8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 7, 2008

UWHARRIE CAPITAL CORP

(Exact name of Registrant as specified in its charter)

NORTH CAROLINA	000-22062	56-1814206
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification number)

132 NORTH FIRST STREET, ALBEMARLE, NORTH CAROLINA 28001

(Address of principal executive offices)

Registrant’s telephone number, including area code (704) 983-6181

N/A

(Former address of principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 7, 2008, Uwharrie Capital Corp (the “Registrant”) announced financial results for the quarter ended September 30, 2008. For the third quarter of 2008, the Registrant reported earnings from operations of $1.0 million compared to $1.1 million in the same period last year. During the quarter ended September 30, 2008, the Company prudently expensed additional reserves to its loan loss provision in light of increased economic risk. Third quarter earnings, after this provision and taxes were $343 thousand compared to $774 thousand for the same period last year. A copy of the press release (the “Press Release”) announcing the Registrant’s results for the third quarter ended September 30, 2008 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release dated November 7, 2008 regarding the Registrant’s results of operations for the third quarter ended September 30, 2008.

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Registrant’s control).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UWHARRIE CAPITAL CORP
By:	/s/ Roger L. Dick
	Roger L. Dick
	Chief Executive Officer

Dated: November 10, 2008

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press Release dated November 7, 2008

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

FROM:	Christy Stoner
	Uwharrie Capital Corp
	704-991-1138
DATE:	November 7, 2008

ALBEMARLE, N.C. – Uwharrie Capital Corp, parent company for Bank of Stanly, Anson Bank and Trust and Cabarrus Bank and Trust, reported earnings from operations of $1.0 million during third quarter of 2008 compared to $1.1 million in the same period last year. During the quarter ended September 30, 2008, the Company prudently expensed additional reserves to its loan loss provision in light of increased economic risk. Third quarter earnings, after this provision and taxes were $343 thousand compared to $774 thousand for the same period last year.

For the nine months ending September 30, 2008, earnings were $1.9 million compared to $2.1 million for the first nine months of 2007 representing a 12.1% decrease. This decline is primarily due to loan loss provisions of $786 thousand in 2008 compared to negative $120 thousand in 2007. During the prior year the Company experienced recovery of some previously charged off loans, reducing the expense recognized in 2007.

Total assets ended the quarter at $425 million, up from $393 million, September 30, 2007, representing 8.2% growth in assets. Roger Dick, Chief Executive Officer, said, “We are pleased with these results in light of the current economic turmoil. Our banks are all well-capitalized and well-poised to face the economic challenges in the communities we serve.”

Uwharrie Capital Corp has declared a 3% stock dividend to be paid to shareholders on December 4, 2008. Mike Snyder, Board of Directors’ Chairman commented, “The Board of Directors is pleased to make this announcement. Our shareholders continue to show their support by doing business with us and referring their friends. This allows our company to continue creating value and serving our communities well by empowering local people to control their economic destiny.”

Shareholders of Uwharrie Capital Corp as of the record date, November 17, 2008, will receive the dividend. Only whole shares of stock will be issued. Shareholders who hold

stock certificates will receive a new certificate by mail, representing the 3% stock dividend shares. Certificates will be electronically delivered directly to the appropriate accounts if the stock is being held in brokerage accounts. If applicable, a check for payment of a fractional share may also be enclosed with the new stock certificate.

Shareholders may contact Tamara Singletary or Lisa Hartsell in Investor Relations at 704-982-4415 for further information about the dividend. Additional information about Uwharrie Capital Corp can be found by visiting www.UwharrieCapitalCorp.com

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