By james art Piedmont Federal Bank said Tuesday it has completed its operational integration of Wake Forest Bancshares Inc. with all Wake Forest accounts converted as of Monday.
Piedmont Federal Holding Co. closed in January on the $36.74 million purchase of Wake Forest, which included one branch.
Renee Shaw, president and CEO of Wake Forest, has joined Piedmont Federal’s board of directors. Shaw plans to retire from the bank in January.
Piedmont Federal, which debuted in 1903, earned $121 million in total assets, raising them to nearly $1.3 billion. Wake Forest Bancshares was founded in 1922.
The purchase gives Piedmont Federal its first presence in the Triangle and its 11th branch overall. Banks said all Wake Forest Federal employees have been offered jobs at Piedmont.
The Wake Forest branch is branded as “Wake Forest Federal, a division of Piedmont Federal.”