Park National Bank welcomes First Citizens National Bank in strategic partnership

Core Viewpoint - Park National Corporation and First Citizens Bancshares, Inc. have entered into a definitive merger agreement, enhancing lending capacity and broadening financial service offerings for First Citizens' customers [1][2][3] Company Overview - Park National Corporation, headquartered in Newark, Ohio, has total assets of $9.9 billion as of September 30, 2025, and operates through its subsidiary, The Park National Bank [9] - First Citizens Bancshares, Inc., based in Dyersburg, Tennessee, has total assets of $2.6 billion as of September 30, 2025, and is the holding company for First Citizens National Bank [10] Merger Details - The merger involves FIZN merging into Park, followed by First Citizens National Bank merging into The Park National Bank, with Jeff Agee leading the new Tennessee Region [1][4] - The transaction is an all-stock deal where FIZN shareholders will receive 0.52 shares of Park common stock for each share of FIZN, valuing FIZN at approximately $317.3 million [5][6] - Upon completion, the combined company will have pro forma total assets of $12.5 billion, deposits of $10.5 billion, and loans of $9.6 billion [4][6] Strategic Rationale - The merger is seen as a strategic step for both companies, aligning with Park's long-term growth strategy and enhancing service capabilities for commercial and small business customers [2][3][4] - Park aims to maintain First Citizens' community support legacy and philanthropic commitments [1][3] Financial Impact - The transaction is expected to be approximately 15% accretive to 2026 earnings per share, with slight accretion to tangible book value per share [6] - The implied FIZN per share price is $82.96, with a price to tangible book value per share of 168% and a price to trailing twelve months earnings per share of 13.5 times [5]