Herbein + Company, Inc. has acquired the internal audit, risk management and compliance service provider, Financial Outsourcing Solutions, for an undisclosed amount.
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FOS provides services to banks and other financial institutions throughout Pennsylvania, New Jersey, Maryland, Delaware and New York.
FOS, which was part of an unknown holding company and owned by undisclosed individuals, was initially an affiliate of McKonly & Asbury. In 2007, McKonly & Asbury picked up FOS from Beard Miller Company in order enhance the administrative operations of the firm.
According to a source familiar with the matter, FOS' owners and holding company decided that it was time to sell and Herbein found that the asset would be an ideal fit.
“FOS will broaden, strengthen, and expand our services to our bank and financial services sector,” Herbein president and CEO Carl Herbein said in a statement. “This acquisition greatly enhances our regional market position as one of Pennsylvania’s top independent CPA firms.”
FOS, which is now a subsidiary of Herbein, has offices in Allentown, Pa., Camp Hill, Pa., Lancaster, Pa., and Exton, Pa. The entire staff of FOS, which consists of 28 employees, will carryon in their current positions and its new owners has plans to recruit more professionals to the division.