Exhibit 10.2

THE WARRANTS MAY NOT BE ASSIGNED
OR TRANSFERRED BY THE WARRANT HOLDER, EXCEPT WITH THE COMPANYS PRIOR WRITTEN CONSENT
IN LIMITED CIRCUMSTANCES AS DESCRIBED HEREIN, AND IF SO REQUESTED BY THE COMPANY, THE
DELIVERY BY THE WARRANT HOLDER TO THE COMPANY OF AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER OR ASSIGNMENT IS IN
COMPLIANCE WITH THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS.

# INDEPENDENCE
BANCSHARES, INC.

# STOCK WARRANT AGREEMENT

# May 16, 2005

|                                    | 
|----------------------------------- | 
|Warrant Holder:  Lawrence R. Miller | 

Independence
Bancshares, Inc. (the Company), a South Carolina corporation and the holding
company for Independence National Bank (the Bank), hereby grants to the person
identified above as the Warrant Holder warrants (the Warrants) to purchase the
number of shares set forth above in consideration of his expertise and continuing
involvement in the management of the Company and the Bank. Such Warrants are granted on
the following terms and conditions:

1.   Exercise of Warrants.  All of the shares (the
Shares) subject to the Warrants granted in this Agreement shall vest
on November 16, 2005, subject to the Warrant Holders continued service
with the Company or the Bank as of such date as an executive officer or
director. Exercise of the Warrants is subject to the following:

| | (a) | Exercise Price. The exercise price (the Exercise
               Price) shall be $10.00 per Share, subject to adjustment pursuant to
               Section 2 below.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Expiration of Warrant Term. The Warrants will expire at
               5:00 p.m. Eastern Standard Time on the tenth anniversary of the opening date of
               the Bank (subject to earlier termination in certain circumstances pursuant to
               Section 5 below), and may not be exercised thereafter (the Expiration
               Date).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | Payment. The purchase price for Shares as to which the Warrants
               are being exercised shall be paid in cash, by wire transfer, by certified or
               bank cashiers check, or by personal check drawn on funds on deposit with
               the Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | Method of Exercise. The Warrants shall be exercisable by a written
               notice delivered to the Chief Executive Officer or Secretary of the Company
               which shall:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | State the owners election to exercise the Warrants, the number of Shares
                    with respect to which it is being exercised, the person in whose name the stock
                    certificate for such Shares is to be registered, and such persons
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

| |  | address and tax identification number (or, if more than one, the names, addresses and tax
identification numbers of such persons);
| |  | ----------------------------------------------------------------------------------------------------------------------------------

| | (ii) | Be signed by the person or persons entitled to exercise the Warrants and, if the
                    Warrants are being exercised by any person or persons other than the original
                    holder thereof, be accompanied by proof satisfactory to counsel for the Bank of
                    the right of such person or persons to exercise the Warrants; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | Be accompanied by the originally executed copy of this Stock Warrant Agreement.
| | ----- | -------------------------------------------------------------------------------

| | (e) | Partial Exercise. In the event of a partial exercise of the
               Warrants, the Company shall either issue a new agreement for the balance of the
               Shares subject to this Stock Warrant Agreement after such partial exercise, or
               it shall conspicuously note hereon the date and number of Shares purchased
               pursuant to such exercise and the number of Shares remaining covered by this
               Stock Warrant Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | Restrictions on Exercise. The Warrants may not be exercised (i) if
               the issuance of the Shares upon such exercise would constitute a violation of
               any applicable federal or state securities or banking laws or other law or
               regulation or (ii) unless the Bank or the holder hereof, as applicable, obtains
               any approval or other clearance which the Bank determines to be necessary or
               advisable from the Federal Reserve Board, the Federal Deposit Insurance
               Corporation or any other state or federal banking regulatory agency with
               regulatory authority over the operation of Company or the Bank (collectively the
               Regulatory Agencies). The Company may require representations and
               warranties from the Warrant Holder as required to comply with applicable laws or
               regulations, including the Securities Act of 1933 and state securities laws.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.   Anti-Dilution; Merger.  If, prior to the exercise of
Warrants hereunder, the Company (i) declares, makes or issues, or fixes a record
date for the determination of holders of common stock entitled to receive, a
dividend or other distribution payable on the Shares in shares of its capital
stock, (ii) subdivides the outstanding Shares, (iii) combines the outstanding
Shares, (iv) issues any shares of its capital stock by reclassification of the
Shares, capital reorganization or otherwise (including any such reclassification
or reorganization in connection with a consolidation or merger or and sale of
all or substantially all of the Companys assets to any person), then the
Exercise Price, and the number and kind of shares receivable upon exercise, in
effect at the time of the record date for such dividend or of the effective date
of such subdivision, combination or reclassification shall be proportionately
adjusted so that the holder of any Warrant exercised after such time shall be
entitled to receive the aggregate number and kind of shares which, if such
Warrant had been exercised immediately prior to such time, he would have owned
upon such exercise and been entitled to receive by virtue of such dividend,
distribution, subdivision, combination, reclassification, reorganization,
consideration, merger or sale.

