Park National closes $324M First Citizens acquisition, adding $1.6B loans and $2.2B deposits

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 2, 2025 · ~2 min read

Key Changes

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  Completed acquisition of First Citizens Bancshares on Feb 1, 2026 for $324M in stock, adding $1.6B loans, $2.2B deposits, and expanding into Tennessee markets. Assets grew 32% to $13B.

  MD&A: First Citizens acquisition verify on EDGAR →
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  Net interest income rose 20.5% to $125.8M driven by acquisition, with margin expanding to 4.80% from 4.62%. Adjusted EPS grew to $3.06 from $2.57, but reported EPS fell to $2.39 due to share dilution.

  MD&A: net interest income, earnings per share verify on EDGAR →
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  One-time merger costs of $15.5M and $10.1M in Tennessee region operating expenses reduced Q1 net income by $12.2M after-tax. Dual-core system costs continue until Q3 2026 conversion.

  MD&A: merger-related expenses verify on EDGAR →