Saltmarsh merges in Banc Compliance Group
Saltmarsh, Cleaveland & Gund, a firm based in Pensacola, Florida, has merged in Banc Compliance Group, a Franklin, Tennessee-based consulting firm that specializes in servicing financial institutions, effective Oct. 1, 2018.
The deal will allow Saltmarsh to expand its services in the Nashville market. Financial terms of the deal were not disclosed. Saltmarsh ranked 14th on Accounting Today’s 2018 Regional Leaders list of the Top Firms on the Gulf Coast, with $18.54 million in annual revenue. The firm had five offices, 19 shareholders and 110 professionals earlier this year.
BCG’s former principal, Connie Edwards, will become a new shareholder at Saltmarsh, leading the firm’s financial institution practice in Tennessee.
“This merger allows us to expand existing services into Tennessee and related markets in order to further our mission to help financial institutions navigate the important challenges facing the industry today," said Saltmarsh president Lee Bell in a statement. “The Bank Advisors at Saltmarsh have a longstanding reputation for providing great service to financial institutions, as does Connie. We are honored to welcome her to the Saltmarsh family and are really excited about what the future brings for our growing practice.”
BCG has traditionally provided compliance reviews and other consulting services for banks and other financial institutions. The Bank Advisors at Saltmarsh also offers other types of services for financial institutions, including internal and external audit, tax, loan review, technology and advisory services. The combined firm provides accounting, audit, assurance, tax, wealth advisory and other consulting services to clients in the U.S. and abroad.
Last year, Saltmarsh merged in Reingruber & Company, P.A., a firm based in St. Petersburg, Florida, with an affiliate in Nashville, specializing in clients in the health care industry.