Greer Bancshares Incorporated reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income attributable to common shareholders of $641,000 or $0.26 per diluted common share as compared to the prior year first quarter net income of $1,667,000 or $0.67 per diluted common share. The prior year first quarter was aided significantly by net gains on investment transactions which accounted for $1,160,000 of the quarterly net operating income for the company in 2012 as compared to $120,000 for 2013.

On February 19, 2013, the Board of Directors of Greer Bancshares Incorporated and its wholly-owned subsidiary Greer State Bank (together with Greer Bancshares Incorporated, the “Companies”) elected Linda S. Hannon and Jeffery M. Howell as directors effective upon approval by the Federal Reserve, which approval was obtained on March 11, 2013. Ms. Hannon will serve on the following two board committees: Corporate Governance and Compensation/Human Resources. Mr. Howell will serve on the following three board committees: Audit, Loan, and Special Assets. In their capacity as directors, Ms. Hannon and Mr. Howell will be entitled to compensation in accordance with the Companies’ previously reported policy regarding compensation of directors.

Effective January 28, 2013 Dennis Hennett retired as Chief Executive Officer of Greer Bancshares Incorporated. Mr. Hennett remains a member of the Board of Directors of the company. On December 27, 2012, George Burdette was appointed Chief Executive Officer of the company, effective upon approval by the FDIC, South Carolina State Board of Financial Institutions and the Federal Reserve. Final approval was obtained on January 28, 2013. Mr. Burdette was most recently appointed and approved as President of the company on October 25, 2012. Mr. Burdette will continue to serve as President.