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                                 EXHIBIT (10)(x)

                      DIRECTOR SUPPLEMENTAL RETIREMENT PLAN

                                    AGREEMENT

        THIS AGREEMENT, made and entered into this ____ day of ______________,
2003, by and between Home Savings Bank of Albemarle, SSB, a Bank organized and
existing under the laws of the State of North Carolina, (hereinafter referred to
as the "Bank"), and R Ronald Swanner, a Director of the Bank, (hereinafter
referred to as the "Director").

        WHEREAS, the Director has been in the service of the Bank for several
years and has now and for years faithfully served the Bank. It is the consensus
of the Board of Directors of the Bank (hereinafter referred to as the "Board")
that the Director's services have been of exceptional merit, in excess of the
compensation paid and an invaluable contribution to the profits and position of
the Bank in its field of activity. The Board further believes that the
Director's experience, knowledge of corporate affairs, reputation and industry
contacts are of such value and his continued services are so essential to the
Bank's future growth and profits that it would suffer severe financial loss
should the Director terminate the Director's services.

        ACCORDINGLY, the Board has adopted the Bank Director Supplemental
Retirement Plan (hereinafter referred to as the "Director Plan") and it is the
desire of the Bank and the Director to enter into this Agreement under which the
Bank will agree to make certain payments to the Director upon the Director's
retirement or to the Director's beneficiary(ies) in the event of the Director's
death pursuant to the Director Plan;

        FURTHERMORE, it is the intent of the parties hereto that this Director
Plan be considered an unfunded arrangement maintained primarily to provide
supplemental retirement benefits for the Director, and be considered a
non-qualified benefit plan for purposes of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"). The Director is fully advised of the
Bank's financial status and has had substantial input in the design and
operation of this benefit plan; and

        WHEREAS, the Bank and the Director are parties to a Retirement Payment
Agreement dated October of 1985 between Home Savings Bank of Albemarle, SSB and
R Ronald Swanner that provides for the payment of certain benefits. This
Director Supplemental Retirement Plan Agreement and the benefits provided
hereunder shall

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replace and supercede the existing Retirement Payment Agreement and the benefits
provided thereby;

        NOW THEREFORE, in consideration of services the Director has performed
in the past and those to be performed in the future, and based upon the mutual
promises and covenants herein contained, the Bank and the Director agree as
follows:

I.      DEFINITIONS

        A.      Effective Date:

                The Effective Date of the Director Plan shall be February 18,
                2003.

        B.      Plan Year:

                Any reference to "Plan Year" shall mean a calendar year from
                January 1 to December 31. In the year of implementation, the
                term "Plan Year" shall mean the period from the Effective Date
                to December 31 of the year of the Effective Date.

        C.      Retirement Date:

                Retirement Date shall mean retirement from service with the Bank
                which becomes effective on the day following the annual meeting
                after the first day of the calendar month following the date of
                the Director's seventieth (70th) birthday or such later date as
                the Director may actually retire.

        D.      Termination of Service:

                Termination of Service shall mean voluntary resignation of
                service by the Director or the Bank's discharge of the Director
                without cause, prior to the Retirement Date (Subparagraph I
                [C]).

        E.      Index Retirement Benefit:

                The Index Retirement Benefit for the Director for each plan year
                shall be equal to the excess (if any) of the Index (Subparagraph
                I [F]) for that Plan Year over the Opportunity Cost
                (Subparagraph I [G]) for that Plan Year, divided by a factor
                equal to 1.00 minus the marginal tax rate.

        F.      Index:

                The Index for any Plan Year shall be the aggregate annual
                after-tax income from the life insurance contract(s) described
                hereinafter as defined by

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                FASB Technical Bulletin 85-4. This Index shall be applied as if
                such insurance contracts were purchased on the Effective Date
                hereof.

