Four Oaks Fincorp in Four Oaks, N.C., will soon have a new chief executive.

The $821 million-asset company said in a press release late Monday that David Rupp is set to succeed Ayden Lee Jr. as chief executive on June 30, subject to approval from the Federal Reserve Board. Rupp will retain his title as Four Oaks' president, while Lee will become the company's executive chairman.

Rupp was hired in October 2014 to become chief operating officer; he added the title of president in March. Before joining Four Oaks, he was retail banking and mortgage president at VantageSouth Bank. His background also includes stints as CEO of Greystone Bank, senior executive vice president of Regions Financial and various roles as Bank of America and First Union.

"The company and bank are now at a good place and it is an appropriate time for me to step down," Lee said. Rupp "is an outstanding leader and I am both pleased and excited to transition the CEO reins to him."

Four Oaks 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 Oaks also reported a $4.2 million loss last year; it primarily blamed the loss on nonperforming loans.

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