A fastener assembly is provided having a cylindrical shank with a plurality of annular grooves formed along a length of the shank. A plurality of elongated ribs extends perpendicular to the grooves along the length. A fastener disc is provided with a central opening with a diameter less than a cylindrical shank diameter wherein an inner edge of the central opening includes a contact surface. The fastener disc is retained on the fastener portion in a locked position when the contact surface engages one of the plurality of grooves with a friction fit. The fastener disc is rotated to a release position so that the elongated rib contacts the inner edge thereby releasing the contact surface from the grooves.