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                                                                   Exhibit 10(c)
 
                      MOORESVILLE SAVINGS BANK, INC., SSB
                             EMPLOYMENT AGREEMENT


     THIS AGREEMENT entered into as of December 30, 1997, by and between
Mooresville Savings Bank, Inc., SSB (hereinafter referred to as the "Savings
Bank") and Billy R. Williams (hereinafter referred to as the "Officer") and is
joined in by Coddle Creek Financial Corp., the parent holding company of the
Savings Bank (hereinafter referred to as the "Holding Company").

     WHEREAS, the Officer has heretofore been employed by the Savings Bank as
its Secretary and Controller; and

     WHEREAS, the Savings Bank is a state-chartered stock savings bank and the
wholly-owned subsidiary of the Holding Company; and

     WHEREAS, the Savings Bank desires to retain the services of the Officer as
the Secretary and Controller of the Savings Bank upon the terms and conditions
set forth herein; and

     WHEREAS, the services of the Officer, his experience and knowledge of the
affairs of the Savings Bank, and his reputation and contacts in the industry and
the local community are extremely valuable to the Savings Bank; and

     WHEREAS, the Savings Bank wishes to attract and retain such well-qualified
executives and it is in the best interest of the Savings Bank and of the Officer
to secure the continued services of the Officer notwithstanding any change in
control of the Savings Bank or the Holding Company; and

     WHEREAS, the Savings Bank considers the establishment and maintenance of a
sound and vital management to be part of its overall corporate strategy and to
be essential to protecting and enhancing the best interests of the Savings Bank
and its stockholders; and

     WHEREAS, the parties desire to enter into this Agreement in order to set
forth the terms 
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and conditions of the Officer's employment relationship with the Savings Bank.

     NOW, THEREFORE, for and in consideration of the premises and mutual
promises, covenants and conditions hereinafter set forth and other good and
valuable considerations, the receipt and sufficiency of which hereby are
acknowledged, the parties hereby do agree as follows:

     1.  Employment.  The Savings Bank hereby agrees to employ the Officer and
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the Officer hereby agrees to accept employment, upon the terms and conditions
stated herein, as the Secretary and Controller of the Savings Bank.  The Officer
shall render such administrative and management services to the Savings Bank as
are customarily performed by persons situated in a similar executive capacity.
The Officer shall promote the business of the Savings Bank and perform such
other duties as shall, from time to time, be reasonably prescribed by the Board
of Directors of the Savings Bank (the "Board").

     2.  Compensation.  The Savings Bank shall pay the Officer during the term
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of this Agreement, as compensation for all service rendered by him to the
Savings Bank, a base salary at the rate of $56,400 per annum, payable in cash
not less frequently than monthly; provided that the rate of such salary shall be
reviewed by the Board not less often than annually.  Such rate of salary, or
increased rate of salary, as the case may be, may be further increased from time
to time in such amounts as the Board, in its discretion, may decide.  In
determining salary increases, the Board shall compensate the Officer for
increases in the cost of living and may also provide for performance or merit
increases.  Participation in incentive compensation, deferred compensation,
discretionary bonus, profit-sharing, retirement, stock option and other employee
benefit plans that the Savings Bank or the Holding Company have adopted or may
from time to time adopt, and participation in any fringe benefits, shall not
reduce the salary payable to the Officer under this Section.  The Officer will
be entitled to such customary fringe benefits, vacation and sick leave as are
consistent with the normal practices and established policies of the Savings
Bank and to 

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reimbursement for continuing professional education expenses and civil and
professional dues. In the event of a Change of Control (as defined in Paragraph
10), the Officer's rate of salary shall be increased not less than six percent
(6%) annually during the term of this Agreement.

     3.  Discretionary Bonuses.  During the term of this Agreement, the Officer
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shall be entitled in an equitable manner with all other key management personnel
of the Savings Bank, to such discretionary bonuses as may be authorized,
declared and paid by the Directors to the Savings Bank's key management
employees.  No other compensation provided for in this Agreement shall be deemed
a substitute for the Officer's right to such discretionary bonuses when and as
declared by the Directors.

     4.  Participation in Retirement and Employee Benefit Plans; Fringe 
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Benefits.  The Officer shall be entitled to participate in any plan relating to
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deferred compensation, stock awards, stock options, stock purchases, pension,
thrift, profit sharing, group life insurance, medical coverage, disability
coverage, education, or other retirement or employee benefits that the Savings
Bank or the Holding Company have adopted, or may, from time to time adopt, for
benefit of their executive employees and for employees generally, subject to the
eligibility rules of such plans.

      The Officer shall also be entitled to participate in any other fringe
benefits which are now or may be or become applicable to the Officer or the
Savings Bank's other executive employees, including the payment of reasonable
expenses for attending annual and periodic meetings of trade associations, and
any other benefits which are commensurate with the duties and responsibilities
to be performed by the Officer under this Agreement.  Additionally, the Officer
shall be entitled to such vacation and sick leave as shall be established under
uniform employee policies promulgated by the Directors.  The Savings Bank shall
reimburse the Officer for all out-of-pocket reasonable and necessary business
expenses which the Officer may incur in connection with his services on behalf
of the Savings Bank.

