Piedmont Federal Savings Bank to acquire Wake Forest Bancshares for $37m.

Piedmont Federal Savings Bank, a financial institution that operates as a mutual savings bank, agreed to acquire Wake Forest Bancshares, a holding company that owns and operates Wake Forest Federal Savings and Loan Association, a financial institution, for $37m. “This combination brings together two like-minded, historic banking institutions into a stronger franchise that will benefit all of our clients and communities.” David P. Barksdale, Piedmont Federal President and CEO.