                Insurance Company:            Mass Mutual Life Insurance Company
                Policy Form:                  Flexible Premium Adjustable Life
                Policy Name:                  Strategic Life Executive
                Insured's Age and Sex:        55, Male
                Riders:                       None
                Ratings:                      None
                Option:                       Level
                Face Amount:                  $168,630
                Premiums Paid:                $77,000
                Number of Premium Payments:   Single
                Assumed Purchase Date:        February 18, 2003

                Insurance Company:            New York Life Insurance Company
                Policy Form:                  Flexible Premium Adjustable Life
                Policy Name:                  Strategic Life Executive
                Insured's Age and Sex:        55, Male
                Riders:                       None
                Ratings:                      None
                Option:                       Level
                Face Amount:                  $206,347
                Premiums Paid:                $85,400
                Number of Premium Payments:   Single
                Assumed Purchase Date:        February 18, 2003

                If such contracts of life insurance are actually purchased by
                the Bank, then the actual policies as of the dates they were
                purchased shall be used in calculations under this Director
                Plan. If such contracts of life insurance are not purchased or
                are subsequently surrendered or lapsed, then the Bank shall
                receive annual policy illustrations that assume the
                above-described policies were purchased or had not subsequently
                surrendered or lapsed. Said illustrations shall be received from
                the respective insurance companies and will indicate the
                increase in policy values for purposes of calculating the amount
                of the Index.

                In either case, references to the life insurance contract are
                merely for purposes of calculating a benefit. The Bank has no
                obligation to purchase such life insurance and, if purchased,
                the Director and the Director's beneficiary(ies) shall have no
                ownership interest in such policy and shall always have no
                greater interest in the benefits under this Agreement than that
                of an unsecured general creditor of the Bank.

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        G.      Opportunity Cost:

                The Opportunity Cost for any Plan Year shall be calculated by
                taking the sum of the amount of premiums for the life insurance
                policies described in the definition of "Index" plus the amount
                of any after-tax benefits paid to the Director pursuant to the
                Director Plan (Paragraph II hereinafter) plus the amount of all
                previous years' after-tax Opportunity Cost, and multiplying that
                sum by the greater of either: (i) the average after tax yield of
                a one-year Treasury bill; or (ii) the Bank's annualized after
                tax cost of funds as calculated from the Bank's third quarter
                call report.

        H.      Change of Control:

                Change of Control means the cumulative transfer of more than
                fifty percent (50%) of the voting stock of the Bank from the
                Effective Date of this Director Plan. For the purposes of this
                Director Plan, transfers on account of deaths or gifts,
                transfers between family members or transfers made to a
                qualified retirement plan maintained by the Bank shall not be
                considered in determining whether there has been a Change of
                Control.

        I.      Normal Retirement Age:

                Normal Retirement Age shall mean the date on which the Director
                attains age seventy (70).

        J.      Benefit Accounting:

                The Bank shall account for the benefit provided herein using the
                regulatory accounting principles of the Bank's primary federal
                regulator. The Bank shall establish an accrued liability
                retirement account for the Director into which appropriate
                reserves shall be accrued.

II.     BENEFITS

        A.      Retirement Benefits:

                Subject to Subparagraph II (D), hereinafter, should the Director
                continue to serve the Bank until "Normal Retirement Age" defined
                in Subparagraph I (I), the Director shall be entitled to receive
                an annual benefit equal to the amount set forth in Exhibit
                "A-1". Said payments shall be made monthly (1/12th of the annual
                benefit) and shall commence on the date of the annual board
                meeting following the Director's retirement and shall continue
                until the Director attains age seventy-six (76). Upon completion
                of the aforestated payments and commencing subsequent thereto
                and subject to Subparagraph II (A) (i) hereinbelow, the Index
                Retirement Benefit (Subparagraph I [E]) shall be paid to the
                Director until the Director's death

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                at which time said benefit shall cease. Each Plan Year, said
                benefits shall be a maximum of Twelve Thousand and 00/100ths
                Dollars ($12,000.00) annually.

                (i)     Index Retirement Benefit Adjustment:

