Four Oaks Fincorp in North Carolina has a new president.
The $821 million-asset company said in a press release Thursday that David Rupp had succeeded Ayden Lee Jr., effective March 31. Lee remains the company's chairman and chief executive.
Rupp was hired as Four Oaks' chief operating officer last September. He previously served as the company's strategic project manager.
Prior to joining Four Oaks, Rupp held executive posts at numerous banks, including VantageSouth Bank, Greystone Bank and Regions Financial. He has also worked at Bank of America and First Union.
"In a period of the bank's long history marked by exciting events, [Rupp's] appointment to the position of president of our company is one more example of our board's commitment to embracing change in our path towards a very bright future," Lee said in the release.
Four Oaks has 13 branches and two loan production offices in North Carolina. The company agreed last year to pay $1.2 million to settle allegations tied to the Justice Department's Operation Choke Point that it allowed a third-party vendor to illegally process payments on behalf of merchants. Four Oak also reported a $4.2 million loss last year, primarily blaming the results on nonperforming loans.