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                                                                   Exhibit 10(B)

                            ANSON SAVINGS BANK, INC.
                                 SEVERANCE PLAN


     THIS IS THE SEVERANCE PLAN ("PLAN") OF ANSON SAVINGS BANK, INC. (THE
"BANK"), A NORTH CAROLINA-CHARTERED SAVINGS BANK, WITH ITS PRINCIPAL OFFICE IN
WADESBORO, NORTH CAROLINA, ADOPTED BY THE BOARD OF DIRECTORS OF THE BANK, TO BE
EFFECTIVE ON THE DATE SET FORTH ON THE LAST PAGE HEREOF.

     1.   Purpose.  The purpose of this Plan is to aid the Bank in attracting
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and retaining capable employees by providing the employees with the severance
benefits set forth herein in the event that there is a change in control of the
Bank.  For purposes of this Plan, the term "Employee" means and includes any
person employed by the Bank on a full time basis on the date of consummation or
occurrence of a "Change in Control" (as defined in Subparagraph 2(d) below),
excluding any person employed by the Bank on such date pursuant to a written
employment agreement between any such employee and the Bank.

     2.   Severance Benefit.
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     (a)  In the event (i) the Bank or its successor terminates the employment
          of any Employee in connection with, or within twenty-four (24) months
          after, a "Change in Control" (as defined in Subparagraph 2(d) below),
          other than for "cause" (as defined in Paragraph 3 below) or (ii) an
          Employee terminates his employment following a Termination Event
          pursuant to Paragraph 2(b) below, the Bank shall pay the Employee a
          "Severance Benefit" (as calculated pursuant to Subparagraph 2(c)
          below).

     (b) An Employee shall have the right to terminate his or her employment
         upon the occurrence of any of the following events (the "Termination
         Events") within twenty-four (24) months following a Change in Control:

         (i) The Employee's annual base salary rate is decreased from the level
             existing at the effective time of the Change in Control; or

         (ii) The Employee is transferred to a location outside of either Anson
              County, North Carolina.

         A Termination Event shall be deemed to have occurred on the date such
         action or event is implemented or takes effect.


     (c) For the purposes of this Plan, the amount of any Employee's "Severance
         Benefit" shall be calculated as follows:

        (i)   If the Employee has been employed with the Bank for less than
              twenty (20) years, such Employee's Severance Benefit shall be
              equal to the greater of (A) an amount equal to two weeks' salary
              at the Employee's existing salary rate at
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              the time of termination multiplied times the Employee's number of
              complete years of service as an employee of the Bank or (B) the
              amount of one month's salary at the Employee's existing salary
              rate at the time of termination.

        (ii)  If the Employee has been employed with the Bank at least twenty
              (20) years, such Employee's Severance Benefit shall be equal to
              the greater of (A) an amount equal to two weeks' salary of the
              Employee's existing salary rate at the time of termination
              multiplied times the Employee's number of complete years of
              services as an employee of the Bank, or (B) the amount of two
              times the annual salary payable to the Employee at his salary rate
              existing on the date of such termination.

         Such sum shall be payable as provided in Subparagraph 2(f) below.

     (d) For the purposes of this Plan, 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
              by the Bank or by any parent holding company of the Bank pursuant
              to Section 13 or 15(d) of the Securities Exchange Act of 1934 as
              in effect on the date hereof (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 Bank or any parent holding
              company of the Bank representing 25 percent or more of the
              combined voting power of the outstanding capital stock of the Bank
              or any parent holding company of the Bank; or

        (iii) individuals who constitute the Board of Directors of the Bank or
              any parent holding company of the Bank on the date hereof (each,
              an "Incumbent Board") 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 whose nomination for election by the
              shareholders of the Bank or any parent holding company of the Bank
              was approved by the Board of Directors of the Bank or any parent
              holding company of the Bank or any Nominating Committee of any
              such Board, as applicable, shall be considered as though he or she
              were a member of the Incumbent Board; or

        (iv)  the Bank or any parent holding company of the Bank consolidates or
              merges with or into another corporation, association or entity or
              is otherwise reorganized, where the Bank or any parent holding
              company of the Bank is not the surviving corporation in such
              transaction; or

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        (v)   all or substantially all of the assets of the Bank or any parent
              holding company of the Bank are sold or otherwise transferred to
              or are acquired by any other entity or group.

        Notwithstanding the other provisions of this Paragraph 2(d), neither (i)
        the conversion of the Bank from a mutual savings bank to a stock savings
        bank ("Conversion") pursuant to the rules and regulations regarding
        mutual to stock conversions, (ii) the acquisition of capital stock of
        the Bank by a parent holding company formed by the Bank to acquire the
        capital stock of the Bank issued in connection with a Conversion (iii)
        the sale by such parent holding company of its capital stock to the
        members of the Bank and the general public pursuant to the rules and
        regulations regarding conversions, or (iv) any other event or
        transaction which the Board of Directors of the Bank shall determine is
        not a Change in Control for purposes of its Plan prior to the
        consummation or occurrence thereof, shall constitute a Change in
        Control. In addition, a transaction or event shall not be considered a
        Change in Control with respect to any Employee benefitted hereby if,
        prior to the consummation or occurrence of such transaction or event,
        such Employee and the Bank agree in writing that the same shall not be
        treated as a Change in Control for purposes of this Plan.