3.   Valid Issuance of Common Stock.  The Company
possesses the full authority and legal right to issue this Warrant and the
Shares issuable pursuant to this Warrant. The issuance of this Warrant vests in
the holder the entire legal and beneficial interests in this Warrant, free and
clear of any liens, claims, and encumbrances and subject to no legal or
equitable

-2-

---

restrictions  of any kind  except as  described  herein.  The  Shares  that are
issuable upon exercise of this Warrant, when issued, sold and delivered in accordance with the terms of this Agreement
for the consideration expressed herein, will be duly and validly issued, fully paid, and
non-assessable, and will be free of restrictions on transfer other than restrictions under
applicable state and federal securities.

4.   Restrictions on Transferability.  This Agreement and the
Warrants may not be assigned, transferred, pledged, or hypothecated in any way
(whether by operation of law or otherwise) and shall not be subject to
execution, attachment, or similar process. Any attempted assignment, transfer,
pledge, hypothecation, or other disposition of these Warrants contrary to the
provisions hereof shall be without legal effect.

5.    Mandatory Exercise; Termination.

| | (a) | Warrant Holder shall exercise all of Warrant Holders then exercisable
               Warrants within 90 days of the date that Warrant Holder ceases to serve the
               Company as an executive officer, or director, or the then exercisable Warrants
               shall terminate; provided that such 90 day period shall be extended to one year
               if the cessation of service was a result of the Warrant Holders death or
               disability. In the event the Warrant Holder fails to exercise any of the
               Warrants referred to in this subparagraph within the specified day period, such
               Warrants shall be forfeited.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | The Company may be required to increase its capital to meet capital requirements
               imposed by statute, rule, regulation, or guideline. In order to achieve such
               capital increase, the Regulatory Agencies may direct the Company to require, or
               the Company on its on volition may decide to require, the Warrant Holders to
               either (i) exercise all or part of their Warrants or (ii) allow the Warrants to
               be terminated. In such an event, the Warrant Holder must exercise or forfeit the
               Warrants as set forth below.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | When the Company is required or determines to increase its capital as described
               in subsection (b) above, the Company shall send a notice (the
               Notice) to the Warrant Holder (i) specifying the number of Shares
               relating to the Warrants for which the Warrants must be exercised (the
               Number) (if less than all shares relating to warrants held by all
               holders of warrants of the Company under agreements substantially similar to
               this one are required by the Company to be exercised or cancelled, the Number
               for the Warrant Holder shall reflect a proportionate allocation based on the
               number of Shares subject to this Agreement as compared to the total number of
               shares subject to warrants held by all such warrant holders as a group); (ii)
               specifying the date prior to which the Warrants must be totally or partially
               exercised, as the case may be (the Deadline); and (iii) stating
               that the failure of the Warrant holder to exercise the Warrants shall result in
               their automatic termination.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | If the Warrant Holder does not exercise the Warrants pursuant to the terms of
               the Notice, this Agreement shall be automatically terminated on the Deadline,
               without further act or action by the Warrant Holder or the Company, and the
               Warrant Holder shall deliver this Agreement to the Company for cancellation. If
               the Number is less than the total number of Shares that are then subject to
               exercise
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-3-

---

| |  | under this Agreement, the Company shall issue a new Stock Warrant Agreement in compliance with
Section 1(e) hereof.
| |  | -------------------------------------------------------------------------------------------------------------------

6.   Covenants of the Company.  During the term of the
               Warrants, the Company shall:

| | (a) | at all times authorize, reserve and keep available, solely for issuance upon
               exercise of this Warrant, sufficient shares of common stock from time to time
               issuable upon exercise of this Warrant;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | on receipt of evidence reasonably satisfactory to the Company of the loss,
               theft, destruction or mutilation of this Warrant and, in the case of loss,
               theft, or destruction, on delivery of any indemnity agreement or bond reasonably
               satisfactory in form and amount to the Company or, in the case of mutilation, on
               surrender and cancellation of this Warrant, at its expense execute and deliver,
               in lieu of this Warrant, a new Warrant of like tenor; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | on surrender for exchange of this Warrant or any Warrant substituted therefor
               pursuant hereto, properly endorsed, to the Company, at its expense, issue and
               deliver to or on the order of the holder thereof a new Warrant or Warrants of
               like tenor, in the name of such holder, calling in the aggregate on the face or
               faces thereof for the issuances of the number of shares of common stock issuable
               pursuant to the terms of the Warrant or Warrants so surrendered.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7.    No Dilution or Impairment.  The Company shall not
amend its Articles of Incorporation or participate in any reorganization,
transfer of assets, consolidation, merger, dissolution, issuance or sale of
securities or any other voluntary action for the purpose of avoiding or seeking
to avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in carrying out all such action as may be reasonably necessary in order to
protect the exercise rights of the holder against improper dilution or other
impairment.

8.    Amendment.  Neither this Agreement nor the rights
               granted hereunder may be amended, changed or waived except in writing signed by
               each party hereto.

-4-

---

IN
WITNESS WHEREOF, the Company has executed and the holder has accepted this Stock Warrant
Agreement as of the date and year first above written.

| |  | INDEPENDENCE BANCSHARES, INC.By:/s/ Lawrence R. MillerName:  Lawrence R. Miller
Title:  Chief Executive Offier
| |  | --------------------------------------------------------------------------------------------------------------

|(CORPORATE SEAL) |  | Attest:/s/ Vivian A. WongVivian A. Wong
|---------------- |  | ---------------------------------------

| |  | WARRANT HOLDER:By:/s/ Lawrence R. MillerSignature
| |  | -------------------------------------------------

| |  | Lawrence R. MillerPrint Name
| |  | ----------------------------

-5-