UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 27, 2004
FOUR OAKS FINCORP, INC.
(Exact name of registrant as specified in its charter)
North Carolina 000-22787 56-2028446
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification Number)
6114 U.S. 301 South
Four Oaks, North Carolina 27524
(Address of principal executive offices) (Zip Code)
(919) 963-2177
Registrant's telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
On September 27, 2004, the Board of Directors of Four Oaks Fincorp, Inc. (the
"Company") approved the amendment and restatement of the Company's Dividend
Reinvestment and Stock Purchase Plan (the "Plan"). The amendments included: (1)
changing the administrator and agent of the Plan from United Carolina Bank to
Registrar and Transfer Company; (2) providing that optional cash payments should
be made by personal check rather than money order; (3) providing that fractional
shares would be calculated to four decimal places rather than three decimal
places; (4) providing that any optional cash payments received by the agent more
than 30 days prior to a dividend payment date would be returned to the
participant; (5) providing that optional cash payments may only be made once a
quarter rather than once a month; and (6) adding a fee of $10 for withdrawal of
all or any portion of shares of the Company's common stock held in a
participant's account by the agent. The Plan, as amended and restated, is
attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits:
Exhibit No. Description
----------- -----------
10.1 Amended and Restated Dividend Reinvestment and
Stock Purchase Plan
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FOUR OAKS FINCORP, INC.
By: /s/ Ayden R. Lee, Jr.
---------------------------------
Ayden R. Lee, Jr.
President and Chief Executive Officer
Date: September 29, 2004
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EXHIBIT INDEX
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Exhibit No. Description
----------- -----------
10.1 Amended and Restated Dividend Reinvestment and
Stock Purchase Plan
4