     (d) Amounts payable pursuant to this Paragraph 2 shall be paid, at the
         option of the Bank or any successor in one lump sum or in equal monthly
         payments over a period not to exceed a number of months equal to the
         Employee's years of service with the Bank divided by two.

     (e) Following a Termination Event which gives rise to an Employee's rights
         hereunder, the Employee shall have six (6) months from the date of
         occurrence of the Termination Event to terminate his or her employment
         pursuant to this Paragraph 2. Any such termination shall be deemed to
         have occurred only upon delivery to the Bank (or to any successor
         corporation) of written notice of termination which describes the
         Change in Control and Termination Event. If an Employee does not so
         terminate his employment within such six-month period, he or she shall
         thereafter have no further rights hereunder with respect to that
         Termination Event, but shall retain rights, if any, hereunder with
         respect to any other Termination Event as to which such six month
         period has yet to expire.

     3.   Termination for "Cause."  Termination for "cause" shall include
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termination because of the Employee's personal dishonesty, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties, or willful violation of any law, rule, regulation (other
than traffic violations or similar offenses) or final cease-and-desist order.

     4.   Effect on Other Benefits.  The benefits payable to or owed to any
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Employee under this Plan shall not be reduced or otherwise affected by the
Employee's receipt or entitlement to benefits under (i) any agreement between
the Employee and the Bank or any parent holding company of the Bank, or (ii)
any other fringe benefit, compensation, or other employee benefit plan of the
Bank or any parent holding company of the Bank, including, but not limited to,
stock option plan, restricted stock

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agreements or employee stock ownership plan. In addition, the benefits payable
to or owed to any Employee under any such fringe benefit, compensation or other
employee benefit plan of the Bank or any parent holding company of the Bank
shall not be reduced or otherwise affected by the Employee's receipt or
entitlement to benefits under this Plan.

     5.   Binding Effect.  This Plan shall be binding upon any corporate or
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other successor of the Bank which shall acquire, directly or indirectly, by
merger, consolidation, purchase, or otherwise, all or substantially all of the
assets of the Bank.

     6.   Modification, Waiver, Amendments.  Prior to the consummation or
          --------------------------------                               
occurrence of a Change in Control, as defined herein, this Plan may be
terminated, modified or amended in any manner whatsoever, by resolution adopted
by the Bank's Board of Directors.  Prior to the time of the consummation or
occurrence of any Change in Control, no employee shall have any vested rights
pursuant to this Plan.  After the consummation or occurrence of a Change in
Control, all Employees shall have vested rights pursuant to this Plan, and this
Plan may not be terminated or modified or amended in a manner to reduce the
benefits payable to any Employee, without the written consent of such Employee.

     7.   Effect of Plan on Employees.  This Plan shall not confer upon any
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employee of the Bank the right to continued employment with the Bank or any
successor to the Bank, nor shall it limit the right of the Bank or any successor
of the Bank to terminate the employment of any employee at any time, subject to
the terms hereof.

     8.   Withholding.  The Bank or any successor to the Bank shall have the
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right to deduct or otherwise effect a withholding of any amount required by
federal or state laws to be withheld as a result of any payments required to be
made under this Plan.

     9.   Governing Law.  Without regard to principles of conflicts of laws, the
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laws of the State of North Carolina shall govern and control the validity,
interpretation, performance and enforcement of this Plan.

     10.  Inspection of Plan.  A copy of this Plan, and any amendments thereto,
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shall be maintained by the Secretary of the Bank and shall be shown to any
proper person making inquiry with respect thereto.

     11.  Waiver.  Any Employee shall have the right to waive the receipt of any
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benefits which would otherwise be payable to such Employee pursuant to this Plan
by executing a writing setting forth the terms of such waiver.

     12.  Excise Taxes.  It is the intent of the parties hereto that all
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payments made pursuant to this Plan shall be deductible by the Bank for federal
income tax purposes and not result in the imposition of an excise tax on any
Employee.  Notwithstanding anything contained in this Plan to the contrary, any
payments to be made to or for the benefit of any Employee which are deemed to be
"parachute payments," as such term is defined in Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), shall be modified or reduced to
the extent, but only to the extent, reasonably deemed to

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be necessary by the Bank to avoid the imposition of excise taxes on the Employee
under Section 4999 of the Code or the disallowance of a deduction to the Bank
under Section 280G(a) of the Code.

Dated April 28, 1998

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