Four Oaks Fincorp in Four Oaks, N.C., has shaken up some of its top management.
The $820 billion-asset company disclosed in a regulatory filing Clifton Painter retired as its chief operating officer and chief credit officer on Sept. 22. Painter agreed to remain a consultant for the next two years.
David Rupp, who became strategic project manager for Four Oaks' bank in June, was named chief operating officer. Rupp previously served as banking and mortgage president at VantageSouth Bank, which recently merged with Yadkin Financial. He also served as chief executive of Greystone Bank and has held various executive posts at Regions Financial, Bank of America and First Union.
The company in August raised $24 million through the sale of common stock. Roughly a third of the stock was sold to Kenneth Lehman, a private investor who purchased a 9.9% stake in the company in March.
Four Oaks was involved in Justice Department's Operation Choke Point probe, which has investigated banks' ties to payday lenders. The company in January agreed to pay $1.2 million to settle charges it allowed a third-party vendor to illegally process payments behalf of merchants, including internet gambling organizations and a fraudulent payday lending scheme. The settlement was approved at the end of April.