DEFERRED COMPENSATION PLAN FOR DIRECTORS

Exhibit 10.5

DEFERRED COMPENSATION PLAN FOR DIRECTORS

Third Amendment

This Third Amendment of the Deferred Compensation Plan for Directors is adopted this 21 ^st day of December, 2006, by Greer State Bank, a bank organized and existing under the laws of the State of South Carolina, having a principal place of business in Greer, South Carolina.

WITNESSETH

WHEREAS, Greer State Bank wishes to amend its Deferred Compensation Plan for Directors (“Plan”);

WHEREAS, the Plan was established October 19, 1995 and was previously amended by a First Amendment dated July 25, 1996 and a Second Amendment and Complete Restatement dated December 21, 2006; and

WHEREAS, pursuant to Section 10 the Plan, the Plan may be amended at any time upon a majority vote of the Board of Directors then serving;

NOW, THEREFORE, Greer State Bank does hereby amend the Plan, effective as of January 1, 2007, as follows:

1. The following new sentence is added at the end of Section 2:

“Notwithstanding the foregoing or any other provision of this Plan, a Director may not defer any Compensation earned after attaining the age of sixty-five (65).”

2. Section 3 of the Plan is changed to read in its entirety as follows:

“3. Deferred Compensation Account and Earnings . The Company shall establish the Deferred Compensation Account on its books, which account may include ‘Tier 1 deferrals’ and ‘Tier 2 deferrals,’ as those terms are defined in this Section. The Company shall credit the Deferred Compensation Account by the amount of Compensation the Participant elects to reduce his Compensation and defers into this Plan, and all amounts so deferred and credited shall be categorized as either a Tier 1 deferral or a Tier 2 deferral as follows: !