                        The Index Retirement Benefit payment as set forth
                        hereinabove for the first Plan Year subsequent to the
                        Director attaining age seventy-six (76) shall be
                        adjusted according to a number equal to the aggregate of
                        the Index Retirement Benefit (Subparagraph I [E]) for
                        each Plan Year from the Effective Date of this agreement
                        until the Plan Year subsequent to the Director attaining
                        age seventy-six (76) over the aggregate of the benefit
                        payments the Director actually received under the terms
                        of this Director Plan through that date. For example, if
                        the Director retires at age sixty-five (65) and the
                        aggregate annual benefits received by the Director until
                        the Plan Year the Director attains age seventy-six (76)
                        were $900,000.00, and the aggregate Index Retirement
                        Benefits for each Plan Year from the Effective Date of
                        this agreement to the Plan Year the Director's attains
                        age seventy-six (76) were $1,000,000.00 then the
                        Director's Index Retirement Benefit in the first Plan
                        Year said payment is payable to the Director would be
                        increased by $100,000.00. If said number is a deficit,
                        then the Index Retirement Benefit for the Plan Year when
                        the Director attains age seventy-six (76) and each
                        subsequent Plan Year's benefit (if necessary) shall be
                        reduced until the entire deficit has been recovered by
                        the Bank. For each year thereafter, the Index Retirement
                        Benefit payment shall be paid as set forth in
                        Subparagraph I (E). For example, if the Director retires
                        at age sixty-five (65) and the aggregate annual benefits
                        to be received by the Director until the Plan Year the
                        Director attains age seventy-six (76) were
                        $1,000,000.00, and the aggregate Index Retirement
                        Benefits for each Plan year from the Effective Date of
                        this agreement to the Plan Year the Director attains age
                        seventy-six (76) were $900,000.00 and the Director's
                        Index Retirement Benefit was $90,000.00 in the first
                        year, then the Director would not receive any Index
                        Retirement Benefit in the first year, and the second
                        years' Index Retirement benefit would be reduced by
                        $10,000.00.

        B.      Termination of Service:

                Subject to Subparagraph II (E), should an Director suffer a
                Termination of Service the Director shall be entitled to receive
                the percentage set forth hereinbelow that corresponds to the
                number of full years of service on the

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                Board of the Bank from the date of first service (to a maximum
                of 100%), of the annual benefit set forth in Exhibit A-1. Said
                payments shall be made monthly (1/12th of the annual benefit)
                and shall commence thirty (30) days following the Director's
                Normal Retirement Age (Subparagraph I [J] and shall continue
                until the Director attains age seventy-six (76). Upon completion
                of the aforestated payments and commencing subsequent thereto
                and subject to Subparagraph II (A) (i) hereinabove the Index
                Retirement Benefit for each Plan Year subsequent to the year in
                which the Director attains age seventy-six (76), and including
                the remaining portion of the Plan Year in which the Director
                attains age seventy-six (76), shall be paid to the Director
                until the Director's death.

                Number years service         Vested percentage
                --------------------         -----------------
                        1                     0%
                        2 or more            20% per year to 100%

        C.      Death:

                If the Director dies while there is a balance in the Director's
                accrued liability retirement account, then the unpaid balance
                shall be paid in a lump sum to the individual or individuals
                designated in writing by the Director and filed with the Bank.
                In the absence of or a failure to designate a beneficiary, the
                unpaid balance shall be paid in a lump sum to the personal
                representative of the Director's estate. If, upon death, the
                Director shall have received the total balance of the Director's
                accrued liability retirement account, then no further benefit
                shall be due hereunder. In any event, upon the death of the
                Director, the Director's beneficiary shall not be entitled to
                receive any Index Retirement Benefit.

        D.      Discharge for Cause:

                Should the Director be Discharged for Cause at any time, all
                benefits under this Director Plan shall be forfeited. 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 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. If a dispute arises as to
                discharge "for cause," such dispute shall be resolved by
                arbitration as set forth in this Director Plan.

        E.      Death Benefit:

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                Except as set forth above, there is no death benefit provided
                under this Agreement.

        F.      Disability Benefit:

                In the event the Director becomes disabled prior to any
                Termination of Service, and the Director's employment is
                terminated because of such disability, the Director, upon
                submission to the Bank of written documentation and verification
                of disability, shall be one hundred percent (100%) vested in the
                accrued liability retirement account balance on the date of said
                disability. Said account shall be credited interest annually,
                until paid in full, at a rate of two percent (2%) plus the prime
                interest rate each Plan Year. Payment of such benefit shall be
                made in one (1) lump sum when the Director reaches his/her
                Normal Retirement Age. Disability shall be defined as the
                Director being unable to attend at least fifty percent (50%) of
                the meetings of the Board of Directors due to a
                physician-certified disabling condition. If there is a dispute
                regarding whether the Director is disabled, such dispute shall
                be resolved by a physician selected by the Bank and such
                resolution shall be binding upon all parties to this Agreement.

