WINSTON-SALEM, N.C. and WAKE FOREST, N.C., Dec. 15, 2023 (GLOBE NEWSWIRE) -- Piedmont Financial Holding Company, the parent company of Piedmont Federal Savings Bank ("Piedmont Federal"), and Wake Forest Bancshares, Inc. (OTC:WAKE), the parent company of Wake Forest Federal Savings and Loan Association ("Wake Forest Federal"), announced that Wake Forest Bancshares, Inc.'s shareholders have approved the merger between Piedmont Financial Holding Company and Wake Forest Bancshares, Inc. and the related merger of Wake Forest Federal into Piedmont Federal.
Pursuant to the terms of the transaction, minority shareholders of Wake Forest Bancshares will receive $34.34 in cash for each publicly owned share. Subject to the satisfaction of customary closing conditions, the transaction is expected to close on January 2, 2024.
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