Accounting firms Chilton & Medley and Mountjoy & Bressler plan to combine into one of the largest firms in Louisville, Ky.

Principals at the two firms have signed a memorandum of understanding for the merger, which will take effect Nov. 1. The combined firm, Mountjoy Chilton Medley LLP, will have 88 accountants in Louisville, 22 in other parts of Kentucky, and 214 employees, according to Business First of Louisville.

Diane Medley and Mike Mountjoy will be co-managing partners at the combined firm.

"This will be a marriage of equals," said Medley in a statement. "These are two excellent firms with long track records of client service and community involvement. It's a perfect match."

Another advantage of the merger, according to Mountjoy, is that "this will be a Kentucky-based firm serving Kentucky businesses and keeping tax dollars in the state vs. hiring an out-of-state firm with a local satellite office. We are committed to Kentucky."

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