FORM 8-K/A
AMENDED 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 29, 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 of (Commission File (IRS Employer 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.)
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 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 a Form 8-K dated August
21, 2000. The Company requested that McGladrey & Pullen LLP
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.
Attached as an exhibit to this amended Form 8-K is McGladrey &
Pullen, LLP's response in which they stated they are in
agreement with Company's statements included in its Form 8-K
dated August 21, 2000.
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 29, 2000 By: /s/ Anna O. Sumerlin
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Anna O. Sumerlin
President and CEO
Dated August 29, 2000 By: /s/ Robert C. White
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Robert C. White
Vice President and CFO
EXHIBIT A
[LOGO] MCGLADREY & PULLEN, LLP RSM
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INTERNATIONAL
August 25, 2000
Securities and Exchange Commission
Washington, D.C.
We were previously the independent accountants for Wake Forest Bancshares, Inc.,
and on October 27, 1999, we reported on the consolidated financial statements of
Wake Forest Bancshares, Inc. and subsidiary as of September 30, 1999 and 1998
and for the years then ended. On August 23, 2000, we were dismissed as
independent accountants of Wake Forest Bansheras, Inc.
We have read Wake Forest Bancshares, Inc.'s statements included under item 4 of
its Form 8-K dated August 21, 2000, and we agree with such statements.
/s/ McGladrey & Pullen, LLP
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McGladrey & Pullen
111 James Center, 10th Floor
1051 East Cary Street
PO Box 1276 Worldwide
Richmond, Virginia 23218-1276 Services
(804) 644-4525 FAX (804)780-0576 Through
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