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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>As filed with the Securities and Exchange
Commission on August 19, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><B>Registration
No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Carolina Trust BancShares, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>North Carolina</B></TD>
    <TD NOWRAP STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>81-2019652</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of <BR>
incorporation or organization)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>901 East Main Street, Lincolnton, North Carolina
28092</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Carolina
Trust bank 2001 Incentive stock option Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CAROLINA
TRUST BANK 2005 INCENTIVE STOCK OPTION PLAN </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CAROLINA
TRUST BANK 2005 nonstatutory STOCK OPTION PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>carolina
commerce bank employee stock option plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>carolina
commerce bank director stock option plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">(Full title of the Plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jerry L. Ocheltree</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Carolina Trust BancShares, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>901 East Main Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Lincolnton, North Carolina 28092</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(704) 735-1104</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">(Name, address, telephone number, including
area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><I>WITH COPIES TO</I>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jonathan A. Greene, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stuart M. Rigot, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wyrick Robbins Yates &amp; Ponton LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4101 Lake Boone Trail, Suite 300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Raleigh, NC 27607</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(919) 781-4000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2
of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-right: -45pt; text-align: justify">Large accelerated filer &#9744;</TD>
    <TD STYLE="width: 25%; padding-right: -45pt; text-align: justify">Accelerated filer &#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; text-align: justify">Non-accelerated filer &#9744;&nbsp;(Do not check if a smaller reporting company)</TD>
    <TD STYLE="padding-right: -45pt; text-align: justify">Smaller reporting company &#9746;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -45pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -45pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD NOWRAP STYLE="width: 37%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of securities<BR>
to be registered</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>Amount to be<BR>
registered</B></P></TD>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>Proposed maximum</B><BR>
<B>offering price <BR>
</B>per share</P></TD>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>Proposed </B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>maximum aggregate<BR>
offering price <SUP>(6)</SUP></B></P></TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>Amount of </B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>registration fee <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(6)</SUP></FONT></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, $2.50 Par Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">10,500 (1)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">$3.14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,970</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, $2.50 Par Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">61,219 (2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">$7.39</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">452,408</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">45.56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, $2.50 Par Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">10,624 (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">$2.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22,629</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">2.28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, $2.50 Par Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">73,500 (4)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">$4.18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">307,230</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">30.94</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, $2.50 Par Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">31,719 (5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">$14.47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">458,974</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">46.22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">TOTAL:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 11.2pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">187,562&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; padding-right: 20.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,274,211</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 14pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$128.32</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2001 Incentive Stock Option Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2005 Incentive Stock Option Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2005 Nonstatutory Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Commerce Bank Employee Stock Option Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Commerce Bank Director Stock Option Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify">Pursuant to Rule 457(h), the proposed maximum aggregate offering price and the registration fee
have been calculated on the basis of the price at which the applicable stock options may be exercised.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">In connection with
the consummation on August 16, 2016 (such date, the &#8220;Effective Time&#8221;) of the transactions contemplated by the Agreement
and Plan of Reorganization and Share Exchange, dated March 30, 2016 (the &#8220;Agreement&#8221;), pursuant to which Carolina Trust
BancShares, Inc. (&#8220;Registrant&#8221;) became the holding company for Carolina Trust Bank (the &#8220;Bank&#8221;), the Registrant
