<PAGE>   1
                                                                    EXHIBIT 10.2


STATE OF GEORGIA                )
                                )                 ASSIGNMENT
COUNTY OF CHATHAM               )


         IN CONSIDERATION of the sum of $5,000.00 and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Robert M. Chu ("Assignor") does hereby transfer and assign to C & S
Bancorporation, Inc., a Georgia corporation ("Assignee"), all of his right,
title and interest in and to that certain Real Estate Contract ("Contract"),
including all attachments and Exhibits, by and between Assignor and Paul Yao
("Seller"), dated June 12, 2001, which is attached hereto and made part hereof
as Exhibit "A".

         Assignor, Assignee and Seller acknowledge and agree that Assignee will
have all rights of Purchaser under the Contract, including, without limitation,
thirty days from June 12, 2001 to inspect the property described in the Contract
("Property"). If during the inspection period, Assignee decides not to purchase
the property for any reason whatsoever, the parties hereto expressly agree that
Assignee shall notify Seller in writing prior to July 12, 2001, and Seller shall
thereupon refund the $5,000.00 earnest money deposit to Assignee. The parties
further acknowledge and agree that in the event Assignee does not so notify
Seller, the Closing shall occur on or before August 1, 2001, in the offices of
Bouhan, Williams & Levy, 447 Bull Street, Savannah, Georgia 31401 at a time
mutually agreeable to Assignee and Seller.

         Seller does hereby consent to and acknowledge this Assignment and all
the terms contained herein.

         IN WITNESS WHEREOF, the parties have executed this Assignment this 14th
day of June, 2001.



C& S Bancorporation, Inc.



By: /s/ Brian R. Foster                            /s/ Robert M. Chu     (L.S.)
    ---------------------------------              ----------------------
        President



                                                   /s/ Paul Yao          (L.S.)
                                                   ----------------------
<PAGE>   2

                  RESIDENTIAL SALES CONTRACT
                  Approved By and For Use of Members
                  SAVANNAH BOARD OF REALTORS(R)

INITIAL,            1.     SUBMISSION OFFER DATE: June 12, 2001.
TIME,
DATE,               2.     THE UNDERSIGNED SELLER(S) agrees to sell and the
CHANGES                    undersigned PURCHASER(S) agrees to buy through
                           N/A, the listing real estate Broker, that certain
                           real property (the property) in _____________ COUNTY,
                           GEORGIA located at 7401 Hodgson Memorial Drive, which
                           property is more fully described in the LEGAL
                           DESCRIPTION set forth below OR attached and made a
                           part hereof:

                                           See Attached Exhibit A

                           Said sale includes all existing lighting fixtures
                           attached thereto, all plumbing, electrical, water
                           heating, heating and air conditioning equipment
                           therein, also all drapery hardware, ceiling fans, and
                           fencing if any and all plants, trees and shrubbery
                           now planted on the premises, and include in the sale
                           will be the items of personal property listed on the
                           attached personal property agreement.

BELOW               3.     THE PURCHASE PRICE of said property shall be Seven
                           Hundred Eight-five Thousand and no/100 DOLLARS
                           $785,000.00 to be paid as follows:

                    4.     PAYMENT METHOD: See attached Exhibit or Addendum
                           (other than cash)

                    [X]  Cash to Seller at Closing
                    [ ]  Conventional Fixed Rate
                    [ ]  Conventional Adjustable Rate
                    [ ]  Loan Assumption - Sales Price Controlling
                    [ ]  Loan Assumption - Equity Controlling
                    [ ]  FHA
                    [ ]  VA
                    [ ]  Other

                    5.     CLOSING COSTS: Closing costs to include, Attorney's
                           fees, intangible tax, recording cost and any costs
                           required by Lender, to be paid by [ ] Seller, [X]
                           Purchaser, [ ] Other. See Special Stipulation # N/A.
                           Seller shall pay Georgia State Transfer Tax. Closing
                           Attorney to be selected by [X] Purchaser [ ] Seller,
                           and subject to lender's approval.
                              Purchaser and Seller mutually agree to close at a
                           time and place designated by Closing Attorney within
                           five (5) working days after notification from the
                           Closing Attorney that the sale is ready to close.

                    6.     EARNEST MONEY: Broker acknowledges that Purchaser
                           has paid the sum of Five Thousand DOLLARS ($5,000.00)
                           [ ] Cash [X] Check payable to Paul Yao as earnest
                           money which shall be supplied as part payment of the
                           Purchase price of the property
<PAGE>   3

                           at Closing. Said earnest money will be deposited in
                           Broker's escrow account within five (5) working days
                           only after final acceptance of this instrument. In
                           the event the Purchaser shall stop payment of his
                           earnest money check or should the purchaser's earnest
                           money check be dishonored when presented to the bank,
                           then at the Seller's option this agreement may be
                           declared null and void. All parties in this contract
                           agree that the Broker required to deposit the earnest
                           money may deposit the earnest money in an interest
                           bearing account and that said Broker is entitled to
                           the interest earned on such deposit to cover his
                           administrative expenses.

