FIRM HISTORY

How it all began...

Kendrick Services began in the summer of 1990. But bank internal auditing had long been a part of Bryan Kendrick’s history. In fact, he began internal auditing right out of college in 1976 in a small community bank in Canyon, Texas. After three years of learning more about banking than auditing, Bryan was hired by the Cullen/Frost organization in San Antonio, Tx. to head up their internal audit function in two of their holding company banks. After about a year, Frost Bank moved Bryan to their corporate headquarters where he managed both their Financial / Operational and Trust audit divisions. While the beginning years contributed mostly to learning banking, the years at Frost contributed greatly to understanding the risks of banking and the techniques and skill sets to audit them. In 1984, Bryan was hired by the largest thrift in South Texas, San Antonio Savings (SASA), to establish and oversee their internal audit function. In 1990, the depressed real estate market and suffering economy forced many financial institutions to cease operations or become part of a regulatory merger - SASA being one of many.

That same year, the largest mortgage banking company in the world visited with Bryan concerning his interest in overseeing their internal audit function. Headquartered in downtown Dallas, Tx., this mortgage banking company serviced a $40 billion portfolio. After several visits to Dallas, meetings with the CEO, CFO and Board; and having visited with a very qualified and experienced internal audit staff, a very lucrative offer was extended. Having been part of massive layoffs at SASA, this opportunity seemed just too good to pass up. Yet, on the other extreme, a small community bank in Laredo, Tx. had a small internal audit staff of two and needed someone, on an outsourcing basis, to manage that staff – 40 hours a month at $50 an hour.

Downtown Dallas or downtown Laredo? Huge salary, benefit and bonus package or $2,000 a month gross with no benefits? Future security or uncertainty? Prestige and a seat with the “big boys” or going it on his own? What seemed like a “slam dunk” decision was really not. And to complicate things even more, Bryan had 5 young children at the time, had liquidated all savings and retirement, and at the end of his unemployment claims. But working within his heart was the vision to take what he had learned through his extensive bank internal auditing experience and somehow wrap that up and offer it in an affordable package to many financial institutions, both small and large. Also part of that vision was the opportunity to interact with many financial institutions and many people and not be limited to just one environment. Would financial institutions be interested in the possibility of outsourcing a portion or all of their internal audit work? In 1990, this was not a very popular concept and used very little in the banking world. But there was one small bank in Laredo that was willing to give it a shot.

So give it a shot he did, and Kendrick Services (KS) was born. Over the years, KS has serviced financial institutions in other states and all parts of Texas - Abernathy, Boerne, Cross Plains, Killeen, Round Rock, Georgetown, Lampasas, Luling, San Antonio, Texas City, Odem, Corpus Christi, Kingsville, McAllen, Cuero, New Braunfels, Somerville, Brenham, Waco, Littlefield, Dallas, Grapevine, Austin, Victoria, Belton, Fort Stockton, Edinburg and many more towns. What started with one person has now grown to eight, and what started with one bank has now grown to many. Specializing in operational, Information Technology (IT), regulatory compliance and other specialized internal audits, we stand ready to serve that vision that birthed our practice - provide financial institutions the depth of experience they need at an affordable price.