Exhibit 99.1

Message to Shareholders

Greer Bancshares Incorporated

November 9, 2009

Dear Shareholders and Friends:

Greer Bancshares Incorporated’s operations for the quarter ended September 30, 2009 resulted in net income of $630,000 before TARP-related costs of $158,000, resulting in net income available to common shareholders of $472,000 or $0.19 per diluted share. Company operating performance for the quarter ended September 30, 2009 compares well to the same quarter of 2008, primarily as a result of the significant impairment charge taken in the third quarter of last year relating to our investment in Fannie Mae securities. While we are not fully satisfied with the current level of our net interest margin, we are pleased with the consistent quarterly improvement in our net interest margin since the end of last year, as this remains an area of primary management focus. We continue to make contributions to loan loss reserves, as our loan loss model dictates. Lastly, we were able to take some gains in this most recent quarter from the investment portfolio, and use these gains to offset impairment of certain investments and offset increased FDIC deposit insurance premiums.

On a year to date basis through September 30, 2009, the Company’s operations generated net income of $598,000, before TARP- related costs of $423,000. As you may recall, our results for the first half of 2009 were negatively impacted by necessary increases in loan loss reserves and a $311,414 write-off in the value of restricted stock held by Greer State Bank in a correspondent banking enterprise in Atlanta, Georgia which failed subsequent to March 31, 2009.

In the nine months ended September 30, 2009, FDIC insurance premiums totaled $701,000, which compares to premiums of $157,000 through the same period a year ago. As of September 30, 2009:

In addition to the net interest margin, other areas of daily focus continue to revolve around managing credit issues and problem asset disposition, core deposit growth and operating expense control. Our management of operating expenses that are within our control has been the easiest of these to accomplish. Contributions to the loan loss reserve and increased FDIC insurance charges continue to represent our primary burdens. Based upon current market conditions and forecasts for a very gradual economic recovery, we expect to see continued pressure on earnings from loan loss issues and OREO expenses in the months to come. Our contributions to the loan loss provision amounted to $2,570,000 through the first nine months of 2009, which compares to $1,469,000 through September 30, 2008.

Our total risk based capital ratio was 12.07% as of September 30, 2009, which remains above the “well capitalized” threshold of 10%. We are pleased to make progress in this area, and hope to further enhance our capital position as economic conditions improve.

Lastly, we recently received the results of the FDIC Deposit Market Share Report as of June 30, 2009 which reflected Greer State Bank as the number one depository institution within our market. We are very pleased to have achieved this top ranking over strong national and local depository competition.

We thank you as our shareholders for your patience and support as we continue to manage your Company through the deepest recession of this generation. The employees and directors of Greer Bancshares Incorporated remain committed to protecting and enhancing your investment.

We welcome your comments for improving your Company and our communications with you.

LIABILITIES

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Forward-looking and cautionary statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements relate to, among other things, future economic performance, plans and objectives of management for future operations, and projections of revenues and other financial items that are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “may,” and “intend,” as well as other similar words and expressions, are intended to identify forward-looking statements. Actual results may differ materially from the results discussed in the forward-looking statements. The Company’s operating performance is subject to various risks and uncertainties including, without limitation:

For a description of factors which may cause actual results to differ materially from such forward-looking statements, see the Company’s Annual Report on Form 10-K for the year ended December, 2008, and other reports from time to time filed with or furnished to the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made. The Company undertakes no obligation to update any forward-looking statements made in this release.

BALANCE SHEET

As of September 30, 2009

Unaudited

STATEMENTS OF INCOME

As of September 30, 2009

Unaudited

GREER STATE BANK

OFFICE LOCATIONS

MAIN OFFICE &

GREER FINANCIAL SERVICES

1111 West Poinsett Street

Greer, South Carolina 29650

BRANCH OFFICES

601 North Main Street

Greer, South Carolina 29650

871 South Buncombe Road

Greer, South Carolina 29650

3317 Wade Hampton Boulevard

Taylors, SC 29687

864-877-2000

“TELEBANKER” - 864-879-2265

www.greerstatebank.com

Member FDIC

CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

September 30, 2009

GREER BANCSHARES INCORPORATED

Post Office Box 1029

Greer, South Carolina 29652-1029