                    7.     TITLE: Seller warrants that he presently has good
                           and marketable title to the property and agrees to
                           convey said property to the Purchaser at closing by
                           General Warranty Deed subject only to leases,
                           easements, restrictions and encumbrances as recorded.
                              In the event leases are specified in this
                           contract, the Purchaser agrees to assume the Seller's
                           responsibility thereunder to the tenant and to the
                           Broker who negotiated such leases. A COPY OF ANY
                           EXISTING LEASE(S) OR RENTAL CONTRACT(S) IS ATTACHED
                           HERETO, and Seller agrees not to modify any existing
                           lease(s) or rental contract(s) between the date of
                           this contract and the date of closing.
                              It is expressly understood and agreed between the
                           parties hereto that TIME IS OF THE ESSENCE of this
                           contract. The sale shall be closed on or before N/A P
                           prior to which time Purchaser shall have the
                           opportunity of having the title examined. Should any
                           legal defect be found in the title, Seller shall be
                           provided with a written statement thereof prior to
                           above said date and given a reasonable time
                           thereafter within which to correct the same; however
                           in no event to exceed sixty (60) days from the date
                           of said notice of defect. Upon the expiration of
                           sixty (60) days, Purchaser has the option to void
                           this contract.
                              Water rents and rentals, ad valorem taxes,
                           Homeowners/Association/Regime fees or other costs
                           required by covenants or restrictions are to be
                           prorated as of the date of closing. The costs of
                           street paving, curbs, or gutters completed or under
                           contract, as of the date of the execution of this
                           Sales Contract shall be paid by the Seller on or
                           before consummation of this sale. Purchaser shall
                           assume the obligation of said paving, curbs or
                           gutters contracted for or completed after the
                           execution hereof.
                              Seller warrants that, as of the date hereof,
                           neither he nor his agent has received any notice
                           issued by any city or other government authority of
                           building code violation concerning the subject
                           property.

                    8.     OCCUPANCY: shall be delivered to Purchaser: [ ] At
                           Closing, [ ] After Closing, but no later than N/A in
                           which event Seller agrees to pay rent to Purchaser at
                           the rate of $______________ per day, beginning the
                           day after closing and continuing until and including
                           the day occupancy is delivered.
                             [ ] Prior to closing, subject to the conditions set
                           forth in the MOVE-IN AGREEMENT attached hereto and
                           made a part hereof.
<PAGE>   4

                    9.     SELLER WARRANTS: Until closing or until possession
                           is delivered, whichever comes first, Seller agrees to
                           maintain heating, air conditioning, sewer, plumbing
                           and electrical systems and any built-in appliances
                           and equipment in normal working order, to keep the
                           roof water-tight, deliver the property with no broken
                           window panes, and to maintain the property and
                           grounds in the same condition as of the date of
                           acceptance of this contract. It is the Seller's
                           responsibility to have utilities operational in order
                           that all inspections may be completed. Purchaser, at
                           his expense, shall have the privilege and
                           responsibility of making inspections of said
                           equipment and systems prior to closing of sale or
                           until possession is delivered, whichever comes first,
                           and shall notify Seller in writing of any defects
                           revealed by such inspections. Purchaser to made
                           inspections at least 48 hours prior to closing. Upon
                           receipt of such written notice, Seller shall (a)
                           immediately cause such defects to be corrected or (b)
                           authorize Purchaser to cause same to be corrected and
                           deduct the cost thereof from the purchase price. If
                           Seller elects to cause the defects to be corrected
                           and is unable to complete such corrections prior to
                           closing an amount equal to one and one-half (1 1/2)
                           times the sum estimated by the Seller's Broker
                           sufficient to complete such corrections shall be
                           withheld from Seller's proceeds at closing and held
                           in escrow by the Closing Attorney until (a) the
                           corrections have been completed or (b) 30 days after
                           closing, the entire amount may be released by the
                           Selling Broker and Closing Attorney and paid to
                           Purchaser to complete such corrections.

                    10.    WOOD INFESTATION REPORT: Seller shall provide at time
                           of closing of this transaction, a report from a pest
                           control operator, licensed by the State of Georgia,
                           certifying freedom from termite and other
                           wood-destroying organisms, said report to be issued
                           under Chapter 620-6-01 of the Rules of Georgia
                           Structural Pest Control Commission. Said inspection
                           will be accepted only if made within thirty (30) days
                           of closing. In the event said inspection reveals
                           termites, other wood-destroying organisms, or
                           structural damage therefrom, subject to Purchaser's
                           option to waive such defect, Seller shall have the
                           option, (a) to correct the problem prior to closing,
                           or (b) to void this contract. In the event Seller
                           elects to void this Contract, Seller will refund
                           Purchaser the earnest money deposit, less credit
                           report, appraisal charges and all other loan
                           processing costs and closing expenses.