has assumed the obligations under the following plans, which are collectively referred to herein as the &#8220;Plans&#8221;:</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Carolina Trust Bank 2001 Incentive Stock Option Plan;</LI>

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Carolina Trust Bank 2005 Incentive Stock Option Plan;</LI>

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Carolina Trust Bank 2005 Nonstatutory Stock Option Plan;</LI>

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt">Carolina Commerce Bank Employee Stock Option Plan (previously assumed by the Bank in
connection with its October 2009 merger with Carolina Commerce Bank); and</LI>

<LI STYLE="text-align: justify; margin: 0 0 8pt; font-size: 10pt">Carolina Commerce Bank Director Stock Option Plan (previously assumed by the Bank
in connection with its October 2009 merger with Carolina Commerce Bank).</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 24.5pt">Pursuant to the
Agreement, at the Effective Time each outstanding share of the Bank&#8217;s common stock formerly held by its shareholders was
converted into and exchanged for one newly issued share of Registrant&#8217;s common stock, and the Company became the parent bank
holding company of the Bank (such transaction, collectively, the &#8220;Reorganization&#8221;). Also at the Effective Time, all
then outstanding options to purchase shares of the Bank&#8217;s common stock (&#8220;Stock Options&#8221;) were assumed by Registrant
and converted into options to purchase the same numbers of shares of Registrant&#8217;s common stock on the same terms and conditions
as previously were in effect with respect to those outstanding Stock Options under the written agreements pertaining thereto and
the Plans under which those Stock Options were issued.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 24.5pt">At the Effective
Time, the Bank&#8217;s common stock was registered under Section&nbsp;12(b) of the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;) by virtue of its listing on The NASDAQ Capital Market. The Bank was subject to the information
requirements of the Exchange Act and, in accordance with Section&nbsp;12(i) thereof, it filed annual and quarterly reports, proxy
statements and other information with the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;). As a result of the Reorganization,
Registrant has become a successor issuer to the Bank as provided in Rule&nbsp;12g-3(a) under the Exchange Act, and Registrant&#8217;s
common stock is deemed to be registered under Section&nbsp;12(b) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">In connection with
its assumption of the Plans, the Company is offering shares of its common stock pursuant to the Plans.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">Part I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1. Plan Information.*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 2. Registration Information and Employee Plan Annual
Information*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">*As permitted by
the rules of the Securities and Exchange Commission (the &#8220;Commission&#8221;), this Registration Statement omits the information
specified in Part I (Items 1 and 2) of Form S-8. The documents containing the information specified in Part I will be delivered
to the participants in the Plans as required by Rule 428(b) under the Securities Act of 1933 (&#8220;Securities Act&#8221;). Such
documents are not being filed with the Commission as part of this Registration Statement or prospectuses or prospectus supplements
pursuant to Rule 424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Part II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Item 3. Incorporation of Documents
by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">The following documents
filed by the Bank with the FDIC under the Exchange Act have been furnished by Registrant as exhibits to its Current Report on Form
8-K filed with the Commission on August 16, 2016, under Rule 12g-3(a). As successor issuer to the Bank, Registrant hereby incorporates
each of those documents into this Registration Statement by reference:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Bank&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Bank&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 2016;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Bank&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Bank&#8217;s Current Reports on Form 8-K (dated January 14, 2016, March 23, 2016 (as amended)
and dated May 10, 2016).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Additionally,
the Registrant&#8217;s (i) Current Report on Form 8-K filed on August 16, 2016, under Rule&nbsp;12g-3(a), and the description
of Registrant&#8217;s common stock contained therein (including any amendment or report filed for the purpose of updating
such description), and (ii) Current Report on Form 8-K filed on August 16, 2016 regarding consummation of the Reorganization,
are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">In addition, all
documents subsequently filed with the Commission by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d), as applicable,
of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities being offered have been
sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated herein by reference and to be
a part hereof from the dates of filing of such documents. Under no circumstances will any information furnished under Items 2.02
or 7.01 of a Current Report on Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the
contrary.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Item 5. Interests of Named Experts
and Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Item 6. Indemnification of Directors
and Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">The Registrant is
incorporated under the laws of the State of North Carolina. North Carolina&#8217;s Business Corporation Act (the &#8220;NCBCA&#8221;)
contains provisions prescribing the extent to which directors and officers of a corporation shall or may be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Section 55-8-51 of
the NCBCA permits a corporation, with certain exceptions, to indemnify a current or former director against liability if he acted
in good faith and he reasonably believed (i) in the case of conduct in his official capacity with the corporation, that his conduct
was in its best interests, (ii) in all other cases, that his conduct was at least not opposed to its best interests and (iii) with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. Pursuant to section
55-8-55, indemnification under section 55-8-51 of the NCBCA generally shall be made by the corporation only upon a determination
that indemnification of the director or officer was proper under the circumstances because he met the applicable standard of conduct.
