Top 10 accounting firm FORVIS has taken over financial services consulting and education firm ProBank Austin through an asset acquisition, the company announced Monday. The transaction is effective October 1.
FORVIS said the acquisition will increase its offerings to customers in the financial services industry.
“ProBank Austin is a trusted advisor to the financial services industry that truly puts customer service first,” said Jerry Henderson, regional managing partner, advisory services at FORVIS, in a statement. “With this addition, FORVIS will increase the strength of existing service lines such as regulatory compliance, loan review, internal audit and investment banking while expanding our capabilities in the areas of education services and financial management.”
ProBank Austin is a well-known provider of education, loan review, regulatory compliance, asset/liability and interest rate risk management and capital advisory services for financial institutions.
The company has offices in Nashville, Louisville and Toledo, OH, and annual revenues of approximately $20 million. More than 50 professionals will join FORVIS in the merger.
With roots dating back to 1967, ProBank Austin was formed in 2017 from the merger of Professional Bank Services, headquartered in Louisville, and Austin Associates, headquartered in Toledo.
The acquisition of ProBank Austin complements FORVIS’ existing presence in the region, which includes seven offices in Kentucky, Tennessee and Ohio.
“Joining FORVIS is a step forward for us,” said Chris Hargrove, CEO of ProBank Austin. “This move will broaden and deepen our offerings with greater resources for our customers and better career opportunities for our team members. We’ve had conversations with FORVIS leaders over the past year and are excited to see this come to fruition.
FORVIS, which was created after the merger of BKD and DHG earlier this year, is the eighth-largest accounting firm in the United States by revenue, according to INSIDE Public Accounting’s Top 100 Firms in 2022.