Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

Four Oaks Bank Approves Management Transition Plan (6/08/15)

FOUR OAKS, N.C.--(BUSINESS WIRE)--Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the “Company”), the holding company for Four Oaks Bank & Trust Company (the “Bank”), is proud to announce that on June 8, 2015, the Board of Directors of the Company (the “Board”) approved a management transition plan (the “Transition Plan”) whereby (i) David H. Rupp, the Company’s current President, Chief Operating Officer and member of the Board, will become Chief Executive Officer of the Company and the Bank and (ii) Ayden R. Lee, Jr., who has been serving as the Chief Executive Officer of the Company and the Bank, will become the Executive Chairman of the Company. As Executive Chairman, Mr. Lee will provide, among other things, strategic, governance, shareholder relations, and risk management support and oversight to the Company, its executive team and the Board. Mr. Lee will also continue in his role as Chairman of the Board. Upon being appointed as Chief Executive Officer, Mr. Rupp will no longer serve as the Chief Operating Officer of the Company but will continue serving as the President and a member of the Board. The Transition Plan is targeted to become effective on or about June 30, 2015, and is subject to approval by the Federal Reserve Bank of Richmond.

Mr. Rupp has been serving as the Company’s President and Chief Operating Officer since March 2015, after serving as Executive Vice President and Chief Operating Officer since October 2014 and Senior Vice President, Strategic Project Manager since June 2014. He was also appointed to the Board on March 23, 2015. Prior to joining the Bank, he most recently served as Retail Banking and Mortgage President of VantageSouth Bank from 2012 to 2014. From 2009 to 2011, Mr. Rupp served as Chief Executive Officer of Greystone Bank and, from 2008 to 2009, he served as Senior Executive Vice President of Regions Financial Corporation. Prior to his employment with Regions Financial Corporation, Mr. Rupp held various positions at Bank of America and First Union Corporation.

“It has been my great honor to serve as the Company’s CEO since 1980; and to have been surrounded by an outstanding board and team of community bankers for the entire period. The Company and Bank are now at a good place and it is an appropriate time for me to step down. David Rupp is an outstanding leader and I am both pleased and excited to transition the CEO reins to him. Please join me in both welcoming and supporting David as he leads the Company forward,” said Mr. Lee.

Four Oaks Bank & Trust Company is a state chartered bank headquartered in Four Oaks, North Carolina, where it was chartered in 1912. The wholly-owned subsidiary of Four Oaks Fincorp, Inc., the single bank holding company trading under the symbol FOFN on the OTCQX Marketplace, the Bank had $820.8 million in assets as of December 31, 2014. The Bank presently operates thirteen branches located in Four Oaks, Clayton, Garner, Smithfield, Benson, Fuquay-Varina, Holly Springs, Wallace, Harrells, Zebulon, Dunn and Raleigh and loan production offices in Southern Pines, Raleigh, and Apex North Carolina.

http://www.businesswire.com/news/home/20150608006676/en/Oaks-Bank-Approves-Management-Transition-Plan#.VXc6HYnbKUk