Such determination may be made by (i) the Board of Directors by a majority vote of a quorum consisting of directors who are not
parties to such proceeding, (ii) if such a quorum is not obtainable, by majority vote of a committee duly designated by the Board
of Directors consisting solely of two or more directors not at the time party to such proceeding; (iii) if such quorum is not obtainable,
or, even if obtainable, if a quorum of disinterested directors so directs, by special legal counsel in a written opinion, or (iv)
by the shareholders of the corporation, not including shares owned or voted under the control of directors who are parties to the
proceeding at issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Except in certain
court-ordered circumstances, a corporation may not indemnify a director in connection with a proceeding by or in the right of the
corporation in which he was adjudged liable to the corporation or in connection with any other proceeding charging improper personal
benefit to him, whether or not involving action in his official capacity, in which he was adjudged liable on the basis that personal
benefit was improperly received by him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Sections 55-8-52
and 55-8-56 of the NCBCA require a corporation to indemnify a director or officer in the defense of any proceeding to which he
was a party because of his capacity as a director or officer against reasonable expenses when he is wholly successful, on the merits
or otherwise, in his defense, unless the articles of incorporation provide otherwise. Upon application, the court may order indemnification
of the director or officer if the court determines that he is entitled to mandatory indemnification under Section 55-8-52, in which
case the court shall also order the corporation to pay the reasonable expenses incurred to obtain court-ordered indemnification
or if he is adjudged fairly and reasonably so entitled in view of all relevant circumstances under Section 55-8-54. Section 55-8-56
allows a corporation to indemnify and advance expenses to an officer, employee or agent who is not a director to the same extent,
consistent with public policy, as a director or as otherwise set forth in the corporation&#8217;s articles of incorporation or
bylaws or by resolution of the board of directors or contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Section 55-8-57 of
the NCBCA permits a corporation to provide for indemnification of directors, officers, employees or agents, in its articles of
incorporation or bylaws or by contract or resolution, against liability in various proceedings and to purchase and maintain insurance
policies on behalf of these individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Article VIII of the
Registrant&#8217;s Articles of Incorporation provides that no individual serving as a director of the Registrant shall be personally
liable for monetary damages for breach of any duty as a director. This limitation on liability is only limited to the extent set
forth in the NCBCA as described above, and each director&#8217;s personal liability is limited or eliminated to the fullest extent
permitted by North Carolina law.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">In addition, the
Registrant&#8217;s bylaws provide that the Registrant shall indemnify its directors, officers, employees or agents to the fullest
extent allowed by applicable law against all liability and litigation expense, including reasonable attorney&#8217;s fees, arising
out of such status or activities in such capacity, except for any liabilities or expenses incurred on account of activities that
were, at the time taken, known or believed by the person to be clearly in conflict with the best interests of the corporation.
