Borrower: Greenville First Bancshares Inc. Lender: John J. Meindl Jr.
Date: February 22, 1999
Loan Amount: $600,000
LOAN PURPOSE AND DESCRIPTION: Greenville First Bancshares Inc. is an entity formed for the purpose
of starting a new community bank in Greenville, South Carolina. Greenville First Bank is the intended name of the
new bank and the organizing group plans on capitalizing the bank with approximately $8 million to $10 million. As
the organizing group will not have access to the capital until the bank opens for business, all organizing expenses
will have to be borrowed. John J. Meindl who intends to invest in the new bank has offered to lend the organizing
group funds based on the terms of this promissory note. The lender will have the right to purchase up to 5% of
the initial stock offering by the proposed bank.
Borrower agrees to pay Lender the amount of $600,000, plus finance charges including interest at the rate of the
Wall Street Journal Prime Rate per annum, accrued from the date of disbursement on the outstanding balance
based on a 365 day year. The interest rate on this loan is subject to change with any change in the Wall Street
Journal Prime Rate. The interest rate as of the date of this loan is 7.75%.
REVOLVING CREDIT: This loan is being made on a revolving basis, and payments made hereunder shall not
prevent subsequent advances up to the full amount of the note. PAYMENTS: Borrower may pay lender monthly
interest payments based on the amount outstanding. Payments will be due on the 5th of each month and the entire
principal balance is due at maturity. Borrower has the option of deferring interest payments until maturity.
MATURITY: This loan will mature on February 28, 2000. As a practical matter, this loan will be repaid from
capital funds, which will be available when the bank opens. GUARANTY: This loan will carry the personal
guaranties from each director of the proposed bank.
This note shall take effect as a sealed instrument and s