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WINSTON-SALEM — Piedmont Federal Savings Bank announced that Richard F. “Ric” Wagner plans to retire and step down as its chairman of the board and chief executive officer effective May 31. Wagner will be replaced as chairman of the board by director Scott E. Cawood, who is currently vice chair. Michael L. Hauser, a 44-year veteran of the bank, will continue as Piedmont’s president and will assume the role of interim CEO.

Wagner is retiring after more than 31 years of service with Piedmont. He joined the bank in 1987 and held positions of increasing responsibility, including chief financial oOfficer, president and CEO, and most recently chairman of the board and CEO.

“We extend our deepest thanks to Ric for his years of faithful service,” said Cawood. “He has been an incredibly valuable asset to Piedmont Federal and the Bank’s strong conservative management and performance has continued under his leadership. For over three decades, Ric has embodied Piedmont Federal’s core values of integrity, professionalism and dedication.”

“I want to express my sincere appreciation for having had the opportunity to work for Piedmont Federal. My time here has been rewarding beyond anything I could have envisioned when I started in 1987,” said Wagner. “Piedmont is blessed with so many talented, smart and impressive people throughout the bank. While it is time for me to retire, Piedmont is in great hands and will continue to build on its past century of stability and success. I am so thankful to Piedmont for the chance to have been a part of something so special.”

Piedmont’s board of directors and Wagner are working to ensure a seamless transition consistent with Piedmont’s succession planning. The board and management team are committed to continuing the bank’s long tradition of excellent customer service and competitive products in the communities that it serves.