Four Oaks Fincorp (FOFN) in Four Oaks, N.C., could raise more than $27 million in a securities agreement and rights offering.

The $820 million-asset Four Oaks said in a press release Wednesday that private investor Kenneth Lehman has agreed to buy a significant stake in the company. The company also plans to conduct a rights offering aimed at current shareholders.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.