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April 28, 2014
08:53 EDTFOFNJudge approves Four Oaks Fincorp civil settlement
U.S. District Court Judge Terrance Boyle signed a consent order April 25th, approving the civil settlement between Four Oaks Finecorp, the holding company for Four Oaks Bank & Trust, the Bank and the U.S. Department of Justice regarding the bank’s contracts with third-party payment processors. The bank has agreed to pay a $1.2M civil penalty and to abide by certain conditions relating to the provision of banking services for some categories of merchants. The bank did not admit any facts alleged in the accompanying complaint nor did the Bank admit to any liability. The company's board felt that this settlement was in the bank’s best interest in order to avoid a lengthy and protracted legal fight and so that the bank could continue to focus on its primary business, which is serving its local communities. In addition, the company and bank have cooperated fully with the U.S. Department of Justice.
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