Wake Forest Bancshares, Inc. operates as the holding company for Wake Forest Federal Savings & Loan Association, which provides various financial services in northern Wake County and southern Franklin County, North Carolina. The company operates as a subsidiary of Wake Forest Bancorp, M.H.C. Lending Activities The company’s loan portfolio includes one- to four-family first mortgage loans and construction loans. It also makes multi-family residential loans, commercial real estate loans, land loans, and loans secured by savings accounts at the company. One- to Four-Family Mortgage Lending: The company offers both fixed-rate and adjustable-rate mortgage loans. These loans are secured by one- to four-family residences, which generally are owner-occupied. Construction Lending: The company originates loans for construction to local real estate contractors in its market area. Its construction loans primarily have been made to finance the construction of one- to four-family residential properties which would generally be owner-occupied. It makes construction loans to local builders on either a pre-sold or speculative (unsold) basis. It also originates construction loans on commercial properties. Commercial Real Estate Mortgage Lending: The company originates commercial real estate mortgage loans that are generally secured by properties used for business purposes and retail facilities, such as small office buildings, located in its market area, as well as a significant number of church loans. Equity Lines and Commercial Lines of Credit: The company originates equity line loans on one- to four- residential properties and line of credit loans on commercial real estate and residential land. Other Mortgage Lending: The company also offers loans secured by land and multi-family residences. Land loans consist of residential building lots for which the borrower intends to construct residential properties, but may also include tracts purchased for speculative purposes and a minor amount of farm land. Multi-family loans consist of residential properties with more than four units, typically apartment complexes, in which the company has a participating interest through a housing consortium. The company originates multi-family residential loans with both fixed and adjustable interest rates. Savings Account Loans: The company offers loans secured by savings accounts at the company. Investment Activities The company primarily invests in FHLMC stock, FHLB of Atlanta stock, the U.S. government obligations, certain securities of various government-sponsored agencies, certificates of deposit of insured banks and savings institutions, federal funds, and overnight deposits at the FHLB of Atlanta. Deposit The company’s deposit products include regular (passbook) savings accounts, NOW accounts, checking accounts, money market deposit accounts, IRAs, and certificates of deposit. History Wake Forest Bancshares, Inc. was founded in 1922.
wake forest bancshares inc
(WAKE:OTC Markets Group Inc - Current Information)
302 Brooks Street
Wake Forest, NC 27587
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To contact WAKE FOREST BANCSHARES INC, please visit www.wakeforestfederal.com. Company data is provided by Capital IQ. Please use this form to report any data issues.