                    11.    RISK OF LOSS: Seller warrants that when the sale is
                           consummated the improvements on the property will be
                           in the same condition as they are on the date this
                           contract is signed by Seller, normal wear and tear
                           excepted; however, should the premises be destroyed
                           or substantially damaged by fire or other hazards
                           before the sale is consummated, then at the election
                           of Purchaser; (a) this contract may be canceled, or
                           (b) Purchaser may consummate the sale and receive
                           such insurance proceeds as are paid on the claim of
                           loss. This election is to be exercised within ten
                           (10) days after the Purchaser has been notified in
                           writing by Seller or the amount of the insurance
                           proceeds, if any, that Seller will receive on the
                           claim of loss. Upon any such cancellation, earnest
                           money paid hereunder shall be returned to Purchaser
                           less any deductions for loan processing expenses.
<PAGE>   5

                    12.    HOMEOWNERS FEES: Purchaser acknowledges that
                           homeowner's fees are presently in the amount of
                           $ N/A per ____________ when due. Purchaser shall
                           bear the responsibility of securing a copy of deed
                           restrictions, covenants and by-laws from Closing
                           Attorney on or before closing.

                    13.    BROKERAGE COMPENSATION: The agent in negotiating this
                           contract has rendered a valuable service and Seller
                           agrees to pay a total brokerage commission, at
                           closing, based upon _______% of the total sales
                           price.
                           This contract has been made in cooperation with N/A,
                           a licensed Broker, who will receive a portion of the
                           total brokerage commission as stated above, which is
                           an amount equal to _________% of the total sales
                           price.

                    14.    AGENCY DISCLOSURE: In this transaction, the Listing
                           Broker (if any) has acted as agent for the Seller.
                           The Selling Broker's relationship with the parties to
                           this Agreement is as specified in the attached
                           Exhibit. Either the "Agency Exhibit" or the
                           "Transaction Broker Exhibit" is attached and made a
                           part hereof by reference herein.

                    15.    DEFAULT: Broker is made a party hereto to enable
                           Broker to enforce his commission rights hereunder
                           against the parties herein on the following basis:
                           Seller agrees to pay Broker the full commission when
                           the sale is consummated. In the event the sale is not
                           consummated because of Seller's inability, failure or
                           refusal to perform any of the Seller's covenants
                           herein, then the Seller shall pay the full commission
                           to Broker, and Broker at the option of Purchaser,
                           shall return the earnest money to Purchaser, as
                           herein provided. Purchaser agrees that if Purchaser
                           fails or refuses to perform any of the Purchaser's
                           covenants herein, Purchaser shall forthwith pay
                           Broker the full commission or at the sole option of
                           the Seller, Broker may first apply one-half (1/2) of
                           the earnest money towards the payment of, but not to
                           exceed the full commission and shall pay the balance
                           thereof to Seller as liquidated damages and Seller
                           accepts the balance as Seller's liquidated damages in
                           full settlement of any claim for damages, whereupon
                           Broker shall be released by any and all liability for
                           return of earnest money to Purchaser. Should Seller
                           reject tender by Broker of one-half (1/2) of the
                           earnest money deposit in full settlement for his
                           damages due to Purchaser's default. Seller shall
                           retain all rights at law against Purchaser for his
                           default on this contract and said one-half of the
                           earnest money shall be retained by Broker until the
                           matter is resolved after having paid the other
                           one-half to himself. Purchaser will be responsible
                           for any credit report and appraisal charges. The
                           party(ies) in default shall be responsible for loan
                           processing and closing expenses incurred.

                           In the event the sale is not consummated for reasons
                           other than default of the parties as herein provided,
                           the earnest money deposit is to be refunded to the
                           Purchaser less loan processing costs and closing
                           expenses incurred.
<PAGE>   6

                           If either Purchaser or Seller commits an anticipatory
                           breach or indicates implicitly or actually that such
                           party will not consummate this sale, the defaulting
                           party hereby waives the necessity of tender.

