<PAGE>
 
                                                                   Exhibit 10.10

                          RETIREMENT PAYMENT AGREEMENT

AGREEMENT ENTERED INTO AS OF THE 1ST DAY OF August, 1987 between Haywood Savings
                                 ---        ------------         ---------------
and Loan Association, a domestic Corporation having its principal office in
--------------------                                                       
Waynesville, North Carolina (hereinafter referred to as the Association) and
-----------  --------------                                                 
Conrad L. Turner of Waynesville, North Carolina (hereinafter referred to as the
----------------    -----------  --------------                                
Director).

WITNESSETH:

WHEREAS, the Director is rendering valuable service and it is the desire of the
Association to have the benefit of his continued loyalty and service and also to
assist him in providing for the contingencies of retirement and death; and,

WHEREAS, the Director hereby agrees to waive fees paid to him as a Director in
the amount of $350 per month for five years from the date of the execution of
              ----               ----                                        
this agreement;

NOW THEREFORE, in consideration of the premises contained herein, the parties
hereto mutually agree as follows:

     1.  Retirement Benefit:  Should the Director still be in the Directorship
         ------------------                                                   
of the Association upon attainment of his 65th birthday, the Association will
                                          ----                               
commence to pay him $2,115.00 per month for a continuous period of 120 months.
                    ---------                                      ---         
In the event that the Director should die after becoming entitled to receive
said monthly installments but before any or all of said installments have been
paid, the Association will pay or will continue to pay said installments to such
beneficiary or beneficiaries as the Director has directed by filing with the
Association a notice in writing.  In the event of the death of the last named
beneficiary before all the unpaid payments have been made, the balance of any
amount which remains unpaid at said death shall be commuted on the basis of 6
percent per annum compound interest and shall be paid in a single sum to the
executor or administrator of the estate of the last named beneficiary to die.
In the absence of any such beneficiary designation, any amount remaining unpaid
at the Director's death shall be commuted on the basis of 6 percent per annum
compound interest and shall be paid in a single sum to the executor or
administrator of the Director's estate.

     2.  Death Benefit:  Should the Director die while in the Directorship of
         -------------                                                       
the Association and prior to the attainment of his 65th birthday, the
                                                   ----              
Association (beginning at a date to be determined by the Association but within
six months from the date of such death) will commence to pay $2,115.00 per month
                                                             ---------          
for a continuous period of 120 months to such beneficiary or beneficiaries as
                           ---                                               
the Director has directed by filing with the Association a notice in writing.
Irrespective of the above, however, if the Director dies as a result of suicide
within two years of the execution of this agreement, the death benefit shall not
exceed an amount equal to his waived Directors' fees plus interest at the rate
of 7  1/2 percent per annum compounded annually.  In the event of the death of
the last named beneficiary before all the unpaid payments have been made, the
balance of any amount which remains unpaid at said death shall be commuted on
the basis of 6 percent per annum
<PAGE>
 
compound interest and shall be paid in a single sum to the executor or
administrator of the estate of the last named beneficiary to die. In the absence
of any such beneficiary designation, any amount remaining unpaid at the
Director's death shall be commuted on the basis of 6 percent per annum compound
interest and shall be paid in a single sum to the executor or administrator of
the Director's estate.

     3.  Termination of Directorship:
         --------------------------- 

         A.  If the Director terminates his Directorship, for reasons other than
         death or the attainment of his 65th birthday, prior to two years from
                                        ----
         the execution date of the Agreement, the Director's benefits shall be
         limited to his waived Director fees plus interest at the rate of 7 1/2
         percent per annum compounded annually and shall be paid in a single sum
         as soon as practical following the termination of his Directorship.

         B.  If the Director terminates his Directorship, for reasons other than
             death or the attainment of his 65th birthday, at the end of two
                                            ---- 
         years or more from the execution date of this Agreement, he or his
         beneficiary, as applicable, shall be entitled upon the attainment of
         his 65th birthday, or his prior death, to a percentage of the
             ----
         retirement benefits stated in Section 1 of this Agreement as determined
         by the following table:

<TABLE>
<S>                                  <C>
    FULL NUMBER OF YEARS SERVED        PERCENTAGE OF RETIREMENT
     AS DIRECTOR FROM DATE OF         BENEFITS STATED IN SECTION
    EXECUTION OF THIS AGREEMENT      1 OF THIS AGREEMENT TO WHICH
 UNTIL TERMINATION OF DIRECTORSHIP     THE DIRECTOR IS ENTITLED
-----------------------------------  ----------------------------
                 2                                40%
                 
                 3                                60%
                 
                 4                                80%
                 
                 5                               100%
                
</TABLE>

     4.  Forfeiture Provisions:
         --------------------- 

         A.  During the period the retirement benefit is payable to the Director
         under Section 1 of this Agreement, the Director shall not engage in
         business activities which are in competition with the Association
         without first obtaining the written consent of the Association.

