Park National Completes Strategic Merger and Reports Record Annual Earnings
04.02.2026 - 09:57:04
Park National Corporation has successfully finalized its merger with First Citizens Bancshares, effective February 1. This strategic move significantly expands the bank's geographic footprint into Tennessee and solidifies its position as a regional financial institution with a pro forma total asset base of $12.6 billion. The completion follows a year of robust financial performance, highlighted by record earnings and a declared quarterly dividend.
The merger caps off a financially successful year for Park National. The company recently reported a net income of $180.1 million for the full year 2025, marking an 18.9% increase from the $151.4 million earned in the prior year. Fourth-quarter earnings alone reached $42.6 million.
Key financial metrics for the year showed substantial improvement:
* Net Interest Income: Increased by 9.9% to $437.3 million.
* Loan Growth: Experienced a moderate 3.0% expansion.
* Efficiency Ratio: Improved significantly to 57.94% from 61.44%.
Management noted that both profits and dividends achieved all-time highs during the 2025 fiscal year.
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Integration Creates Southeastern Banking Network
With the merger now complete, the combined entity holds $10.5 billion in deposits and a loan portfolio of $9.6 billion as of year-end 2025. First Citizens National Bank will operate as a division of Park National's lead bank subsidiary. This integration extends the institution's network across five states, adding the strategically important Tennessee market to its existing presence in Ohio, Kentucky, North Carolina, and South Carolina. The combined branch network now exceeds 100 locations.
Jeffrey D. Agee, former CEO of First Citizens, joined Park National's Board of Directors on February 1. He will lead the newly established Tennessee region.
Dividend Declaration and Forward-Looking Integration
Supporting its commitment to shareholders, Park National's board has approved a quarterly cash dividend of $1.10 per share. The dividend will be payable on March 10 to shareholders of record as of February 20.
Looking ahead, the full technical integration of First Citizens' systems is scheduled for the latter half of 2026. For investors, the immediate focus in the current quarter will be on the profitability and performance of the newly consolidated operations across the U.S. Southeast. The central question remains whether the bank can maintain its demonstrated operational strength while assimilating the new business units.
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