                    16.    ADVICE AND REPRESENTATION WAIVER: Seller acknowledges
                           that he has not relied upon the representations, if
                           any, by Broker (or the agents of Broker) relative to
                           the legal and tax consequences of this contract or
                           the sale of this property, and Purchaser acknowledges
                           that he has not relied upon the advice or
                           representation, if any, by Broker (or agents of
                           Broker) relative to the legal and tax consequences of
                           this contract or the purchase and ownership of the
                           property, the structural condition of the property,
                           the operating condition of electrical, heating, air
                           conditioning, plumbing, water heating systems, and
                           appliances in the property, the availability of
                           utilities to the property, the past or potential
                           effects of rising flood waters on the property or the
                           investment potential or resale value of the property.
                           Seller and Purchaser both acknowledge that if such
                           matters have been of concern to them, they have
                           sought and obtained independent advice relative
                           hereto.

                    17.    ENTIRE AGREEMENT. This contract constitutes the
                           entire agreement between the parties, and shall be
                           binding upon and inure to the benefit of heirs,
                           executors, administrators and assigns of the
                           respective parties hereto. ALL additions or
                           modifications to this contract shall be only in
                           writing and signed by ALL parties and shall become an
                           amendment to this contract. There shall be no verbal
                           agreements of any kind between parties.

                    18.    SPECIAL STIPULATIONS: The following stipulations and
                           any addenda, if in conflict with any printed matter
                           in this Agreement, shall control and take precedence
                           over such printed matter:

                    *      Purchaser has 30 days to examine the property for his
                           use.

                    *      Purchaser has the option to void this contract within
                           this time and the Earnest Money will be refunded.

                    *      This Contract is transferable.


                    19.    IN ACCEPTANCE: This instrument shall become a binding
                           Agreement when written acceptance, or a facsimile
                           (FAX) transmission of acceptance is actually received
                           by Broker, or Agent of Broker, who shall promptly
                           notify his client/customer of such acceptance.
<PAGE>   7

<TABLE>
<S>                                                          <C>
EXECUTED IN THE PRESENCE OF:                                 WITNESS THE HAND AND SEAL OF THE UNDERSIGNED:



                                                             /s/ Robert M. Chu
-----------------------------------------------------        -----------------------------------------------
SELLING COMPANY                                              PURCHASER (SIGNATURE)



-----------------------------------------------------        -----------------------------------------------
PRINT NAME OF BROKER OR REALTOR AGENT                        PURCHASER (SIGNATURE)


                                                             -----------------------------------------------
-----------------------------------------------------        (Print name in which title is desired for
AUTHORIZED AGENT (SIGNATURE)                                 ownership)



                                                             /s/ Paul Yao
-----------------------------------------------------        -----------------------------------------------
______ COMPANY                                               SELLER ((SIGNATURE)



-----------------------------------------------------        -----------------------------------------------
PRINT NAME OF BROKER OR REALTOR AGENT                        SELLER (SIGNATURE)


                                                             -----------------------------------------------
-----------------------------------------------------        (Print name in which title is presently held)
AUTHORIZED AGENT (SIGNATURE)
</TABLE>


ACCEPTANCE DATE:
_____ ABOVE PROPOSITION IS HEREBY ACCEPTED, AT 1:30 O'CLOCK P.M., THIS 12TH DAY
OF JUNE, 2001.


              A contract for sale of realty in Georgia is a legal
              instrument. If not understood, seek competent advice.
<PAGE>   8

                                    EXHIBIT A

                  All that certain lot, tract or parcel of land situate, lying
         and being in the City of Savannah, Chatham County, Georgia Being known
         as parcel Y, containing 0.842 acres, as shown on a plat of a
         recombination of Parcels B, C, and D, being the northern and southern
         portions of the middle one-half of Tract 24, and the northern and
         southern portions of the western one-fourth of Tract 24, Chippewa
         Tract, recombined into parcels X, Y, and Z, Sixth GMD, Savannah,
         Chatham County, Georgia, prepared for Hugh W. Tracy dated November 1,
         1993 and recorded at Plat record Book 5-P, Folio 62, Chatham County
         Records.

                  Said Parcel Y has a frontage of 150 feet to the western side
         of Hodgson Memorial Drive, and a depth westwardly of 244.78 feet along
         Fairmont Avenue, as being bounded as follows: On the North by Fairmont
         Avenue, on the East by Hodgson Memorial Drive, on the South By Lot X,
         as shown on said plat, and on the West by a portion of Lot 33 and by
         Lot 51, Chippewa Terrace Annex Subdivision.

                  Said property has improvements thereon known as 7401 Hodgson
         Memorial Drive, Savannah, Georgia 31406; and being the same property
         conveyed to the U.S. Small Business Administration by Foreclosure Deed
         under power of sale by AmeriBank, N.A. (As attorney-in-fact for Robert
         B. Quattlebaum, III and L. Robert Isaacson), dated May 3, 1994 and
         recorded in Deed Book 166-Z, Folio 600, in Chatham County Records.


TITLE TO PROPERTY NEITHER EXAMINED NOR WARRANTED BY PREPARED OF THIS INSTRUMENT.