# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C. 20549

# FORM 10-KSB/Amendment No.
2

|[X] | ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
          For the fiscal year ended December 31, 2002
|--- | -------------------------------------------------------------------------------------------------------------------------------------

|[   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
          For the transition period from ___________ to _____________
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

Commission file number
000-26995

HCSB Financial
Corporation(Exact name of registrant as specified in its charter)

|South Carolina           |  | 57-1079444                          
|------------------------ |  | ------------------------------------
|(State of Incorporation) |  | (I.R.S. Employer Identification No.)

|5201 Broad Street                        |  |           
|---------------------------------------- |  | ----------
|Loris, South Carolina                    |  | 29569     
|(Address of principal executive offices) |  | (Zip Code)

843-756-6333(Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:   None
Securities registered pursuant to Section 12(g) of the Act:  Common Stock

Check
whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements
for past 90 days. Yes X No

Check
if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B
in this form, and no disclosure will be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by reference in Part
III of this Form 10-KSB or any amendment to this Form 10-KSB. [X]

The
issuers revenue for the fiscal year ended December 31, 2002 was $14,011,000.

The aggregate
market value of the voting and non-voting common equity held by non-affiliates
(shareholders holding less than 5% of an outstanding class of stock, excluding directors
and executive officers) as of March 21, 2003 was $35,593,765. This calculation was based
on the average bid and asked price of such common equity on March 21, 2003.

The number of shares outstanding of
the issuers classes of common stock as of March 21, 2003, was 1,547,555.

Transitional Small Business Disclosure Format.
(Check one):  Yes  NoX

# DOCUMENTS INCORPORATED
BY REFERENCE

Companys Proxy Statement for the 2003
Annual Shareholders Meeting  Part III 2002 Annual
Report   Part II.

*The registrant is a successor
issuer, within the meaning of Rule 15d-5 under the Securities Exchange Act of 1934, to
Horry County State Bank, Loris, South Carolina.

---

# EXPLANATORY NOTE

This
10-KSB/Amendment No. 2 is being filed to amend Exhibit 13  2002 Annual Report of the
Company, to revise certain amounts associated with the average number of shares
outstanding. Net income per share and period end book value were revised for all periods
presented. No other changes have been made to the original 10-KSB.

---

# SIGNATURES

Pursuant to the requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| |  | HCSB FINANCIAL CORPORATIONBy:  /s/ James R. Clarkson
James R. Clarkson, President& Chief Executive Officer
| |  | ------------------------------------------------------------------------------------------------------------------------

Date: July 31, 2003

Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on
the date indicated:

|By: | *                                            |               | 
|--- | -------------------------------------------- | ------------- | 
|    | Johnny C. Allen, Director                    |               | 
|By: | *                                            |               | 
|    | Clay D. Brittain, Director                   |               | 
|By: | *                                            |               | 
|    | Russell R. Burgess, Jr., Director            |               | 
|By: | *                                            |               | 
|    | D. Singleton Bailey, Director                |               | 
|By: | *                                            |               | 
|    | Franklin C. Blaton, Director                 |               | 
|By: | *                                            |               | 
|    | William H. Caines, Director                  |               | 
|By: | /s/ James R. Clarkson                        |               | 
|    | James R. Clarkson, Director, President & CEO | July 31, 2003 | 
|By: | *                                            |               | 
|    | J. Lavelle Coleman, Director                 |               | 
|By: | *                                            |               | 
|    | Larry G. Floyd, Director                     |               | 
|By: | *                                            |               | 
|    | Boyd R. Ford, Jr., Director                  |               | 

---

|By: | *                                       |               | 
|--- | --------------------------------------- | ------------- | 
|    | Tommie W. Grainger, Director            |               | 
|By: | *                                       |               | 
|    | Randy B. Hardee, Director               |               | 
|By: | *                                       |               | 
|    | Michael W. Hambrick, Vice President and |               | 
|    | Chief Financial Officer (Principal      |               | 
|    | Accounting Officer                      |               | 
|By: | *                                       |               | 
|    | Gwyn G. McCutchen, Director             |               | 
|By: | *                                       |               | 
|    | T. Freddie Moore, Director              |               | 
|By: | *                                       |               | 
|    | Caroll D. Padgett, Jr., Director        |               | 
|By: | *                                       |               | 
|    | Bill G. Page, Director                  |               | 
|By: | /s/ James R. Clarkson                   | July 31, 2003 | 
|    | James R. Clarkson                       |               | 
|    | As Attorney-in-Fact                     |               | 

---

# EXHIBIT INDEX

|3.1  |  | Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Companys
Form 10-K for the fiscal year ended December 31, 1999).
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------
|3.2  |  | Bylaws (incorporated by reference
to Exhibit 3.2 to the Companys Form 10-K for the fiscal year ended December 31,
1999).                   
|13   |  | The Companys 2002 Annual Report (incorporated to Exhibit 21 to the Companys
Form 10-KSB for the period ended December 31, 2002).          
|13/A |  | The Company's 2002 Annual Report  Amended pages attached hereto.                                                                           
|21   |  | Subsidiaries of Registrant (incorporated to Exhibit 21 to the Company's Form 10-KSB for the period ended
December 31, 2002).                
|24   |  | Power of Attorney (incorporated to Exhibit 21 to the Companys Form 10-KSB for the period ended
December 31, 2002).