Covered liabilities and expenses include any obligation to pay a judgment, settlement, penalty, fine (including an excise tax assessed
with respect to an employee benefit plan), or reasonable expenses incurred with respect to an action or proceeding (whether civil,
criminal, administrative or investigative and whether formal or informal). In determining whether a person is entitled to indemnification
under the bylaws, a majority vote of the disinterested members of the Registrant&#8217;s board of directors may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Pursuant to the bylaws
and as authorized by statute, the Registrant also maintains insurance on behalf of its directors and officers against liability
asserted against such persons in such capacity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Item 7. Exemption From Registration
Claimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following exhibits
are filed herewith or incorporated herein by reference as a part of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Exhibit Number</TD>
    <TD STYLE="width: 81%; padding-right: 0; padding-left: 0; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Registrant&#8217;s Articles of Incorporation (incorporated by reference from exhibit 3.01 to Registrant&#8217;s Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Registrant&#8217;s Bylaws (incorporated by reference from exhibit 3.02 to Registrant&#8217;s Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Opinion of Wyrick Robbins Yates &amp; Ponton LLP as to the legality of the securities being registered (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consent of Dixon Hughes Goodman LLP (filed
        herewith)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Consent of Wyrick Robbins Yates &amp; Ponton LLP (contained in the opinion filed herewith as Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">24.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Power of Attorney (filed herewith)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2001 Incentive Stock Option Plan (incorporated by reference from exhibit 10.11 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2005 Incentive Stock Option Plan (incorporated by reference from exhibit 10.12 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.3</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2005 Nonstatutory Stock Option Plan (incorporated by reference from exhibit 10.13 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.4</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Commerce Bank Employee Stock Option Plan (incorporated by reference from exhibit 10.14 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.5</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Commerce Bank Director Stock Option Plan (incorporated by reference from exhibit 10.15 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">(a)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">The undersigned
Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">&#9;(1)&#9;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.75in">&#9;(i)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 2.25in; text-align: justify; text-indent: 0">To
include any prospectus required by section 10(a)(3) of the Securities Act;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.75in">&#9;(ii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 2.25in; text-align: justify; text-indent: 0">To
reflect in the prospectus any facts or events&#9;arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1.75in">&#9;(iii)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 2.25in; text-align: justify; text-indent: 0">To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><I>provided, however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section 13
or section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(2) &nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">That, for the
purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(3) &nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s
annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#8217;s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">(c)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Lincolnton, State of North Carolina, on August 19, 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CAROLINA TRUST BANCSHARES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jerry L. Ocheltree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jerry L. Ocheltree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities
indicated on August 19, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>SIGNATURE</B></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 64%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>CAPACITY</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Jerry L. Ocheltree&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">President, Chief Executive Officer, and Director </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Jerry L. Ocheltree</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(principal executive officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Edwin E. Laws&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt;">Edwin E. Laws</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(principal financial officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Bryan E. Beal*&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt;">Bryan E. Beal</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Scott C. Davis*&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; ">Scott C. Davis</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Johnathan L. Rhyne, Jr.*&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chairman/Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; ">Johnathan L. Rhyne, Jr.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Frederick P. Spach, Jr.*&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt;">Frederick P. Spach, Jr.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">/s/ Jim R. Watson*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Jim R. Watson</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 17%; text-align: justify">* By: &nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="width: 83%; border-bottom: Black 1pt solid; text-align: justify">/s/ Jerry L. Ocheltree&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">Jerry L. Ocheltree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 8pt; text-align: justify">Attorney-in-fact</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><U>EXHIBIT INDEX</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>NUMBER</U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 84%; padding-right: 0; padding-left: 0; text-decoration: underline"><U>DESCRIPTION OF EXHIBIT</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Registrant&#8217;s Articles of Incorporation (incorporated by reference from exhibit 3.01 to Registrant&#8217;s Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Registrant&#8217;s Bylaws (incorporated by reference from exhibit 3.02 to Registrant&#8217;s Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><A HREF="ex5-1.htm">Opinion of Wyrick Robbins Yates &amp; Ponton LLP as to the legality of the securities being registered (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex23-1.htm">Consent of Dixon Hughes Goodman LLP (filed herewith)</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Consent of Wyrick Robbins Yates &amp; Ponton LLP (contained in the opinion filed herewith as Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">24.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><A HREF="ex24-1.htm">Power of Attorney (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2001 Incentive Stock Option Plan (incorporated by reference from exhibit 10.11 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2005 Incentive Stock Option Plan (incorporated by reference from exhibit 10.12 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.3</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Trust Bank 2005 Nonstatutory Stock Option Plan (incorporated by reference from exhibit 10.13 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.4</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Commerce Bank Employee Stock Option Plan (incorporated by reference from exhibit 10.14 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">99.5</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Carolina Commerce Bank Director Stock Option Plan (incorporated by reference from exhibit 10.15 to Registrant&#8217;s Current Report on Form 8-K dated August&nbsp;16, 2016 and filed under Rule&nbsp;12g-3(a))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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{"company-data": {"conformed-name": "Carolina Trust BancShares, Inc.", "cik": "0001676667", "assigned-sic": "6022", "irs-number": "812019652", "state-of-incorporation": "NC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-213203", "film-number": "161842226"}, "business-address": {"street1": "901 EAST MAIN STREET", "city": "LINCOLNTON", "state": "NC", "zip": "28092", "phone": "740-735-1104"}, "mail-address": {"street1": "901 EAST MAIN STREET", "city": "LINCOLNTON", "state": "NC", "zip": "28092"}}
As filed with the Securities and Exchange
Commission on August 19, 2016
Registration
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Carolina Trust BancShares, Inc.
