<PAGE>   1
                                                                    EXHIBIT 10.7

                                 PROMISSORY NOTE

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<S>             <C>           <C>            <C>           <C>            <C>           <C>           <C>            <C>
PRINCIPAL       LOAN DATE     MATURITY       LOAN NO       CALL           COLLATERAL    ACCOUNT       OFFICER        INITIALS
$750,000        02-15-2001    02-15-2002                                                                JKG
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References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan
or item.

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BORROWER:         C&S BANCORPORATION, INC.                                                               LENDER:  NEXITY BANK
                  401 MALL BOULEVARD                                                                    2839 PACES FERRY ROAD
                  SUITE 101B                                                                                        SUITE 840
                  SAVANNAH, GA.  31406                                                                     ATLANTA, GA  30339

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PRINCIPAL AMOUNT:      $750,000              INITIAL RATE:        8.00%                 DATE OF NOTE:          FEBRUARY 15, 2001
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PROMISE TO PAY. C&S BANCORPORATION, INC. ("BORROWER"), PROMISES TO PAY TO NEXITY
BANK (LENDER), OR ORDER, IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA, THE
PRINCIPAL AMOUNT OF SEVEN HUNDRED FIFTY THOUSAND & NO/100 DOLLARS ($750,000.00)
OR SO MUCH AS MAY BE OUTSTANDING, TOGETHER WITH INTEREST ON THE UNPAID
OUTSTANDING PRINCIPAL BALANCE OF EACH ADVANCE. INTEREST SHALL BE CALCULATED FROM
THE DATE OF EACH ADVANCE UNTIL REPAYMENT OF EACH ADVANCE.

PAYMENT: BORROWER WILL PAY THIS LOAN IN ONE PAYMENT OF ALL OUTSTANDING PRINCIPAL
PLUS ALL ACCRUED INTEREST ON FEBRUARY 15, 2002. IN ADDITION, BORROWER WILL PAY
REGULAR QUARTERLY PAYMENTS OF ACCRUED UNPAID INTEREST BEGINNING MAY 15, 2001,
AND ALL SUBSEQUENT INTEREST PAYMENTS ARE DUE ON THE SAME DAY OF EACH QUARTER
AFTER THAT. Borrower will pay Lender at Lender's address shown above or at such
other place as Lender may designate in writing. Unless otherwise agreed or
required by applicable law, payments will be applied first to accrued unpaid
interest, then to principal, and any remaining amount to any unpaid collection
costs and late charges.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an index which in the Prime rate as published
in the Money Rates section of the Wall Street Journal. (the "Index"). If two or
more rates exist, then the highest rate will prevail. Lender will tell Borrower
the current Index rate upon Borrower's request. Borrower understands that Lender
may make loans based on other rates as well. The interest rate change will not
occur more often than each day. THE INDEX CURRENTLY IS 8.50% PER ANNUM. THE
INTEREST RATE TO BE APPLIED TO THE UNPAID PRINCIPAL BALANCE OF THIS NOTE WILL BE
AT A RATE EQUAL TO THE INDEX, MINUS 50 BASIS POINTS (1/2%) RESULTING IN AN
INITIAL ANNUAL RATE OF SIMPLE INTEREST OF 8.00%. NOTICE: Under no circumstances
will the interest rate on this Note be more than the maximum rate allowed by
applicable law.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
of accrued unpaid interest. Rather, they will reduce the principal balance due.

LATE CHARGE. If a payment is 15 DAYS OR MORE LATE, Borrower will be charged
$25.00.

DEFAULT. Borrower will be in default if any of the following happens: (a)
Borrower fails to make any payment when due. (b) Borrower breaks any promise
Borrower has made to Lender, or Borrower fails to comply with or to perform when
due any other term, obligation, covenant, or condition contained in the Note or
any agreement related to this Note, or in any other agreement or loan Borrower
has with Lender. (c) Any representation or statement made or furnished to Lender
by Borrower or on Borrower's behalf is false or misleading in any material
respect either now or at the time made or furnished. (d) Borrower becomes
insolvent, a receiver is appointed for any part of Borrower's property, Borrower
makes an assignment for the benefit of creditors, or any proceeding is commenced
either by Borrower or against Borrower under any bankruptcy or insolvency laws.
(e) Any creditor tries to take any of Borrower's property on or in which Lender
has a lien or security interest. This includes a garnishment of any of
Borrower's accounts with Lender. (f) Any guarantor dies or any of the other
events described in this default section occurs with respect to any guarantor of
this Note. (g) A material adverse change occurs in Borrower's financial
condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired. (h) Lender in good faith deems itself insecure.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, without
notice, and then Borrower will pay that amount. Upon default, including failure
to pay upon final maturity, Lender, at its option, may also, if permitted under
applicable law, increase the variable interest rate on the Note to 3.000
percentage points over the Index. The interest rate will not exceed the maximum
rate permitted by applicable law. Lender may hire or pay someone else to help
collect this Note if Borrower does not pay. Borrower also will pay Lender that
amount. This includes, subject to any limits under applicable law, Lender's
costs of collection, including court costs and fifteen percent (15%) of the
principal plus accrued interest as attorneys' fees, if any sums owing under this
Note are collected by or through an attorney-at-law, whether or not there is a
lawsuit, and legal expenses for bankruptcy proceedings (including efforts to
modify or vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services. If not prohibited by applicable law, Borrower
also will pay any court costs, in addition to all other sums provided by law.
THIS NOTE HAS BEEN DELIVERED TO LENDER AND ACCEPTED BY LENDER IN THE STATE OF
ALABAMA. SUBJECT TO THE PROVISIONS ON ARBITRATION, THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ALABAMA.

