(Exact name of registrant as specified in its charter)
North Carolina | 000-22787 | 56-2028446 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices & zip code)
(Former Name or Former Address, if Changed Since Last Report)
August 16, 2006, Four Oaks Fincorp, Inc. (OTC BB: FOFN) issued a press release announcing preliminary financial results for the second quarter ended June 30, 2006. The full text of the press release is set forth in Exhibit 99.1 hereto and is incorporated herein by reference.
As previously reported, the Company intends to restate its financial statements for the year ended December 31, 2005 and for the first quarter of 2006 to amend the accounting for certain derivative transactions relating to interest rate swap agreements on the Company's brokered certificates of deposit under Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities. The Company plans to amend its Annual Report on Form 10-K for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the three month period ended March 31, 2006 as soon as practicable to reflect the restatement. The preliminary results for the quarter ended June 30, 2006 announced in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K utilize the accounting treatment which will be reflected in the restatement of the Company's historical financial statements, and the results for the quarter ended June 30, 2005 used in th e press release have been restated to reflect this accounting treatment.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02, including the press release attached as Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.
(d)
EX-99.1 | Press Release issued on August 16, 2006 |
Date: August 16, 2006 | By: | /s/ Ayden R. Lee, Jr. |
Ayden R. Lee, Jr. President & Chief Executive Officer |