Ohio bank broaches Tennessee with $317.3M acquisition

Core Viewpoint - Park National Corp. is set to acquire First Citizens Bancshares in a deal valued at approximately $317.3 million, expected to close in Q1 2026, marking Park's entry into the Tennessee market [1][2]. Group 1: Transaction Details - The acquisition will create a combined entity with approximately $12.5 billion in assets, $10.5 billion in deposits, and $9.6 billion in loans [2]. - First Citizens shareholders will own about 11% of the new company post-transaction, and one director from First Citizens will join Park's board [4]. Group 2: Strategic Rationale - Park National views Tennessee as a compelling market and believes this acquisition aligns with its long-term growth strategy, allowing it to connect previously isolated territories in Ohio, Kentucky, and the Carolinas [3]. - First Citizens aims to enhance its lending capacity for commercial and small-business customers through this partnership, which is seen as a strategic step forward for both banks [5][6]. Group 3: Financial Implications - The transaction will push Park National past the $10 billion asset threshold permanently, adding $2.6 billion in assets from First Citizens [7].