(Exact name of registrant as specified in its
charter)
North Carolina
81-2019652
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
901 East Main Street, Lincolnton, North Carolina
28092
(Address of Principal Executive Offices)
(Zip Code)
Carolina
Trust bank 2001 Incentive stock option Plan
CAROLINA
TRUST BANK 2005 INCENTIVE STOCK OPTION PLAN
CAROLINA
TRUST BANK 2005 nonstatutory STOCK OPTION PLAN
carolina
commerce bank employee stock option plan
carolina
commerce bank director stock option plan
(Full title of the Plans)
Jerry L. Ocheltree
President and Chief Executive Officer
Carolina Trust BancShares, Inc.
901 East Main Street
Lincolnton, North Carolina 28092
(704) 735-1104
(Name, address, telephone number, including
area code, of agent for service)
WITH COPIES TO
:
Jonathan A. Greene, Esq.
Stuart M. Rigot, Esq.
Wyrick Robbins Yates & Ponton LLP
4101 Lake Boone Trail, Suite 300
Raleigh, NC 27607
(919) 781-4000
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2
of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)
Smaller reporting company ☒
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to be
registered
Proposed maximum
offering price
per share
Proposed
maximum aggregate
offering price
(6)
Amount of
registration fee
(6)
Common Stock, $2.50 Par Value Per Share
10,500 (1)
$3.14
$       32,970
$     3.32
Common Stock, $2.50 Par Value Per Share
61,219 (2)
$7.39
452,408
45.56
Common Stock, $2.50 Par Value Per Share
10,624 (3)
$2.13
22,629
2.28
Common Stock, $2.50 Par Value Per Share
73,500 (4)
$4.18
307,230
30.94
Common Stock, $2.50 Par Value Per Share
31,719 (5)
$14.47
458,974
46.22
TOTAL:
187,562
$1,274,211
$128.32
(1)
Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2001 Incentive Stock Option Plan.
(2)
Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2005 Incentive Stock Option Plan.
(3)
Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Trust Bank 2005 Nonstatutory Plan.
(4)
Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Commerce Bank Employee Stock Option Plan.
(5)
Represents shares of common stock that may be issued pursuant to awards granted under the Carolina
Commerce Bank Director Stock Option Plan.
(6)
Pursuant to Rule 457(h), the proposed maximum aggregate offering price and the registration fee
have been calculated on the basis of the price at which the applicable stock options may be exercised.
EXPLANATORY NOTE
In connection with
the consummation on August 16, 2016 (such date, the "Effective Time") of the transactions contemplated by the Agreement
and Plan of Reorganization and Share Exchange, dated March 30, 2016 (the "Agreement"), pursuant to which Carolina Trust
BancShares, Inc. ("Registrant") became the holding company for Carolina Trust Bank (the "Bank"), the Registrant
has assumed the obligations under the following plans, which are collectively referred to herein as the "Plans":
Carolina Trust Bank 2001 Incentive Stock Option Plan;
Carolina Trust Bank 2005 Incentive Stock Option Plan;
Carolina Trust Bank 2005 Nonstatutory Stock Option Plan;
Carolina Commerce Bank Employee Stock Option Plan (previously assumed by the Bank in
connection with its October 2009 merger with Carolina Commerce Bank); and
Carolina Commerce Bank Director Stock Option Plan (previously assumed by the Bank
in connection with its October 2009 merger with Carolina Commerce Bank).
