October 20, 2014 8:43 PM ET

Banks

Company Overview of Four Oaks Bank & Trust Company

Company Overview

Four Oaks Bank & Trust Company provides personal and business banking services. Its personal banking services include checking accounts, savings accounts, certificates of deposit, and individual retirement accounts; and credit, planning and investment, Internet banking, and other services. The company’s business banking services include checking accounts, savings accounts, certificates of deposit, and SBA and USDA Loans; and credit, cash management, merchant, planning and investment, Internet banking, and other services. In addition, it offers consumer, business, and mortgage loans; and credit cards. Four Oaks Bank & Trust Company was formerly known as The Bank of Four Oaks and changed its n...

6144 Us Highway 301 South

PO Box 309

Four Oaks, NC 27524

United States

Founded in 1912

Phone:

919-963-2177

Fax:

919-963-2768

Key Executives for Four Oaks Bank & Trust Company

Chairman
Age: 65
Chief Operating Officer and Executive Vice President
Age: 50
Senior Vice President
Senior Vice President
Senior Vice President of Mortgage and Manager of Mortgage
Compensation as of Fiscal Year 2014.

Four Oaks Bank & Trust Company Key Developments

Four Oaks Fincorp, Inc. and Four Oaks Bank & Trust Company Announce Executive Changes

On September 22, 2014, the Board of Directors of Four Oaks Fincorp Inc. approved changes in the executive organizational structures of it and Four Oaks Bank & Trust Company, the company's subsidiary (the Bank), in connection with the company's strategy for maximizing long-term growth following the conclusion of its previously disclosed rights offering and concurrent standby offering. As part of the reorganization, Clifton L. Painter, Senior Executive Vice President, Chief Operating Officer and Chief Credit Officer of the company and the Bank, notified the Board on September 22, 2014 of his decision to retire from his positions, effective September 22, 2014, and take on a consulting role with the Bank. Also as part of the executive reorganization, on September 22, 2014, the Board appointed David H. Rupp Executive Vice President, Chief Operating Officer of the company and the Bank, effective as of that same date. Mr. Rupp, age 50, became the Bank's Senior Vice President, Strategic Project Manager in June 2014. Prior to joining the Bank, he most recently served as Retail Banking and Mortgage President of VantageSouth Bank from 2012 to 2014.

U.S. Federal Judge Approves Civil Settlement Between Four Oaks Fincorp, Inc. and Four Oaks Bank & Trust Company and the U.S. Department of Justice

U.S. District Court Judge Terrance Boyle signed a consent order late, April 25(th), approving the civil settlement between Four Oaks Fincorp Inc., the holding company for Four Oaks Bank & Trust Company and the United States Department of Justice regarding the Bank's contracts with third-party payment processors. The Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. The Bank did not admit any facts alleged in the accompanying complaint nor did the Bank admit to any liability. The Company's Board felt that this settlement was in the Bank's best interest in order to avoid a lengthy and protracted legal fight and so that the Bank could continue to focus on its primary business, which is serving its local communities. The Bank is a community-based bank, and its mission is to build a stronger bank by helping its neighbors and customers. In addition, the Company and Bank have cooperated fully with the U.S. Department of Justice.

Four Oaks Bank & Trust Company Announces Civil Settlement with US DOJ

Four Oaks Fincorp Inc., the holding company for Four Oaks Bank & Trust Company, has announced that the company and the bank have negotiated a civil settlement with the US Department of Justice, or DOJ. The settlement remains subject to approval by the US District Court for the Eastern District of North Carolina. As a part of the terms of the proposed settlement, the Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. Also as part of the proposed settlement, the Bank does not admit any facts alleged in the accompanying complaint nor does the Bank admit to any liability. The Company's Board feels that this settlement is justified in order to avoid a lengthy and protracted legal fight and so that the Bank can continue to focus on its primary business, which is serving its local communities. In addition, the Company and Bank have cooperated fully with the US Department of Justice.

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