Piedmont Federal Bank Completes Merger and Account Integration with Wake Forest Federal
WINSTON-SALEM, N.C. (Oct. 22, 2024) — Piedmont Federal Bank has completed its operational integration with Wake Forest Federal, with account changes effective as of Monday, Oct. 21, 2024. The legal merger between the two institutions occurred on January 2, 2024.
Piedmont Federal Bank was chartered in 1903 and serves individuals and businesses across the Northwest Piedmont, the Triad, and Lake Norman areas of North Carolina. Its merger with Wake Forest Federal, founded in 1922, includes Wake Forest Federal’s branch located in the heart of Wake Forest, North Carolina, which will now operate as Piedmont Federal Bank following this completion.
“The merger is a significant and highly positive step for both banks and the clients we serve. We have been working on integrating for much of this year, and it has been a collaborative and positive process, thanks to the shared values between Wake Forest Federal and Piedmont Federal Bank,” said Piedmont Federal Bank President and CEO David P. Barksdale. “We have effectively combined the longstanding strengths of both institutions and will provide a number of enhanced services while maintaining the same level of superior trust, loyalty, and pride that our clients have known for more than 100 years.”
Barksdale emphasized that the transition of the two institutions will cause no disruption to day-to-day service. Additionally, the merger expands the two banks’ roles in the local communities they serve. Barksdale assured clients of both institutions of the safety and soundness of the bank and that their accounts remain uninterrupted with protection by FDIC insurance.
In addition to Barksdale’s leadership, Wake Forest Federal’s President and CEO Renee H. Shaw will remain in place until her planned retirement in January 2025. Shaw’s leadership has been instrumental in establishing Wake Forest Federal as a pillar in the local community, and she will continue supporting the transition until her retirement.
“Our clients will continue to interact with the familiar faces in our local branches that they have become accustomed to knowing and trusting,” Barksdale added. “Our ongoing commitment to providing the highest quality service as a trusted financial advisor will continue without missing a beat. We have a very bright future as a newly combined financial institution.”
Clients now benefit from several enhanced services, including:
- The ability to use any ATM nationwide with no fees
- Text alerts for accounts balances and transactions via online banking
- A variety of overdraft protection options to safeguard accounts
- Additional mortgage products and program solutions
- Both consumer and business credit cards
- Full suite of Treasury Services to support business clients
As a unified institution, Piedmont Federal Bank is committed to serving the needs of its clients and the communities it supports, now with expanded capabilities and an enhanced foundation.
For over 120 years, Piedmont Federal Bank has been committed to its purpose of “Opening Doors” for its clients. The bank supports individuals in achieving significant milestones, from homeownership to growing local businesses. As one of the few remaining mutual banks in North Carolina, Piedmont Federal Bank is owned by its depositors, not shareholders, allowing the bank to prioritize the interests of its clients.
Piedmont Federal Bank currently serves nearly 18,000 consumer and business clients and manages $1.3 billion in assets. Headquartered in Winston-Salem, the bank operates 11 branch locations across the Triad, North Wilkesboro, Boone, and Wake Forest, offering a range of personal and business banking solutions. For more information, visit PiedmontFederal.bank.