Four Oaks Fincorp in Four Oaks, N.C., has named an acting chief financial officer after longtime CFO Nancy Wise resigned.
The $722 million-asset company said Wise left to spend more time with her family, according to a Tuesday news release. Wise, who was 59 as of Four Oaks' April 30 proxy, had been CFO since 1991 of both the holding company and Four Oaks Bank & Trust.
Four Oaks agreed to pay Wise a severance equal to 16 months of her base salary, plus $10,000, and additional considerations.
"We extend our profound thanks to Nancy for her twenty five years of dedicated service to the bank and wish her well in caring for her family," David Rupp, chief executive, said in the release.
Four Oaks appointed Deanna Hart acting CFO. Hart, 37, has been Four Oaks' controller since January 2014; she joined the company in 2003. The company said it's looking for a permanent replacement for Wise.
Wise's departure is the latest leadership change at Four Oaks. Rupp succeeded Ayden Lee Jr. as CEO on June 30.