Exhibit 99.1

                   Four Oaks Bank & Trust Company to
                   Acquire LongLeaf Community Bank

      Acquisition Would Result in Expansion into Two New Markets


    FOUR OAKS, N.C. & ROCKINGHAM, N.C.--(BUSINESS WIRE)--Dec. 10,
2007--Four Oaks Fincorp, Inc. (OTCBB:FOFN), the holding company for
Four Oaks Bank & Trust Company ("Four Oaks"), and LongLeaf Community
Bank ("LongLeaf") today announced the signing of a definitive merger
agreement providing for the merger of LongLeaf into Four Oaks. The
transaction price is fixed at $16.50 per share of LongLeaf's common
stock, representing a total transaction value of approximately $13.4
million.

    Under the terms of the agreement, LongLeaf's shareholders will
receive shares of Four Oak's common stock, cash or a combination
thereof, subject to limitations. The transaction has been approved by
the boards of directors of both companies. It is subject to the
approval of LongLeaf's shareholders and regulatory agencies, as well
as to other customary conditions of closing.

    LongLeaf is headquartered in Rockingham, North Carolina and has
total assets of approximately $57.6 million and total deposits of
approximately $46.9 million. It operates one full-service banking
office in Rockingham and another in Southern Pines, which will be new
markets for Four Oaks Bank.

    In announcing the transaction, Ayden R. Lee, Jr., Four Oaks'
Chairman, President and Chief Executive Officer said, "LongLeaf's
markets are a natural extension of our service area and their core
values are closely aligned with our own. In many ways LongLeaf reminds
us of our own bank just a few years ago." He added, "We expect that
their customers and associates will blend seamlessly into the Four
Oaks Bank culture. We share a commitment to the communities we serve
through our continuous involvement in community projects and by
offering competitive banking products and services."

    "We believe this partnership will provide excellent opportunities
for everyone involved," said John W. Bullard, President and Chief
Executive Officer of LongLeaf. "Our customers will have more locations
for their convenience and more products to fit their financial needs.
Likewise, our employees will now work for a larger organization with
additional career growth potential and our shareholders will have the
ability to receive stock in what we believe is one of the best
performing community banks in the state."

    "We anticipate employing as many LongLeaf employees as possible in
order to maintain the level of service the bank's customers expect and
deserve," said Mr. Lee. "While John Bullard is retiring from the bank
after the merger, we are pleased he will become a member of the Four
Oaks family as a member of our bank's board of directors and as a
consultant. We also are excited to announce that Butch Farrah,
formerly the Chief Operating Officer at LongLeaf will head the
Rockingham office as City Executive. LongLeaf's management team has
extensive banking expertise and a deep knowledge of the communities
they serve. We believe they will provide the leadership we need and
make valuable contributions to our success."

    The transaction is expected to close during the second quarter of
2008 and to be accretive to Four Oaks' earnings in 2009.

    About Four Oaks

    Four Oaks Bank began business as Bank of Four Oaks in June of 1912
in Four Oaks, Johnston County, North Carolina. The bank operated as a
unit bank until 1986 when its Clayton, North Carolina branch opened.
Presently, there are 13 branches, 14 ATMs and one loan production
office operating in 6 counties. Four Oaks Bank has the highest market
share of all banks in Johnston County as of June 30, 2007. As of
September 30, 2007, Four Oaks Fincorp, Inc. had assets of $683.1
million, loans of $507.0 million, deposits of $514.3 million, and
shareholders' equity of $53.8 million. In addition, Four Oaks Fincorp,
Inc. had 6.2 million shares outstanding, which are traded on the OTC
Bulletin Board under the symbol FOFN and a market capitalization of
$98.9 million.

    Information in this press release contains forward-looking
statements. These statements involve risks and uncertainties that
could cause actual results to differ materially, including without
limitation, the possibility that fewer than the required number of
LongLeaf shareholders vote to approve the merger; the occurrence of
events that would have a material adverse effect on LongLeaf or Four
Oaks Bank as described in the merger agreement, including the risk of
adverse operating results, delays in obtaining or failure to receive
required regulatory approvals; the risk that the merger agreement
could be terminated under circumstances that would require LongLeaf to
pay a termination fee of $350,000 to Four Oaks prior to terminating
the Agreement and an additional $350,000 if certain transactions are
consummated within 12 months after such termination; the risk that the
merger will not be consummated; the actual operations of the acquired
branches after the acquisition; the ability of Four Oaks Bank to
integrate the operations of LongLeaf into its operations; and other
uncertainties arising in connection with the proposed merger.
Additional factors that could cause actual results to differ
materially are discussed in documents filed with the Securities and
Exchange Commission by Four Oaks from time to time, including without
limitation Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K. Except as required by law, Four Oaks
does not undertake a duty to update any forward-looking statements in
this press release.

    THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY
SECURITIES. The proposed transaction will be submitted to LongLeaf's
shareholders for their consideration. The parties will file a
registration statement, a proxy statement/prospectus, and other
relevant documents concerning the proposed transaction with the SEC
and FDIC. SHAREHOLDERS OF LONGLEAF ARE NOT BEING ASKED TO TAKE ANY
ACTION AT THIS TIME BUT ARE URGED TO READ THE REGISTRATION STATEMENT
AND THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AND FDIC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain a
free copy of the proxy statement/prospectus, as well as other filings
containing information about the parties, at the SEC's Website
(http://www.sec.gov). Information about Longleaf is available in the
public filings it makes with the Federal Deposit Insurance Corporation
(FDIC), which are available for inspection at the offices of the
FDIC's Accounting and Securities Disclosure Section located at Room
F-6043, 550 17th Street, N.W., Washington, DC 20429. One may also
obtain copies of Longleaf's reports by calling the FDIC's Accounting
and Securities Disclosure Section at (202) 898-8913, by facsimile at
(202) 898-8505, or by email at mfields@fdic.gov. Copies of the proxy
statement/prospectus and the SEC filings that will be incorporated by
reference in the proxy statement/prospectus can be obtained, without
charge, by directing a request to Nancy Wise, Four Oaks Fincorp, Inc.,
6114 U.S. 301 South, Four Oaks, North Carolina 27524, (919) 963-2177.
In addition, copies of the proxy statement/prospectus can be obtained,
without charge, by directing a request to Sandy Hunsucker, LongLeaf
Community Bank, P.O. Box 1208, Rockingham, North Carolina 28380, (910)
895-1208.

    Each of the parties and each of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of LongLeaf, in
connection with the Merger. Information about the directors and
executive officers of the Company and their ownership of the Company's
common stock is set forth in the proxy statement, dated April 2, 2007,
for the Company's 2007 annual meeting of shareholders held on April
23, 2007, as filed with the SEC on a Schedule 14A. Information about
the directors and executive officers of LongLeaf and their ownership
of LongLeaf common stock is set forth in the proxy statement, dated
April 12, 2007, for LongLeaf's 2007 annual meeting of shareholders
held on May 10, 2007 as filed with the FDIC on Schedule 14A.
Additional information regarding the interests of LongLeaf's directors
and officers may be obtained by reading the proxy statement/prospectus
when it becomes available.


    CONTACT: Four Oaks Fincorp, Inc.
             Nancy Wise, 919-963-2177
             or
             LongLeaf Community Bank
             Sandy Hunsucker, 910-895-1208