Exhibit 99.1

Message to Shareholders

Greer Bancshares Incorporated

November 15, 2010

Dear Shareholders and Friends:

Greer Bancshares Incorporated’s operations for the quarter ended September 30, 2010 resulted in a net loss of $(5,812,000) before TARP-related costs of $161,000, resulting in a net loss attributable to common shareholders of $(5,973,000) or $(2.40) per diluted common share. For the first nine months of 2010, the Bank has recorded a total loss of $(7,212,000) attributable to common shareholders after total year to date TARP-related costs of $480,000, or $(2.90) per diluted common share.

Third quarter operating earnings were negatively impacted by a significant non-cash charge relating to a valuation allowance on the net deferred tax asset of $4,867,000, which acted as a tax loss carry-forward. The effect of this deferred tax asset valuation allowance was a $3,129,000 income tax expense in this most recent third quarter. The income tax expense represents the full valuation allowance on temporary tax differences and net operating loss carryforwards. We will maintain the benefit of this tax offset in the future, as accounting standards permit this charge to be recaptured as income as the Bank is able to return to consistent levels of net income.

The Bank also added $3,248,000 to the loan loss provision in the third quarter, driven by credit losses and declining appraisal valuations on non-performing or under-performing loans, largely secured by commercial real estate. Based upon current market and portfolio conditions, this sizeable adjustment to the loan loss provision was deemed appropriate, bringing the loan loss reserve allowance up to $8,669,000 or 3.03% of gross loans as of September 30, 2010, which compares to $6,315,000 or 2.05% of gross loans as of December 31, 2009.

Non-performing asset levels have increased to $27,379,000 as of September 30, 2010, from $15,780,000 at year end 2009. Given the impact of non-performing loans on the operating results and financial condition of the company, focus and attention in this area continues to be of paramount importance to the Company. Additional resources have, and will continue to be, added to this functional area. Improvement in this area will positively impact the net interest margin, as well as overall net income, as charges relating to loan collection and valuation adjustments relating to new and updated appraisals on collateral backing certain loans continue to affect Bank performance.

Net interest income and non interest income levels for the nine months ended September 30, 2010 compare favorably to the same period in 2009, while operating expenses exclusive of OREO costs have been managed to levels below those experienced in the first nine months of 2009. Emphasis on reducing non-core funding levels has shown effectiveness, as total Bank borrowings have been reduced by nearly $32 million through September 30, 2010 in comparison to the most recent year ended December 31, 2009.

As of September 30, 2010:

Based upon local and national economic forecasts available to us, it is very obvious that we will not see any sort of rapid recovery from current economic conditions. Economists have declared the recession over as of mid 2009, but we continue to face a crisis of consumer confidence, which affects household and corporate spending decisions, the housing industry, workforce mobility and perhaps most of all, attitudes. It appears that the identification of new problem loans within our portfolio is slowing, but also slow is the work of reducing foreclosed property levels at reasonable prices, all in the effort of preserving value and capital. We continue to feel positive about the long term economic prospects for our Greer and Upstate marketplace, and about the role of our Bank in assisting with gradual recovery.

As we have stated in previous quarterly updates to you, we continue to focus on factors which are within our control. We are pleased with improvement in the funding mix of our Bank, resulting from heightened focus on relationship banking driven by deposits as a primary relationship component. As mentioned above, operating expenses not relating to loan collection continue to be well managed by those in supervisory positions. The reduction of problem asset levels will be our highest priority over the next 18 months, given the impact that positive performance in this area will have on the net interest margin and the bottom line.

We remain well capitalized, and will continue to work to enhance our capital position on an ongoing basis. We work closely with our accountants and regulators to ensure that our strategies and focus is properly aligned.

We thank you as our shareholders for your support, your patience and your understanding. And we remain mindful that you have also in some way been personally impacted by this prolonged period of economic difficulty. We remain committed to returning to levels of operating performance that you had been accustomed to in years past. We believe that this is possible as the economic fortunes of our market improve, and we continue to focus on serving the customer and you as shareholders to the best of our abilities.

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

BALANCE SHEET

As of September 30, 2010

Unaudited

STATEMENTS OF INCOME

As of September 30, 2010

Unaudited

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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 31, 2009, 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

Greer Bancshares Incorporated and

Greer State Bank

Directors

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, 2010

POST OFFICE BOX 1029

GREER, SC 29652

GREER BANCSHARES INCORPORATED

Post Office Box 1029

Greer, South Carolina 29652-1029