Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

Four Oaks Fincorp Commences Subordinated Note Offering (12/08/15)

On 12/01/15, Four Oaks Fincorp, Inc. commenced a private placement offering of up to $12 million in aggregate principal amount of subordinated promissory notes due November 30, 2025 to certain accredited investors pursuant to a Subordinated Note Purchase Agreement, dated December 1, 2015.

The Notes pay interest at 6.25% payable in quarterly installments commencing on March 1, 2015. The notes can be prepaid at any time after 11/20/20. The proceeds are being used to repay the outstanding subordinated promissory notes issued in 2009.

The rate on the notes being paid off is 8.5%.

http://www.sec.gov/Archives/edgar/data/1040799/000115752315003989/a51238824.htm