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Washington, D.C. 20549

FIRST RELIANCE BANCSHARES, INC.

(Name of Issuer)

Common Stock, $0.01 per share

(Title of Class of Securities)

336152100

(CUSIP Number)

December 31, 2007

(Date of Event Which Requires Filing of this Statement)

 

 

CUSIP No.		336152100

*SEE INSTRUCTIONS BEFORE FILLING OUT

**SEE ITEM 4(b).

CUSIP No.		336152100

*SEE INSTRUCTIONS BEFORE FILLING OUT

**SEE ITEM 4(b).

CUSIP No.		336152100

*SEE INSTRUCTIONS BEFORE FILLING OUT

**SEE ITEM 4(b).

SCHEDULE 13G

This Schedule 13G (the “Schedule 13G”) is being filed on behalf of Service Capital Partners, LP, a Texas limited partnership (“Service Capital Partners”), Service Capital Advisors, LLC, a Texas limited liability company acting as the general partner of Service Capital Partners (“Service Capital Advisors”), and Dory Wiley, the principal of Service Capital Advisors.

This Schedule 13G relates to the common stock, $0.01 per share (the “Common Stock”), of First Reliance Bancshares, Inc. (the “Issuer”), purchased by Service Capital Partners for the account of Service Equity Partners, LP and Service Equity Partners (QP), LP, Texas limited partnerships, for both of which Service Capital Partners is the general partner.

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.

Service Capital Partners, Service Capital Advisors, and Dory Wiley

Item 2(b) Address of Principal Business Office, or, if none, Residence.

1700 Pacific Avenue—Suite 2020
Dallas, Texas 75201

Item 2(c) Citizenship or Place of Organization.

Service Capital Partners is a Texas limited partnership, Service Capital Advisors is a Texas limited liability company, and Dory Wiley is the principal of Service Capital Advisors and is a United States citizen.

Item 2(d) Title of Class of Securities.

Common Stock

Item 2(e) CUSIP Number.

336152100

Item 3 Reporting Person.

Inapplicable.

Item 4 Ownership.

(a) Amount beneficially owned:			348,203
(b) Percent of class:			9.98	%1
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote			0
(ii) Shared power to vote or to direct the vote			348,203
(iii) Sole power to dispose or to direct disposition of			0
(iv) Shared power to dispose or to direct disposition of			348,203

1		9.98% of 3,487,393 shares of Common Stock outstanding based on the information taken from the Issuer’s Form 10-Q dated November 14, 2007**.

Service Equity Partners, LP and Service Equity Partners (QP), LP are the record owners, in aggregate, of the shares of the security being reported. Service Capital Partners is the general partner of each of Service Equity Partners, LP and Service Equity Partners (QP), LP. Service Capital Advisors is the general partner of Service Capital Partners, and Dory Wiley is the principal of Service Capital Advisors. Therefore, Service Capital Partners, Service Capital Advisors, and Dory Wiley indirectly have the power to vote and dispose of the shares being reported, and accordingly, may be deemed the beneficial owners of such shares. The filing of this Schedule 13G shall not be construed as an admission by any of the Reporting Persons, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as to the beneficial ownership of any of the 348,203 shares Common Stock owned by Service Equity Partners, LP and Service Equity Partners (QP), LP.

Item 5 Ownership of Five Percent or Less of a Class.

Inapplicable.

Item 6 Ownership of More Than Five Percent on Behalf of Another Person.

Inapplicable.

Item 7		Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Inapplicable.

Item 8 Identification and Classification of Members of the Group.

Inapplicable.

Item 9 Notice of Dissolution of Group.

Inapplicable.

Item 10 Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Exhibits Exhibit 1

Joint Filing Agreement dated February 14, 2008 among Service Capital Partners, Service Capital Advisors, and Dory Wiley.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 14, 2008