Park National Corporation and CAB Financial Corporation have completed their previously announced merger transaction. Effective April 1st, CAB has merged with and into Park.
With the merger, CAB’s banking subsidiary, Carolina Alliance Bank, becomes a community banking division of Park subsidiary, The Park National Bank. Carolina Alliance Bank will continue to serve its communities with the same local leadership, local advisory board and local decision-making. Headquartered in Spartanburg, South Carolina, the Carolina Alliance Bank division has $760 million in assets (as of December 31, 2018). It operates seven banking offices in upstate South Carolina and western North Carolina.
Carolina Alliance Bank will gain greater lending capacity as a banking division of The Park National Bank, helping it expand its service to commercial and small business customers. More potential enhancements and updates to its banking services will be considered as the partnership with Park continues to develop throughout the year.
“The team at Carolina Alliance Bank looks forward to continuing its commitment to customers and communities as a division of The Park National Bank. We are truly excited about the partnership and believe it will greatly enhance our capabilities going forward,” said Carolina Alliance Bank CEO John Kimberly.
The Park National family of community banks now includes 12 banking divisions, each led by local professionals. The banks share operational, compliance and administrative resources, placing them in a strong position to remain competitive with sophisticated technology and service capabilities – while keeping a steadfast focus on personalized service and community involvement.
“Park National and Carolina Alliance bankers have worked steadily over the past several months to identify all the possibilities our combined organization will enjoy,” Park CEO David Trautman said. “We are all excited about the opportunities that lie ahead as we work together to deliver extraordinary service to our current and new clients.”
Park has more than a century of banking success in Ohio. Recently, it has pursued growth opportunities in the Carolinas and other regions. In July 2018, it welcomed NewDominion Bank in Charlotte, North Carolina into its family of community banks.
Sandler O’Neill served as financial advisor and Squire Patton Boggs served as legal advisor to Park National Corporation.
FIG Partners served as financial advisor and Nelson Mullins Riley & Scarborough served as legal advisor to CAB Financial Corporation.
