Well it was an early morning for the entire Bank Director team today, but we got our coffee in us and are very excited to start day 2 of AOBA13!
Before getting too far ahead of myself, I want to talk about another sessions that I sat in on yesterday. The breakout session was called “We Just Bought a Bank, Now What Do We Do?” and it featured Rick Childs, Director, Assurance & Financial Advisory Services, from Crowe Horwath LLP.
There is always a lot of talk about what needs to be done leading up to the acquisition, and we all know that can be a very long process. It is very important to realize that once an acquisition is made, that is when a lot of the hard work begins. That is precisely what this session’s focus was.
From an accounting standpoint, Childs noted the importance from day 1 through day 731. With all of the rules and regulations that are out there, it is critical to understand and complete everything that must be done. He also noted that “accounting is not the reason why deals aren’t getting done”. From a taxation standpoint, it was pretty much the same message. Making sure you keep your organization in check, and up to speed will make the entire process much more enjoyable, on both sides of the deal.
What Childs really wanted people to know was that “fear is bad”. He truly feels that you do not have to go out and sell your bank just because someone told you to. Because of the past few years many people feel down in the dumps, but Childs wanted to ensure everyone that they “have the opportunity to serve your community better. You control your own destiny.” Those words must be pretty uplifting to hear, considering the past few years from bankers.
Here are a few links from the Bank Director website that features Rick Childs as he discusses M&A in 2013, and the results from the Crowe survey, which was completed earlier this year.