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                                EXHIBIT (10)(xv)

                                 LIFE INSURANCE

                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                    AGREEMENT

Insurer:                                Mass Mutual Life Insurance Company
                                        New York Life Insurance Company

Policy Number:                          __________

Bank:                                   Home Savings Bank of Albemarle, SSB

Insured:                                Kimberly M. Allen

Relationship of Insured to Bank:        Executive (Group Term Carve Out)

Trust:                                  Rabbi Trust for the Executive
                                        Supplemental Retirement Plan Agreement,
                                        Director Suppleemntal Retirement Plan
                                        Agreement, and the Endorsement Method
                                        Split Dollar Plan Agreement

The respective rights and duties of the Bank and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.      DEFINITIONS

        Refer to the policy contract for the definition of any terms in this
        Agreement that are not defined herein. If a definition of a term in the
        policy is inconsistent with the definition of a term in this Agreement,
        then the definition of the term as set forth in this Agreement shall
        supersede and replace the definition of the terms as set forth in the
        policy.

II.     POLICY TITLE AND OWNERSHIP

        Title and ownership shall reside in the Trustee for the Rabbi Trust for
        the Executive Supplemental Retirement Plan Agreement, Director
        Suppleemntal Retirement Plan Agreement, and the Endorsement Method Split
        Dollar Plan Agreement for its use and for the use of the Insured all in
        accordance with this Agreement. The Trustee at the direction of the Bank
        may, to the extent of its interest, exercise the right to borrow or
        withdraw on the policy cash values.

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        Where the Trustee at the direction of the Bank and the Insured (or
        assignee, with the consent of the Insured) mutually agree to exercise
        the right to increase the coverage under the subject Split Dollar
        policy, then, in such event, the rights, duties and benefits of the
        parties to such increased coverage shall continue to be subject to the
        terms of this Agreement.

III.    BENEFICIARY DESIGNATION RIGHTS

        The Insured (or assignee) shall have the right and power to designate a
        beneficiary or beneficiaries to receive the Insured's share of the
        proceeds payable upon the death of the Insured, and to elect and change
        a payment option for such beneficiary, subject to any right or interest
        the Trustee at the direction of the Bank or the Trust may have in such
        proceeds, as provided in this Agreement.

IV.     PREMIUM PAYMENT METHOD

        Subject to the Bank's absolute right to surrender or terminate the
        policy at any time and for any reason, the Bank or the Trustee at the
        direction of the Bank shall pay an amount equal to the planned premiums
        and any other premium payments that might become necessary to keep the
        policy in force.

V.      TAXABLE BENEFIT

        Annually the Insured will receive a taxable benefit equal to the assumed
        cost of insurance as required by the Internal Revenue Service. The Bank
        or the Trustee at the direction of the Bank will report to the Insured
        the amount of imputed income each year on Form W-2 or its equivalent.

VI.     DIVISION OF DEATH PROCEEDS

        Subject to Paragraphs VII and IX herein, the division of the death
        proceeds of the policy is as follows:

        A.      Should the Insured be employed by the Bank at death, the
                Insured's beneficiary(ies), designated in accordance with
                Paragraph III, shall be entitled to an amount equal to two times
                (2 x's) of the Insured's salary at death or retirement, or one
                hundred percent (100%) of the net-at-risk insurance portion of
                the proceeds, whichever amount is less. The net-at-risk
                insurance portion is the total proceeds less the cash value of
                the policy.

        B.      Should the Insured not be employed by the Bank at the time of
                his or her death, the Insured's beneficiary(ies), designated in
                accordance with Paragraph III, shall be entitled to the
                percentage as set forth hereinbelow of the proceeds described in
                Subparagraph VI (A) above that corresponds to

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                the number of full years the Insured has been employed by the
                Bank since the date of first employment.

                Number full years and age      Vested percent
                -------------------------      --------------

                1-10                           10% per year to a maximum of 100%

        C.      The Bank shall be entitled to the remainder of such proceeds.

        D.      The Bank and the Insured (or assignees) shall share in any
                interest due on the death proceeds on a pro rata basis as the
                proceeds due each respectively bears to the total proceeds,
                excluding any such interest.

VII.    DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

        The Bank or the Trust shall at all times be entitled to an amount equal
        to the policy's cash value, as that term is defined in the policy
        contract, less any policy loans and unpaid interest or cash withdrawals
        previously incurred by the Bank or the Trustee at the direction of the
        Bank and any applicable surrender charges. Such cash value shall be
        determined as of the date of surrender or death as the case may be.

VIII.   RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

        In the event the policy involves an endowment or annuity element, the
        Bank's or the Trust' right and interest in any endowment proceeds or
        annuity benefits, on expiration of the deferment period, shall be
        determined under the provisions of this Agreement by regarding such
        endowment proceeds or the commuted value of such annuity benefits as the
        policy's cash value. Such endowment proceeds or annuity benefits shall
        be considered to be like death proceeds for the purposes of division
        under this Agreement.

