Sec Form 4 Filing - DAVIS RONALD B @ UWHARRIE CAPITAL CORP - 2004-01-30

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person DAVIS RONALD B 2. Issuer Name and Ticker or Trading Symbol UWHARRIE CAPITAL CORP [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) X __ Other (specify below) President, UCC/Director , AB&T and CB&T (Last) (First) (Middle) PO BOX 338, 134 N. FIRST STREET 3. Date of Earliest Transaction (MM/DD/YY) 01/30/2004 (Street) ALBEMARLE, NC28002-0338 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock (Held by Self) 01/30/2004 M 81,037 A $ 4.887 81,037 D Common Stock (Held by Self) 01/30/2004 D 81,037 D $ 6 0 D Common Stock (See Footnote 1) ( 1 ) 1,030 D Common Stock (See Footnote 2) ( 2 ) 3,731.15 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Options (Right to Purchase) $ 4.887 01/30/2004 M 81,037 11/29/1999( 3 ) 11/29/2009 Common Stock 81,037 ( 4 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other DAVIS RONALD B PO BOX 338 134 N. FIRST STREET ALBEMARLE, NC28002-0338 President, UCC Director , AB&T and CB&T Signatures Ronald B. Davis by Tamara M. Singletary, EVP, Uwharrie Capital Corp 01/30/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Held by Cede & Co., Depository for Fiserv Securities, Inc., Safekeeper for Ronald B. Davis. ( 2 )Held by Uwharrie Capital Corp Employee Stock Ownership Plan for Ronald B. Davis. ( 3 )Incentive Stock Options granted 11/29/1999 vest in four unequal annual installments beginning 11/29/1999. ( 4 )Price of Derivative Security (Column 8, Table II) is left blank because the transaction is an exercise of a derivative security. The exercise price is reported in Column 2, Table II. (See Form 4 General Instructions, Item 4(c) (iii)).

Remarks: Note: Effective 02-01-2004 Ronald B. Davis resigns as Executive Officer and/or Director of Uwharrie Capital Corp and all subsidiaries and is no longer a reporting person.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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