UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 5)*

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, 2002

(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 the Notes).

(Continued on following page(s))

Page 1 of 5 Pages

CUSIP No.    350891 10 7                                                                     13G                                                              Page 2 of 5 Pages

1.	Names 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
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   5.    Sole Voting Power         123,221.696           6.    Shared Voting Power           1,308.852           7.    Sole Dispositive Power         123,221.696           8.    Shared Dispositive Power           1,308.852        

9.	Aggregate Amount Beneficially Owned by Each Reporting Person         124,530.548
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)     ¨         Not Applicable
11.	Percent of Class Represented by Amount in Row (9)         5.81%
12.	Type of Reporting Person (See Instructions)         IN

Last Update: 11/05/2002

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

6114 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.

Item 4.    Ownership

(a) Amount Beneficially Owned

As of December 31, 2002, the Reporting Person beneficially owned 124,530.548 shares, which includes 327.213 shares owned by William Ashley Turner individually, 327.213 shares owned by Debra C. Turner individually, and 327.213 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

CUSIP No.    350891 10 7                                                                     13G                                                              Page 4 of 5 Pages

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 124,530.548 shares of Common Stock are 5.81% of the 2,144,210 shares of Common Stock outstanding as of December 31, 2002.

(c)  Number of shares as to which such person has:

(i)       sole power to vote or to direct the vote:	123,221.696
(ii)      shared power to vote or to direct the vote:	1,308.852
(iii)     sole power to dispose or to direct the disposition of:	123,221.696
(iv)     shared power to dispose or to direct the disposition of:	1,308.852

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

As stated above, each of the Reporting Person’s spouse and two children own 327.213 shares individually and have the right to receive dividends and proceeds from the sale of such shares.

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

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 13, 2003

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