbsp;15, 2006.
</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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&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>TSB Financial Corporation</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/John Stedman, Jr.</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">John B. Stedman, Jr., President and CEO</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 indicated on September&nbsp;15, 2006.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/John Stedman, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John B. Stedman, Jr., President,<BR>
Chief Executive Officer and Director<BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Jan H. Hollar</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jan H. Hollar, Executive Vice President<BR>
and Chief Financial Officer<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/William B. Allen*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William B. Allen, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/James H. Barnhardt, Jr.*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James H. Barnhardt, Jr., Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/William B. Barnhardt*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William B. Barnhardt, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Amy Rice Blumenthal*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amy Rice Blumenthal, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/P.W. Davis, III*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P.W. Davis, III, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Jubal A. Early*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jubal A. Early, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/William States Lee, IV*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William States Lee, IV, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Donald J. Sherrill*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donald J. Sherrill, Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Marc H. Silverman*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marc H. Silverman, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/David J. Zimmerman*</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David J. Zimmerman, Director</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Jan H. Hollar</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jan H. Hollar, 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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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-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="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><U>Exhibit Number</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation of TSB Financial Corporation, incorporated
herein by reference to Exhibit&nbsp;3.1 of the registrant&#146;s Current
Report on Form&nbsp;8-K filed on September&nbsp;15, 2006.</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">Bylaws of TSB Financial Corporation, incorporated herein by
reference to Exhibit&nbsp;3.2 of the registrant&#146;s Current Report on Form
8-K filed on September&nbsp;15, 2006.</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 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 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. (contained 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 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 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 William B. Allen, dated September&nbsp;1, 2006</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">24.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of James H. Barnhardt, Jr., dated August&nbsp;26 2006</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">24.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of William B. Barnhardt, dated August&nbsp;30, 2006</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">24.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Amy Rice Blumenthal, dated August&nbsp;29, 2006</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">24.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of P.W. Davis, III, dated August&nbsp;28, 2006</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">24.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Jubal A. Early, dated August&nbsp;30, 2006</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">24.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of William States Lee, IV, dated August&nbsp;28, 2006</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">24.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Donald J. Sherrill, dated August&nbsp;29, 2006</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">24.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of Marc H. Silverman, dated August&nbsp;28, 2006</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">24.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of John B. Stedman, Jr., dated August&nbsp;24, 2006</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">24.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney of David J. Zimmerman, dated August&nbsp;28, 2006</TD>
</TR>
<!-- End Table Body -->
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{"company-data": {"conformed-name": "TSB Financial CORP", "cik": "0001374537", "assigned-sic": "6035", "irs-number": "204814503", "state-of-incorporation": "NC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-137444", "film-number": "061098508"}, "business-address": {"street1": "1057 PROVIDENCE ROAD", "city": "CHARLOTTE", "state": "NC", "zip": "28207", "phone": "704.331.8686"}, "mail-address": {"street1": "1057 PROVIDENCE ROAD", "city": "CHARLOTTE", "state": "NC", "zip": "28207"}}
TSB Financial Corporation
Registration No.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
TSB Financial Corporation
(Exact name of registrant, as specified in its charter)
North Carolina
20-4814503
(State or other jurisdiction of
(I.R.S. Employer)
incorporation or organization)
Identification No.)
1057 Providence Road
Charlotte, North Carolina 28207
(Address of principal executive offices)
The Scottish Bank 1999 Stock Option Plan for Directors
(Full title of the plan)
Jan H. Hollar
1057 Providence Road
Charlotte, North Carolina 28207
(Name and address of agent for service)
(704) 331-8686
(Telephone number, including area code, of agent for service)
Copy to:
Stephen M. Lynch
Robinson, Bradshaw & Hinson, P.A.
