FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) August 21, 2000
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Wake Forest Bancshares, Inc.
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(Exact name of registrant as specified in its charter)
United States of America 000-25999 56-2131079
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(State or other jurisdiction (Commission File (IRS Employer of
of incorporation) Number) Identification No.)
302 S. Brooks Street, Wake Forest, North Carolina 27587
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(Address of principal executive offices) (Zip Code)
Not applicable
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(Former name or former address, if changed since last report.)
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(disclosures required by Item 304(a) of Regulation S-K)
On August 21, 2000, the audit committee and the full Board of
Directors of Wake Forest Bancshares, Inc. elected to terminate
the audit services of the firm of McGladrey & Pullen, LLP and
appoint the firm of Dixon Odom PLLC to serve as the Company's
independent auditors for its fiscal year ending September 30,
2000.
McGladrey & Pullen, LLP served as the Company's independent
accountants to audit Wake Forest Bancshares, Inc.'s two most
recent fiscal year ends. McGladrey and Pullen, LLP's reports
on the Company's financial statements for those years (fiscal
years ended September 30, 1999 and 1998) were unqualified
opinions.
During the Company's two most recent fiscal year ends (fiscal
years ended September 30, 1999 and 1998) and the subsequent
interim period from October 1, 1999 to August 21, 2000, Wake
Forest Bancshares, Inc. did not have any disagreements with
McGladrey & Pullen, LLP on any matter of accounting principles
or practices, financial statement disclosures, or auditing
scope or procedures, which would have caused McGladrey &
Pullen, LLP to make reference to the subject matter in
connection with its report.
During the Company's two most recent fiscal year ends (fiscal
years ended September 30, 1999 and 1998) and the subsequent
interim period from October 1, 1999 to August 21, 2000, Wake
Forest Bancshares, Inc. (or anyone acting on its behalf) did
not consult with Dixon Odom PLLC regarding any application of
accounting principle to a specified transaction, either
completed or proposed; or any type of audit opinion that might
be rendered on the Company's financial statements. Neither a
written report nor oral advice was provided by Dixon Odom PLLC
to the Company that the new auditors concluded was an
important factor considered by the Company in reaching a
decision on any accounting, auditing, or financial reporting
issue.
The Company has provided McGladrey & Pullen, LLP with a copy
of the above disclosures in response to Item 304(a) of
Regulation S-K in conjunction with the filing of this Form
8-K. McGladrey & Pullen, LLP has been requested to provide the
Company with a letter addressed to the Commission stating
whether it agrees with the statements made by the Company in
response to Item 304(a) of Regulation S-K, and if not, stating
the respects in which it does not agree. The Company has
requested that McGladrey & Pullen, LLP provide such letter
within 10 business days upon the Company's filing of this Form
8-K. Upon receipt of such letter, the Company will file an
amendment to this Form 8-K within two business days, including
the letter as an exhibit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
WAKE FOREST BANCSHARES, INC.
Dated August 21, 2000 By: Anna O. Sumerlin
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Anna O. Sumerlin
President and CEO
Dated August 21, 2000 By: Robert C. White
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Robert C. White
Vice President and CFO
