Four Oaks Bank in North Carolina issued a press release today announcing their “stock sale will provide Four Oaks with a shot of much-needed capital. It is operating under a May 2011 agreement with the Federal Reserve Board that requires it to meet certain capital requirements. The company has struggled to find investors and it was a target the Justice Department’s “Operation Choke Point” probe, which investigates banks’ ties to payday lenders. Four Oaks reached a $1.2 million settlement with the Justice Department in January, helping to dispel its troubled aura.”
Here’s a link to the Press Release.
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