The expected merger of regional accounting firms Baker Tilly Virchow Krause LLP and ParenteBeard LLC became official Wednesday morning.
Combined, the two companies will form one company with annual revenues of about $475 million, making it one of the 12 largest accounting firms in the country, according to a news release.
The merger will drop the ParenteBeard name and keep the Baker Tilly Virchow Krause name.
Baker Tilly is a midwestern company with its home base in the Chicago area. ParenteBeard has offices throughout the Northeast and is headquartered in Philadelphia. The two companies both have offices in New York City but have no other locations with duplicate offices.
“This merger is an opportunity for two successful, complementary firms to join forces and create even greater opportunities for our people while broadening our geographic footprint and deepening our industry and service specialization capabilities to better serve our clients,” said Baker Tilly Chairman and CEO Timothy L. Christen.
ParenteBeard has local offices in Hanover, Lancaster and York. It closed a Harrisburg office in 2013. It was not announced whether there would be any effect on those offices, and a ParenteBeard spokeswoman could not be immediately reached for comment.
The new firm will have about 2,500 employees in 29 cities.