8-K

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

        Date of Report (Date of Earliest Event Reported): October 8, 2004



                             FOUR OAKS FINCORP, INC.
             (Exact name of registrant as specified in its charter)


           North Carolina               000-22787              56-2028446
    (State or other jurisdiction     (Commission File       (I.R.S. Employer
          of incorporation)               Number)         Identification Number)



                    6114 U.S. 301 South
                 Four Oaks, North Carolina                        27524
         (Address of principal executive offices)               (Zip Code)



                                 (919) 963-2177
               Registrant's telephone number, including area code

                                       N/A
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))



Item 2.02  Results of Operations and Financial Condition.

On October 8, 2004, Four Oaks Fincorp, Inc. (OTC BB: FOFN) issued a press
release announcing reported financial results for the three and nine month
periods ended September 30, 2004. The full text of the press release is set
forth in Exhibit 99.1 hereto and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the
information in this Item 2.02 is furnished and shall not be deemed to be "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Furthermore, the
information in this Item 2.02 shall not be deemed to be incorporated by
reference into the filings of the registrant under the Securities Act of 1933,
as amended.


Item 9.01  Financial Statements and Exhibits.

(c)  Exhibits.


Exhibit No.         Description
- -----------         -----------
   99.1             Press Release issued on October 8, 2004


                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                       FOUR OAKS FINCORP, INC.


                                       By: /s/ Ayden R. Lee, Jr.
                                           ---------------------
                                           Ayden R. Lee, Jr.
                                           President and Chief Executive Officer

Date:  October 8, 2004



                                  EXHIBIT INDEX
                                  -------------


Exhibit No.         Description
- -----------         -----------
   99.1             Press Release issued on October 8, 2004

EX-99.1

                                                                    Exhibit 99.1

          Four Oaks Fincorp, Inc. Announces 2004 Third Quarter Results

     FOUR OAKS, N.C.--(BUSINESS WIRE)--Oct. 8, 2004--Four Oaks Fincorp, Inc.
(OTCBB:FOFN) the holding company for Four Oaks Bank & Trust Company, today
announced third quarter results for fiscal year 2004. Net income increased 75%
in the third quarter of 2004 as compared to the same period of 2003. Net income
was $1,331,000 or $0.39 per basic share for the quarter ended September 30,
2004, compared to $762,000 or $0.23 per basic share in 2003. For the nine months
ending September 30, 2004, net income was $3,112,000 or $0.92 per basic share, a
55% increase over the net income of $2,008,000 or $0.60 per basic share earned
in the first nine months of 2003. Annualized return on average equity and return
on average assets at September 30, 2004 were 12.00% and 1.12%, respectively, and
increased from 8.31% and 0.83%, respectively, compared to September 30, 2003.
The Company increased the level of dividends paid to its shareholders from the
$0.07 per basic share that was paid in the third quarter of 2003 to $0.08 per
basic share paid in September 2004. Year to date dividends paid through
September 30, 2004 were $0.24 per basic share, up from $0.21 as of September 30,
2003.
     Improved earnings trends continued in the third quarter and the nine months
ended September 30, 2004, when compared to the same periods of 2003, as is
evidenced by the 23% increase in net interest income after the provision for
loan losses. Operating expenses increased 6% in the first nine months of 2004,
as compared to 2003, primarily due to increased salaries and operating costs
associated with expansion of our locations. Pricing strategies implemented
during 2003 continue to enhance our ability to compete effectively for loans and
deposits in our local markets.
     The Company's balance sheet growth continued in 2004. Total deposits of
$304,894,000 at September 30, 2004 grew 12% from December 31, 2003. Net loans
increased 13% to $303,220,000. Shareholders' equity grew to $36,058,000,
resulting in a 10% increase over December 31, 2003. Book value per share at
September 30, 2004 was $10.57 as compared to $9.65 at December 31, 2003.
Shareholders' equity as a percentage of total assets remains high at 9.3%.
     With $386,971,000 in total assets, Four Oaks Fincorp, Inc. through its
wholly owned subsidiary, Four Oaks Bank & Trust Company, offers a broad range of
financial services through its ten offices in Four Oaks, Clayton, Smithfield,
Garner, Benson, Fuquay-Varina, Wallace, and Holly Springs, North Carolina. All
per share figures included herein have been adjusted for the five-for-four stock
split which will be paid on October 29, 2004, to shareholders of record on
October 15, 2004.

     CONTACT: Four Oaks Fincorp, Inc.
              Ayden R. Lee, Jr., President and Chief Executive Officer
              or Nancy S. Wise, Senior Vice President and Chief
              Financial Officer, 919-963-2177