Our History

Wake Forest Federal merged with Piedmont Federal Savings Bank in early January of 2024 and currently operates as a division of Piedmont Federal. Piedmont Federal was chartered in 1903 and serves clients from its home office in Winston Salem and ten other branch locations ranging from the northwest Piedmont to the Triad and Lake Norman. The Wake Forest location is Piedmont Federal’s first branch location in the Triangle area.

Wake Forest Federal was established in 1922 as Wake Forest Building and Loan Association and was initially capitalized by seven directors who contributed $575 in equity shares. By 1930, the Association had grown to $65,500 in total assets and during the great recession was the only locally chartered bank to survive. The Institution operated out of several locations on South Main and White streets for the next 41 years. In 1963 the Association moved to its current location at the corner of Brooks and Owen with the construction of its first permanent office building. At that time, the Association served 2,000 members and had assets of $3.2 million.

In 1996, the Association became a public institution and simultaneously formed Wake Forest Bancorp M.H.C. as well as a mid-tier holding company, Wake Forest Bancshares, Inc. in 1998. The two holding companies and the Association were combined into Piedmont Federal and its holding company concurrent with the merger. Wake Forest Federal, as a division of Piedmont Federal, continues to apply the same “customer first” principles that precipitated its founding more than a century ago.

Wake Forest Bank History
Wake Forest Savings and Loan Association 1963
Wake Forest Federal 1995
Wake Forest Savings and Loan Association 1995