101 North Tryon Street, Suite 1900
Charlotte, North Carolina 28246
(704) 377-2536
CALCULATION OF REGISTRATION FEE
Title of
securities to be
registered
Amount
to be
registered
Proposed maximum
offering price
per unit
Proposed maximum
aggregate
offering price
Amount of
registration
fee
Common Stock, $0.01 par value
95,000
$21.00(1)
$1,995,000(1)
$214.00
(1)
In accordance with Rule 457(h)(1) of Regulation C, the price for the shares is computed on the basis of the average
high and low prices for Common Shares on September 18, 2006 as reported on the Over-the-Counter Bulletin Board.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Preliminary Note
TSB Financial Corporation is a recently organized corporation formed for the purpose of
effecting a holding company reorganization of The Scottish Bank, a North Carolina banking
association (the "Bank"), pursuant to a statutory share exchange that was completed on September
14, 2006. Pursuant to the share exchange, the registrant assumed the Bank's stock options
outstanding at the time of the share exchange, and the obligations of the Bank under the Bank's
existing option plans and stock purchase plan. Pursuant to the share exchange, the assumed options
became exercisable to acquire the same number of shares of the registrant's common stock. Prior to
the share exchange, the Bank's common stock was registered under Section 12(g) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). As a result of the share exchange, the
registrant's common stock is deemed registered under Section 12(g) of the Exchange Act pursuant to
Rule 12(g)-3(a) thereunder. The Bank has filed its annual and quarterly report, proxy statements
and other filings required under Section 13 of the Exchange Act with the Federal Deposit Insurance
Corporation ("FDIC") in accordance with Section 12(i) of the Exchange Act. Copies of such filings
are available for inspection at the offices of the FDIC's Accounting and Securities Disclosure
Section located at 1776 F Street, N.W., Washington, DC 20429. Copies of the filings may also be
obtained by contacting the FDIC's Accounting and Securities Disclosure Section at (202) 898-8913,
or by facsimile at (202) 898-8505.
Item 3.     Incorporation of Documents by Reference.
The following documents are incorporated by reference into this registration statement:
(a) the Bank's annual report on Form 10-KSB for the fiscal year ended December 31, 2005 filed
with the FDIC;
(b) the Bank's quarterly report on Form 10-QSB for the fiscal quarter ended June 30, 2006
filed with the FDIC;
(c) the Bank's current reports on Form 8-K filed with the FDIC on February 15, 2006, April 19,
2006, May 30, 2006 and June 27, 2006;
(d) the registrant's current report on Form 8-K filed with the Securities and Exchange
Commission on September 15, 2006; and
(e) the description of the registrant's common stock included in its current report on Form
8-K filed with the Securities and Exchange Commission on September 15, 2006.
All documents subsequently filed by the registrant pursuant to Section 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment indicating that all
securities offered by this registration statement have been sold or that deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference into the registration
statement and to be part thereof from the date of filing of such documents.
Any statement contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other subsequently filed
document (which also is, or is deemed to be, incorporated by reference herein) modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this registration statement.
2
Item 4.     Description Of Securities.
Not applicable.
Item 5.     Interests Of Named Experts And Counsel.
Robinson, Bradshaw & Hinson, P.A., Charlotte, North Carolina, will give an opinion about the
legality of the securities registered by this registration statement. Members of such firm
beneficially owned approximately 1100 shares of our common stock as of the date of this
registration statement.
Item 6.     Indemnification of Directors and Officers.
Section 55-2-02 of the North Carolina Business Corporation Act (the "Business Corporation Act")
enables a corporation in its articles of incorporation to eliminate or limit, with certain
exceptions, the personal liability of a director for monetary damages for breach of duty as a
director. No such provision is effective to eliminate or limit a director's liability for (i) acts
or omissions that the director at the time of the breach knew or believed to be clearly in conflict
with the best interests of the corporation, (ii) improper distributions as described in Section
55-8-33 of the Business Corporation Act, (iii) any transaction from which the director derived an
improper personal benefit or (iv) acts or omissions occurring prior to the date the exculpatory
provision became effective. The registrant's articles of incorporation limit the personal
liability of its directors to the fullest extent permitted by the Business Corporation Act.
