Herbein + Company, Inc. Acquires Financial Outsourcing Solutions (FOS)

READING , PA (January 3, 2013) Herbein + Company, Inc. and McKonly & Asbury, LLP jointly announce that Herbein has acquired Financial Outsourcing Solutions (FOS) effective immediately.

FOS provides internal audit,compliance services, risk management, accounting and bookkeeping to banks and other financial institutions throughout Pennsylvania, New Jersey, Maryland, Delaware and New York.  FOS has offices in Allentown, PA, Camp Hill, PA, Lancaster, PA, and Exton, PA.

Herbein + Company, Inc. is one of Pennsylvania’s leading regional certified public accounting firms with offices in Reading, PA, Pittsburgh, PA, and Greensburg, PA. Herbein has been recognized as a G400 Firm by the American Institute of Certified Public Accountants for being among the largest 500 firms in the country.

Herbein’s President and CEO Carl D. Herbein, CPA describes how this acquisition complements the firm’s growth plans.  “We continue to focus our efforts on our core business and industry niches we have developed.  FOS will broaden, strengthen, and expand our services to our bank and financial services sector.  This acquisition greatly enhances our regional market position as one of Pennsylvania’s top independent CPA firms.”

Herbein’s COO Michael J. Rowley, CPA/ABV, CVA, CFF describes the synergies associated with the transaction.  “We are incredibly proud of our history of exemplary client service.  Adding FOS to our team provides instant access to like-minded professionals who will provide services above and beyond client expectations.  Our banking practice has been growing exponentially over the past three years, so adding internal audit as a service line makes sense within the market.  Banks can now count on Herbein and FOS to fulfill many of their financial, regulatory, and operational needs.”

FOS had been part of McKonly & Asbury since 2007.  Terry L. Harris, CPA, Managing Partner of McKonly & Asbury, LLP says, “We are proud of our affiliation with the FOS team over the past six years.  During that time, we have seen the organization more than double in size serving financial institutions throughout the Mid-Atlantic region.  We are confident that the new affiliation with Herbein + Company, Inc. will continue the strong commitment to serve financial institutions in our region and meet the growing regulatory needs of this industry.”

Herbein will continue its focus on growth within the bank and financial services arena.  “Not only are we pleased to announce that all FOS staff will continue in their current positions, we have already begun recruitment efforts to further grow our team,” asserts James A. Michalak, CPA, CITP, Herbein’s Partner in Charge of Bank and Financial Institution Services Group.

Thomas R. Strause, MBA, CIA, CFE, CBA, CFSA, CISA of FOS is equally optimistic.  “Joining forces with Herbein is going to provide a great resource for the combined client base while also providing additional opportunities for team members.”

Key Facts on the Deal…

• All 28 current FOS employees including firm leaders will remain with FOS.
• The current FOS Lancaster, PA office will be consolidated into Herbein’s Reading, PA headquarters.  Herbein and FOS will maintain the following offices:

Reading, PA (headquarters)
Allentown, PA
Camp Hill, PA
Exton, PA
Greensburg, PA
Pittsburgh, PA

• Herbein total employee count prior to acquisition:              114
• Herbein total employee count post acquisition:                    142
• FOS operations will be managed by James A. Michalak, CPA, CITP, Thomas R. Strause, MBA, CIA, CFE, CBA, CFSA, CISA, and Debbi S. Fetter, CFIRS, CISA, CFSA, CRMA

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About Herbein + Company, Inc.

Herbein + Company, Inc. is a 142 person certified public accounting firm that works closely with our clients to provide much more than audit and tax services. We pride ourselves on our client service, ideas, and proactive advice and solutions. As a regional firm, our focus is to be more than just a vendor to our clients - we strive to be a business partner that satisfies both an economic need and develops a long-term relationship with our client.

Herbein + Company, Inc. is headquartered in Reading, PA with offices in Pittsburgh, PA and Greensburg, PA. Herbein is an independently owned and operated firm associated with Allinial Global. We have received unqualified peer review reports signifying the highest level of quality since 1982, and our firm is registered with the Public Company Accounting Oversight Board (PCAOB).