January 4, 2024

On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million.  As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.

As part of the transaction, Wake Forest Federal Savings & Loan Association, the wholly owned subsidiary of Wake Forest Bancshares, merged with and into Piedmont Federal Savings Bank, and will operate as a division of Piedmont Federal Savings Bank.  As a result of the acquisition, Piedmont Federal Savings Bank has approximately $1.3 billion in total assets.

Luse Gorman served as legal counsel to Piedmont Federal Savings Bank in the transaction.  The Luse Gorman team consisted of Kip Weissman, Ned Quint, Max Seltzer, Agata Troy 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.