Four Oaks Bank, which recently raised $24 million from investors to shore up its finances, has restructured its top management.
The Johnston County-based bank reported that Clifton L. Painter, 65, senior executive vice president and chief operating officer and chief credit officer, retired this week but will serve as a consultant over the next two years.
As part of what Four Oaks called an “executive reorganization” aimed at maximizing its long-term growth, David H. Rupp was promoted to executive vice president and chief operating officer.
Rupp, 50, joined the bank in June as senior vice president and strategic project manager. He previously was retail banking and mortgage president at VantageSouth Bank.
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Painter’s consulting agreement calls for him to receive consulting fees of $11,000 per month for 12 months and then $10,000 per month for another 12 months. He’s also eligible to receive 80,000 shares of restricted stock over the next two years.
Painter, 65, joined Four Oaks in 1986. He had been senior executive vice President since 1990, chief operating officer since 1993 and chief credit officer since 2005.
In conjunction with the infusion of capital that Four Oaks raised in August, bank investor Kenneth R. Lehman of Virginia now owns 49.96 percent of the bank’s outstanding shares.