Venerable Columbia accounting firm Derrick, Stubbs & Stith is merging with Georgia-based Mauldin & Jenkins.
Founded in 1950, Derrick Stubbs has skilled advisers in accounting, auditing, taxation and consulting. Mauldin & Jenkins, founded in Albany, Ga., in 1918, has offices in Atlanta and Macon, as well as Birmingham, Ala., Chattanooga, Tenn., and Bradenton, Fla.
"We were approached by a firm we had known for 20 years," Derrick Stubbs managing partner Charles Statler Jr. said. "We had a good rapport with them. We've been looking to grow, and they've been looking to grow into South Carolina. The more we talked, the more it made sense."
Other Derrick Stubbs partners are Alan Grimsley, K. Todd Dailey, Timothy Monahan, David Splittgerber and Michelle Chapman. The firm brings more than 25 professional and administrative staff members to Mauldin & Jenkins, giving that firm approximately 280 employees in seven offices in five states.
“We are proud to have the partners of Derrick, Stubbs & Stith join our team,” Donny Luker, managing partner of Mauldin & Jenkins, said in a release. “South Carolina is a great market, and we are excited to welcome the people and clients of such a longtime successful firm to the M&J group.”
Mauldin & Jenkins, ranked a top 100 firm by Inside Public Accounting and Accounting Today, serves business, financial, government, health care, nonprofit and entrepreneurial industries.
The merger is scheduled to close on Oct. 1.
"We're going to lose our name, but we've gotten over that emotionally," Statler said. "Our goal is to retain all of our staff members and also to retain all of our clientele."
Statler said he anticipates no day-to-day changes in fee structure or services, other than being able to take advantage of the "deeper bench" Mauldin & Jenkins' greater resources will provide.
Derrick Stubbs has a long history in the state. It is an outgrowth of the practice of Noah E. Derrick, one of the first 10 people to be licensed as a CPA in South Carolina. Derrick began practice in 1915.
The present partnership was founded in 1950 with the addition of W.J. Stubbs and H. Talcott Stith Jr., and the firm expanded its range of services by joining the McGladrey Alliance of CPA Firms in 1997.
Derrick remained an active senior partner until age 90.