The National Banking Network, Inc (NBN) of Virginia Beach has been acquired by NPAworldwide, adding nearly fifteen per cent more locations to NPAworldwide’s recruitment network and increasing existing revenues by more than twenty per cent. NBN is the operator of the Accounting Career Network and the Banking and Financial Services Career Network and the move further extends the reach of the NPAworldwide network.
“NPAworldwide and NBN are recruitment networks sharing values, philosophies, and a common interest in the success of our member firms,” said Dave Nerz, President of the newly-combined business. “There is limited duplication in the industries served by our networks, but some differences in the geographic markets in which we are active.”
The NBN employee team will remain in their respective roles. Bob Cozzens, who was an active owner of NBN, has retired from his post but will act as the NBN Advisor to the NPAworldwide Board of Directors to offer expertise and experience throughout the integration period. NBN will be run independently of NPAworldwide while the services and membership of the organizations are evaluated for the best integration opportunities to leverage the expertise of each network.
This transaction connects NPAworldwide with more than 50 new member recruitment agencies, with minor overlap in the sectors NPAworldwide has historically served. The acquisition opens geographic markets to NBN previously not penetrated, according to Nerz. NBN adds active recruitment firms working with clients and candidates in banking, finance, accounting, loan origination and processing, audit, tax, and various other technology and banking specialties.
“The blending of these two similar but unique networks will take time,” acknowledges Jeff McGraw, the chairman of NPAworldwide. “The NPAworldwide member-ownership model will need to be blended with a strong and effective privately-owned model that NBN has mastered. We intend to take the time needed to understand what NPAworldwide does best and can be shared with NBN, just as NPAworldwide will leverage the best practices established by NBN. We believe the networks will be better together than operating as separate organizations. We are not going to rush to single solution, but we have a vision for a simple merged membership in the foreseeable future.”