Park National and First Citizens Bancshares (FIZN) have signed a definitive merger agreement, pursuant to which FIZN will merge with and into Park National. Following the parent merger, First Citizens National Bank, the bank subsidiary of FIZN, will merge with and into Park’s bank subsidiary, The Park National Bank. After closing, First Citizens’ CEO and president, Jeff Agee, will lead the new Tennessee region of Park National Bank. One current FIZN director will join Park’s board of directors, and Park will maintain First Citizens’ current two local community advisory boards.
“Partnering with Park is a natural and strategic step forward for our bank — one that reflects our commitment to our teammates, customers, communities and shareholders,” Agee said. “Together, we’re building a stronger, more impactful organization that will enhance our customers’ experience, create meaningful opportunities for our teammates and extend our ability to serve more communities. Park’s values and culture are deeply aligned with ours, and we believe this partnership is the right move for our future.”
David Trautman, chairman and CEO of Park, said, “We’re delighted to welcome the exceptional bankers at First Citizens to the Park team. We look forward to serving alongside them as we help more customers and communities flourish.”
Matthew R. Miller, president of Park, said, “We’ve long seen Tennessee as a compelling market and were intentional about waiting for the right opportunity to expand. This partnership is the right fit at the right time. It aligns with our long-term growth strategy and positions us to serve more people in meaningful ways. Our teams share core values, a strong cultural alignment and a genuine commitment to serving others.”
Based on the financial results as of Sept. 30, 2025, the combined company will have pro forma total assets of $12.5 billion, deposits of $10.5 billion and loans of $9.6 billion. Upon closing of the transaction, Park will have more than 100 branches, as well as loan production offices, in Kentucky, Ohio, the Carolinas and Tennessee.
In connection with the execution of the definitive agreement and plan of merger, all the directors and named executive officers of FIZN have entered into support agreements pursuant to which they have agreed to vote their shares in favor of the merger.
Piper Sandler is serving as lead financial advisor to Park National and Squire Patton Boggs (U.S.) is serving as legal advisor to Park National. Hovde Group also served as financial advisor to Park National.
Olsen Palmer is serving as financial advisor and Husch Blackwell is serving as legal advisor to First Citizens Bancshares.
