Wake Forest Bancshares Inc. and Wake Forest Federal Savings and Loan Association, announced 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.

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. 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.