Park National, on Feb. 1, 2026, it successfully completed its previously announced merger transaction with First Citizens Bancshares through an all-stock transaction. The merger combines two 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,” Matthew R. Miller, CEO and president of Park National, said. “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 Dec. 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,” David L. Trautman, chairman of Park National, said. “Their commitment to service aligns closely with ours. We look forward to growing together as we help more customers and communities flourish.”
Also effective Feb. 1, Jeffrey D. Agee joined Park’s board of directors and the board of directors of Park National Bank. On Jan. 26, 2026, upon the unanimous recommendation of its nominating and corporate governance committee, the board of directors of Park appointed Jeffrey D. Agee to the board contingent upon the closing of the merger. 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,” Jeff Agee, leader of Park’s new Tennessee region and newly appointed Park director, said. “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.
“Park National and First Citizens bankers have worked steadily over the past several months to identify all the possibilities our combined organization will enjoy,” Miller said. “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 served as lead financial advisor and Squire Patton Boggs (U.S.) served as legal advisor to Park National. Hovde Group also served as financial advisor to Park National. Olsen Palmer served as financial advisor and Husch Blackwell served as legal advisor to First Citizens Bancshares.
