Four Oaks Fincorp Inc (FOFN) 1.7900 $FOFN
Four Oaks Fincorp, Inc. Announces Adoption of Tax Asset Protection Plan
Business Wire - Tue Aug 19, 7:19AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that its Board of Directors has adopted a tax asset protection plan (the "Plan" intended to preserve the long-term value of the Company's federal net operating loss and other tax carryforwards, which represent a substantial asset to the Company and its shareholders. The Plan is similar to tax protection plans adopted by other public companies with significant tax carryforwards. As of June 30, 2014, the Company had a federal net operating loss carryforward of approximately $36.8 million, as well as state net operating loss carryforwards and federal and state tax credits that can be carried forward to future years.
Four Oaks Fincorp, Inc. Announces Closing of Rights Offering and Standby Offering
Business Wire - Mon Aug 18, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company, today announced the conclusion of its previously announced rights offering (the "Rights Offering" and concurrent standby offering to Kenneth R. Lehman (the "Standby Offering" , in which the Company issued an aggregate of 24,000,000 shares of common stock at $1.00 per share for aggregate gross proceeds of $24.0 million (the maximum permissible pursuant to the terms of the Rights Offering and Standby Offering). In connection with the Rights Offering, 9,248,464 shares were issued to holders upon exercise of their basic subscription privilege (including 2,625,000 shares issued to Mr. Lehman) and 1,376,536 shares were issued to holders upon exercise of their oversubscription privilege, which was approximately 9.2% of the total number of shares requested pursuant to holders' oversubscription privilege. In connection with the Standby Offering, Mr. Lehman purchased an additional 12,500,000 shares.
Four Oaks Fincorp declares expiry of rights offering and results
M2 - Thu Aug 07, 6:53AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, disclosed on Thursday that the the subscription period of its rights offering expired at 17:00 Eastern Time, on 31 July 2014.
Four Oaks Fincorp, Inc. Announces 2014 Second Quarter and Year to Date Results
Business Wire - Wed Aug 06, 4:03PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced the results for the second quarter and six months ended June 30, 2014. Net income was $2.4 million and $3.8 million, respectively, for the second quarter and six months ended June 30, 2014 compared to net losses of $105,000 and $28,000 for the same periods in 2013. The Bank was well capitalized at June 30, 2014, with total risk based capital of 12.1%, tier 1 risk based capital of 10.8%, and a leverage ratio of 5.9%. At December 31, 2013, the Bank had total risk based capital of 10.9%, tier 1 risk based capital of 9.7%, and a leverage ratio of 5.5%. The Company had total risk based capital of 11.7%, tier 1 risk based capital of 7.8%, and a leverage ratio of 4.3% at June 30, 2014, as compared to 10.7%, 6.3%, and 3.6%, respectively, at December 31, 2013.
Four Oaks Fincorp, Inc. Announces Preliminary Results of Rights Offering
Business Wire - Wed Aug 06, 2:18PM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the subscription period of its previously announced rights offering (the "Rights Offering" expired at 5:00 p.m., Eastern Time, on July 31, 2014. Subscription rights that were not properly exercised by such time have expired and are no longer exercisable.
Four Oaks Fincorp announces record date for USD26.6m rights offering
M2 - Tue Jun 17, 7:26AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, established 16 June 2014 at 17:00 Eastern Time, as the record date for its rights offering of up to about USD26.6m, it said today.
Four Oaks Fincorp, Inc. Sets Record Date for Rights Offering
Business Wire - Mon Jun 16, 3:47PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company, today announced that it has set 5:00 p.m., Eastern Time, on Monday, June 16, 2014, as the record date (the "Record Date" for the Company's previously disclosed rights offering of up to approximately $26.6 million (the "Rights Offering" . The Company expects to commence the Rights Offering on or about Wednesday, June 18, 2014.
Four Oaks Fincorp, Inc. Announces Rights Offering
Business Wire - Wed Mar 26, 7:45AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the Company intends to conduct a rights offering of up to approximately $26.6 million (the "Rights Offering" .
Four Oaks Fincorp, Inc. Announces Securities Purchase Agreement
Business Wire - Wed Mar 26, 7:40AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the Company has entered into a securities purchase agreement (the "Securities Purchase Agreement" with Kenneth R. Lehman, a private investor.
Four Oaks Fincorp, Inc. And Four Oaks Bank & Trust Company Agree To Settlement Terms With The United States Department of Justice
PR Newswire - Thu Jan 09, 3:21PM CST
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , announced that the Company and the Bank have negotiated a civil settlement with the United States Department of Justice. The settlement remains subject to approval by the United States District Court for the Eastern District of North Carolina. As a part of the terms of the proposed settlement, the Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. Also as part of the proposed settlement, the Bank does not admit any facts alleged in the accompanying complaint nor does the Bank admit to any liability.
