Exhibit 10.7(b)


 


	
  COASTAL CAROLINA BANCSHARES, INC.

  	
   

  	
  SOUTH CAROLINA BANK AND TRUST, N.A.

  	
   

  	
   

  
	
  2305 OAK STREET

  	
   

  	
  950 JOHN C. CALHOUN DRIVE

  	
   

  	
   

  
	
  MYRTLE BEACH, SC 29577

  	
   

  	
  PO BOX 9007

  	
   

  	
  Line of Credit No.                      

  
	
   

  	
   

  	
  ORANGEBURG, SC 29116-9007

  	
   

  	
  Date

  	
  04-01-2008

  
	
  BORROWER’S
  NAME AND ADDRESS

  	
   

  	
  LENDER’S
  NAME AND ADDRESS

  	
   

  	
  Max. Credit Amt.

  	
  2,000,000.00

  
	
  “I” includes each
  borrower above, jointly and severally.

  	
   

  	
  “You” means the lender,
  its successors and assigns.

  	
   

  	
  Loan Ref. No.                        

  



 


You
have extended to me a line of credit in the

AMOUNT of          TWO
MILLION AND
NO/100                                                                             $
2,000,000.00                              ,
You will make loans to me from time to time until 12:00 P.m.
on 04-01-2009. Although the line of credit expires on that date, I will
remain obligated to perform all my duties under this agreement so long as I owe
you any money advanced according to the terms of this agreement, as evidenced
by any note or notes I have signed promising to repay these amounts.


This line of credit is an agreement between you and me. It is not
intended that any third party receive any benefit from this agreement, whether
by direct payment, reliance for future payment or in any other manner. This
agreement is not a letter of credit.


 


1. AMOUNT: This line of credit is:


 


	
   

  	
  x

  	
  OBLIGATORY:
  You may not refuse to make a loan to me under this line of credit unless one
  of the following occurs:

  
	
   

  	
   

  	
  a.
  I have borrowed the maximum amount available to me;

  
	
   

  	
   

  	
  b.
  This line of credit has expired;

  
	
   

  	
   

  	
  c.
  I have defaulted on the note (or notes) which show my indebtedness under this
  line of credit;

  
	
   

  	
   

  	
  d.
  I have violated any term of this line of credit or any note or other
  agreement entered into in connection with this line of credit;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  e. SEE COMMITMENT LETTER DATED 02-29-2008

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  DISCRETIONARY:
  You may refuse to make a loan to me under this line of credit once the
  aggregate outstanding advances equal or exceed
                                                                                                                     $                                          .

  



 


Subject
to the obligatory or discretionary limitations above, this line of credit is:


	
   

  	
  x

  	
  OPEN-END
  (Business or Agricultural only): I may borrow up to the maximum amount of
  principal more than one time.

  
	
   

  	
  o

  	
  CLOSED-END:
  I may borrow up to the maximum only one time.

  



 


2. PROMISSORY NOTE: I will repay any advances made according to
this line of credit agreement as set out in the promissory note, I signed on 04-01-2008,
or any note(s) I sign at a later time which represent advances under this
agreement. The note(s) set(s) out the terms relating to maturity, interest
rate, repayment and advances. If indicated on the promissory note, the advances
will be made as follows:


SEE COMMITMENT LETTER DATED 02-29-2008


 


3. RELATED DOCUMENTS: The following documents have been signed in connection with this line
of credit and note(s) entered into in accordance with this line of credit:


 


	
   

  	
  o

  	
  security agreement dated

  	
   

  	
  x

  	
   

  	
  21 PERSONAL LIMITED GUARANTY AGREEMENTS

  
	
   

  	
  o

  	
  mortgage dated

  	
   

  	
  x

  	
   

  	
  COMMITMENT LETTER DATED 02-29-2008

  
	
   

  	
  o

  	
  guaranty
  dated

  	
   

  	
  o

  	
   

  	
   

  



 


4. REMEDIES: If I am in default on the note(s) you may:


	
   

  	
  a.
  take any action as provided in the related documents;

  
	
   

  	
  b.
  without notice to me, terminate this line of credit.

  
	
   

  	
      By
  selecting any of these remedies you do not give up your right to later use
  any other remedy. By deciding not to use any remedy should I default, you do
  not waive your right to later consider the event a default, if it happens
  again.

  



 


5. COSTS AND FEES: If you hire an attorney to enforce this agreement I will pay your
reasonable attorney’s fees, where permitted by law. I will also pay your court
costs and costs of collection, where permitted by law.


 


6. COVENANTS: For as long as this line of credit is in
effect or I owe you money for advances made in accordance with the line of
credit, I will do the following:


	
   

  	
  a.
  maintain books and records of my operations relating to the need for this
  line of credit;

  
	
   

  	
  b.
  permit you or any of your representatives to inspect and/or copy these
  records;

  
	
   

  	
  c.
  provide to you any documentation requested by you which support the reason
  for making any advance under this line of credit;

  
	
   

  	
  d.
  permit you to make any advance payable to the seller (or seller and me) of
  any items being purchased with that advance;

  
	
   

  	
   

  
	
   

  	
  e. SEE COMMITMENT LETTER DATED 02-29-2008

  



 


7. NOTICES: All notices or other correspondence with me
should be sent to my address stated above. The notice or correspondence shall
be effective when deposited in the mail, first class, or delivered to me in
person.


 


8. MISCELLANEOUS: This line of credit may not be changed except
by a written agreement signed by you and me. The law of the state in which you
are located will govern this agreement. Any term of this agreement which is
contrary to applicable law will not be effective, unless the law permits you
and me to agree to such a variation.


 


	
  FOR THE LENDER

  	
   

  	
  SIGNATURES: I  AGREE TO THE TERMS OF THIS LINE OF CREDIT. I HAVE RECEIVED A COPY ON
  TODAY’S DATE.

  
	
   

  	
   

  	
   

  
	
    /s/
  Alex Shuford

  	
   

  	
  Coastal
  Carolina Bancshares, Inc.

  
	
  ALEX SHUFORD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title        EXECUTIVE VICE PRESIDENT

  	
   

  	
          /s/
  Michael D. Owens, Pres. & CEO

  
	
   

  	
   

  	
  By:  Michael
  D. Owens

  
	
   

  	
   

  	
          Its
  President and Chief Executive Officer

  



 


©
1985 BANKERS SYSTEMS, INC., ST. CLOUD, MN 56301 (1-800-397-2341) FORM LCA
5/2/91


 


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