UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                         ------------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                         ------------------------------

       Date of report (Date of earliest event reported): October 24, 2003
                                                         ----------------

                          WAKE FOREST BANCSHARES, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

       UNITED STATES                  000-25999                  56-2131079
----------------------------       ----------------          -------------------
(State or other jurisdiction       (Commission File            (IRS Employer
     of incorporation)                  Number)              Identification No.)

           302 South Brooks Street, Wake Forest, North Carolina 27587
           ----------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (919) 556-5146
                                                           --------------

                                 NOT APPLICABLE
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)

<PAGE>


ITEM 1-6.    NOT APPLICABLE.

ITEM 7.      FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)          The following exhibits are filed with this Report:

Exhibit No.  Description
-----------  -----------

99.1          Press release issued by Wake Forest Bancshares, Inc. on October
              24, 2003, furnished in accordance with Item 12 of this Current
              Report

ITEM 8.       NOT APPLICABLE.

ITEM 9.       REGULATION FD

              The following information is furnished under this Item 9 in
              satisfaction of Item 12, "Disclosure of Results of Operations and
              Financial Condition."

              On October 24, 2003, Wake Forest Bancshares, Inc. announced its
              earnings for the fourth quarter of its 2003 fiscal year. A copy of
              the press release dated October 24, 2003, describing fourth
              quarter earnings is attached as Exhibit 99.1.

ITEM 10-11.   NOT APPLICABLE.

ITEM 12.      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

              See Item 9 per SEC Release 33-8216, March 27, 2003.


<PAGE>

                                   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 hereunto duly authorized.

                                 WAKE FOREST BANCSHARES, INC.

                                 By:    /s/ Robert C. White
                                        ----------------------------
                                 Name:  Robert C. White
                                 Title: President, Chief Executive Officer and
                                        Chief Financial Officer

Date: October 24, 2003


<PAGE>


                                  EXHIBIT INDEX



     EXHIBIT NO.                   DESCRIPTION
     -----------                   -----------
         99.1         Press Release dated October 24, 2003.
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "secsgml_size_bytes": 3655}]
{"company-data": {"conformed-name": "WAKE FOREST BANCSHARES INC", "cik": "0001085175", "assigned-sic": "6035", "irs-number": "562131079", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25999", "film-number": "03996456"}, "business-address": {"street1": "302 SOUTH BROOKS STREET", "street2": "PO BOX 707", "city": "WAKE FOREST", "state": "NC", "zip": "27588-0707", "phone": "9195565146"}, "mail-address": {"street1": "302 SOUTH BROOKS STREET", "street2": "PO BOX 707", "city": "WAKE FOREST", "state": "NC", "zip": "27588-0707"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                         ------------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                         ------------------------------

       Date of report (Date of earliest event reported): October 24, 2003
                                                         ----------------

                          WAKE FOREST BANCSHARES, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

       UNITED STATES                  000-25999                  56-2131079
----------------------------       ----------------          -------------------
(State or other jurisdiction       (Commission File            (IRS Employer
     of incorporation)                  Number)              Identification No.)

           302 South Brooks Street, Wake Forest, North Carolina 27587
           ----------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (919) 556-5146
                                                           --------------

                                 NOT APPLICABLE
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)
ITEM 1-6.    NOT APPLICABLE.

ITEM 7.      FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)          The following exhibits are filed with this Report:

Exhibit No.  Description
-----------  -----------

99.1          Press release issued by Wake Forest Bancshares, Inc. on October
              24, 2003, furnished in accordance with Item 12 of this Current
              Report

ITEM 8.       NOT APPLICABLE.

ITEM 9.       REGULATION FD

              The following information is furnished under this Item 9 in
              satisfaction of Item 12, "Disclosure of Results of Operations and
              Financial Condition."

              On October 24, 2003, Wake Forest Bancshares, Inc. announced its
              earnings for the fourth quarter of its 2003 fiscal year. A copy of
              the press release dated October 24, 2003, describing fourth
              quarter earnings is attached as Exhibit 99.1.

ITEM 10-11.   NOT APPLICABLE.

ITEM 12.      RESULTS OF OPERATIONS AND FINANCIAL CONDITION

              See Item 9 per SEC Release 33-8216, March 27, 2003.
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 hereunto duly authorized.

                                 WAKE FOREST BANCSHARES, INC.

                                 By:    /s/ Robert C. White
                                        ----------------------------
                                 Name:  Robert C. White
                                 Title: President, Chief Executive Officer and
                                        Chief Financial Officer

Date: October 24, 2003
EXHIBIT INDEX

     EXHIBIT NO.                   DESCRIPTION
     -----------                   -----------
         99.1         Press Release dated October 24, 2003.