Four Oaks Fincorp, Inc. Announces 2012 Fourth Quarter and Annual Results
Business Wire - Fri Mar 29, 8:43AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company" , the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced the results for the fourth quarter and year ended December 31, 2012. The net loss for the fourth quarter and twelve months ended December 31, 2012 was $5.4 million and $7.0 million, respectively, compared to a net loss of $3.1 million and $9.1 million for the same periods of 2011, respectively. The provision for loan losses for the twelve months ended December 31, 2012, of $7.4 million was less than the $11.4 million for the same period in 2011. The Company had $12.0 million in net charge-offs recognized during the twelve months ended December 31, 2012 as compared to $12.4 million in net charge-offs recognized for the same period in 2011. Nonaccrual loans were $36.0 million at December 31, 2012, a decrease of $24.2 million from $60.1 million at December 31, 2011. Decreases in the l
Four Oaks Fincorp, Inc. Announces Adoption of Tax Asset Protection Plan
Business Wire - Tue Aug 19, 7:19AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that its Board of Directors has adopted a tax asset protection plan (the "Plan" intended to preserve the long-term value of the Company's federal net operating loss and other tax carryforwards, which represent a substantial asset to the Company and its shareholders. The Plan is similar to tax protection plans adopted by other public companies with significant tax carryforwards. As of June 30, 2014, the Company had a federal net operating loss carryforward of approximately $36.8 million, as well as state net operating loss carryforwards and federal and state tax credits that can be carried forward to future years. Four Oaks Fincorp, Inc. Announces Closing of Rights Offering and Standby Offering
Business Wire - Mon Aug 18, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company, today announced the conclusion of its previously announced rights offering (the "Rights Offering" and concurrent standby offering to Kenneth R. Lehman (the "Standby Offering" , in which the Company issued an aggregate of 24,000,000 shares of common stock at $1.00 per share for aggregate gross proceeds of $24.0 million (the maximum permissible pursuant to the terms of the Rights Offering and Standby Offering). In connection with the Rights Offering, 9,248,464 shares were issued to holders upon exercise of their basic subscription privilege (including 2,625,000 shares issued to Mr. Lehman) and 1,376,536 shares were issued to holders upon exercise of their oversubscription privilege, which was approximately 9.2% of the total number of shares requested pursuant to holders' oversubscription privilege. In connection with the Standby Offering, Mr. Lehman purchased an additional 12,500,000 shares. Four Oaks Fincorp declares expiry of rights offering and results
M2 - Thu Aug 07, 6:53AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, disclosed on Thursday that the the subscription period of its rights offering expired at 17:00 Eastern Time, on 31 July 2014.
Four Oaks Fincorp, Inc. Announces 2014 Second Quarter and Year to Date Results
Business Wire - Wed Aug 06, 4:03PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced the results for the second quarter and six months ended June 30, 2014. Net income was $2.4 million and $3.8 million, respectively, for the second quarter and six months ended June 30, 2014 compared to net losses of $105,000 and $28,000 for the same periods in 2013. The Bank was well capitalized at June 30, 2014, with total risk based capital of 12.1%, tier 1 risk based capital of 10.8%, and a leverage ratio of 5.9%. At December 31, 2013, the Bank had total risk based capital of 10.9%, tier 1 risk based capital of 9.7%, and a leverage ratio of 5.5%. The Company had total risk based capital of 11.7%, tier 1 risk based capital of 7.8%, and a leverage ratio of 4.3% at June 30, 2014, as compared to 10.7%, 6.3%, and 3.6%, respectively, at December 31, 2013. Four Oaks Fincorp, Inc. Announces Preliminary Results of Rights Offering
Business Wire - Wed Aug 06, 2:18PM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the subscription period of its previously announced rights offering (the "Rights Offering" expired at 5:00 p.m., Eastern Time, on July 31, 2014. Subscription rights that were not properly exercised by such time have expired and are no longer exercisable. Four Oaks Fincorp announces record date for USD26.6m rights offering
M2 - Tue Jun 17, 7:26AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, established 16 June 2014 at 17:00 Eastern Time, as the record date for its rights offering of up to about USD26.6m, it said today.
Four Oaks Fincorp, Inc. Sets Record Date for Rights Offering
Business Wire - Mon Jun 16, 3:47PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company, today announced that it has set 5:00 p.m., Eastern Time, on Monday, June 16, 2014, as the record date (the "Record Date" for the Company's previously disclosed rights offering of up to approximately $26.6 million (the "Rights Offering" . The Company expects to commence the Rights Offering on or about Wednesday, June 18, 2014. Four Oaks Fincorp, Inc. Announces Rights Offering
Business Wire - Wed Mar 26, 7:45AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the Company intends to conduct a rights offering of up to approximately $26.6 million (the "Rights Offering" . Four Oaks Fincorp, Inc. Announces Securities Purchase Agreement
Business Wire - Wed Mar 26, 7:40AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced that the Company has entered into a securities purchase agreement (the "Securities Purchase Agreement" with Kenneth R. Lehman, a private investor. Four Oaks Fincorp, Inc. And Four Oaks Bank & Trust Company Agree To Settlement Terms With The United States Department of Justice
PR Newswire - Thu Jan 09, 3:21PM CST
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , announced that the Company and the Bank have negotiated a civil settlement with the United States Department of Justice. The settlement remains subject to approval by the United States District Court for the Eastern District of North Carolina. As a part of the terms of the proposed settlement, the Bank has agreed to pay a $1.2 million civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. Also as part of the proposed settlement, the Bank does not admit any facts alleged in the accompanying complaint nor does the Bank admit to any liability. Four Oaks Fincorp, Inc. Announces 2012 Fourth Quarter and Annual Results
Business Wire - Fri Mar 29, 8:43AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank" , today announced the results for the fourth quarter and year ended December 31, 2012. The net loss for the fourth quarter and twelve months ended December 31, 2012 was $5.4 million and $7.0 million, respectively, compared to a net loss of $3.1 million and $9.1 million for the same periods of 2011, respectively. The provision for loan losses for the twelve months ended December 31, 2012, of $7.4 million was less than the $11.4 million for the same period in 2011. The Company had $12.0 million in net charge-offs recognized during the twelve months ended December 31, 2012 as compared to $12.4 million in net charge-offs recognized for the same period in 2011. Nonaccrual loans were $36.0 million at December 31, 2012, a decrease of $24.2 million from $60.1 million at December 31, 2011. Decreases in the l 
