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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13: 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. Non-recognized 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 issued and no subsequent events have occurred requiring accrual or disclosure.


On February 7, 2012, the Company was notified by a large depositor, that its funds would be withdrawn by the end of that month.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. At quarter end, these deposits had not been withdrawn; however, the majority, $40.8 million, were withdrawn in April 2012 with $6.8 million remaining on deposit as of the date of this filing.


On April 10, 2012 Hugh C. Lane, Jr. announced his retirement as President and Chief Executive Officer of Bank of South Carolina Corporation (the “Company”) and the Company’s wholly owned subsidiary, The Bank of South Carolina (the “Bank”) effective April 11, 2012. Mr. Lane will serve as Chairman of the Board of Directors of both the Company and the Bank.