Park National to acquire First Citizens Bancshares for $317.3 million

Park National Corporation (NYSE AMERICAN: PRK) has signed a definitive merger agreement to acquire First Citizens Bancshares, Inc. (OTCEM: FIZN) in an all-stock transaction valued at approximately $317.3 million.

Under the agreement, First Citizens shareholders will receive 0.52 shares of Park common stock for each share owned. Based on Park's closing price of $159.54 on October 24, 2025, this implies a per-share price of $82.96 for First Citizens stock. Park will issue approximately 1.99 million shares to complete the acquisition.

First Citizens operates 24 banking offices in Tennessee and reported $2.6 billion in assets as of September 30, 2025. Following the merger, First Citizens CEO Jeff Agee will lead Park's new Tennessee Region, and one First Citizens director will join Park's board.

The combined entity will have pro forma total assets of $12.5 billion, deposits of $10.5 billion, and loans of $9.6 billion. Park will operate more than 100 branches across Kentucky, Ohio, the Carolinas and Tennessee upon closing.

The transaction values First Citizens at 168% of tangible book value per share and 13.5 times trailing twelve months earnings per share. Park expects the merger to be approximately 15% accretive to 2026 earnings per share, excluding merger-related charges, once cost savings are fully implemented.

Both companies' boards have unanimously approved the agreement. All First Citizens directors and named executive officers have agreed to vote their shares in favor of the merger. The transaction requires regulatory approvals and First Citizens shareholder approval, with completion expected during the first quarter of 2026.

Park National Corporation, headquartered in Newark, Ohio, reported $9.9 billion in total assets as of September 30, 2025. The company operates through subsidiary The Park National Bank and has recently expanded into the Carolinas and other regions.

You May Also Be Interested In

• Nebius Group prices upsized $5B convertible notes offering
• Cizzle Brands files SEC Form F-10, plans U.S. exchange listing
• Cosmos Health posts 29% revenue rise but widens net loss in Q2 2026