IX.     TERMINATION OF AGREEMENT

        This Agreement shall terminate upon the occurrence of any one of the
following:

        A.      The Insured shall be discharged from employment with the Bank
                for cause. The term "for cause" shall mean any of the following
                that result in an adverse effect on the Bank: (i) gross
                negligence or gross neglect; (ii) the commission of a felony or
                gross misdemeanor involving moral turpitude, fraud, or
                dishonesty; (iii) the willful violation of any law, rule, or
                regulation (other than a traffic violation or similar offense);
                (iv) an intentional failure to perform stated duties; or (v) a
                breach of fiduciary duty involving personal profit; or

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        B.      Surrender, lapse, or other termination of the Policy by the
                Bank.

        Upon such termination, the Insured (or assignee) shall have a fifteen
        (15) day option to receive from the Bank or the Trustee at the direction
        of the Bank an absolute assignment of the policy in consideration of a
        cash payment to the Bank or the Trustee at the direction of the Bank,
        whereupon this Agreement shall terminate. Such cash payment referred to
        hereinabove shall be the greater of:

        C.      The Bank's or the Trust' share of the cash value of the policy
                on the date of such assignment, as defined in this Agreement; or

        D.      The amount of the premiums which have been paid by the Bank or
                the Trustee at the direction of the Bank prior to the date of
                such assignment.

        If, within said fifteen (15) day period, the Insured fails to exercise
        said option, fails to procure the entire aforestated cash payment, or
        dies, then the option shall terminate and the Insured (or assignee)
        agrees that all of the Insured's rights, interest and claims in the
        policy shall terminate as of the date of the termination of this
        Agreement.

        The Insured expressly agrees that this Agreement shall constitute
        sufficient written notice to the Insured of the Insured's option to
        receive an absolute assignment of the policy as set forth herein.

        Except as provided above, this Agreement shall terminate upon
        distribution of the death benefit proceeds in accordance with Paragraph
        VI above.

X.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

        The Insured may not, without the written consent of the Bank, assign to
        any individual, trust or other organization, any right, title or
        interest in the subject policy nor any rights, options, privileges or
        duties created under this Agreement.

XI.     AGREEMENT BINDING UPON THE PARTIES

        This Agreement shall bind the Insured and the Bank or the Trustee at the
        direction of the Bank, their heirs, successors, personal representatives
        and assigns.

XII.    ERISA PROVISIONS

        The following provisions are part of this Agreement and are intended to
        meet the requirements of the Employee Retirement Income Security Act of
        1974 ("ERISA"):

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        A.      Named Fiduciary and Plan Administrator.

                The "Named Fiduciary and Plan Administrator" of this Endorsement
                Method Split Dollar Agreement shall be Home Savings Bank of
                Albemarle, SSB until its resignation or removal by the Board of
                Directors. As Named Fiduciary and Plan Administrator, the Bank
                or the Trustee at the direction of the Bank shall be responsible
                for the management, control, and administration of this Split
                Dollar Plan as established herein. The Named Fiduciary may
                delegate to others certain aspects of the management and
                operation responsibilities of the Plan, including the employment
                of advisors and the delegation of any ministerial duties to
                qualified individuals.

        B.      Funding Policy.

                Subject to the Bank's absolute right to surrender or terminate
                the policy at any time and for any reason, the funding policy
                for this Split Dollar Plan shall be to maintain the subject
                policy in force by paying, when due, all premiums required.

        C.      Basis of Payment of Benefits.

                Direct payment by the Insurer is the basis of payment of
                benefits under this Agreement, with those benefits in turn being
                based on the payment of premiums as provided in this Agreement.

        D.      Claim Procedures.

                Claim forms or claim information as to the subject policy can be
                obtained by contacting Benmark, Inc. (800-544-6079). When the
                Named Fiduciary has a claim which may be covered under the
                provisions described in the insurance policy, they should
                contact the office named above, and they will either complete a
                claim form and forward it to an authorized representative of the
                Insurer or advise the named Fiduciary what further requirements
                are necessary. The Insurer will evaluate and make a decision as
                to payment. If the claim is payable, a benefit check will be
                issued in accordance with the terms of this Agreement.

                In the event that a claim is not eligible under the policy, the
                Insurer will notify the Named Fiduciary of the denial pursuant
                to the requirements under the terms of the policy. If the Named
                Fiduciary is dissatisfied with the denial of the claim and
                wishes to contest such claim denial, they should contact the
                office named above and they will assist in making an inquiry to
                the Insurer. All objections to the Insurer's actions should be
                in

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                writing and submitted to the office named above for transmittal
                to the Insurer.

XIII.   GENDER

        Whenever in this Agreement words are used in the masculine or neuter
        gender, they shall be read and construed as in the masculine, feminine
        or neuter gender, whenever they should so apply.

