Accounting firms Parente Randolph and Beard Miller Co. have officially become ParenteBeard.
The merger was announced in July and was to take effect in the fourth quarter, but the firms put off the announcement of the new name until Monday (see Parente Randolph and Beard Miller to Merge).
The $175 million merger creates one of the top regional CPA firms in the mid-Atlantic region, with over 170 partners and more than 1,200 team members throughout Pennsylvania, New York, New Jersey, Maryland, Delaware and Texas. The firms ranked No. 35 and 36 on Accounting Todays list of the Top 100 Firms.
ParenteBeard LLC was officially formed on Oct. 1, 2009, following approval from the respective firms. Lamar Stoltzfus, formerly chairman and CEO of bmc, is chairman of the new firm. Bob Ciaruffoli, former chairman and CEO of Parente Randolph, is now CEO of the combined firm. A new 13-member board of directors was created comprising members of each firms partner group.
We selected the name ParenteBeard after considering the collective strengths and attributes of both firms and the significance of this combination, said Ciaruffoli in a statement. Our new name honors our histories, while positioning the union as one firm, ParenteBeard.
The combined firm will be headquartered in Philadelphia and belong to the Baker Tilly International network.
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