Park National completes First Citizens merger, adds Tennessee region
Park National Corporation completed its merger with First Citizens Bancshares on February 1, 2026, in an all-stock deal, and First Citizens National Bank merged into Park National Bank. The filing reports pro forma combined total assets of $12.6 billion, deposits of $10.5 billion and loans of $9.6 billion, based on December 31, 2025 results, which gives shareholders a larger combined bank with a new Tennessee presence.
Key points
- Each First Citizens common share converted into the right to receive 0.52 of a Park common share at the effective time.
- Pro forma combined total assets of $12.6 billion, deposits of $10.5 billion and loans of $9.6 billion, as of December 31, 2025.
- Jeffrey D. Agee, former First Citizens chairman and CEO, joined Park's 14-member board and will lead the new Tennessee Region.
- Park's annual base salary for Agee is $560,982, under an employment agreement with Park National Bank.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:38 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 02, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.