Firm Management
FORVIS Adds Financial Services Firm ProBank Austin
More than 50 ProBank Austin professionals will join FORVIS in the merger, which is effective Oct. 1.
Sep. 12, 2022
Top 10 accounting firm FORVIS has picked up financial services consulting and education firm ProBank Austin through an asset acquisition, the firm announced on Monday. The transaction is effective on Oct. 1.
FORVIS said the acquisition will increase its offerings to clients in the financial services industry.
“ProBank Austin is a trusted advisor to the financial services industry that truly prioritizes client service,” Jerry Henderson, regional managing partner, advisory services with FORVIS, said in a statement. “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.”
ProBank Austin is a well-known provider of education, loan review, regulatory compliance, asset/liability and interest rate risk management, and capital advisory services to financial institutions.
The firm 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 to 1967, ProBank Austin was formed in 2017 following the merger of Professional Bank Services, headquartered in Louisville, and Austin Associates, headquartered in Toledo.
The acquisition of ProBank Austin complements FORVIS’s existing presence in the region, which includes seven offices in Kentucky, Tennessee, and Ohio.
“Joining FORVIS is a step forward for us,” said ProBank Austin CEO Chris Hargrove. “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.”
FORVIS, which was created after the merger of BKD and DHG earlier this year, is the eighth-largest public accounting firm in the U.S. by revenue, according to INSIDE Public Accounting’s top 100 firms in 2022.