Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

Four Oaks Bank CFO resigns (9/01/15)

Nancy Wise, chief financial officer for the parent company of Four Oaks Bank, has resigned, effective Tuesday. According to a company statement, she resigned “to spend time caring for aging family members.”

In connection with the resignation, Four Oaks management proposed a severance agreement, effective Sept. 15, which puts Wise in the position to get a lump sum payout by Sept. 30. Specifically, she’ll be entitled to receive $10,000 in addition to an amount equal to 16 months of her current base salary. That means a lump sum payment of about $214,000. Four Oaks will also reimburse Wise for the premiums she pays to continue coverage under the firm’s group health insurance policy for the 18-month period beginning Oc. 1. Additionally, she will be paid for all unused vacation and sick time.

Wise joined the company in 2001 as senior vice president and CFO. She has served as executive vice president and CFO since 2005.

Her 2014 salary was $153,041, which, including bonuses and and awards, came to more than $156,000 in total compensation.

In her stead, Deanna Hart, the bank’s senior vice president and controller, will take on the CFO role as the bank searches for a new finance executive.

Four Oaks Bank had a total of $722 million in assets as of the end of June. The bank operates from 16 offices in its home base of Four Oaks, as well as Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs, Harrells, Zebulon, Dunn, Raleigh, Apex and Southern Pines. The company trades through its market makers under the symbol FOFN.

Wise’s departure is just the latest management change at the bank. In recent months, VantageSouth vet David Rupp took over the CEO seat from longtime leader Ayden Lee.

http://www.bizjournals.com/triangle/news/2015/09/01/four-oaks-bank-cfo-nancy-wise-resigns.html