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): January 23, 2006
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:
[_] 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 5.02 Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers.
On January 23, 2006, the Board of Directors of Four Oaks Fincorp, Inc. (OTC BB:
FOFN) (the "Company") elected Michael Anthony Weeks to the Company's Board of
Directors. The appointment of Mr. Weeks increases the total membership of the
Company's Board of Directors from eight to nine. Mr. Weeks was appointed to the
Audit Committee of the Board of Directors. On the same date, Mr. Weeks also was
appointed to the Board of Directors of Four Oaks Bank & Trust Company (the
"Bank"), a wholly-owned subsidiary of the Company.
As a non-employee director of the Company, Mr. Weeks will be entitled to the
director fees set forth in the Summary of Non-Employee Director Compensation
attached hereto as Exhibit 10.1, which is incorporated herein by reference.
The Bank has entered into the following financing arrangements with Mr. Weeks in
the last fiscal year: (1) a $200,000 revolving line of credit; (2) a $400,000
closed end credit line; (3) a $10,000 personal reserve account; and (4) a
$25,150 credit line. All outstanding loans and commitments included in such
transactions are made substantially on the same terms, including rate and
collateral, as those prevailing at the time in comparable transactions with
other customers.
The full text of the press release announcing Mr. Weeks' appointment is set
forth in Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
- ----------- ------------
10.1 Summary of Non-Employee Director Compensation
99.1 Press Release issued on January 25, 2006
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: January 25, 2006
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
10.1 Summary of Non-Employee Director Compensation
99.1 Press Release issued on January 25, 2006