Piedmont Federal Savings Bank has acquired Wake Forest Federal Savings and Loan Association chartered in 1922. Piedmont Federal was founded in 1903 and currently serves clients throughout the Triad region and Lake Norman. The acquisition will expand that reach to the town of Wake Forest. The partnership raises Wake Forest Federal’s legal lending limit which means more commercial banking opportunities for small businesses in the area.
Piedmont Federal Chief Executive Officer David Barksdale says the newly acquired assets of roughly $121 million will also translate into more financial options for clients throughout the region. Particularly he says, when it comes to small dollar mortgage loans where their officers are not on commission.
"This will allow us through our mortgage platform to help serve some of those low to moderate families, some of those first-time home buyers that, you know, housing affordability has just gotten out of reach," says Barksdale. "And we don’t claim to have all the solutions to it, but we think we’re a piece of the solution in that the small dollar loan is one of the keys into helping folks move into housing."
Piedmont Federal plans to establish a half-million-dollar foundation to benefit the town. For now, the Wake Forest Federal office will remain in its current central location as “Wake Forest Federal, a division of Piedmont Federal.”