Piedmont Federal brings bank into the fold

Piedmont Federal Bank said Tuesday it has completed its operational integration of Wake Forest Bancshares 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 that include one branch.

Renee Shaw, president and chief executive 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, has gained $121 million in total assets, lifting it to nearly $1.3 billion. Wake Forest Bancshares was founded in 1922.

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