Four Oaks Bank reports waste

The corporate primogenitor of Johnston Countys Four Oaks Bank Trust not long ago reported waste for the fourth entertain and for all of 2009.

Four Oaks Fincorp reported a $1.7 million loss in the fourth entertain and a $2.1 million loss for the year. The association posted a $4.2 million distinction in 2008.

The waste for the full year and the fourth entertain were to some extent driven by a $6.1 million non-cash write-off of organization to help the poor associated to the 2008 merger 2008 merger of LongLeaf Community Bank of Rockingham. Several Triangle village banks not long ago have created off organization to help the poor as the share prices of most banks have declined, shortening the worth of banks they acquired.

Despite the losses, Four Oaks pronounced the bank stays well-capitalized.

In further to the organization to help the poor charge, Four Oaks reported a $2 million loss from operations last year, essentially since of a scarcely five-fold enlarge in the sustenance for loan waste to $15.4 million.

On the and side of the ledger, Four Oaks posted a $6 million benefit from the merger of Nuestro Banco in Garner.

"We are operative by the hurdles brought on by the retrogression and are seeking brazen to improved days forward for promissory note in ubiquitous and for Four Oaks Bank, in particular," CEO Ayden Lee pronounced in a rebuilt statement.

Four Oaks has eighteen branches in North Carolina. Assets last year rose $52 million to $976.8 million.