Item 1(a).

Name of Issuer:

First Reliance Bancshares, Inc.

Item 1(b).

Address of Issuer’s Principal Executive Offices:

2170 W. Palmetto Street

Florence, SC 29501

Item 2(a).

Name of Person Filing:

F. R. Saunders, Jr.

Item 2(b).

Address of Principal Business Office or, if None, Residence:

2170 W. Palmetto Street
Florence, SC 29501

Item 2(c).

Citizenship:

United States of America

Item 2(d).

Title of Class of Securities:

Common Stock

Item 2(e).

CUSIP Number:

336152100

Item 3.

If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

(a)

o

Broker or dealer registered under Section 15 of the Exchange Act.

(b)

o

Bank as defined in Section 3(a)(6) of the Exchange Act.

(c)

o

Insurance company as defined in Section 3(a)(19) of the Exchange Act.

(d)

o

Investment company registered under Section 8 of the Investment Company Act.

(e)

o

An investment advisor in accordance with Rule 13d-1(b)(1)(ii)(E).

(f)

o

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).

(g)

o

A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).

(h)

o

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.

(i)

o

A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of Investment Company Act.

(j)

o

Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If this statement is filed pursuant to Rule 13d-1(c), check this box   o

Item 4.

Ownership.

(a)

Amount beneficially owned:

200,604

(b)

Percent of class:

5.6%

(c)

Number of shares as to which such person has

(i)

sole power to vote or direct the vote:

189,362

(ii)

shared power to vote or direct the vote:

11,242

(iii)

sole power to dispose or to direct the disposition of:

189,362

(iv)

shared power to dispose or direct the disposition of:

11,242