Since its inception on January 7, 1964, the firm has experienced continuous growth and success. Fred Lockwood originally acquired the public accounting business of Felix Taylor in Mitchell, Nebraska. Two years later, the tax practice of George Vogler was acquired and in September of that same year, Fred Lockwood merged his practice with Philip G. Johnson & Co. October, 1972, the firm of Philip G. Johnson & Co. acquired the accounting practice of E.W. Gustafson, CPA, in Scottsbluff. The practice of LaVarre Daley, P.A. in Scottsbluff was acquired in December, 1973. At this time, Carol (Hilyard) Lockwood joined the firm. December, 1976, Fred Lockwood withdrew as a partner of Philip G. Johnson & Co., and acquired the firm's interest in the Gering-Scottsbluff practice. Carol Hilyard and Fred Lockwood formed the partnership Fred A. Lockwood & Co. in January, 1977. The accounting practice of E. Olaf Blumson, P.C. was acquired in Torrington, Wyoming in November, 1984.

Daniel G. Garrett, CPA of Chadron, Nebraska merged his practice with Fred A. Lockwood & Co., P.C. in November, 1988, and remained as a shareholder until September 30, 2008.  January 1, 1989, the practice of Larry W. Andersen & Co. in Kimball, Nebraska was acquired. October 1, 1990, James R. Gardner advanced from Manager to shareholder. Troy L. Hilyard was admitted as a shareholder on October 1, 1994. Fred A. Lockwood & Co., P.C. acquired the practice of Gregory J. Detty, CPA, on October 1, 1997. Liz Hilyard was admitted as a shareholder in October 2005, Annie M. Loutzenhiser was admitted as a shareholder October 1, 2008 and Vincent T. Ryan was admitted as a shareholder October 1, 2010.