SOURCE: Four Oaks Fincorp, Inc.

December 21, 2006 10:15 ET

Four Oaks Fincorp, Inc. Announces Retirement of Chairman

FOUR OAKS, NC -- (MARKET WIRE) -- December 21, 2006 -- Four Oaks Fincorp, Inc.(OTCBB: FOFN), holding company for Four Oaks Bank & Trust Company, today announced that the Board of Directors accepted the resignation of Chairman Merwin S. (Bill) Canaday from his role as Chairman and director effective December 31, 2006. Mr. Canaday indicated that his decision was based on a desire to devote more time to his family and his business. The board elected Ayden R. Lee, Jr. to be Chairman of the Board of Directors effective January 1, 2007. Mr. Lee will continue in his present capacity of President and Chief Executive Officer. Mr. Canaday has served as director since 1969 and as Chairman since 1989. The board appointed Mr. Canaday to the honorary post of Chairman Emeritus.

In commenting on Mr. Canaday's resignation, Mr. Lee stated, "During Bill's tenure on the board, he has served as a mentor for all of the current directors, especially me. The company is much stronger because of his passion and commitment. He has only missed one board meeting in 37 years of service. It is impossible to measure our gratitude to him or to number the many ways and times he will be missed."

Contact Information

  • Contact:
    Ayden R. Lee, Jr.
    President and Chief Executive Officer

    Nancy S. Wise
    Executive Vice President and Chief Financial Officer

    Four Oaks Fincorp, Inc.
    (919) 963-2177