III.    RESTRICTIONS UPON FUNDING

        The Bank shall have no obligation to set aside, earmark or entrust any
        fund or money with which to pay its obligations under this Agreement.
        The Director, the Director's beneficiary(ies) or any successor in
        interest to the Director shall be and remain simply a general creditor
        of the Bank in the same manner as any other creditor having a general
        claim for matured and unpaid compensation.

        The Bank reserves the absolute right, at its sole discretion, to either
        fund the obligations undertaken by this Agreement or to refrain from
        funding the same and to determine the exact nature and method of such
        funding. Should the Bank elect to fund this Agreement, in whole or in
        part, through the purchase of life insurance, mutual funds, disability
        policies or annuities, the Bank reserves the absolute right, in its sole
        discretion, to terminate such funding at any time, in whole or in part.
        At no time shall the Director be deemed to have any lien or right, title
        or interest in or to any specific funding investment or to any assets of
        the Bank.

        If the Bank elects to invest in a life insurance, disability or annuity
        policy upon the life of the Director, then the Director shall assist the
        Bank by freely submitting to a physical exam and supplying such
        additional information necessary to obtain such insurance or annuities.

IV.     CHANGE OF CONTROL

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        Upon a Change of Control (Subparagraph I [H]), if the Director
        subsequently suffers a Termination of Service (Subparagraph I [D]), then
        the Director shall be entitled to receive the amount in the Director's
        Accrued Liability Retirement Account as of the date of Termination of
        Service paid in a lump sum thirty (30) days following said Termination
        of Service. The Director will also remain eligible for all promised
        death benefits in this Director Plan. In addition, no sale, merger, or
        consolidation of the Bank shall take place unless the new or surviving
        entity expressly acknowledges the obligations of this Director Plan and
        agrees to abide by its terms.

V.      MISCELLANEOUS

        A.      Alienability and Assignment Prohibition:

                Neither the Director, his/her surviving spouse nor any other
                beneficiary under this Agreement shall have any power or right
                to transfer, assign, anticipate, hypothecate, mortgage, commute,
                modify or otherwise encumber in advance any of the benefits
                payable hereunder nor shall any of said benefits be subject to
                seizure for the payment of any debts, judgments, alimony or
                separate maintenance owed by the Director or the Director's
                beneficiary(ies), nor be transferable by operation of law in the
                event of bankruptcy, insolvency or otherwise. In the event the
                Director or any beneficiary attempts assignment, commutation,
                hypothecation, transfer or disposal of the benefits hereunder,
                the Bank's liabilities shall forthwith cease and terminate.

        B.      Binding Obligation of the Bank and any Successor in Interest:

                The Bank shall not merge or consolidate into or with another
                bank or sell substantially all of its assets to another bank,
                firm or person until such bank, firm or person expressly agree,
                in writing, to assume and discharge the duties and obligations
                of the Bank under this Director Plan. This Director Plan shall
                be binding upon the parties hereto, their successors,
                beneficiaries, heirs and personal representatives.

        C.      Amendment or Revocation:

                Subject to Paragraph VII, it is agreed by and between the
                parties hereto that, during the lifetime of the Director, this
                Director Plan may be amended or revoked at any time or times, in
                whole or in part, by the mutual written consent of the Director
                and the Bank.

        D.      Gender:

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                Whenever in this Director Plan 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.

        E.      Effect on Other Bank Benefit Plans:

                Nothing contained in this Director Plan shall affect the right
                of the Director to participate in or be covered by any qualified
                or non-qualified pension, profit-sharing, group, bonus or other
                supplemental compensation or fringe benefit plan constituting a
                part of the Bank's existing or future compensation structure.

        F.      Headings:

                Headings and subheadings in this Director Plan are inserted for
                reference and convenience only and shall not be deemed a part of
                this Director Plan.

        G.      Applicable Law:

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

        H.      12 U.S.C. Section 1828(k):

                Any payments made to the Director pursuant to this Director
                Plan, or otherwise, are subject to and conditioned upon their
                compliance with 12 U.S.C. Section 1828(k) or any regulations
                promulgated thereunder.

        I.      Partial Invalidity:

                If any term, provision, covenant, or condition of this Director
                Plan is determined by an arbitrator or a court, as the case may
                be, to be invalid, void, or unenforceable, such determination
                shall not render any other term, provision, covenant, or
                condition invalid, void, or unenforceable, and the Director Plan
                shall remain in full force and effect notwithstanding such
                partial invalidity.

