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                                                                    EXHIBIT 10.1


                                GREER STATE BANK
                            DIRECTORS INCENTIVE PLAN

         1.       PURPOSE.  The purpose of the Greer State Bank Directors
Incentive Plan (the "Plan") is to improve the interests of Greer State Bank (the
"Company") by encouraging ownership of the Company's Five Dollar ($5.00) par
value common stock (the "Common Stock") by Directors of the Company, thereby
assisting the Company in attracting and retaining Directors of outstanding
ability and giving such Directors an increased incentive to devote their efforts
to the success of the Company.

         2.       ADMINISTRATION.  Grants of options under the Plan shall be
automatic. The Plan is intended to be a "formula plan" as recognized by Rule
16b-3(c)(2)(ii) promulgated under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and shall be interpreted accordingly. The
Company's Board of Directors or a committee appointed by the Board of Directors
composed of at least three (3) members of the Board of Directors (which may be
any Committee of the Board of Directors) shall have complete and conclusive
authority to interpret the Plan and to make all other determinations necessary
or advisable for the administration of the Plan.

         3.       ELIGIBILITY.  Except as provided otherwise in this Paragraph
3, options under the Plan shall be granted in accordance with Paragraph 5 to
each member of the Company's Board of Directors who is not also an employee of
the Company; provided that shares of Common Stock remain available for grant
hereunder in accordance with Paragraph 4. No employee of the Company who is
also a member of the Company's Board of Directors may participate in this Plan.
A Director to whom an option is granted under the Plan shall be referred to
hereinafter as a "Grantee."

         4.       SHARES SUBJECT TO PLAN.  The shares subject to the Plan shall
be authorized but unissued, or reacquired, shares of Common Stock. Subject to
adjustment in accordance with the provisions of Paragraph 6 of the Plan, the
maximum number of shares of Common Stock for which options may be granted under
the Plan shall be forty-five thousand (45,000) and the initial adoption of the
Plan by the Board of Directors of the Company shall constitute a reservation of
forty-five thousand (45,000) authorized but unissued, or reacquired, shares of
Common Stock for issuance only upon the exercise of options granted under the
Plan. In the event that any outstanding option granted under the Plan for any
reason expires or is terminated prior to the end of the period during which
options may be granted under the Plan, the shares of Common Stock allocable to
the unexercised portion of such option may again be subject in whole or in part
to any option granted under the Plan.


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         5.       TERMS AND CONDITIONS OF OPTIONS.  Options granted
pursuant to the Plan shall be evidenced by Stock Option Agreements
in such form as shall comply with and be subject to the following terms
and conditions:

                  (a)      Grant.  Beginning with the adjournment of the 1996
         Annual Meeting of Shareholders of Greer State Bank (the "1996 Annual
         Meeting") and at the adjournment of the annual meetings for each of
         the succeeding years during the term of the Plan in which the return
         on average equity of Greer State Bank for the fiscal year preceding
         the annual meeting as reported by Greer State Bank in its earnings
         release for such prior fiscal year is twelve percent (12%),
         respectively, or greater, each Director who was also serving in such
         capacity as of December 31 of the preceding year shall be granted an
         option to purchase five hundred (500) shares of the Company's Common
         Stock, subject to adjustment as provided in Paragraph 6 and provided
         that no Director may receive grants of options for shares of Common
         Stock under the Plan in excess of five thousand (5,000) shares. Each
         such day that options are to be granted under the Plan is referred to
         hereinafter as a "Grant Date."

                  If on any Grant Date, shares of Common Stock are not
         available under the Plan to grant to Directors the full amount of a
         grant contemplated by the immediately preceding paragraph, then each
         Director shall receive an option (a "Reduced Grant") to purchase
         shares of Common Stock in an amount equal to the number of shares of
         Common Stock then available under the Plan divided by the number of
         Directors as of the applicable Grant Date. Fractional shares shall be
         ignored and not granted.

                  If a Reduced Grant has been made and, thereafter, during the
         term of the Plan, additional shares of Common Stock become available
         for grant (e.g., because of the forfeiture or lapse of an option),
         then each person who was a Director both on the Grant Date on which
         the Reduced Grant was made and on the date additional shares of Common
         Stock become available (a "Continuing Director") shall receive an
         additional option to purchase shares of Common Stock. The number of
         newly available shares shall be divided equally among the options
         granted to the Continuing Directors; provided, however, that the
         aggregate number of shares of Common Stock subject to a Continuing
         Director's additional option plus any prior Reduced Grant to the
         Continuing Director on the applicable Grant Date shall not exceed five
         thousand (5,000) shares of Common Stock (subject to adjustment
         pursuant to Paragraph 6). If more than one Reduced Grant has been
         made, available options shall be granted beginning with the earliest
         such Grant Date.