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of twenty dollars
($20.00) or five percent (5%) if the face amount of the check, whichever is
greater, if Borrower makes a payment on Borrower's loan and the check or
preauthorized charge with which Borrower pays is later dishonored.

RIGHT OF SETOFF. Borrower grants to Lender a contractual possessory security
interest in, and hereby assigns, conveys, delivers, pledges, and transfers to
Lender all Borrower's right, title and interest in and to, Borrower's accounts
with Lender (whether checking, savings, or some other account), including
without limitation all accounts held jointly with someone else and all accounts
Borrower may open in the future, excluding however IRA and Keough accounts, all
trust accounts for which the grant of a security interest would be prohibited by
law. Borrower authorizes Lender, to the extent permitted by applicable law, to
charge or setoff all sums owing on this Note against any and all such accounts.

<PAGE>   2

LINE OF CREDIT. This Note evidences A REVOLVING LINE OF CREDIT. Advances under
this Note may be requested only in writing by Borrower or by an authorized
person. All communications, instructions, or directions by telephone or
otherwise to Lender are to be directed to Lender's office shown above. The
following party or parties are authorized to request advances under the line of
credit until Lender receives from Borrower at Lender's address shown above
written notice of revocation of their authority. BRIAN R. FOSTER OR JOHN G.
LIENTZ. Borrower agrees to be liable for all sums either: (a) advanced in
accordance with the instructions of an authorized person or (b) credited to any
of Borrower's accounts with Lender. The unpaid principal balance owing on this
Note at any time may be evidenced by endorsements on the Note or by Lender's
internal records, including daily computer print-outs. Lender will have no
obligation to advance funds under this Note if: (a) Borrower or any guarantor is
in default under the terms of this Note or any agreement that Borrower or any
guarantor has with Lender, including any agreement made in connection with the
signing of this Note; (b) Borrower's or any guarantor ceases doing business or
is insolvent; (c) any guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such guarantor's guarantee of this Note or any other loan with
Lender; (d) Borrower has applied funds provided pursuant to this Note for
purposes other than those authorized by Lender; or (e) Lender in good faith
deems itself insecure under this Note or any other agreement between Lender and
Borrower.

ARBITRATION. LENDER AND BORROWER AGREE THAT ALL DISPUTES, CLAIMS AND
CONTROVERSIES BETWEEN THEM, WHETHER INDIVIDUAL, JOINT, OR CLASS IN NATURE,
ARISING FROM THIS NOTE OR OTHERWISE, INCLUDING WITHOUT LIMITATION CONTRACT AND
TORT DISPUTES, SHALL BE ARBITRATED PURSUANT TO THE RULE OF THE AMERICAN
ARBITRATION ASSOCIATION, UPON REQUEST OF EITHER PARTY. No act to take or dispose
of any collateral securing this Note shall constitute a waiver of this
arbitration agreement or be prohibited by this arbitration agreement. This
includes, without limitation, obtaining injunctive relief or a temporary
restraining order, invoking a power of sale under any deed of trust or mortgage;
obtaining a writ of attachment or imposition of a receiver, or exercising any
rights relating to personal property, including taking or disposing of such
property with or without judicial process pursuant to the Uniform Commercial
Code. Any disputes, claims, or controversies concerning the lawfulness or
reasonableness of any act, or exercise of any right, concerning any collateral
securing this Note, including any claim to rescind, reform, or otherwise modify
any agreement relating to the collateral securing this Note, shall also be
arbitrated, provided however that no arbitrator shall have the right or the
power to enjoin or restrain any act of any party. Judgment upon any award
rendered by any arbitrator may be entered in any court having jurisdiction.
Nothing in this Note shall preclude any party from seeking equitable relief from
a court of competent jurisdiction. The statute of limitations, estoppel, waiver,
laches, and similar doctrines which would otherwise be applicable in an action
brought by a party shall be applicable in any arbitration proceeding, and the
commencement of an arbitration proceeding shall be deemed the commencement of an
action for these purposes. The Federal Arbitration Act shall apply to the
construction, interpretation, and enforcement of this arbitration provision.

