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Wake Forest Bancshares, Inc. Announces a New Executive Team

WAKE FOREST, N.C., Aug. 18, 2017 (GLOBE NEWSWIRE) -- Wake Forest Bancshares, Inc., (OTCBB:WAKE) parent company of Wake Forest Federal Savings and Loan Association, announced today that the Company had recently employed two new executive officers to replace members of the current senior management team who are scheduled to retire within the next six weeks.

Ms. Sumerlin, Chairman of the Board, announced that Renee H. Shaw will assume the role of President and Chief Executive Officer of the Company and Association. Ms. Shaw has been a part of the Wake Forest community for more than 35 years, and has worked with three area banks in various senior leadership roles, most recently as the Franklin County Market Executive with Union Bank. She brings a wealth of experience in community banking that will provide for a smooth transition and a fresh perspective of operational considerations.

Carter S. Harrell will become the Company and Association’s Senior Vice President and Chief Lending Officer. Mr. Harrell has over ten years of banking experience, most recently as a lending officer, Vice President and Area Manager at Fidelity Bank in Wake Forest.

Ms. Sumerlin stated that the Board of Directors was excited to have two such dynamic and experienced local bankers to lead the Company into the future. The Board feels that with these two hires, the Company is well positioned to continue to operate profitably and take advantage of competitive opportunities.

Former President and CEO Robert C. White will retire from the Company effective September 30, 2017 but remain on the Board and in a consulting capacity for an undetermined period of time, concentrating on financial reporting and regulatory matters. Mr. White has been with the Company for nineteen years with over 21 years of banking experience in addition to eighteen years in public accounting as a CPA.

Former Senior VP and Chief Lending Officer Billy B. Faulkner will retire on September 08, 2017 after seventeen years with the Association and over 46 years of banking experience. Ms. Sumerlin expressed the Board’s sincere appreciation to its two retiring executives for their strong leadership of the Association over the past two decades.

Based in Wake Forest, North Carolina since 1922, the Company conducts business as Wake Forest Federal from its office in downtown Wake Forest, (Wake County), North Carolina.

Contact: Anna O. Sumerlin, Chairman (919) 556-5146

Source:Wake Forest Bancshares, Inc.