Park National Bank announces completion of First Citizens National Bank merger
Park National Corporation (“Park”) (NYSE AMERICAN: PRK) announced that on February 1, 2026, it successfully completed its previously announced merger transaction with First Citizens Bancshares, Inc. (“First Citizens”) (OTCEM: FIZN) through an all-stock transaction. The merger combines two strong community-focused bank subsidiaries – Park National Bank and First Citizens National Bank – and extends Park’s presence into the state of Tennessee.
“We are excited to begin this next chapter together,” said Matthew R. Miller, CEO and President of Park National Corporation. “With the merger now complete, our combined team is well positioned to serve more people in meaningful ways. We have long viewed Tennessee as a compelling market, and this expansion aligns perfectly with our growth strategy.”
Based on the financial results as of December 31, 2025, the combined company now has pro forma total assets of $12.6 billion, deposits of $10.5 billion and loans of $9.6 billion. Park now has more than 100 branches in Ohio, Kentucky, North Carolina, South Carolina and Tennessee.
“We are thrilled to officially welcome the exceptional bankers of First Citizens to Park,” said David L. Trautman, Chairman of Park National Corporation. “Their commitment to service aligns closely with ours. We look forward to growing together as we help more customers and communities flourish.”
Also effective February 1, Jeffrey D. Agee joined Park’s Board of Directors and the Board of Directors of Park National Bank. On January 26, 2026, upon the unanimous recommendation of its Nominating and Corporate Governance Committee, the Board of Directors of Park (“the Board”) appointed Jeffrey D. Agee to the Board contingent upon the closing of the merger. Mr. Agee was the CEO and Chairman of First Citizens at the time of the merger and will continue to lead the new Tennessee Region of Park.
“This partnership represents a powerful opportunity for our teammates, customers and communities,” said Jeff Agee, leader of Park’s new Tennessee Region and newly appointed Park director. “Now that we are officially part of Park, we will strive to build on our shared cultural foundation to deliver even greater value and service in the years ahead.”
As part of the transaction, First Citizens National Bank has merged into Park National Bank and will do business as a division of Park National Bank until conversion activities are complete later this year. First Citizens customers do not need to take any action at this time and should continue to bank as they do today. Customers will receive detailed information about any changes to their accounts in the coming months. Park National Bank customers will not be impacted by the merger.
“Park National and First Citizens bankers have worked steadily over the past several months to identify all the possibilities our combined organization will enjoy,” said Miller. “We are excited about the opportunities that lie ahead as we work together to deliver extraordinary service and community banking to our current and new clients.”
Piper Sandler & Co. served as lead financial advisor and Squire Patton Boggs (US) LLP served as legal advisor to Park National Corporation. Hovde Group, LLC also served as financial advisor to Park National Corporation.
Olsen Palmer LLC served as financial advisor and Husch Blackwell LLP served as legal advisor to First Citizens Bancshares, Inc.