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): January 24, 2005



                             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 January 24, 2005, Four Oaks Fincorp, Inc. (OTCBB:FOFN) issued a press release
announcing reported financial results for the fourth quarter ended December 31,
2004 and annual results for fiscal year 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 January 24, 2005.






                                    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: January 24, 2005





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


         Exhibit No.       Description
         -----------       -----------
         99.1              Press Release issued on January 24, 2005.

EX-99.1

                                                                    EXHIBIT 99.1

    Four Oaks Fincorp, Inc. Announces 2004 Fourth Quarter and Annual Results

    FOUR OAKS, N.C.--(BUSINESS WIRE)--Jan. 24, 2005--Four Oaks
Fincorp, Inc., (OTCBB:FOFN) the holding company for Four Oaks Bank &
Trust Company, today announced fourth quarter and annual results for
fiscal year 2004. Net income in the fourth quarter of 2004 was
$1,263,000, or $0.37 per share compared to $910,000, or $0.27 per
share during the comparable period of 2003, an increase of 39%. Net
income for the year ended December 31, 2004 of $4,375,000, or $1.29
per share, increased 50% over 2003 earnings of $2,918,000, or $0.87
per share. Return on average equity and return on average assets for
2004 were 12.45% and 1.16%, respectively. In 2004, the Company
increased annual dividends paid to its shareholders to $0.32 per
share, compared to $0.29 per share in 2003.
    The Company's net income for 2004 reflected continued improved
income and expense trends begun in 2003 as net interest income
(increased 23% from 2003 to 2004), non-interest income (increased 11%
from 2003 to 2004), and operating expenses (increased only 9% from
2003 to 2004). With prime rates having risen by 25 basis points in
each of the months of July, August, September, November and December
of 2004, over half of our loan portfolio repriced upward. Our deposit
rates have increased as well, but our utilization of wholesale funding
sources has kept our cost of funds from rising lock-step with the
prime rate increases. Our total interest income increased 15% and our
total interest expense decreased 2% from 2003 to 2004. We believe
improved pricing strategies, competitive products and services, and
cost containment initiatives enhanced our earnings in 2004.
    The Company's balance sheet growth continued in 2004. Total
deposits grew 16% in 2004 to $315,307,000. Net loans increased 15% to
$308,760,000. Shareholders' equity grew to $37,295,000, representing a
13% increase over 2003. Book value per share at December 31, 2004 was
$10.85 compared to $9.83 at December 31, 2003. Shareholders' equity as
a percentage of total assets remains high at 9.36%.
    With $398,500,000 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 offices in Four Oaks,
Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, and Holly
Springs, North Carolina. Our newest offices, a branch in Harrells,
North Carolina and a Loan Production Office in Sanford, North
Carolina, both opened for business on January 10, 2005.

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