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         (b)      Option Price.     The option price for each option granted
under the Plan shall be the Fair Market Value (as defined below) of the shares
of Common Stock subject to the option on the Grant Date of the option. For
purposes of the Plan, the "Fair Market Value" of the shares of Common Stock
shall mean the last sales price on the day on which such value is to be
determined or, if no shares were traded on such day, on the next preceding day
on which the shares were traded, as quoted by a national quotation service, or
if none by J. C. Bradford & Company, Greenville, South Carolina. If the shares
are listed on a national securities exchange, "Fair Market Value" means the
closing price of the shares on such national securities exchange on the day on
which such value is to be determined or, if no shares were traded on such day,
on the next preceding day on which shares were traded, as reported by National
Quotation Bureau, Inc. or other national quotation service.

         (c)      Medium and Time of Payment. The option price shall be payable
in full upon the exercise of an option in cash or by check. To the extent
permitted under Regulation T of the Federal Reserve Board, and subject to
applicable securities laws, options may be exercised through a broker in a
so-called "cashless exercise" whereby the broker sells the option shares and
delivers cash sales proceeds to the Company in payment of the exercise price.
In no event may shares of Common Stock be used as payment of the exercise price
of the option.

         (d)      Term. Each option granted under the Plan shall, to the extent
not previously exercised, terminate and expire on the date ten (10) years after
the date of grant of the option, unless earlier terminated as provided
hereinafter in Paragraph 5(g).

         (e)      Exercisability. Each option granted under the Plan shall,
unless earlier terminated as provided hereinafter in Paragraph 5(g), become
exercisable on the date six (6) months and one day following the date of grant.

         (f)      Method of Exercise. All options granted under the Plan shall
be exercised by an irrevocable written notice directed to the Secretary of the
company at the Company's principal place of business. Except in the case of a
"cashless exercise" through a broker, such written notice shall be accompanied
by payment in full of the option price for the shares for which such option is
being exercised. In the case of a "cashless exercise," payment in full of the
option price for the shares for which such option is being exercised shall be
paid in cash by the broker from the sale proceeds. The Company shall make
delivery of certificates representing the shares for which an option has been
exer-


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         cised within a reasonable period of time; provided, however, that if
         any law, regulation or agreement requires the Company to take any
         action with respect to the shares for which an option has been
         exercised before the issuance thereof, then the date of delivery of
         such shares shall be extended for the period necessary to take such
         action. Certificates representing shares for which options are
         exercised under the Plan may bear such restrictive legends as may be
         necessary or desirable in order to comply with applicable federal and
         state securities laws. Nothing contained in the Plan shall be construed
         to require the Company to register any shares of Common Stock
         underlying options granted under the Plan.

                  (g)      Effect of Termination of Directorship or Death.

                           (i)      Termination of Directorship.  Upon
                  termination of any Grantee's membership on the Board of
                  Directors of the Company for any reason other than for cause
                  or death, the options held by the Grantee under the Plan shall
                  terminate ninety (90) days following the date of termination
                  of the Grantee's membership on the Board or, if earlier, on
                  the date of expiration of the options as provided by Paragraph
                  5(d) of the Plan. If the Grantee exercises the options after
                  termination of the Grantee's service on the Board of
                  Directors, the Grantee may exercise the options only with
                  respect to the shares that were otherwise exercisable on the
                  date of termination of the Grantee's service on the Board.
                  Such exercise otherwise shall be subject to the terms and
                  conditions of the Plan. If the Grantee's membership on
                  the Board of Directors is terminated for cause, all options
                  granted to such Grantee shall expire upon such termination.

                           (ii)     Death.  In the event of the death of a
                  Grantee, the Grantee's personal representatives, heirs or
                  legatees (the "Grantee's Successors") may exercise the
                  options held by the Grantee on the date of death, upon proof
                  satisfactory to the Company of their authority. The Grantee's
                  Successors must exercise any such options within one (1) year
                  after the Grantee's death and in any event prior to the date
                  on which the options expire as provided by Paragraph 5(d) of
                  the Plan. Such exercise otherwise shall be subject to the
                  terms and conditions of the Plan.

