<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001091491</cik>
        <entityName>HCSB FINANCIAL CORP</entityName>
        <issuerAddress>
            <street1>3640 Ralph Ellis Blvd</street1>
            <city>LORIS</city>
            <stateOrCountry>SC</stateOrCountry>
            <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
            <zipCode>29569</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>8437164272</issuerPhoneNumber>
        <jurisdictionOfInc>SOUTH CAROLINA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>R</middleName>
                <lastName>Clarkson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer and President.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Glenn</firstName>
                <middleName>Raymond</middleName>
                <lastName>Bullard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Senior Executive Vice President of Company and Bank.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ron</firstName>
                <middleName>Lee</middleName>
                <lastName>Paige, Sr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>Lewis</middleName>
                <lastName>Loehr, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>Stephen</middleName>
                <lastName>Addy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Johnny</firstName>
                <middleName>Charles</middleName>
                <lastName>Allen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglas</firstName>
                <middleName>Singleton</middleName>
                <lastName>Bailey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Franklin</firstName>
                <middleName>Carroll</middleName>
                <lastName>Blanton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Clay</firstName>
                <middleName>Dwight</middleName>
                <lastName>Brittain, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rachel</firstName>
                <middleName>Barber</middleName>
                <lastName>Broadhurst</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Russell</firstName>
                <middleName>Renshaw</middleName>
                <lastName>Burgess, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jimmy</firstName>
                <middleName>Lavelle</middleName>
                <lastName>Coleman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Larry</firstName>
                <middleName>Gene</middleName>
                <lastName>Floyd</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Boyd</firstName>
                <middleName>Rivers</middleName>
                <lastName>Ford, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tommie</firstName>
                <middleName>William</middleName>
                <lastName>Grainger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gwyn</firstName>
                <middleName>Gordon</middleName>
                <lastName>McCutchen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>Freddie</middleName>
                <lastName>Moore</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carroll</firstName>
                <middleName>Dorn</middleName>
                <lastName>Padgett, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3640 Ralph Ellis Blvd</street1>
                <city>Loris</city>
                <stateOrCountry>SC</stateOrCountry>
                <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                <zipCode>29569</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-03-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>15000000</totalOfferingAmount>
            <totalAmountSold>3179000</totalAmountSold>
            <totalRemaining>11821000</totalRemaining>
            <clarificationOfResponse>An offering of subordinated notes due 2020.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>16</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>HCSB FINANCIAL CORP</issuerName>
                <signatureName>/s/ Ed L. Loehr</signatureName>
                <nameOfSigner>Ed L. Loehr</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2010-04-08</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
