UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
FOUR OAKS FINCORP, INC.
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(Name of Issuer)
COMMON STOCK, $1.00 PAR VALUE
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(Title of Class of Securities)
350891 10 7
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1 of 5 Pages
<PAGE>
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CUSIP No. 350891 10 7 13G Page 2 of 5 Pages
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1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
William Ashley Turner and Debra C. Turner, Joint Tenants with right
of survivorship
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
(b)
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3) SEC USE ONLY
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4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5) SOLE VOTING POWER
NUMBER OF 68,725.9
SHARES -----------------------------------------------------------------
BENEFICIALLY 6) SHARED VOTING POWER
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 7) SOLE DISPOSITIVE POWER
PERSON 68,725.9
WITH: ----------------------------------------------------------------
8) SHARED DISPOSITIVE POWER
-0-
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9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,067.3
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10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
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11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2%
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12) TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP No. 350891 10 7 13G Page 3 of 5 Pages
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ITEM 1.
(a) Name of Issuer
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Four Oaks Fincorp, Inc.
(b) Address of Issuer's Principal Executive Offices
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6144 US 301 South
Four Oaks, North Carolina 27524
ITEM 2.
(a) Name of Person Filing
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This statement is filed by William Ashley Turner and
Debra C. Turner, Joint Tenants with right of survivorship.
(b) Address of Principal Business Office or, if none, Residence
-----------------------------------------------------------
2256 Shotwell Road
Clayton, North Carolina 27520
(c) Citizenship
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United States of America
(d) Title of Class of Securities
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Common stock, par value $1.00 per share
(e) CUSIP Number
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350891 10 7
ITEM 3.
Not applicable.
ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned:
--------------------------
As of December 1, 1998, the Reporting Person beneficially owned
69,067.3 shares of Common Stock of Four Oaks Fincorp, Inc. which includes 171.2
shares owned by William Ashley Turner, individually and 171.2 shares owned by
Debra C. Turner, individually. The Reporting Person declares that the filing of
this Schedule 13G shall not be construed as an admission that it is, for
purposes of Section 13(d) or Section 13(g) of the Act, the beneficial owner of
any of the shares of Common Stock of the issuer owned of record by William
Ashley Turner or Debra C. Turner. The Reporting Person has no power to vote,
direct the voting of, dispose of, or direct the
<PAGE>
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CUSIP No. 350891 10 7 13G Page 4 of 5 Pages
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disposition of such shares owned by William Ashley Turner or Debra C. Turner.
(b) Percent of Class:
-----------------
Such 69,067.3 shar`es of Common Stock are 5.2% of the 1,340,000
shares of Common Stock outstanding as of December 1, 1998.
(c) Number of shares as to which such person has:
---------------------------------------------
<TABLE>
<S> <C>
(i) sole power to vote or to direct the vote: 68,725.9
(ii) shared power to vote or to direct the vote: -0-
(iii) sole power to dispose or to direct the disposition of: 68,725.9
(iv) shared power to dispose or to direct the disposition of: -0-
</TABLE>
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
<PAGE>
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CUSIP No. 350891 10 7 13G Page 5 of 5 Pages
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 4, 1998
Signature: /s/ William Ashley Turner
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Name: William Ashley Turner, in
his capacity as Joint Tenant
with right of survivorship
Signature: /s/ Debra C. Turner
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Name: Debra C. Turner, in her
capacity as Joint Tenant
with right of survivorship