         B.  During the period the retirement payment is payable to the Director
         under Section 1 of the Agreement, the Director shall be available to
         render consulting services to the Association upon request by an
         officer of the Association, but such requests shall not be made more
         frequently than once each moth. The Director shall not be considered to
         have breached this condition if he is unable to consult because of his
         mental or physical disability.
<PAGE>
 
         C.  Payment of the retirement benefit under this Agreement may be
         terminated by the Association, if the Director fails to comply with
         either of the conditions set forth in paragraph (A) and (B) of this
         Section 4.

     5.  General Provisions:
         ------------------ 

         A.  Except as otherwise provided by the Agreement, it is agreed that
         neither the Director, nor his beneficiary shall have any right to
         commute, sell, assign, transfer or otherwise convey the right to
         receive any payments hereunder, which payments and the right hereto are
         expressly declared to be nonassignable and nontransferable.

         B.  The benefits payable under the Agreement shall be independent of,
         and in addition to, any other employment agreements that may exist from
         time to time between the parties hereto, concerning any other
         compensation payable by the Association to the Director whether as
         salary, bonus, or otherwise. This Agreement shall not be deemed to
         constitute a contract of employment between the parties hereto, nor
         shall any provision hereof restrict the right of the Association to
         discharge the Director or restrict the right of the Director to
         terminate his Directorship.

         C.  The rights of the Director under this Agreement and of any
         beneficiary of the Director shall be solely those of an unsecured
         creditor of the Association. Any asset acquired by the Association in
         connection with the liabilities assumed by it hereunder, shall not be
         deemed to be held under any trust for the benefit of the Director or
         his beneficiaries or to be considered security for the performance of
         the obligations of the Association but shall be, and remain, a general,
         unpledged, unrestricted asset of the Association.

         D.  The Association hereby reserves the right to accelerate the
         payments specified in Sections 1, 2 and 3 above without the consent of
         the Director, his estate, beneficiaries, or any other person claiming
         through or under him.

         E.  The Association agrees that it will not merge or consolidate with
         any other Association or organization, or permit its business
         activities to be taken over by any other organization unless and until
         the succeeding or continuing Association or other organization shall
         expressly assume the rights and obligations of the Association herein
         set forth. The Association further agrees that it will not cease its
         business activities or terminate its existence, other than as set forth
         in this Section, without having made adequate provision for the
         fulfilling of its obligations hereunder.

         F.  This Agreement may be revoked or amended in whole or in part by a
         writing signed by both of the parties hereto.

         G.  This Agreement shall be subject to and construed under the laws of
         the State of North Carolina.
<PAGE>
 
     IN WITNESS THEREOF, the said Association has caused this Agreement to be
signed in its Corporate name by its duly authorized officer, and impressed with
the Corporate seal, attached by its Secretary, and the said Director has
hereunto set his hand and seal, all on the date and year first above written.

ATTEST:                  Haywood Savings and Loan Association



/s/ Johnnie Sue Buchanan      By: /s/ Larry R. Ammons       (Seal)
________________________          _________________________        
                                  President



WITNESS: Jay W. Hargelte          /s/ Conrad L. Turner      (Seal)
         _______________          _________________________      
                                  The Director
<PAGE>
 
                        HAYWOOD SAVINGS BANK, INC., SSB
                          RETIREMENT PAYMENT AGREEMENT
                        _______________________________

                               1998 Amendment to
                         Agreement dated August 1, 1987
                        _______________________________

     WHEREAS, Haywood Savings Bank, Inc., SSB (the "Bank") entered into a
Retirement Payment Agreement (the "RPA") dated August 1, 1987, with
_____________________ (the "Director"); and

     WHEREAS, the Bank's Board of Directors and the Director have determined
that it is in their respective best interests to amend the RPA in the manner set
forth herein.