Pursuant to the
Agreement, at the Effective Time each outstanding share of the Bank's common stock formerly held by its shareholders was
converted into and exchanged for one newly issued share of Registrant's common stock, and the Company became the parent bank
holding company of the Bank (such transaction, collectively, the "Reorganization"). Also at the Effective Time, all
then outstanding options to purchase shares of the Bank's common stock ("Stock Options") were assumed by Registrant
and converted into options to purchase the same numbers of shares of Registrant's common stock on the same terms and conditions
as previously were in effect with respect to those outstanding Stock Options under the written agreements pertaining thereto and
the Plans under which those Stock Options were issued.
At the Effective
Time, the Bank's common stock was registered under Section 12(b) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") by virtue of its listing on The NASDAQ Capital Market. The Bank was subject to the information
requirements of the Exchange Act and, in accordance with Section 12(i) thereof, it filed annual and quarterly reports, proxy
statements and other information with the Federal Deposit Insurance Corporation ("FDIC"). As a result of the Reorganization,
Registrant has become a successor issuer to the Bank as provided in Rule 12g-3(a) under the Exchange Act, and Registrant's
common stock is deemed to be registered under Section 12(b) of the Exchange Act.
In connection with
its assumption of the Plans, the Company is offering shares of its common stock pursuant to the Plans.
Part I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registration Information and Employee Plan Annual
Information*
*As permitted by
the rules of the Securities and Exchange Commission (the "Commission"), this Registration Statement omits the information
specified in Part I (Items 1 and 2) of Form S-8. The documents containing the information specified in Part I will be delivered
to the participants in the Plans as required by Rule 428(b) under the Securities Act of 1933 ("Securities Act"). Such
documents are not being filed with the Commission as part of this Registration Statement or prospectuses or prospectus supplements
pursuant to Rule 424.
Part II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3. Incorporation of Documents
by Reference.
The following documents
filed by the Bank with the FDIC under the Exchange Act have been furnished by Registrant as exhibits to its Current Report on Form
8-K filed with the Commission on August 16, 2016, under Rule 12g-3(a). As successor issuer to the Bank, Registrant hereby incorporates
each of those documents into this Registration Statement by reference:
(a)
The Bank's Annual Report on Form 10-K for the fiscal year ended December 31, 2015;
(b)
The Bank's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016;
(c)
The Bank's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016; and
(d)
The Bank's Current Reports on Form 8-K (dated January 14, 2016, March 23, 2016 (as amended)
and dated May 10, 2016).
Additionally,
the Registrant's (i) Current Report on Form 8-K filed on August 16, 2016, under Rule 12g-3(a), and the description
of Registrant's common stock contained therein (including any amendment or report filed for the purpose of updating
such description), and (ii) Current Report on Form 8-K filed on August 16, 2016 regarding consummation of the Reorganization,
are incorporated herein by reference.
In addition, all
documents subsequently filed with the Commission by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d), as applicable,
of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities being offered have been
sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated herein by reference and to be
a part hereof from the dates of filing of such documents. Under no circumstances will any information furnished under Items 2.02
or 7.01 of a Current Report on Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the
contrary.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts
and Counsel.
Not applicable.
Item 6. Indemnification of Directors
and Officers.
The Registrant is
incorporated under the laws of the State of North Carolina. North Carolina's Business Corporation Act (the "NCBCA")
contains provisions prescribing the extent to which directors and officers of a corporation shall or may be indemnified.
