Baker Newman Noyes has agreed to acquire the external audit and tax practice of Shatswell, MacLeod & Co.
Shatswell MacLeod is an accounting firm based out of Massachusetts that specializes in community banking. The transaction is expected to be completed on July 1, 2015.
Glen MacLeod, CEO of Shatswell MacLeod, along with the firm’s partners, John Marsh, Kevin O'Brien and Joseph Jalbert, will become audit principals at BNN. John Fitzgibbons, the leader of Shatswell MacLeod's tax practice, will also join BNN.
"We've known Shatswell MacLeod for a long time; their firm is a respected leader in the community banking space," said Eleanor Baker, BNN's managing principal. "We welcome their team's focused approach to client service, deep experience and expertise as we grow this practice area together to meet the increasing needs of the financial services sector in New England and beyond." BNN already serves a diverse banking client base that includes commercial and savings banks, credit unions, trust companies and investment advisory firms.
"We are excited to join a firm that shares our focus on high-level client service. Combining our two firms' external audit and tax practices brings an even higher level of expertise, support and attention to our valued clients," MacLeod said.
Baker Newman Noyes currently has more than 200 employees, including 34 principals. This news comes on the heels of the merger with William Steele & Associates, which went into effect Jan. 1, 2015.
All of the employees of Shatswell MacLeod's external audit and tax practices will become employees of BNN and continue to operate out of the existing Peabody and Springfield, Mass. offices.
In a separate transaction, Shatswell MacLeod will be spinning off its well-known internal audit, IT and regulatory compliance practice areas. Tom Jendrysik, a current partner in the Internal Services Division of Shatswell MacLeod will be taking the lead. This realignment is targeted for completion on July 1, 2015 and will give both firms a better opportunity to serve clients.
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