                  (h)      Nonassignability of Options Rights.  No option shall
         be assignable or transferable by the Grantee except by will, by the
         laws of descent and distribution or pursuant to a qualified domestic
         relations order as defined in Title I of the Employee Retirement Income
         Security Act of 1974, as


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amended ("ERISA"), and the Internal Revenue Code of 1986, as amended (the
"Code"). During the lifetime of the Grantee, the option shall be exercisable
only by the Grantee.

         (i)      Rights as Shareholder. Neither the Grantee nor the Grantee's
Successors shall have rights as a shareholder of the Company with respect to
shares of Common Stock covered by the Grantee's option until the Grantee or the
Grantee's Successors become the holder of record of such shares.

         (j)      No Options after Ten Years. No options shall be granted
except within a period of ten (10) years after the effective date of the Plan.

6.       ADJUSTMENTS.

         (a)      Certain Recapitalizations. If any change is made in the Common
Stock subject to the Plan, or subject to any option granted under the Plan
(through merger, consolidation, reorganization, recapitalization, stock
dividend, dividend in property other than cash, stock split, liquidating,
dividend, combination of shares, exchange of shares, change in corporate
structure or otherwise), the Plan and outstanding options will be automatically
and appropriately adjusted, including the maximum number of shares subject to
the Plan and number of shares and price per share of stock subject to
outstanding options. A stock dividend in 1996 shall not cause an adjustment to
the outstanding options.

         (b)      Certain Reorganizations. In the event of: (i) a merger or
consolidation in which the Company is not the surviving corporation; (ii) a
reverse merger in which the Company is the surviving corporation but the shares
of the Company's Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise; or (iii) any other capital reorganization in
which more than fifty percent (50%) of the shares of the Company entitled to
vote are exchanged, then any surviving corporation shall assume any options
outstanding under the Plan or shall substitute similar options for those
outstanding under the Plan. If there is no surviving corporation, all
outstanding options shall expire.

7.       EFFECTIVE DATE AND TERMINATION OF PLAN.

         (a)      Effective Date. If approved by the Board of Directors and
shareholders of the Company, the Plan shall become effective upon the
adjournment of the 1996 Annual Meeting.


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                  (b)      Termination.  The Plan shall terminate ten (10) years
         after its effective date, but the Board of Directors may terminate the
         Plan at any time prior to such date. Termination of the Plan shall not
         alter or impair any of the rights or obligations under any option
         theretofore granted under the Plan unless the Grantee shall so consent.

         8.       NO OBLIGATION TO EXERCISE OPTION.  The granting of an option
shall impose no obligation upon the Grantee to exercise such option.

         9.       AMENDMENT.  The Board of Directors of the Company by majority
vote may amend the Plan; provided, however, that without the approval of the
shareholders of the Company, no such amendment shall change:

                  (a)      The maximum number of shares of Common Stock as to
         which options may be granted under the Plan (except by operation of the
         adjustment provisions of the Plan); or

                  (b)      The date on which the Plan will terminate as provided
         by Paragraph 7(b) of the Plan; or

                  (c)      The number of shares of Common Stock subject to each
         option; or

                  (d)      The option price as provided under Paragraph 5(b) of
         the Plan; or

                  (e)      The provisions of Paragraph 3 of the Plan relating to
         the determination of persons to whom options may be granted; or

                  (f)      The provisions of the Plan in such a manner so as to
         increase materially (within the meaning of Rule 16b-3 under the
         Exchange Act) the benefits accruing under the Plan.

                  The provisions of the Plan determining (i) the persons
         eligible to receive grants of options, (ii) the timing of option
         grants, (iii) the number of shares subject to options, (iv) the
         exercise price of options, (v) the periods during which options are
         exercisable, and (vi) the dates on which options terminate, may not be
         amended more than once every six (6) months other than to comport with
         changes in the Code, the ERISA, or the rules and regulations
         thereunder.

                  It is expressly contemplated that the Board may amend the Plan
         in any respect that the Board deems necessary to cause the Plan to meet
         the requirements of Rule 16b-3 (or any successor rule) under the
         Exchange Act and otherwise to


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         comport with the provisions of such Act and the applicable regulations
         thereunder.

                  Any amendment to the Plan shall not, without the written
         consent of the Grantee, affect such Grantee's rights under any option
         theretofore granted to such Grantee.

         In witness whereof, the Greer State Bank Directors Incentive Plan has
been executed by its duly authorized officer this 26th day of June, 1996.


                                        GREER STATE BANK

                                        By:  /s/ R. Dennis Hennett
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                                        Its: President
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