XIV.    INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

        The Insurer shall not be deemed a party to this Agreement, but will
        respect the rights of the parties as herein developed upon receiving an
        executed copy of this Agreement. Payment or other performance in
        accordance with the policy provisions shall fully discharge the Insurer
        from any and all liability.

XV.     CHANGE OF CONTROL

        Change of Control shall be deemed to be the cumulative transfer of more
        than fifty percent (50%) of the voting stock of the Bank from the date
        of this Agreement. For the purposes of this Agreement, transfers on
        account of death or gifts, transfers between family members, or
        transfers to a qualified retirement plan maintained by the Bank shall
        not be considered in determining whether there has been a Change of
        Control. Upon a Change of Control, if the Insured's employment is
        subsequently terminated, except for cause, then the Insured shall be one
        hundred percent (100%) vested in the benefits promised in this Agreement
        and, therefore, upon the death of the Insured, the Insured's
        beneficiary(ies) (designated in accordance with Paragraph III) shall
        receive the death benefit provided herein as if the Insured had died
        while employed by the Bank (See Subparagraph VI [A]).

XVI.    AMENDMENT OR REVOCATION

        Subject to the Bank's absolute right to surrender or terminate the
        policy at any time and for any reason, it is agreed by and between the
        parties hereto that, during the lifetime of the Insured, this Agreement
        may be amended or revoked at any time or times, in whole or in part, by
        the mutual written consent of the Insured and the Bank.

XVII.   EFFECTIVE DATE

        The Effective Date of this Agreement shall be February 18, 2003.

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XVIII.  SEVERABILITY AND INTERPRETATION

        If a provision of this Agreement is held to be invalid or unenforceable,
        the remaining provisions shall nonetheless be enforceable according to
        their terms. Further, in the event that any provision is held to be over
        broad as written, such provision shall be deemed amended to narrow its
        application to the extent necessary to make the provision enforceable
        according to law and enforced as amended.

XIX.    APPLICABLE LAW

        The validity and interpretation of this Agreement shall be governed by
        the laws of the State of North Carolina.

Executed at Albemarle, North Carolina this ________day of ___________, 2003.

                                             HOME SAVINGS BANK OF
                                             ALBEMARLE, SSB
                                             Albemarle, North Carolina


                                             By:
--------------------------------                --------------------------------
Witness                                                    Title


--------------------------------                --------------------------------
Witness                                         Kimberly M. Allen

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                          BENEFICIARY DESIGNATION FORM
                    FOR THE LIFE INSURANCE ENDORSEMENT METHOD
                           SPLIT DOLLAR PLAN AGREEMENT

I.      PRIMARY DESIGNATION
                (You may refer to the beneficiary designation information prior
                to completion.)

        A.      PERSON(S) AS A PRIMARY DESIGNATION:
                (Please indicate the percentage for each beneficiary.)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        B.      ESTATE AS A PRIMARY DESIGNATION:

        My Primary Beneficiary is The Estate of   ______________________________

        _____ as set forth in the last will and testament dated the _____ day of

         _____________, _______ and any codicils thereto.

        C.      TRUST AS A PRIMARY DESIGNATION:

        Name of the Trust:  ____________________________________________________

        Execution Date of the Trust: _____ / _____ / _________

        Name of the Trustee: ___________________________________________________

        Beneficiary(ies) of the Trust (please indicate the percentage for each
        beneficiary):

        ________________________________________________________________________

        ________________________________________________________________________

        Is this an Irrevocable Life Insurance Trust?  ________ Yes   ________ No
        (If yes and this designation is for a Split Dollar agreement, an
        Assignment of Rights form should be completed.)

II.     SECONDARY (CONTINGENT) DESIGNATION

        A.      PERSON(S) AS A SECONDARY (CONTINGENT) DESIGNATION:
                (Please indicate the percentage for each beneficiary.)

        Name______________________   Relationship___________________  / _______%

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        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        B.      ESTATE AS A SECONDARY (CONTINGENT) DESIGNATION:

        My Secondary Beneficiary is The Estate of   ____________________________

        ______ as set forth in my last will and testament dated the _____ day of

        _____________, _______ and any codicils thereto.

        C.      TRUST AS A SECONDARY (CONTINGENT) DESIGNATION:

        Name of the Trust:  ____________________________________________________

        Execution Date of the Trust: _____ / _____ / _________

        Name of the Trustee: ___________________________________________________

        Beneficiary(ies) of the Trust (please indicate the percentage for each
        beneficiary):

        ________________________________________________________________________

        ________________________________________________________________________

        All sums payable under the Life Insurance Endorsement Method Split
        Dollar Plan Agreement by reason of my death shall be paid to the Primary
        Beneficiary(ies), if he or she survives me, and if no Primary
        Beneficiary(ies) shall survive me, then to the Secondary (Contingent)
        Beneficiary(ies). This beneficiary designation is valid until the
        participant notifies the bank in writing.


        ----------------------------                ----------------------------
        Kimberly M. Allen                           Date

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