Elliott Davis Decosimo, a top 30 U.S. accounting firm with a major footprint in Chattanooga, and Crowell & Crowell have agreed to combine the two firms effective Jan. 1, the companies said Thursday.
The union expands Elliott Davis Decosimo's banking and financial services presence in Tennessee and gives Crowell & Crowell additional resources to adapt to their clients' growing needs.
Founded in 2002, Franklin, Tenn.-based Crowell & Crowell specializes in providing audit and consulting services, including internal audit, compliance reviews, IT reviews and loan review services to financial institutions in Tennessee. The CPA firm employs about 12 people.
Recently, Elliott Davis Decosimo announced a growing presence of the banking and financial services practice in the Nashville and Knoxville markets with the relocation of two key members of the financial services team.
The combination further expands the banking specialty area for both firms, according to the companies. Elliott Davis Decosimo currently serves more than 120 financial institutions across the Southeast, many of which are Securities & Exchange Commission registrants.
"This is a great opportunity to strengthen our banking advisory team in Tennessee and broaden our reach," said Elliott Davis Decosimo Banking and Financial Services Practice Leader Jason Caskey in a statement.
Shareholder June Crowell of Crowell & Crowell said the firm has had success serving the banking and financial industry for the last 14 years.
"Combining with Elliott Davis Decosimo will allow us to broaden our services available to clients through new capabilities and added expertise," she said.
On Jan. 1, Chattanooga's biggest accounting firm, Joseph Decosimo & Co., merged with South Carolina's largest to form Elliott Davis Decosimo.
Elliott Davis Decosimo, with home offices in Greenville, S.C., has about 150 employees in Chattanooga.
Decosimo officials said the merger offered complementary offerings and niches and no geographic overlaps. While Decosimo had audited only one publicly traded firm, Ooltewah-based Miller Industries, Elliott Davis was the accounting firm for 40 publicly traded companies.
Before the deal, Joseph Decosimo & Co. was a $40 million a year business, while Elliott Davis did about $75 million in yearly revenue.
Now, the firm is the fifth biggest in the Southeast, with more than 800 employees working out of 17 offices.