UNITED STATES 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):   SEPTEMBER 4, 2003


                    PEOPLES BANCORP OF NORTH CAROLINA, INC.
                  --------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)



         NORTH CAROLINA               000-27205               56-2132396
         --------------               ---------               ----------
  (State or Other Jurisdiction   (Commission File No.)      (IRS Employer
        of Incorporation)                                 Identification No.)



               518 WEST C STREET
               NEWTON, NORTH CAROLINA                           28658
               ------------------------                         -----
     (Address of Principal Executive Offices)                 (Zip Code)



                                 (828) 464-5620
                                 --------------
              (Registrant's Telephone Number, Including Area Code)



ITEM 5.  OTHER EVENTS.

     On  September  4,  2003,  Peoples  Bancorp  of  North  Carolina,  Inc. (the
"Company")  issued a press release announcing the resignation of John H. Elmore,
Jr.  from the board of directors of the Company and its wholly-owned subsidiary,
Peoples  Bank  (the  "Bank").

     A copy of the press release making this announcement is attached as Exhibit
99.1.

Item 7.  Financial Statements and Other Exhibits.

     Exhibit 99.1 -- Press Release dated September 4, 2003.


                                   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.

                                         PEOPLES BANCORP OF NORTH CAROLINA, INC.


Date: September 5, 2003                  By: /s/ A. Joseph Lampron
                                            ------------------------------------
                                            A. Joseph Lampron
                                            Executive Vice President and Chief
                                            Financial Officer