FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Files An 8-K Material Modification to Rights of Security Holders
Item 3.03
| Material Modification to Rights of Security Holders. |
contained in Item 5.03 of this report is incorporated herein by
reference.
| Item 5.03 |
Amendments to Articles of Incorporation or Bylaws; Change
in Fiscal Year. |
Department of the Secretary of State Articles of Amendment (the
Articles of Amendment) to the Companys Articles of Incorporation,
as amended, to effect a one for five reverse stock split of the
Companys authorized, issued, and outstanding common stock, par
value $1.00 per share (the Reverse Stock Split). The Articles of
Amendment did not change the par value of the Companys common
stock. The Articles of Amendment provide that the Reverse Stock
Split became effective at 5 P.M., Eastern Time, on March 8, 2017,
at which time every five shares of the Companys issued and
outstanding common stock were automatically combined into one
issued and outstanding share of the Companys common stock. No
fractional shares were issued in connection with the Reverse
Stock Split, and any fractional shares resulting from the Reverse
Stock Split were rounded up to the nearest whole share. In
addition, the number of authorized shares of common stock were
reduced from 80,000,000 to 16,000,000. Computershare Trust
Company N.A., the Companys transfer agent, will act as the
exchange agent for the Reverse Stock Split and will send
instructions to shareholders of record regarding the exchange of
certificates for book-entry shares of common stock.
recommended to the Companys shareholders by, the Companys Board
of Directors on September 26, 2016 and approved by the
shareholders of the Company at a special meeting of shareholders
held on November 8, 2016.
purport to be complete and is qualified in its entirety by
reference to the full text of the Articles of Amendment, which
are filed as Exhibit 3.1 to this report and is incorporated by
reference herein.
| Item 8.01 |
Other Events.
|
the updated effective time of the Reverse Stock Split and the
approval of a share repurchase program. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
|
Exhibit No.
|
Description of Exhibit
|
||
|
3.1
|
Articles of Amendment of Articles of Incorporation of Four
Oaks Fincorp, Inc., effective as of March 8, 2017 |
||
|
99.1
|
Press Release issued on March 8, 2017
|
About FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN)
Four Oaks Fincorp, Inc. is a bank holding company. The Company’s primary function is to serve as the holding company for its subsidiaries, Four Oaks Bank & Trust Company, Inc. (the Bank) and Four Oaks Mortgage Services, L.L.C. The Bank operates over 16 offices in eastern and central North Carolina. In addition, the Company has an interest in Four Oaks Statutory Trust I. The Bank is a community-focused bank engaged in commercial banking business. The Bank provides a range of banking services, including deposit accounts, loan products, wealth management, bank access services and merchant services. The Bank offers deposit accounts, such as checking, savings, free checking and savings program, certificates of deposit (CD), e-statements and mobile check capture. It offers wealth management products, such as financial planning services, wealth management services, life insurance, long-term care and annuities. It offers Internet banking, telephone banking and mobile banking. FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Recent Trading Information
FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) closed its last trading session 00.00 at 3.44 with 527 shares trading hands.
