WINSTON-SALEM, N.C., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Piedmont Financial Holding Company, the parent company of Piedmont Federal Savings Bank ("Piedmont Federal"), has announced the completion of its acquisition of Wake Forest Bancshares, Inc. (OTC:WAKE), the parent company of Wake Forest Federal Savings and Loan Association ("Wake Forest Federal").
Piedmont Federal was chartered in 1903 and serves clients in markets ranging from the Northwest Piedmont to the Triad and Lake Norman. Its merger with Wake Forest Federal, founded in 1922, has extended its deposit client base to include Wake Forest Federal's office located in the heart of Wake Forest, NC, which will continue to operate as "Wake Forest Federal, a division of Piedmont Federal," for the foreseeable future.
Per the terms of the transaction, minority shareholders of Wake Forest Bancshares received $34.34 in cash for each publicly owned share. Wake Forest Federal members will receive mutual rights in Piedmont Federal, which is 100% mutually owned by its members. In addition, Piedmont Federal will establish a $500,000 foundation to benefit the community of ...