Sections 55-8-50 through 55-8-58 of the Business Corporation Act permit a corporation to indemnify
its directors, officers, employees or agents under either or both a statutory or nonstatutory
scheme of indemnification. Under the statutory scheme, a corporation may, with certain exceptions,
indemnify a director, officer, employee or agent of the corporation who was, is, or is threatened
to be made, a party to any threatened, pending or completed legal action, suit or proceeding,
whether civil, criminal, administrative, or investigative because of the fact that such person was
or is a director, officer, agent or employee of the corporation, or is or was serving at the
request of such corporation as a director, officer, employee or agent of another corporation or
enterprise. This indemnity may include the obligation to pay any judgment, settlement, penalty,
fine or reasonable expenses incurred in connection with a proceeding (including counsel fees), but
no such indemnification may be granted unless such director, officer, employee or agent (i)
conducted himself in good faith, (ii) reasonably believed (1) that any action taken in his official
capacity with the corporation was in the best interests of the corporation or (2) that in all other
cases his conduct was not opposed to the corporation's best interests, and (iii) in the case of any
criminal proceeding, had no reasonable cause to believe his conduct was unlawful. Whether a
director has met the requisite standard of conduct for the type of indemnification set forth above
is determined by the board of directors, a committee of directors, special legal counsel or the
shareholders in accordance with Section 55-8-55 of the Business Corporation Act. A corporation may
not indemnify a director under the statutory scheme in connection with a proceeding by or in the
right of the corporation in which a director was adjudged liable to the corporation or in
connection with any other proceeding in which a director was adjudged liable on the basis of having
received an improper personal benefit.
In addition to, and notwithstanding the conditions of and limitations on, the indemnification
described above under the statutory scheme, Section 55-8-57 of the Business Corporation Act permits
a corporation to indemnify, or agree to indemnify, any of its directors, officers, employees or
agents against liability and expenses (including counsel fees) in any proceeding (including
proceedings brought by or on behalf of the corporation) arising out of their status as such or
their activities in such capacities, except for any liabilities or expenses incurred on account of
activities that were, at the time taken, known or believed by the person to be clearly in conflict
with the best interests of the corporation. The registrant's articles of incorporation provide for
indemnification to the fullest extent permitted under the Business Corporation Act, which means
that the registrant may indemnify its directors, officers, employees and agents in accordance with
either the statutory or nonstatutory standard.
Sections 55-8-52 and 55-8-56 of the Business Corporation Act require a corporation, unless its
articles of incorporation provide otherwise, to indemnify a director or officer who has been wholly
successful, on the merits or otherwise, in the defense of any proceeding to which such director or
officer was a party
3
because he is or was a director or officer of the corporation. Unless prohibited by the articles
of incorporation, a director or officer also may make application and obtain court-ordered
indemnification if the court determines that such director or officer is fairly and reasonably
entitled to such indemnification as provided in Sections 55-8-54 and 55-8-56 of the Business
Corporation Act.
Additionally, Section 55-8-57(c) of the Business Corporation Act authorizes a corporation to
purchase and maintain insurance on behalf of an individual who is or was a director, officer,
employee or agent of the corporation against certain liabilities incurred by such a person, whether
or not the corporation is otherwise authorized by the Business Corporation Act to indemnify that
person. The registrant has purchased and maintains such insurance.
Item 7.     Exemption From Registration Claimed.
Not applicable.
Item 8.     Exhibits.
Exhibit Number
Description
4.1
Articles of Incorporation of TSB Financial Corporation, incorporated
herein by reference to Exhibit 3.1 of the registrant's Current
Report on Form 8-K filed on September 15, 2006.
4.2
Bylaws of TSB Financial Corporation, incorporated herein by
reference to Exhibit 3.2 of the registrant's Current Report on Form
8-K filed on September 15, 2006.
5
Opinion of Robinson, Bradshaw & Hinson, P.A.