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     5.  Term.  The initial term of employment under this Agreement shall be for
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the period commencing upon the effective date of this Agreement and ending three
(3) calendar years from the effective date of this Agreement.  On each
anniversary of the effective date of this Agreement of the Savings Bank, the
term of this Agreement shall automatically be extended for an additional one
year period beyond the then effective expiration date unless written notice from
the Savings Bank or the Officer is received 90 days prior to an anniversary date
advising the other party that this Agreement shall not be further extended;
provided that the Directors shall review the Officer's performance annually and
make a specific determination pursuant to such review to renew this Agreement
prior to the 90 day notice period.

     6.  Loyalty.  The Officer shall devote his full efforts and entire business
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time to the performance of his duties and responsibilities under this Agreement.

     The Officer agrees that he will hold in confidence all knowledge or
information of a confidential nature with respect to the respective businesses
of the Holding Company, the Savings Bank or of their subsidiaries, if any,
received by him during the term of this Agreement and will not disclose or make
use of such information without the prior written consent of the Holding Company
or the Savings Bank.

     7.  Standards.  The Officer shall perform his duties and responsibilities
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under this Agreement in accordance with such reasonable standards expected of
employees with comparable positions in comparable organizations and as may be
established from time to time by the Board.  The Savings Bank will provide the
Officer with the working facilities and staff customary for similar executives
and necessary for him to perform his duties.

     8.  Termination and Termination Pay.
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     (a) The Officer's employment under this Agreement shall be terminated upon
the death of the Officer during the term of this Agreement, in which event, the
Officer's estate shall be 

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entitled to receive the compensation due the Officer through the last day of the
calendar month in which his death shall have occurred and for a period of one
month thereafter. Notwithstanding the foregoing, in the event of the Officer's
death following a change in control (as defined in Paragraph 10), the Officer's
designated beneficiary or the designated beneficiary's estate shall be entitled
to receive the compensation due the Officer through the last day of the lesser
of (i) the remaining term of this Agreement or (ii) a period of twelve months.

     (b) The Officer's employment under this Agreement may be terminated at any
time by the Officer upon sixty (60) days' written notice to the Board of
Directors.  Upon such termination, the Officer shall be entitled to receive
compensation through the effective date of such termination.

     (c) The Board may terminate the Officer's employment at any time, but any
termination by the Board, other than termination for cause, shall not prejudice
the Officer's right to compensation or other benefits under this Agreement.  The
Officer shall have no right to receive compensation or other benefits for any
period after termination for "cause."  Termination for "cause" shall include
termination because of the Officer's personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional
failure to perform stated duties, willful violation of any law, rule, regulation
(other than traffic violations or similar offenses) or final cease-and-desist
order, or material breach of any provisions of this Agreement.

     9.  Additional Regulatory Requirements.
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     (a) If the Officer is suspended and/or temporarily prohibited from
participating in the conduct of the Savings Bank's affairs by a notice served
under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act
(12 U.S.C. 1818(e)(3) and (g)(1)), the Savings Bank's obligations under this
Agreement shall be suspended as of the date of service, unless stayed by

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appropriate proceedings.  If the charges in the notice are dismissed, the
Savings Bank may, in its discretion, (i) pay the Officer all or part of the
compensation withheld while its contract obligations were suspended and (ii)
reinstate (in whole or in part) any of its obligations which were suspended.

     (b)  If the Officer is removed and/or permanently prohibited from
participating in the conduct of the Savings Bank's affairs by an order issued
under Section 8(e)(4) of Section 8(g)(1) of the Federal Deposit Insurance Act
(12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Savings Bank under
this Agreement shall terminate as of the effective date of the order, but vested
rights of the contracting parties shall not be affected.

     (c)  If the Savings Bank is in default as defined in Section 3(x)(1) of the
Federal Deposit Insurance Act (12 U.S.C. (S) 1818(x)(1)), all obligations under
this Agreement shall terminate as of the date of default, but this paragraph
shall not affect any vested rights of the contracting parties.

     (d)  All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of the Agreement is necessary for the
continued operation of the Savings Bank, (i) by the Federal Deposit Insurance
Corporation (the "Corporation"), at the time the Corporation enters into an
agreement to provide assistance to or on behalf of the Savings Bank under the
authority contained in Section 13(c) of the Federal Deposit Insurance Act (12
U.S.C. (S) 1818(c)); or (ii) by the Administrator of the Savings Institution
Division of the North Carolina Department of Commerce (the "Administrator"), at
the time the Administrator approves a supervisory merger to resolve problems
related to operation of the Savings Bank or when the Savings Bank is determined
by the Administrator to be in an unsafe or unsound condition. Any rights of the
parties that have already vested, however, shall not be affected by such action.

