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December 01, 2015 5:38 PM ET


Company Overview of Horry County State Bank

Company Overview

Horry County State Bank provides personal and business banking products and services in South Carolina. The company offers checking, savings, Christmas club, money market, and individual retirement accounts; and certificate of deposits. It also provides credit reserve, lot, home equity lines of credit, personal, agricultural, acquisition and development, credit lines, and small business administration loans; credit and debit cards; online banking and bill payment services; and cash management and merchant services. The company was founded in 1987 and is based in Loris, South Carolina. Horry County State Bank operates as a subsidiary of HCSB Financial Corp.

5201 Broad Street

Loris, SC 29569

United States

Founded in 1987





Key Executives for Horry County State Bank

Chief Executive Officer, President, Member of The Board of Directors and Chief Executive Officer of HCSB Financial Corporation
Age: 63
Chief Financial Officer
Age: 61
Senior Vice President
Age: 59
Compensation as of Fiscal Year 2015.

Horry County State Bank Key Developments

HCSB Financial Corporation and Horry County State Bank Provide Update on Class Action Lawsuit

As disclosed earlier by HCSB Financial Corporation on September 22, 2015, a final hearing on the proposed settlement of the previously disclosed putative class action lawsuit between the company, Horry County State Bank, James R. Clarkson, Glenn Raymond Bullard, Ron Lee Paige, Sr., and Edward Lewis Loehr, Jr., the President and Chief Executive Officer, Senior Executive Vice President, Executive Vice President, and Chief Financial Officer of the company and the bank, respectively, and Jan W. Snyder, Acey H. Livingston, and Mark Josephs, on behalf of themselves and as representatives of a class of similarly situated purchasers of the company's subordinated debt notes, was scheduled for November 23, 2015. The proposed settlement is subject to several conditions, which have not yet been met. Accordingly, on November 17, 2015, all class members were notified that the final hearing scheduled for November 23, 2015 has been cancelled and that they will be advised when, and if, the final hearing is rescheduled by the court.

HCSB Financial Corp. Settles Suit Filed by Purchasers of Company's Notes

HCSB Financial Corp. and other defendants in a suit filed by purchasers of the company's subordinated debt notes entered into a class-action settlement agreement, effective as of September 16, 2015. The filing stated that Jan Snyder, Acey Livingston, and Mark Josephs, on behalf of themselves and as representatives of a class of similarly situated purchasers of the company's notes, filed an action seeking an unspecified amount of damages resulting from alleged wrongful conduct associated with purchases of the notes, including fraud, violation of state securities statutes, and negligence. The putative class-action lawsuit is pending in the Court of Common Pleas for the Fifteenth Judicial District, State of South Carolina, County of Horry. The defendants include the company, its unit Horry County State Bank, James Clarkson, Glenn Raymond Bullard, Ron Lee Paige Sr., and Edward Lewis Loehr Jr., the president and CEO, senior executive vice president, executive vice president, and CFO of the company and the bank, respectively. With respect to the proposed settlement, the court on September 16, 2015 signed its preliminary order of approval, in which it preliminarily approved the settlement agreement, the form of notice, and the plan for giving persons within the class notice of the settlement and an opportunity to opt out of or object to the settlement. A final hearing is scheduled for November 23, 2015 at which the court will be asked to finally approve the settlement of the class-action lawsuit and to enter judgment accordingly. Under the terms of the settlement agreement, the company will establish a settlement fund of about $2.4 million, which represents 20% of the principal of subordinated debt notes that it issued. Owners of subordinated debt notes will be entitled to receive 20% of their notes, which will be paid from the settlement fund. In order to participate in the settlement, class members must grant the defendants a full and complete release of all claims that were asserted or could have been asserted in the lawsuit. The company will separately pay the approved attorneys fees, costs, and expenses of class counsel up to an aggregate of $250,000.

T. Freddie Moore Not to Stand for Re-Election as Director of HCSB Financial Corp. and Horry County State Bank

On February 26, 2015, Mr. T. Freddie Moore, a director of HCSB Financial Corporation and Horry County State Bank, notified the company of his decision not to stand for reelection at the 2015 AGM and to resign from his position as a director to each of the company and the Bank effective as of the AGM. Mr. Moore's decision to resign from the board of directors was for personal reasons and did not arise or result from any disagreement with the company on any matters relating to the company's operations, policies or practices.

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