Greer Bancshares Revises Second Quarter Profit

GREER, SC – September 12, 2013 – Greer Bancshares Incorporated (the “Company”), the parent company of Greer State Bank, revised its previously reported second quarter net income attributable to common shareholders from $7,761,000 or $3.12 per diluted common share to $6,285,000 or $2.53 per diluted common share.  The revision was due to a re-evaluation of the intra-period tax allocation made on the non-cash reversal of the deferred tax asset valuation which resulted in the recognition of tax expense for 2013.  The valuation allowance reversal was recorded as $5,386,000 and has been revised to be $3,910,000. Greer State Bank remains well capitalized with tier one leverage capital of 10.52% after the revision, which was previously reported as 10.57%. The Company filed a Form 8-K and a revised Form 10-Q/A with the Securities Exchange Commission and both filings are also available via Greer State Bank’s website.

About Greer State Bank

Now in its twenty-fifth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community.  Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS.  More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.