8-K: Avidia Bancorp Changes Auditor to BDMP Assurance

Avidia Bancorp, Inc. announced the dismissal of Berry, Dunn, McNeil & Parker, LLC and the engagement of BDMP Assurance, LLP as its new independent registered public accounting firm due to a restructuring.

Summary

• Avidia Bancorp, Inc. dismissed Berry, Dunn, McNeil & Parker, LLC as its independent registered public accounting firm, effective November 12, 2025.
• Concurrently, the company engaged BDMP Assurance, LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025, also effective November 12, 2025.
• The change was a result of Berry, Dunn, McNeil & Parker, LLC's recent restructuring, where it now focuses on tax and advisory services, while BDMP Assurance, LLP performs financial statement audits.
• BDMP Assurance, LLP is a licensed CPA firm registered with the PCAOB and is owned by certain partners of Berry, Dunn, McNeil & Parker, LLC.
• There were no adverse opinions, disclaimers, qualifications, or modifications in Berry, Dunn, McNeil & Parker, LLC's reports for the fiscal years ended December 31, 2023, and December 31, 2024.
• No disagreements on accounting principles, financial statement disclosure, or auditing scope or procedure, nor any reportable events, occurred during the two most recent fiscal years or subsequent interim period with Berry, Dunn, McNeil & Parker, LLC.
• Neither the company nor anyone on its behalf consulted with BDMP Assurance, LLP regarding accounting principles or audit opinions prior to its engagement.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The auditor change is administrative due to restructuring, not performance-related, and there were no reported disagreements or issues, which is a positive sign for corporate governance and financial transparency.

Positives

• The transition of the independent registered public accounting firm was due to an administrative restructuring of the previous firm, not due to any disagreements or issues with Avidia Bancorp's financial reporting.
• Berry, Dunn, McNeil & Parker, LLC's audit reports for 2023 and 2024 contained no adverse opinions, disclaimers, qualifications, or modifications, indicating clean audits prior to the change.
• There were no disagreements or reportable events (as defined by Regulation S-K) with the former auditor, suggesting a smooth and non-contentious relationship.

Risks

• While the filing states no disagreements, any change in an independent auditor, even due to restructuring, requires careful oversight to ensure continuity and maintain audit quality.
• The new firm, BDMP Assurance, LLP, being owned by certain partners of the former firm, Berry, Dunn, McNeil & Parker, LLC, could raise questions about perceived independence, although the company explicitly stated no prior consultations on accounting or auditing matters occurred.

Future Outlook

BDMP Assurance, LLP has been engaged as the independent registered public accounting firm for Avidia Bancorp, Inc. for the fiscal year ending December 31, 2025.

Industry Context

Changes in auditing firms due to internal restructuring or spin-offs of audit practices are not uncommon in the accounting industry, particularly as firms adapt to regulatory requirements and market demands for specialized services. The explicit statement of no disagreements or reportable events is standard practice in such filings to reassure investors about the integrity of financial reporting during the transition.

Corporate Governance

Related Party Transactions

• BDMP Assurance, LLP, the newly engaged independent registered public accounting firm, is owned by certain partners of Berry, Dunn, McNeil & Parker, LLC, the previously dismissed firm. This structural relationship is a key detail in the auditor transition.

Stakeholder Impact

• Shareholders: The change is administrative and does not indicate issues with financial statements, maintaining confidence in financial reporting.
• Regulatory Authorities: The company has complied with SEC disclosure requirements regarding auditor changes, including obtaining a letter of agreement from the former auditor.

Next Steps

• BDMP Assurance, LLP will serve as the independent registered public accounting firm for Avidia Bancorp, Inc. for the fiscal year ending December 31, 2025.

Key Dates

Keywords

Auditor Change, Independent Registered Public Accounting Firm, SEC Filing, Form 8-K, Avidia Bancorp, BDMP Assurance, Berry Dunn McNeil & Parker, Corporate Governance, Financial Reporting, PCAOB