23.1
Consent of Robinson, Bradshaw & Hinson, P.A. (contained in Exhibit 5)
23.2
Consent of Dixon Hughes, PLLC
24.1
Power of Attorney of William B. Allen, dated September 1, 2006
24.2
Power of Attorney of James H. Barnhardt, Jr., dated August 26, 2006
24.3
Power of Attorney of William B. Barnhardt, dated August 30, 2006
24.4
Power of Attorney of Amy Rice Blumenthal, dated August 29, 2006
24.5
Power of Attorney of P.W. Davis, III, dated August 28, 2006
24.6
Power of Attorney of Jubal A. Early, dated August 30, 2006
24.7
Power of Attorney of William States Lee, IV, dated August 28, 2006
24.8
Power of Attorney of Donald J. Sherrill, dated August 29, 2006
24.9
Power of Attorney of Marc H. Silverman, dated August 28, 2006
24.10
Power of Attorney of John B. Stedman, Jr., dated August 24, 2006
24.11
Power of Attorney of David J. Zimmerman, dated August 28, 2006
4
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.
(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) 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 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 provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the 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 Act and
will be governed by the final adjudication of such issue.
5
SIGNATURES
The Registrant
. Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe it meets all 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 Charlotte, State of North Carolina on
September 15, 2006.
TSB Financial Corporation
By:
/s/John Stedman, Jr.
John B. Stedman, Jr., President and CEO
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities indicated on September 15, 2006.
By:
/s/John Stedman, Jr.
John B. Stedman, Jr., President,
Chief Executive Officer and Director
(Principal Executive Officer)
By:
/s/Jan H. Hollar
Jan H. Hollar, Executive Vice President
and Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
By:
/s/William B. Allen*
William B. Allen, Director
By:
/s/James H. Barnhardt, Jr.*
James H. Barnhardt, Jr., Director
By:
/s/William B. Barnhardt*
William B. Barnhardt, Director
By:
/s/Amy Rice Blumenthal*
Amy Rice Blumenthal, Director
By:
/s/P.W. Davis, III*
P.W. Davis, III, Director
By:
/s/Jubal A. Early*
Jubal A. Early, Director
By:
/s/William States Lee, IV*
William States Lee, IV, Director
By:
/s/Donald J. Sherrill*
Donald J. Sherrill, Director
6
By:
/s/Marc H. Silverman*
Marc H. Silverman, Director
By:
/s/David J. Zimmerman*
David J. Zimmerman, Director
*By:
/s/Jan H. Hollar
Jan H. Hollar, Attorney-in-Fact
7
EXHIBIT INDEX
Exhibit Number
Description
4.1
Articles of Incorporation of TSB Financial Corporation, incorporated
herein by reference to Exhibit 3.1 of the registrant's Current
Report on Form 8-K filed on September 15, 2006.
4.2
Bylaws of TSB Financial Corporation, incorporated herein by
reference to Exhibit 3.2 of the registrant's Current Report on Form
8-K filed on September 15, 2006.
5
Opinion of Robinson, Bradshaw & Hinson, P.A.
23.1
Consent of Robinson, Bradshaw & Hinson, P.A. (contained in Exhibit 5)
23.2
Consent of Dixon Hughes, PLLC
24.1
Power of Attorney of William B. Allen, dated September 1, 2006
24.2
Power of Attorney of James H. Barnhardt, Jr., dated August 26 2006
24.3
Power of Attorney of William B. Barnhardt, dated August 30, 2006
24.4
Power of Attorney of Amy Rice Blumenthal, dated August 29, 2006
24.5
Power of Attorney of P.W. Davis, III, dated August 28, 2006
24.6
Power of Attorney of Jubal A. Early, dated August 30, 2006
24.7
Power of Attorney of William States Lee, IV, dated August 28, 2006
24.8
Power of Attorney of Donald J. Sherrill, dated August 29, 2006
24.9
Power of Attorney of Marc H. Silverman, dated August 28, 2006
24.10
Power of Attorney of John B. Stedman, Jr., dated August 24, 2006
24.11
Power of Attorney of David J. Zimmerman, dated August 28, 2006
8