Exhibit 10.12(b)


 




	
  COASTAL CAROLINA BANCSHARES, INC.

  	
  SCBT, N.A,

  	
   

  
	
  2305
  NORTH OAK STREET

  	
  950 JOHN C. CALHOUN DRIVE

  	
   

  
	
  MYRTLE
  BEACH, SC 29577

  	
  PO BOX 9007

  	
  Line of Credit No.

  	
   

  
	
   

  	
  ORANGEBURG, SC 29116-9007

  	
  Date

  	
  01-29-2009

  
	
   

  BORROWER’S NAME AND ADDRESS

  	
   

  LENDER’S NAME AND ADDRESS

  	
  Max. Credit Amt.

  	
  1,000,000.00

  
	
  “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 ONE MILLION AND NO/100 $1,000,000.00.


You
will make loans to me from time to time until 12:00 P.m. on 07-29-2009.  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.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  



 


	
   

  	
  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 01-29-2009,
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:


 


	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  



 


3.   RELATED DOCUMENTS: I
have signed the following documents 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 OF VARIOUS DATES

  
	
  o mortgage dated

  	
   

  	
   

  	
  o

  	
   

  
	
  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.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  



 


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.


 


	
   

  	
   

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

  
	
  FOR
  THE LENDER

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Alex Shuford

  	
   

  	
  /s/
  Holly L. Schreiber

  
	
  ALEX
  SHUFORD

  	
   

  	
  HOLLY
  L. SCHREIBER,  CFO OF COASTAL CAROLINA
  BANCSHARES, INC.

  
	
   

  	
   

  	
   

  
	
  Title

  	
     EXECUTIVE VICE PRESIDENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				



 


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