Section 55-8-51 of
the NCBCA permits a corporation, with certain exceptions, to indemnify a current or former director against liability if he acted
in good faith and he reasonably believed (i) in the case of conduct in his official capacity with the corporation, that his conduct
was in its best interests, (ii) in all other cases, that his conduct was at least not opposed to its best interests and (iii) with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. Pursuant to section
55-8-55, indemnification under section 55-8-51 of the NCBCA generally shall be made by the corporation only upon a determination
that indemnification of the director or officer was proper under the circumstances because he met the applicable standard of conduct.
Such determination may be made by (i) the Board of Directors by a majority vote of a quorum consisting of directors who are not
parties to such proceeding, (ii) if such a quorum is not obtainable, by majority vote of a committee duly designated by the Board
of Directors consisting solely of two or more directors not at the time party to such proceeding; (iii) if such quorum is not obtainable,
or, even if obtainable, if a quorum of disinterested directors so directs, by special legal counsel in a written opinion, or (iv)
by the shareholders of the corporation, not including shares owned or voted under the control of directors who are parties to the
proceeding at issue.
Except in certain
court-ordered circumstances, a corporation may not indemnify a director in connection with a proceeding by or in the right of the
corporation in which he was adjudged liable to the corporation or in connection with any other proceeding charging improper personal
benefit to him, whether or not involving action in his official capacity, in which he was adjudged liable on the basis that personal
benefit was improperly received by him.
Sections 55-8-52
and 55-8-56 of the NCBCA require a corporation to indemnify a director or officer in the defense of any proceeding to which he
was a party because of his capacity as a director or officer against reasonable expenses when he is wholly successful, on the merits
or otherwise, in his defense, unless the articles of incorporation provide otherwise. Upon application, the court may order indemnification
of the director or officer if the court determines that he is entitled to mandatory indemnification under Section 55-8-52, in which
case the court shall also order the corporation to pay the reasonable expenses incurred to obtain court-ordered indemnification
or if he is adjudged fairly and reasonably so entitled in view of all relevant circumstances under Section 55-8-54. Section 55-8-56
allows a corporation to indemnify and advance expenses to an officer, employee or agent who is not a director to the same extent,
consistent with public policy, as a director or as otherwise set forth in the corporation's articles of incorporation or
bylaws or by resolution of the board of directors or contract.
Section 55-8-57 of
the NCBCA permits a corporation to provide for indemnification of directors, officers, employees or agents, in its articles of
incorporation or bylaws or by contract or resolution, against liability in various proceedings and to purchase and maintain insurance
policies on behalf of these individuals.
Article VIII of the
Registrant's Articles of Incorporation provides that no individual serving as a director of the Registrant shall be personally
liable for monetary damages for breach of any duty as a director. This limitation on liability is only limited to the extent set
forth in the NCBCA as described above, and each director's personal liability is limited or eliminated to the fullest extent
permitted by North Carolina law.
In addition, the
Registrant's bylaws provide that the Registrant shall indemnify its directors, officers, employees or agents to the fullest
extent allowed by applicable law against all liability and litigation expense, including reasonable attorney's fees, arising
out of such status or activities in such capacity, except for any liabilities or expenses incurred on account of activities that
were, at the time taken, known or believed by the person to be clearly in conflict with the best interests of the corporation.
Covered liabilities and expenses include any obligation to pay a judgment, settlement, penalty, fine (including an excise tax assessed
with respect to an employee benefit plan), or reasonable expenses incurred with respect to an action or proceeding (whether civil,
criminal, administrative or investigative and whether formal or informal). In determining whether a person is entitled to indemnification
under the bylaws, a majority vote of the disinterested members of the Registrant's board of directors may be required.
Pursuant to the bylaws
and as authorized by statute, the Registrant also maintains insurance on behalf of its directors and officers against liability
asserted against such persons in such capacity.
Item 7. Exemption From Registration
Claimed.
Not applicable.
Item 8. Exhibits.
The following exhibits
are filed herewith or incorporated herein by reference as a part of the Registration Statement.
