Item 10.1 Entry into a Material Definitive Agreement.Purchase and Assumption Agreement • November 14th, 2012 • Four Oaks Fincorp Inc • State commercial banks
On September 26, 2012, Four Oaks Bank & Trust Company (“Four Oaks Bank”), a wholly owned subsidiary of Four Oaks Fincorp, Inc. (OTC BB: FOFN) (the “Corporation”), and First Bank entered into a Purchase and Assumption Agreement (the “Agreement”), pursuant to which First Bank will purchase certain assets and assume certain liabilities (the “Purchase”) of two branch offices of Four Oaks Bank located in Rockingham, North Carolina (the “Rockingham Branch”) and Southern Pines, North Carolina (together with the Rockingham Branch, the “Branches”).
