Kentucky-based accounting firm Mountjoy Chilton Medley has merged in Hawkins Company CPAs, a Louisville firm that specializes in providing assurance, tax, internal audit, information systems, compliance and regulatory-related consulting services to regional financial institutions.
The combined firm will retain the Mountjoy Chilton Medley name, which was created when Mountjoy & Bressler merged with Chilton & Medley last fall. The merger will enhance Mountjoy Chilton Medleys expertise in the financial institution industry, according to co-managing partner Mike Mountjoy, while building the firms presence as the largest Kentucky-based accounting firm.
Hawkins Company is a recognized leader in providing consulting, information technology, audit and tax services to community banks, he said in a statement. This merger gives our clients direct access to nearly a dozen top, seasoned banking professionals with expertise in Internet banking, regulatory reporting and compliance, interest rate risk, Automatic Clearing House transactions and wire transfers.
Henry Hawkins, founding member and managing partner of Hawkins Company LLC and chairman of the Banking Committee at the Kentucky Society of CPAs, said the merger would enable his firm to enhance its current team growth and industry expertise to become the leading service provider in this industry.
Mountjoy Chilton Medleys statewide presence and outstanding reputation made this merger the right move for our firm, he said in a statement. Kentucky and its neighboring states are home to many strong community banks that are actual or potential clients.
The merger brings Mountjoy Chilton Medleys employee count to approximately 240 and the number of CPAs at the firm to more than 130. The firm has offices in Louisville, Lexington, Covington, Frankfort and Bowling Green.
Hawkins Company CPAs LLC was formed in August 2005. Hawkins was formerly with Deloitte & Touches Louisville office and another local CPA firm. His firm has 15 employees.
Rebecca Brady, director of practice development at Mounjoy, compared the deal to a recent merger by the Texas accounting firm Weaver that bolstered Weavers financial institutions practice (see Weaver Merges in Bank Consulting Firm).
While she was unable to specify the size of Mountjoys banking client base because of confidentiality agreements, she noted that Hawkins has increased his revenue between eight and 10 times over the 10-year life of Hawkins Company CPAs, and that Hawkinss clients range beteen $40 million and $1.2 buillion in assets. She emphasized that the deal is a merger and not an acquisition.
Theyre merging into our current practice, she told WebCPA. He becomes a principal and equity partner and will servce as financial institutions services director.
The merger follows on the heels of another last November in which Mountjoy & Bressler merged with Chilton & Medley to form Mountjoy Chilton Medley. Mike Mountjoy saw this as an extension of that merger, said Brady.
Talks began with Hawkins in February of this year, and the merger took effect on July 16.
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