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Piedmont Federal Savings Bank Announces Completion Of Acquisition Of Wake Forest Bancshares, Inc.

Jan 03, 2024•over 1 year ago

Acquiring Company

Piedmont Federal Savings Bank

Acquired Company

Wake Forest Bancshares

Winston-SalemWake ForestFinancial ServicesBanking

Description

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 Pink: WAKE), the parent company of Wake Forest Federal Savings and Loan Association (“Wake Forest Federal”).

Company Information

Company

Piedmont Federal Savings Bank

Location

Winston-Salem, North Carolina, United States

About

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 doors 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.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed