ASB Bancorp, Inc. is the holding company of Asheville Savings Bank (the Bank). Its principal business activity is the ownership of the outstanding shares of common stock of the Bank. Asheville Savings Bank is a chartered savings bank. It operates as a community-oriented institution offering traditional financial services to consumers and businesses in its market area. It attracts deposits from the general public and uses those funds to originate one-to four-family residential mortgage loans and commercial real estate loans, and home equity loans and lines of credit, consumer loans, construction and land development loans, and commercial and industrial loans. It conducts its lending and deposit activities with individuals and small businesses in its primary market area. Its market area is Asheville, North Carolina and the rest of Buncombe County where it has eight branch offices, as well as Henderson, Madison, McDowell and Transylvania Counties where it has five branch offices.