Accounting and advisory group FORVIS is acquiring the bank consulting firm ProBank Austin.
The merger, effective Oct. 1, is intended to bolster the services FORVIS offers its financial service clients, the company said in a press release. ProBank Austin provides education, loan review, reg compliance, asset/liability interest rate risk management and capital advisory services to financial institutions.
“ProBank Austin is a trusted adviser to the financial services industry that truly prioritizes client service,” said Jerry Henderson, regional managing partner, advisory services with FORVIS. “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.”
The buy came a few months after FORVIS was created from the merger of two top-20 U.S. accounting firms, Springfield, Mo.-based BKD, LLP, and Charlotte-based DHG. FORVIS has more than 5,400 partners and team members and $1.4 billion in revenue.
ProBank was formed five years ago following the merger of Louisville-based Professional Bank Services and Toledo-based Austin Associates. The company has approximately $20 million in annual revenue and offices in Nashville, Louisville, and Toledo, Ohio.
“Joining FORVIS is a step forward for us,” said ProBank 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.”