SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

18.

Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure.

On February 7, 2012, the Company was informed by a large depositor, that its funds would be withdrawn by the end of the month. This company was started in Charleston, SC and was purchased by an out-of-state company in 2007. The deposits remained with the Bank of South Carolina with the understanding these deposits would eventually be moved. The average available balance in these accounts for the year ending December 31, 2011 was $19,482,004.