     10.  Change in Control.
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     (a)  In the event of a "Change in Control" (as defined in Subparagraph (b)
below), the acquiror shall be prohibited, during the remainder of the term of
this Agreement, from:

          (i) Assigning Officer any duties and/or responsibilities that are
          inconsistent with his position, duties, responsibilities or status at
          the time of the Change in Control or with his reporting
          responsibilities or equivalent titles with the Savings Bank in effect
          at such time; or

          (ii) Adjusting Officer's annual base salary rate other than in
          accordance with the provisions of Paragraph 2 of this Agreement; or

          (iii)  Reducing in level, scope or coverage or eliminating Officer's
          life insurance, medical or hospitalization insurance, disability
          insurance, profit sharing plans, stock option plans, stock purchase
          plans, deferred compensation plans, management retention plans,
          retirement plans or similar plans or benefits being provided by the
          Savings Bank or the Holding Company to the Officer as of the effective
          date of the Change in Control; or

          (iv)  Transferring Officer to a location which is an unreasonable
          distance from his current principal work location, without the
          Officer's express written consent.

     (b)  For the purposes of this Agreement, the term "Change in Control" shall
mean any of the following events:

          (i)  a change in control of a nature that would be required to be
          reported in response to Item 1 of the Current Report on Form 8-K, as
          in effect on the date hereof, pursuant to Section 13 or 15(d) of the
          Exchange Act; or

          (ii)  such time as any "person" (as such term is used in Sections
          13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial
          owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
          indirectly, of securities of the Holding Company or Savings Bank
          representing 25 percent or more of the combined voting power of the
          outstanding Common Stock of the Holding Company or Common Stock of the
          Savings Bank, as applicable; or

          (iii)  individuals who constitute the Board or board of directors of
          the Holding Company on the date hereof (the "Incumbent Board" and
          "Incumbent Holding Company Board," respectively) cease for any reason
          to constitute at least a majority thereof, provided that any person
          becoming a director subsequent to the date hereof whose election was
          approved by a vote of at least three-quarters of the directors
          comprising the Incumbent Board or Incumbent 

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          Holding Company Board, as applicable, or whose nomination for election
          by the Savings Bank's or Holding Company's shareholders was approved
          by the Savings Bank's or Holding Company's Board of Directors or
          Nominating Committee, as applicable, shall be considered as though he
          or she were a member of the Incumbent Board or Incumbent Holding
          Company Board, as applicable; or

          (iv) either the Holding Company or the Savings Bank consolidates or
          merges with or into another corporation, association or entity or is
          otherwise reorganized, where neither the Holding Company nor the
          Savings Bank, respectively, is the surviving corporation in such
          transaction; or

          (v) all or substantially all of the assets of either the Holding
          Company or the Savings Bank are sold or otherwise transferred to or
          are acquired by any other entity or group.

     Notwithstanding the other provisions of this Paragraph 10, a transaction or
event shall not be considered a Change in Control if, prior to the consummation
or occurrence of such transaction or event, Officer and Savings Bank agree in
writing that the same shall not be treated as a Change in Control for purposes
of this Agreement.

     (c)  In the event any dispute shall arise between the Officer and the
Savings Bank as to the terms or interpretation of this Agreement, including this
Section 10, whether instituted by formal legal proceedings or otherwise,
including any action taken by the Officer to enforce the terms of this Section
10 or in defending against any action taken by the Savings Bank, the Savings
Bank shall reimburse the Officer for all costs and expenses incurred in such
proceedings or actions, including attorney's fees, in the event the Officer
prevails in any such action.

     11.  Successors and Assigns.
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     (a)  This Agreement shall inure to the benefit of and be binding upon any
corporate or other successor of the Savings Bank which shall acquire, directly
or indirectly, by conversion, merger, consolidation, purchase or otherwise, all
or substantially all of the assets of the Holding Company or the Savings Bank.

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     (b)  Since the Savings Bank is contracting for the unique and personal
skills of the Officer, the Officer shall be precluded from assigning or
delegating his rights or duties hereunder without first obtaining the written
consent of the Savings Bank.

     12.  Modification; Waiver; Amendments.  No provision of this Agreement may
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be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing, signed by the Officer and on behalf of the Savings Bank
by such officer as may be specifically designated by the Directors.  No waiver
by either party hereto, at any time, of any breach by the other party hereto of,
or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.  No amendments or
additions to this Agreement shall be binding unless in writing and signed by
both parties, except as herein otherwise provided.

     13.  Applicable Law.  This Agreement shall be governed in all respects
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whether as to validity, construction, capacity, performance or otherwise, by the
laws of North Carolina, except to the extent that federal law shall be deemed to
apply.

     14.  Severability.  The provisions of this Agreement shall be deemed
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severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first hereinabove written.

                              MOORESVILLE SAVINGS BANK, INC., SSB

                              By: /s/ George W. Brawley, Jr.
                                 ---------------------------------------
                                            President


                                  /s/ Billy R. Williams
                                 ---------------------------------------

(SEAL)

                                         Billy R. Williams



     The foregoing Agreement is consented and agreed to by Coddle Creek
Financial Corp., the parent holding company of Mooresville Savings Bank, Inc.,
SSB.

                              CODDLE CREEK FINANCIAL CORP.

                              By: /s/ George W. Brawley, Jr.
                                 ---------------------------------------
                                            President

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