On June 27, 2023, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, entered into a merger agreement with Wake Forest Bancshares, Inc., Wake Forest, North Carolina.  Pursuant to the merger agreement, Wake Forest Bancshares, Inc. will merge with and into Piedmont Federal Savings Bank’s mutual holding company parent, Piedmont Financial Holding Company, in an all-cash remutualization transaction valued at approximately $14.9 million.  As part of the transaction, Wake Forest Federal Savings & Loan Association will merge with and into Piedmont Federal Savings Bank.

Piedmont Financial Holding Company is the holding company for Piedmont Federal Savings Bank and has approximately $1.2 billion in total assets.

Wake Forest Bancshares, Inc. is the holding company for Wake Forest Federal Savings & Loan Association and has approximately $117.9 million in total assets.

Luse Gorman is serving as legal counsel to Piedmont Financial Holding Company and Piedmont Federal Savings Bank in the transaction.  The Luse Gorman team consists of Kip Weissman, Ned Quint, Max Seltzer and Brendan Saxon.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.