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GlobeNewswire·

Park National Bank welcomes First Citizens National Bank in strategic partnership

PRK
  • Park National Corporation and First Citizens Bancshares, Inc. signed a definitive merger agreement for FIZN to merge into Park, with First Citizens National Bank merging into The Park National Bank.
  • First Citizens CEO Jeff Agee will lead the new Tennessee Region of Park National Bank after closing.
  • One FIZN director will join Park's Board, while Park will maintain First Citizens' two local community advisory boards & its philanthropic commitments.
  • The merger provides First Citizens with greater lending capacity & access to additional financial services for commercial & small business customers.
  • First Citizens Bancshares has $2.6 billion in assets, operates 24 banking offices in Tennessee, & is headquartered in Dyersburg, TN.
  • Park National Corporation has $9.9 billion in assets, is headquartered in Newark, OH, & has expanded into Ohio, Kentucky, & the Carolinas.
  • The combined entity will have pro forma assets of $12.5 billion, deposits of $10.5 billion, & loans of $9.6 billion based on September 30, 2025, results.
  • Park will issue approximately 1.99 million shares in an all-stock transaction, giving FIZN shareholders 0.52 Park shares per FIZN share.
  • Based on Park's closing price of $159.54 on October 24, 2025, the implied FIZN price is $82.96 per share, totaling ~$317.3 million.
  • The transaction values FIZN at 168% of tangible book value per share & 13.5 times trailing twelve months earnings per share.
  • Shares issued to FIZN shareholders are expected to comprise ~11% of the combined company's outstanding shares.
  • The deal is anticipated to be ~15% accretive to 2026 earnings per share & slightly accretive to tangible book value per share once cost savings are fully realized.
  • Closing is subject to regulatory approvals & shareholder votes, with completion expected in the first quarter of 2026.
  • All FIZN directors & executive officers have signed support agreements to vote in favor of the merger.
  • Financial advisors for Park include Piper Sandler & Co. & Hovde Group, LLC; legal advisors are Squire Patton Boggs (US) LLP.
  • Financial advisors for FIZN are Olsen Palmer LLC; legal advisors are Husch Blackwell LLP.
  • Park will file a Form S-4 Registration Statement containing a Proxy Statement/Prospectus for FIZN shareholders to review.
  • Forward-looking statements regarding integration, earnings, & timing are included but subject to risks, uncertainties, & potential regulatory delays.