ACCRUAL METHOD. Interest will be calculated on an Actual/360 basis.

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who
signs, guarantees or endorsed this Note, to the extent allowed by law, waive
presentment, demand for payment, protest and notice of dishonor. Upon any change
in the terms of this Note, and unless otherwise expressly stated in writing, no
party who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties waive any right to
require Lender to take action against any other party who signs this Note and
agree that Lender may renew or extend (repeatedly and for any length of time)
this loan, or release any party or guarantor or collateral; or impair, fail to
realize upon or perfect Lender's security interest in the collateral; and take
any other action deemed necessary by Lender without the consent of or notice to
anyone. All such parties also agree that Lender may modify this loan without the
consent of or notice to anyone other than the party with whom the modification
is made.

IN WITNESS WHEREOF, THIS NOTE HAS BEEN SIGNED AND SEALED BY THE UNDERSIGNED, WHO
ACKNOWLEDGES A COMPLETED COPY HEREOF.

BORROWER:

C&S BANCORPORATION, INC.

 /s/ Brian R. Foster..                               (SEAL)
----------------------------------------------------------
   Brian R. Foster
   President

 /s/ John G. Lientz..                                (SEAL)
----------------------------------------------------------
   John G. Lientz
   Treasurer


<PAGE>   3
                                                                    EXHIBIT 10.7


                                    GUARANTY
To: NEXITY BANK
    2839 PACES FERRY RD., STE 840, ATLANTA, GA. 30339
                                                       DATE: FEBRUARY 15, 2001

-        FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged,
         and in consideration of any loan or other financial accommodation
         heretofore or hereafter at any time made or granted to C&S
         BANCORPORATION, INC. (hereinafter called the "Debtor") by NEXITY BANK
         (hereinafter together with its successors and assigns, called the
         "Bank"), the undersigned hereby unconditionally guarantee(s) the full
         and prompt payment when due, whether by declaration or otherwise, and
         at all times hereafter, of all obligations of the Debtor to the Bank,
         however and whenever incurred or evidenced, whether direct or indirect,
         absolute or contingent, due or to become due (collectively called "
         Liabilities"), and the undersigned further agree(s) to pay all expenses
         (including attorney's fees) paid or incurred by the Bank in endeavoring
         to collect the Liabilities, or any part thereof, arid in enforcing this
         guaranty. The right of recovery against the undersigned is, however,
         limited to the amount of SIXTY TWO THOUSAND FIVE HUNDRED DOLLARS AND
         NO/100 ($62.500.00), plus interest on such amount and plus all expenses
         of enforcing this guaranty.

-        Undersigned hereby transfers and conveys to the Bank any and all
         balances, credits, deposits, accounts, items and monies of the
         undersigned now or hereafter with the Bank, and the Bank is hereby
         given a lien upon security title to and a security interest in all
         property of the undersigned of every kind and description now or
         hereafter in the possession or control of the Bank for any reason,
         including all dividends and distributions on or other rights in
         connection therewith.

-        In the event of the death, incompetency, dissolution, or insolvency (as
         defined by the Uniform Commercial Code as in effect at that time in
         Alabama) of the Debtor, or if a petition in bankruptcy be filed by or
         against the Debtor, or if a receiver be appointed for any part of the
         property or assets of the Debtor, or if any judgment be entered against
         the Debtor, or if the Bank shall feel insecure with respect to
         Liabilities and if any such event should occur at a time when any of
         the Liabilities may not then be due and payable, the undersigned agrees
         to pay to the Bank upon demand the full amount which would be payable
         hereunder by the undersigned if all Liabilities were then due and
         payable.

-        Bank may, without demand or notice of any kind, at any time when any
         amount shall be due and payable hereunder by any of the undersigned,
         appropriate and apply toward the payment of such amount, and in such
         order of application as the Bank may from time to time elect, any
         property, balances, credits, deposits, accounts, items or monies of
         such undersigned in the possession or control of the Bank for any
         purpose.

