HCSB Financial Corporation is the holding company for Horry County State Bank. The Bank provides general commercial and retail community banking services in South Carolina.

According to the Complaint, on April 19, 2017, HCSB’s Board of Directors caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with United. Pursuant to the terms of the Merger Agreement, stockholders of HCSB will receive 0.0050 shares of United per share of HCSB.

On May 17, 2017, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.

On August 17, 2017, Plaintiff filed a stipulation to voluntarily dismiss this action without prejudice.