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FORVIS LLP is once again in growth mode.
The company today announced the asset acquisition of Louisville, Kentucky-based ProBank Austin. The deal for undisclosed terms represents FORVIS' first M&A activity since the company formerly known as BKD LLP merged this summer with North Carolina-based DHG, said FORVIS spokesperson Mike Brothers.
“ProBank Austin is a trusted adviser to the financial services industry that truly prioritizes client service,” said Jerry Henderson, regional managing partner of advisory services for FORVIS, in a news release. “With this addition, FORVIS will augment the strength of existing service lines, such as regulatory compliance, loan review, internal audit and investment banking, while also expanding our capabilities in the areas of education services and financial management.”
More than 50 ProBank Austin employees are slated to join FORVIS when the acquisition closes Oct. 1. With offices in Nashville, Tennessee, Louisville, Kentucky, and Toledo, Ohio, ProBank has annual revenue of roughly $20 million. ProBank’s website lists nearly 60 employees.
“Joining FORVIS is a step forward for us,” said Chris Hargrove, CEO of ProBank Austin, in the release. “This move will broaden and deepen our offerings with greater resources for our clients and enhanced career opportunities for our team members. We have been in conversation with FORVIS leaders over the past year and are thrilled to see this come to fruition.”
BKD in the spring penned a pair of acquisitions ahead of its deal with DHG, according to past reporting.
With the BKD-DHG merger, FORVIS cracked the top 10 on this year's Inside Public Accounting list of the top U.S. accounting firms. FORVIS reported nearly $1.5 billion in annual revenue, ranking the firm No. 8 on the list.
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