-        This guaranty shall be continuing absolute and unconditional and shall
         remain in full force and effect as to the undersigned, subject to
         discontinuance of this guaranty as to any of the undersigned
         (including, without limitation, any undersigned who shall become
         deceased, incompetent or dissolved) only as follows: Any of the
         undersigned, and any person duly authorized and acting on behalf of any
         of the undersigned, may give written notice to the Bank of
         discontinuance of this guaranty as to the undersigned by whom or on
         whose behalf such notice is given, but no such notice shall be
         effective in any respect until it is actually received by the Bank and
         no such notice shall affect or impair the obligations hereunder of the
         undersigned by whom or on whose behalf such notice is given with
         respect to any Liabilities existing at the date of receipt of such
         notice by the Bank, any interest thereon or any expenses paid or
         incurred by the Bank in endeavoring to collect such Liabilities, or any
         part thereof, in enforcing this guaranty against such undersigned. Any
         such notice of discontinuance by or on behalf of any of the undersigned
         shall not affect or impair the obligations hereunder of any other of
         the undersigned.

-        The Bank may, from time to time, without notice to the undersigned (or
         any of them), (a) retain or obtain a security interest in any property
         to secure any of the Liabilities or any obligation hereunder, (b)
         retain or obtain the primary or secondary liability of any party or
         parties, in addition to the undersigned, with respect to any of the
         Liabilities, (c) extend or renew for any period (whether or not longer
         than the original period), alter or exchange any of the Liabilities,
         (d) release or compromise any liability of any of the undersigned
         hereunder or any liability of any other party or parties primarily or
         secondarily liable on any of the Liabilities, (e) release its security
         interest, if any, in all or any property securing any of the
         Liabilities or any obligation hereunder and permit any substitution or
         exchange for any such property, and (f) resort to the undersigned (or
         any of them) for payment of any of the Liabilities, whether or not the
         Bank shall have resorted to any property securing any of the
         Liabilities or any obligation hereunder or shall have proceeded against
         any other of the undersigned or any other party primarily or
         secondarily liable on any of the Liabilities.

-        Any amount received by the Bank from whatever source and applied by it
         toward the payment of the Liabilities shall be applied in such order of
         application as the Bank may from time to time elect.

-        The undersigned hereby expressly waive(s): (a) Notice of the acceptance
         of this guaranty, (b) notice of the existence or creation of all or any
         of the Liabilities, (c) presentment, demand, notice of dishonor,
         protest, and all other notices whatsoever, and (d) all diligence in
         collection or protection of or realization upon the Liabilities or any
         part thereof, any obligation hereunder, or any security for any of the
         foregoing.

-        The creation or existence from time to time of Liabilities in excess of
         the amount to which the right of recovery under this guaranty is
         limited is hereby authorized, without notice to the undersigned (or any
         of them), and shall in no way effect or impair this guaranty.

-        The Bank may, without notice of any kind, sell, assign, or transfer all
         or any of the Liabilities, and in such event each and every immediate
         and successive assignee, transferee, or holder of all or any of the
         Liabilities, shall have the right to enforce this guaranty, by suit or
         otherwise, for the benefit of such assignee, transferee, or holder, as
         fully as if such assignee, transferee, or holder were herein by name
         specifically given such rights, powers and benefits, but the Bank shall
         have an unimpaired right, prior and superior to that of any such
         assignee, transferee or holder, to enforce this guaranty for the
         benefit of the Bank, as to so much of the Liabilities as it has not
         sold, assigned, or transferred.

-        No delay or failure on the part of the Bank in the exercise of any
         right or remedy shall operate as a waiver thereof, and no single or
         partial exercise by the Bank of any right or remedy shall preclude
         other or further exercise thereof or the exercise of any other right or
         remedy. No action of the Bank permitted hereunder shall in any way
         impair or affect this guaranty. For the purpose of this guaranty,
         Liabilities shall include all obligations of the Debtor to the Bank,
         notwithstanding any right or power of the Debtor or anyone else to
         assert any claim Or defense, as to the invalidity or unenforceability
         of any such obligation, and no such claim or defense shall impair or
         affect the obligations of the undersigned hereunder.

-        This guaranty shall be binding upon the undersigned, and upon the
         heirs, legal representatives, successors, and assigns of the
         undersigned. If more than one party shall execute this guaranty, the
         term "undersigned" shall mean all parties executing this guaranty, and
         all such parties shall be jointly and severally obligated hereunder.

-        This guaranty has been made and delivered in the State of Alabama, and
         shall be governed by the laws of that State. Wherever possible each
         provision of this guaranty shall be interpreted in such manner as to be
         effective and valid under applicable law, but if any provision of this
         guaranty shall be prohibited or invalid under such law, such provision
         shall be ineffective to the extent of such prohibition or invalidity,
         without invalidating the remainder of such provision or the remaining
         provisions of this guaranty.

-        IN WITNESS WHEREOF the undersigned have hereunto set their hands and
         affixed their seals the day and year above written. Signed, sealed and
         delivered in the presence of: Guarantor:


(x)      /s/ John G. Lientz                  (x)      /s/ Guarantor
   ------------------------------------      ---------------------------------
         Notary Public                       Guarantor