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<title>Palmetto 8-K</title>


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<body lang=EN-US link=blue vlink=purple>

<div style='page:Section1;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>UNITED
STATES</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'><b>
SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>Washington,
D.C.&nbsp; 20549</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>FORM
8-K</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>CURRENT
REPORT</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>Pursuant
to Section 13 or 15(d) of</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>the
Securities Exchange Act of 1934</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>Date of Report (Date of earliest
event reported):&nbsp; <u>January 15, 2008</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'><b><u>Palmetto
Bancshares, Inc.</u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>(Exact name of
registrant</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>as specified in
its charter)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>
<div align="center">
<table border="0" style="border-collapse: collapse" width="775" id="table1">
	<tr>
		<td align="center" style="border-bottom: 1px solid #000000">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line; margin-top:0in'>
South Carolina</p>

		</td>
		<td align="center" style="border-bottom: 1px solid #000000" width="228">0-26016</td>
		<td align="center" style="border-bottom: 1px solid #000000" width="264">
		74-2235055</td>
	</tr>
	<tr>
		<td align="center">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-top:0in'>
(State or other</p></td>
		<td align="center" width="228">(Commission</td>
		<td align="center" width="264">(I.R.S. Employer</td>
	</tr>
	<tr>
		<td align="center">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-top:0in'>
jurisdiction of</p></td>
		<td align="center" width="228">File Number) </td>
		<td align="center" width="264">&nbsp;Identification No.)</td>
	</tr>
	<tr>
		<td align="center">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-top:0in'>incorporation)</p>

		</td>
		<td align="center" width="228">&nbsp;</td>
		<td align="center" width="264">&nbsp;</td>
	</tr>
</table>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;text-align:center'><u>301 Hillcrest Drive, Laurens, South Carolina 29360</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>Registrant's telephone number,
including area code:&nbsp; <u>(864) 984-4551</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'><u>Not Applicable</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>(Former name or former address, if
changed since last report.)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<i>see </i>General Instruction A.2. below):</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Wingdings">o</font>&nbsp;&nbsp; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Wingdings">o</font>&nbsp;&nbsp; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;line-height:13.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-left:.5in;text-align:justify;text-indent:-.5in;
line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Wingdings">o</font>&nbsp;&nbsp; Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-left:.5in;text-align:justify;text-indent:-.5in;
line-height:13.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-left:.5in;text-align:justify;text-indent:-.5in;
line-height:13.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Wingdings">o</font>&nbsp;&nbsp; Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-left:.5in;text-align:justify;text-indent:-.5in;
line-height:13.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:Section2;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;page-break-after:avoid;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;font-weight:bold;text-align:center'>INFORMATION TO BE INCLUDED IN THE REPORT</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";layout-grid-mode:line; margin-left:0in; margin-right:0in; margin-top:0in'><b>ITEM&nbsp; 5.02 DEPARTURE OF DIRECTORS OF CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>(b)</p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Courier New";layout-grid-mode:line; text-indent:0.5in; margin-right:0in; margin-top:0in'>
<font face="Times New Roman" size="3">Effective January 31, 2008, a Named Executive Officer most recently included in the Company&#146;s 2007 Proxy Statement, Mr. Ralph M. Burns, III, will retire from his positions at Palmetto Bancshares, Inc. (the &#147;Company&#148;) and The Palmetto Bank (the &#147;Bank&#148;).&nbsp; <a
name="OLE_LINK4"></a>Mr. Burns has served as Treasurer of the Company since April 1998 and previously as a Vice President of the Company from April 1990 to April 1998.&nbsp; In addition, Mr. Burns will also retire as Executive Vice President of Finance and Operations of the Company's subsidiary bank, The Palmetto Bank, a position in which he has served since September 1999.&nbsp; From January 1982 until September 1999, he served as Senior Vice President and Cashier of The Palmetto Bank.&nbsp; From January 1978 to December 1981, he served as Assistant Vice President and Cashier of The Palmetto Bank, and from January 1976 to December 1977, Mr. Burns served as Assistant Cashier of The Palmetto Bank.&nbsp;
</font></p><pre style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Courier New";layout-grid-mode:line;'>&nbsp;</pre>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left:0in;text-autospace:none'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>

&nbsp;</p>

<br clear=ALL>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:center;page-break-after:avoid'><b>SIGNATURES</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;page-break-after:avoid'>PALMETTO BANCSHARES, INC.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>By:</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>&nbsp;<u>/s/ Ralph M. Burns,
III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>&nbsp;Ralph M. Burns, III</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>&nbsp;Treasurer</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";layout-grid-mode:line;margin-right:-9.0pt;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;text-align:justify;page-break-after:avoid'>Dated: January
17, 2008</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;'>

&nbsp;</p>

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</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"CG Times";layout-grid-mode:line;line-height:1.0pt'>&nbsp;</p>

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</html>
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{"company-data": {"conformed-name": "PALMETTO BANCSHARES INC", "cik": "0000706874", "assigned-sic": "6022", "irs-number": "742235055", "state-of-incorporation": "SC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26016", "film-number": "08537058"}, "business-address": {"street1": "301 HILLCREST DR", "street2": "P O BOX 49", "city": "LAURENS", "state": "SC", "zip": "29360", "phone": "8649844551"}}
Palmetto 8-K
UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D.C.  20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported):
January 15, 2008
Palmetto
Bancshares, Inc.
(Exact name of
registrant
as specified in
its charter)
South Carolina
0-26016
74-2235055
(State or other
(Commission
(I.R.S. Employer
jurisdiction of
File Number)
Identification No.)
incorporation)
301 Hillcrest Drive, Laurens, South Carolina 29360
(Address of principal executive
offices)            (Zip Code)
Registrant's telephone number,
including area code:
(864) 984-4551
Not Applicable
(Former name or former address, if
changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM  5.02 DEPARTURE OF DIRECTORS OF CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
(b)
Effective January 31, 2008, a Named Executive Officer most recently included in the Company's 2007 Proxy Statement, Mr. Ralph M. Burns, III, will retire from his positions at Palmetto Bancshares, Inc. (the "Company") and The Palmetto Bank (the "Bank").
Mr. Burns has served as Treasurer of the Company since April 1998 and previously as a Vice President of the Company from April 1990 to April 1998.  In addition, Mr. Burns will also retire as Executive Vice President of Finance and Operations of the Company's subsidiary bank, The Palmetto Bank, a position in which he has served since September 1999.  From January 1982 until September 1999, he served as Senior Vice President and Cashier of The Palmetto Bank.  From January 1978 to December 1981, he served as Assistant Vice President and Cashier of The Palmetto Bank, and from January 1976 to December 1977, Mr. Burns served as Assistant Cashier of The Palmetto Bank.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PALMETTO BANCSHARES, INC.
By:
/s/ Ralph M. Burns,
III
Ralph M. Burns, III
Treasurer
Dated: January
17, 2008