     NOW, THEREFORE, the RPA shall be amended as follows, pursuant to Section
5.F thereof:

     1.   Section 5 of the RPA shall be amended by adding the following new
paragraph H at the end thereof:

          H.  Notwithstanding the provisions of paragraphs 2, 3, and 4 hereof,
          any benefits that are or become payable after the closing date of a
          Change in Control (as defined in the Bank's Retirement Plan for Non-
          Employee Directors) shall be paid in the manner selected by the
          Director in a duly executed election in the form (the "Election Form")
          attached hereto as Exhibit "A"; provided that such an election will be
          honored and given effect only if it is properly made and delivered to
          the Bank more than 90 days before said closing date.  Present value
          determinations, as well as interest accruals on present value sums
          that are paid in installments over a fixed period of years, shall be
          calculated at a rate equal to 120% of the applicable federal rate,
          compounded semiannually, as determined under Section 1274(d) of the
          Internal Revenue Code of 1986, as amended, and the regulations
          thereunder.

               The Director may specify on the Election Form, the manner of
          payment to his beneficiary, and may at any time or from time to time
          change the identity or manner of payment to his beneficiary.

     2.   Nothing contained herein shall be held to alter, vary, or affect any
of the terms, provisions, or conditions of the RPA other than stated above.
<PAGE>
 
     WHEREFORE, the undersigned hereby approve this 1998 Amendment to the RPA.

Date of Execution:  ____________________________, 1998

ATTEST:                         HAYWOOD SAVINGS BANK, INC., SSB



___________________________     By___________________________________
                                   Its_______________________________


WITNESS:                        DIRECTOR



___________________________     _____________________________________
<PAGE>
 
                          RETIREMENT PAYMENT AGREEMENT

AGREEMENT ENTERED INTO AS OF THE 1ST DAY OF April, 1991 between Haywood Savings
                                 ---        -----------         ---------------
and Loan Association, a domestic Corporation having its principal office in
--------------------                                                       
Waynesville, North Carolina (hereinafter referred to as the Association) and
-----------  --------------                                                 
Conrad L. Turner of Waynesville, North Carolina (hereinafter referred to as the
----------------    -----------  --------------                                
Director).

WITNESSETH:

WHEREAS, the Director is rendering valuable service and it is the desire of the
Association to have the benefit of his continued loyalty and service and also to
assist him in providing for the contingencies of retirement and death; and,

WHEREAS, the Director hereby agrees to waive fees paid to him as a Director in
the amount of $125.00 per month for five years from the date of the execution of
               ------               ----                                        
this agreement;

NOW THEREFORE, in consideration of the premises contained herein, the parties
hereto mutually agree as follows:

     1.   Retirement Benefit:  Should the Director still be in the Directorship
          ------------------                                                   
of the Association upon attainment of his 65th birthday, the Association will
                                          ----                               
commence to pay him $486 per month for a continuous period of 120 months.  In
                    ----                                      ---            
the event that the Director should die after becoming entitled to receive said
monthly installments but before any or all of said installments have been paid,
the Association will pay or will continue to pay said installments to such
beneficiary or beneficiaries as the Director has directed by filing with the
Association a notice in writing.  In the event of the death of the last named
beneficiary before all the unpaid payments have been made, the balance of any
amount which remains unpaid at said death shall be commuted on the basis of
eight percent per annum compound interest and shall be paid in a single sum to
the executor or administrator of the estate of the last named beneficiary to
die.  In the absence of any such beneficiary designation, any amount remaining
unpaid at the Director's death shall be commuted on the basis of eight percent
per annum compound interest and shall be paid in a single sum to the executor or
administrator of the Director's estate.

     2.   Death Benefit:  Should the Director die while in the Directorship of
          -------------                                                       
the Association and prior to the attainment of his 65th birthday, the
                                                   ----              
Association (beginning at a date to be determined by the Association but within
six months from the date of such death) will commence to pay $486 per month for
                                                             ----              
a continuous period of 120 months to such beneficiary or beneficiaries as the
                       ---                                                   
Director has directed by filing with the Association a notice in writing.
Irrespective of the above, however, if the Director dies as a result of suicide
within two years of the execution of this agreement, the death benefit shall not
exceed an amount equal to his waived Directors' fees plus interest at the rate
of eight percent per annum compounded annually.  In the event of the death of
the last named beneficiary before all the unpaid payments have been made, the
balance of any amount which remains unpaid at said death shall be commuted on
the basis of eight percent per annum compound interest and shall be paid in a
single sum to the executor or administrator of the estate of the last named
beneficiary to die.  In the absence of any such beneficiary designation, any
amount remaining
<PAGE>
 
unpaid at the Director's death shall be commuted on the basis of eight percent
per annum compound interest and shall be paid in a single sum to the executor or
administrator of the Director's estate.

