Richardson & Company, LLP is a regional CPA firm based in Sacramento specializing in providing audit, tax, and SEC reporting services to banking institutions. We have served more than 30 banks and bank holding companies over the past 30 years located in California, Nevada and Oregon, including the San Francisco, Oakland and Los Angeles areas. These banks, savings and thrift institutions have ranged in size from de novo banks to those with assets over $1 billion. Most of the banks have been owned by holding companies and our services included the bank, the holding company and other subsidiaries. Many of the holding companies have been SEC reporting companies. We have served banks during their start-up period and continued as their accountants while their goals of financial growth and success were realized with the acquisition of branches, formation of holding companies, registration with the SEC, initial and other public offerings and mergers with other financial institutions. We have provided. Deferred income tax accounting assistance to several SEC registrant banking institutions whose external auditors were prohibited from assisting them due to SEC independence rules.

Members of our firm regularly attend national and state financial institution conferences and other bank training courses to ensure that we stay abreast of current issues affecting the banking institution industry. We have a nationally recognized SEC accounting consultant and author of accounting manuals available to assist with SEC and accounting advice regarding accounting issues, SEC and regulatory filings, stock issuances, etc. We have also engaged a partner and Director of Audit and Banking practices for a large firm located in a midwestern city as our concurring reviewer for our SEC registrants and to provide consultation regarding audit and accounting issues for banks and other clients. 

Each of our team members is personally committed to taking an active role in our services. They will work with your people to assure that your goals of financial growth and success are realized. In addition to regular financial statement audits, we also review offering circulars, review SEC (and other regulatory agency) required reports and assist in compiling quarterly regulatory reports when we are requested or required to provide those services. Examples of services we have provided to our banking clients include the following:

  • Accounting for mergers and acquisitions.
  • Assistance with public offerings and SEC Registration.
  • Branch and other acquisitions.
  • Accounting and tax assistance in the formation of bank holding companies.
  • Conversion to a Subchapter S Corporation.
  • Identification and calculation of enterprise zone net interest deductions and tax credits.
  • Assistance in addressing accounting issues raised by regulatory agencies.
  • Advice on accounting issues related to unique transactions.
  • Deferred income tax accounting assistance for SEC registrants that cannot have their external auditors assist them due to SEC independence rules.
  • Research and analysis on the effect ownership changes have on the ability to carryforward net operating losses and other tax benefits.
  • Review of previously-filed tax returns and successful filing of claims for refunds as a result of our findings.
  • Assistance in implementing new FASB accounting pronouncements.
  • Performance of extensive research and preparation of federal and state income tax returns for banks, savings, and thrift institutions.
  • Extensive consultation with banking institution clients on a variety of income tax matters, with emphasis on the avoidance of any losses of tax benefits at both the federal and state levels through the use of changes in accounting method and special tax election opportunities.
  • Research and analysis on the methodology for electing available alternatives for bad debt expenses of banking institutions.
  • Analysis and planning of income tax and cash flow strategies for closely-held businesses and their owners, including analysis of related party transaction problems.
  • Analysis regarding the accounting and tax treatment of intangibles such as core deposit intangibles and goodwill.
  • Identification of situations requiring the use of mark-to-market accounting for tax purposes on the sale of loans and securities.