Exhibit Number
Description
4.1
Registrant's Articles of Incorporation (incorporated by reference from exhibit 3.01 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
4.2
Registrant's Bylaws (incorporated by reference from exhibit 3.02 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
5.1
Opinion of Wyrick Robbins Yates & Ponton LLP as to the legality of the securities being registered (filed herewith)
23.1
Consent of Dixon Hughes Goodman LLP (filed
        herewith)
23.2
Consent of Wyrick Robbins Yates & Ponton LLP (contained in the opinion filed herewith as Exhibit 5.1)
24.1
Power of Attorney (filed herewith)
99.1
Carolina Trust Bank 2001 Incentive Stock Option Plan (incorporated by reference from exhibit 10.11 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.2
Carolina Trust Bank 2005 Incentive Stock Option Plan (incorporated by reference from exhibit 10.12 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.3
Carolina Trust Bank 2005 Nonstatutory Stock Option Plan (incorporated by reference from exhibit 10.13 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.4
Carolina Commerce Bank Employee Stock Option Plan (incorporated by reference from exhibit 10.14 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.5
Carolina Commerce Bank Director Stock Option Plan (incorporated by reference from exhibit 10.15 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
Item 9. Undertakings.
(a)
The undersigned
Registrant hereby undertakes:
(1)
To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To
include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
To
reflect in the prospectus any facts or events	arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement.
(iii)
To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided, however
,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section 13
or section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2)
That, for the
purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial
bona fide
offering thereof.
(3)
To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)
The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's
annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Lincolnton, State of North Carolina, on August 19, 2016.
CAROLINA TRUST BANCSHARES, INC.
By:
/s/ Jerry L. Ocheltree
Jerry L. Ocheltree
President and Chief Executive Officer
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities
indicated on August 19, 2016.
SIGNATURE
CAPACITY
/s/ Jerry L. Ocheltree
President, Chief Executive Officer, and Director
Jerry L. Ocheltree
(principal executive officer)
/s/ Edwin E. Laws
Executive Vice President and Chief Financial Officer
Edwin E. Laws
(principal financial officer)
/s/ Bryan E. Beal*
Director
Bryan E. Beal
/s/ Scott C. Davis*
Director
Scott C. Davis
/s/ Johnathan L. Rhyne, Jr.*
Chairman/Director
Johnathan L. Rhyne, Jr.
/s/ Frederick P. Spach, Jr.*
Director
Frederick P. Spach, Jr.
/s/ Jim R. Watson*
Director
Jim R. Watson
* By:
/s/ Jerry L. Ocheltree
Jerry L. Ocheltree
Attorney-in-fact
EXHIBIT INDEX
EXHIBIT
NUMBER
DESCRIPTION OF EXHIBIT
4.1
Registrant's Articles of Incorporation (incorporated by reference from exhibit 3.01 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
4.2
Registrant's Bylaws (incorporated by reference from exhibit 3.02 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
5.1
Opinion of Wyrick Robbins Yates & Ponton LLP as to the legality of the securities being registered (filed herewith)
23.1
Consent of Dixon Hughes Goodman LLP (filed herewith)
23.2
Consent of Wyrick Robbins Yates & Ponton LLP (contained in the opinion filed herewith as Exhibit 5.1)
24.1
Power of Attorney (filed herewith)
99.1
Carolina Trust Bank 2001 Incentive Stock Option Plan (incorporated by reference from exhibit 10.11 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.2
Carolina Trust Bank 2005 Incentive Stock Option Plan (incorporated by reference from exhibit 10.12 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.3
Carolina Trust Bank 2005 Nonstatutory Stock Option Plan (incorporated by reference from exhibit 10.13 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.4
Carolina Commerce Bank Employee Stock Option Plan (incorporated by reference from exhibit 10.14 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))
99.5
Carolina Commerce Bank Director Stock Option Plan (incorporated by reference from exhibit 10.15 to Registrant's Current Report on Form 8-K dated August 16, 2016 and filed under Rule 12g-3(a))