     3.   Termination of Directorship:
          --------------------------- 

          A.  If the Director terminates his Directorship, for reasons other
          than death or the attainment of his 65th birthday, prior to two years
                                              ----
          from the execution date of the Agreement, the Director's benefits
          shall be limited to his waived Director fees plus interest at the rate
          of eight percent per annum compounded annually and shall be paid in a
          single sum as soon as practical following the termination of his
          Directorship.

          B.  If the Director terminates his Directorship, for reasons other
          than death or the attainment of his 65th birthday, at the end of two
                                              ----
          years or more from the execution date of this Agreement, he or his
          beneficiary, as applicable, shall be entitled upon the attainment of
          his 65th birthday, or his prior death, to a percentage of the
              ----
          retirement benefits stated in Section 1 of this Agreement as
          determined by the following table:

<TABLE>
<S>                                  <C>
    FULL NUMBER OF YEARS SERVED        PERCENTAGE OF RETIREMENT
     AS DIRECTOR FROM DATE OF         BENEFITS STATED IN SECTION
    EXECUTION OF THIS AGREEMENT      1 OF THIS AGREEMENT TO WHICH
 UNTIL TERMINATION OF DIRECTORSHIP     THE DIRECTOR IS ENTITLED
-----------------------------------  ----------------------------
                 2                                 40%
                 
                 3                                 60%
                  
                 4                                 80%
                  
                 5                                100%
</TABLE>

     4.   Forfeiture Provisions:
          --------------------- 

          A.  During the period the retirement benefit is payable to the
          Director under Section 1 of this Agreement, the Director shall not
          engage in business activities which are in competition with the
          Association without first obtaining the written consent of the
          Association.

          B.  During the period the retirement payment is payable to the
          Director under Section 1 of the Agreement, the Director shall be
          available to render consulting services to the Association upon
          request by an officer of the Association, but such requests shall not
          be made more frequently than once each moth. The Director shall not be
          considered to have breached this condition if he is unable to consult
          because of his mental or physical disability.

          C.  Payment of the retirement benefit under this Agreement may be
          terminated by the Association, if the Director fails to comply with
          either of the conditions set forth in
<PAGE>
 
          paragraph (A) and (B) of this Section 4.

     5.   General Provisions:
          ------------------ 

          A.  Except as otherwise provided by the Agreement, it is agreed that
          neither the Director, nor his beneficiary shall have any right to
          commute, sell, assign, transfer or otherwise convey the right to
          receive any payments hereunder, which payments and the right hereto
          are expressly declared to be nonassignable and nontransferable.

          B.  The benefits payable under the Agreement shall be independent of,
          and in addition to, any other employment agreements that may exist
          from time to time between the parties hereto, concerning any other
          compensation payable by the Association to the Director whether as
          salary, bonus, or otherwise. This Agreement shall not be deemed to
          constitute a contract of employment between the parties hereto, nor
          shall any provision hereof restrict the right of the Association to
          discharge the Director or restrict the right of the Director to
          terminate his Directorship.

          C.  The rights of the Director under this Agreement and of any
          beneficiary of the Director shall be solely those of an unsecured
          creditor of the Association. Any asset acquired by the Association in
          connection with the liabilities assumed by it hereunder, shall not be
          deemed to be held under any trust for the benefit of the Director or
          his beneficiaries or to be considered security for the performance of
          the obligations of the Association but shall be, and remain, a
          general, unpledged, unrestricted asset of the Association.

          D.  The Association hereby reserves the right to accelerate the
          payments specified in Sections 1, 2 and 3 above without the consent of
          the Director, his estate, beneficiaries, or any other person claiming
          through or under him.

          E.  The Association agrees that it will not merge or consolidate with
          any other Association or organization, or permit its business
          activities to be taken over by any other organization unless and until
          the succeeding or continuing Association or other organization shall
          expressly assume the rights and obligations of the Association herein
          set forth. The Association further agrees that it will not cease its
          business activities or terminate its existence, other than as set
          forth in this Section, without having made adequate provision for the
          fulfilling of its obligations hereunder.

          F.  This Agreement may be revoked or amended in whole or in part by a
          writing signed by both of the parties hereto.

