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Wake Forest Bancshares, Inc. Receives Shareholder Approval for Merger with Piedmont Financial Holding Company

Written by Customer Service on . Posted in Mergers And Acquisitions.

Merger Expected to Close on January 2, 2024

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 Pink: 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.

About Piedmont Federal Savings Bank

At Piedmont Federal, our Purpose is simple – We Open Doors for You. We open doors for you to purchase a new home and to build savings; we open doors for your business to obtain the financing and banking services it needs; we open door for our communities to be better places to live. Our Values form the foundation of this Purpose: Being Authentic, Building Caring Relationships, Doing What’s Right, Going All In, and Moving Forward. These Values guide how we do business and we believe they are our competitive advantage. We pledge to live these Values in our service to you.

About Wake Forest Bancshares, Inc. and Wake Forest Federal Savings and Loan Association

Wake Forest Bancshares, Inc. is the parent company of Wake Forest Federal Savings and Loan Association. Based in Wake Forest, North Carolina since 1922, Wake Forest Federal offers both consumer related products as well as services for small businesses and not-for-profit organizations from its office in Wake Forest, (Wake County), North Carolina.

Forward Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Piedmont Federal. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as “expect,” “believe,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” or other expressions. We caution readers that these forward-looking statements, including, without limitation, those relating to the completion of the acquisition of Wake Forest Bancshares, Inc. and Wake Forest Federal (including the satisfaction of the closing conditions to the merger). In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and Piedmont Federal and Wake Forest Bancshares undertake no obligation to update any statement in light of new information or future events.

Contacts:
David P. Barksdale, Piedmont Financial Holding Company
dpbarksdale@piedmontfederal.com
(336) 830-0065

Renee Shaw, Wake Forest Bancshares, Inc.
renee.shaw@wakeforestfederal.com
(919) 556-5146

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