        J.      Supersede and Entire Agreement:

                This Agreement shall supersede the Retirement Payment Agreement
                dated October of 1985, and shall constitute the entire agreement
                of the parties

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                pertaining to this particular Director Supplemental Retirement
                Plan Agreement.

VI.     ERISA PROVISION

        A.      Named Fiduciary and Plan Administrator:

                The "Named Fiduciary and Plan Administrator" of this Director
                Plan shall be Home Savings Bank of Albemarle, SSB until its
                resignation or removal by the Board. As Named Fiduciary and Plan
                Administrator, the Bank shall be responsible for the management,
                control and administration of the Director Plan. The Named
                Fiduciary may delegate to others certain aspects of the
                management and operation responsibilities of the Director Plan
                including the employment of advisors and the delegation of
                ministerial duties to qualified individuals.

        B.      Claims Procedure and Arbitration:

                In the event a dispute arises over benefits under this Director
                Plan and benefits are not paid to the Director (or to the
                Director's beneficiary(ies) in the case of the Director's death)
                and such claimants feel they are entitled to receive such
                benefits, then a written claim must be made to the Named
                Fiduciary and Plan Administrator named above within.sixty (60)
                days from the date payments are refused. The Named Fiduciary and
                Plan Administrator shall review the written claim and if the
                claim is denied, in whole or in part, they shall provide in
                writing within sixty (60) days of receipt of such claim the
                specific reasons for such denial, reference to the provisions of
                this Director Plan upon which the denial is based and any
                additional material or information necessary to perfect the
                claim. Such written notice shall further indicate the additional
                steps to be taken by claimants if a further review of the claim
                denial is desired. A claim shall be deemed denied if the Named
                Fiduciary and Plan Administrator fail to take any action within
                the aforesaid sixty-day period.

                If claimants desire a second review they shall notify the Named
                Fiduciary and Plan Administrator in writing within sixty (60)
                days of the first claim denial. Claimants may review this
                Director Plan or any documents relating thereto and submit any
                written issues and comments it may feel appropriate. In their
                sole discretion, the Named Fiduciary and Plan Administrator
                shall then review the second claim and provide a written
                decision within sixty (60) days of receipt of such claim. This
                decision shall likewise state the specific reasons for the
                decision and shall include reference to specific provisions of
                the Plan Agreement upon which the decision is based.

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                If claimants continue to dispute the benefit denial based upon
                completed performance of this Director Plan or the meaning and
                effect of the terms and conditions thereof, then claimants may
                submit the dispute to an arbitrator for final arbitration. The
                arbitrator shall be selected by mutual agreement of the Bank and
                the claimants. The arbitrator shall operate under any generally
                recognized set of arbitration rules. The parties hereto agree
                that they and their heirs, personal representatives, successors
                and assigns shall be bound by the decision of such arbitrator
                with respect to any controversy properly submitted to it for
                determination.

                Where a dispute arises as to the Bank's discharge of the
                Director "for cause," such dispute shall likewise be submitted
                to arbitration as above described and the parties hereto agree
                to be bound by the decision thereunder.

VII.    TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE
        LAW, RULES OR REGULATIONS

        The Bank is entering into this Agreement upon the assumption that
        certain existing tax laws, rules and regulations will continue in effect
        in their current form. If any said assumptions should change and said
        change has a detrimental effect on this Director Plan, then the Bank
        reserves the right to terminate or modify this Agreement accordingly.
        Upon a Change of Control (Subparagraph I [J]), this paragraph shall
        become null and void effective immediately upon said Change of Control.

IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read
this Agreement and executed the original thereof on the first day set forth
hereinabove, and that upon execution, each has received a conforming copy.

                                             HOME SAVINGS BANK OF
                                             ALBEMARLE, SSB

                                             Albemarle, North Carolina


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


--------------------------------                --------------------------------
Witness                                                 R Ronald Swanner

                                       11

<PAGE>

                          BENEFICIARY DESIGNATION FORM
                    FOR THE DIRECTOR SUPPLEMENTAL RETIREMENT
                                 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.)

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II.     SECONDARY (CONTINGENT) DESIGNATION

        A.      PERSON(s) AS A SECONDARY (CONTINGENT) 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 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 Director Supplemental Retirement 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.


        ----------------------------                ----------------------------
        R Ronald Swanner                            Date

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