          G.  This Agreement shall be subject to and construed under the laws of
          the State of North Carolina.
<PAGE>
 
     IN WITNESS THEREOF, the said Association has caused this Agreement to be
signed in its Corporate name by its duly authorized officer, and impressed with
the Corporate seal, attached by its Secretary, and the said Director has
hereunto set his hand and seal, all on the date and year first above written.

ATTEST:   HAYWOOD SAVINGS AND LOAN ASSOCIATION, INC. (Association)
          __________________________________________              



          BY: /s/ Larry R. Ammons                    
              ______________________________________ (Seal)
                             President



              /s/ Conrad L. Turner
              ______________________________________ (Seal)
                            The Director



WITNESS:   /s/ Johnnie Sue Caldwell
           _________________________________________
<PAGE>
 
                          BENEFICIARY DESIGNATION FORM

As Beneficiary to receive any death benefits payable on my behalf from Haywood
                                                                       -------
Savings and Loan Association incorporated in Waynesville, North Carolina, I
----------------------------                 -----------  --------------   
designate the following:

       NAME      DATE OF BIRTH         ADDRESS                  RELATIONSHIP
       ----      -------------         -------                  ------------

PRIMARY
-------
                                     P.O. Box 389
June A. Turner     3/23/40           Waynesville, N.C. 28786       Spouse
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

CONTINGENT, If Any:
----------         

_________________________________________________________________________
_________________________________________________________________________

(Note: If more than one primary beneficiary is named, the benefit will be paid
in equal shares to those living.  Should the contingent beneficiaries be
eligible to receive the benefits, such benefits will be paid in equal shares to
such living contingent beneficiaries.  If none of the designated beneficiaries
are living at such time as the death benefit is payable, such benefit will be
paid to the Executor or Administrator of your Estate).

Name of Spouse if not given above:      same as above
                                        _______________________________________

                                        /s/ Conrad L. Turner
_________________________________       _______________________________________
            Witness                               Signature of Director


                                                         7/15/91
                                        _______________________________________
                                                          Date


Note:  The original should be retained by the Association, one copy by the
       Director, and one copy forwarded to Smith/Broadhurst, Inc.
<PAGE>
 
                        HAYWOOD SAVINGS BANK, INC., SSB
                          RETIREMENT PAYMENT AGREEMENT
                        _______________________________

                                 1998 Amendment
                        to Agreement dated April 1, 1991
                        _______________________________

     WHEREAS, Haywood Savings Bank, Inc., SSB (the "Bank") entered into a
Retirement Payment Agreement (the "RPA") dated April 1, 1991, with
_____________________ (the "Director"); and

     WHEREAS, the Bank's Board of Directors and the Director have determined
that it is in their respective best interests to amend the RPA in the manner set
forth herein.

     NOW, THEREFORE, the RPA shall be amended as follows, pursuant to Section
5.F thereof:

     1.   Section 5 of  the RPA shall be amended by adding the following new
paragraph H at the end thereof:

          H.  Notwithstanding the provisions of paragraphs 2, 3, and 4 hereof,
          any benefits that are or become payable after the closing date of a
          Change in Control (as defined in the Bank's Retirement Plan for Non-
          Employee Directors) shall be paid in the manner selected by the
          Director in a duly executed election in the form (the "Election Form")
          attached hereto as Exhibit "A"; provided that such an election will be
          honored and given effect only if it is properly made and delivered to
          the Bank more than 90 days before said closing date.  Present value
          determinations, as well as interest accruals on present value sums
          that are paid in installments over a fixed period of years, shall be
          calculated at a rate equal to 120% of the applicable federal rate,
          compounded semiannually, as determined under Section 1274(d) of the
          Internal Revenue Code of 1986, as amended, and the regulations
          thereunder.

               The Director may specify on the Election Form, the manner of
          payment to his beneficiary, and may at any time or from time to time
          change the identity or manner of payment to his beneficiary.

     2.   Nothing contained herein shall be held to alter, vary, or affect any
of the terms, provisions, or conditions of the RPA other than stated above.
<PAGE>
 
     WHEREFORE, the undersigned hereby approve this 1998 Amendment to the RPA.
Date of Execution:  ____________________________, 1998

ATTEST:                  HAYWOOD SAVINGS BANK, INC., SSB



______________________   By_________________________________
                           Its______________________________


WITNESS:                      DIRECTOR


______________________   ___________________________________