FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Files An 8-K Termination of a Material Definitive Agreement

FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Files An 8-K Termination of a Material Definitive Agreement

Story continues below

Item 1.02 Termination of a Material Definitive Agreement.

On May 4, 2017, the Federal Reserve Bank of Richmond (the FRB),
the primary federal regulator of Four Oaks Fincorp, Inc. (the
Company) and its wholly-owned subsidiary, Four Oaks Bank Trust
Company (the Bank), publicly announced the termination of the
written agreement, dated as of July 30, 2015 (the Written
Agreement), between the Bank and the FRB with an effective
termination date of April 28, 2017.
A summary of the material terms of the Written Agreement was
disclosed in the Companys Current Report on Form 8-K filed on
August 4, 2015, which summary is incorporated by reference
herein.
Item 8.01 Other Events.
On May 4, 2017, the Company issued a press release announcing
that the FRB had terminated the Written Agreement. The full text
of the press release is set forth in Exhibit 99.1 hereto and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description of Exhibit
99.1
Press Release issued on May 4, 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 up +0.56 at 15.00 with 2,125 shares trading hands.

An ad to help with our costs