Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

Four Oaks Fincorp, Inc. Announces Termination of Written Agreement with Federal Reserve Bank of Richmond (5/04/17)

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”), announced today that the Bank’s July 2015 Written Agreement (the “Written Agreement”) with the Federal Reserve Bank of Richmond (the “FRB”) has been terminated by the FRB with an effective termination date of April 28, 2017.

David Rupp, President and Chief Executive Officer stated, “Since our capital raise in August of 2014, the team at Four Oaks has worked diligently to improve our performance and put ourselves in a position to grow the Bank and serve more customers. The significant upgrade in our risk management and an improved partnership with the regulators has allowed us to move beyond the regulatory restrictions of the past. Considering this announcement, solid first quarter earnings and the return of our dividend, we are excited about the path forward.”

http://www.businesswire.com/news/home/20170504006308/en/Oaks-Fincorp-Announces-Termination-Written-Agreement-Federal