UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
--------------------------------------
FOUR OAKS FINCORP, INC.
(Name of Issuer)
COMMON STOCK $1.00 PAR VALUE
(Title of Class of Securities)
350891 10 7
(CUSIP Number)
December 31,1999
----------------
(Date of Event which Requires Filing of this Statement)
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 Notes).
(Continued on following page(s))
Page 1 of 5 Pages
<PAGE>
CUSIP No. 350891 10 7 13G Page 2 of 5 Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William Ashley Turner and Debra C. Turner, Joint Tenants
with right of survivorship
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a)
(b)
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF 5. SOLE VOTING POWER 78,142.347
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 831.344
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER 78,142.347
REPORTING
PERSON 8. SHARED DISPOSITIVE POWER 831.344
WITH:
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,973.691
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
(See Instructions)
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.8%
12. TYPE OF REPORTING PERSON (See Instructions)
IN
<PAGE>
CUSIP No. 350891 10 7 13G Page 3 of 5 Pages
Item 1.
(a) Name of Issuer:
Four Oaks Fincorp, Inc.
(b) Address of Issuer's Principal Executive Offices
6144 US 301 South
Four Oaks, North Carolina 27524
Item 2.
(a) Names of Persons Filing
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) Place of Organization or Citizenship:
United States of America
(d) Title of Class of Securities
Common Stock, par value $1.00 per share
(e) CUSIP Number
350891 10 7
Item 3.
Not Applicable.
<PAGE>
CUSIP No. 350891 10 7 13G Page 4 of 5 Pages
Item 4. Ownership
(a) Amount Beneficially Owned:
As of December 31, 1999, the Reporting Person beneficially owned
78,973.691 Shares which includes 207.836 shares owned by William Ashley Turner
individually, 207.836 shares owned by Debra C. Turner, individually and 207.836
Shares owned by each of their two children, 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 owned of record by William Ashley
Turner, Debra C. Turner or their two children. The Reporting Person disclaims
beneficial ownership of the Shares owned by William Ashley Turner, individually,
Debra C. Turner, individually and each of their two children, individually.
(b) Percent of Class:
Such 78,973.691 shares of Common Stock are 5.8% of the 1,366,530 shares
of Common Stock outstanding as of February 6, 2000.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 78,973.691
(ii) shared power to vote or to direct the vote: 831.344
(iii) sole power to dispose or to direct the disposition
of: 78,973.691
(iv) shared power to dispose or to direct the disposition
of: 831.344
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
<PAGE>
CUSIP No. 350891 10 7 13G Page 5 of 5 Pages
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.
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: February 11, 2000
Signature: /s/William Ashley Turner
-----------------------------
Name: William Ashley Turner, in
his capacity as Joint Tenant
with right of survivorship
/s/Debra C. Turner
-----------------------------
Name: Debra C. Turner, in her
capacity as Joint Tenant
with right of survivorship
