Park National Corporation announced it will acquire First Citizens Bancshares, Inc. (OTC: FIZN) in an all‑stock transaction valued at approximately $317.3 million. Under the agreement, FIZN will merge with and into Park National Corporation, with Park National continuing as the surviving parent.
The merger will combine the bank subsidiaries: Park National Bank will merge with First Citizens National Bank, the bank subsidiary of FIZN, creating a new Tennessee region under Park National Bank. The combined entity will have pro‑forma total assets of about $12.5 billion, deposits of $10.5 billion, and loans of $9.6 billion.
FIZN shareholders will receive 0.52 shares of Park common stock for each share of FIZN they own. The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and shareholder approval.
The acquisition expands Park National’s geographic footprint into Tennessee, adding scale and lending capacity. Park National expects the deal to be roughly 15 % accretive to its 2026 earnings per share once cost savings are realized. Leadership changes include Jeff Agee, former CEO of FIZN, who will lead Park National Bank’s new Tennessee region, and one former FIZN director will join Park’s board.
Park National Corporation is headquartered in Newark, Ohio, while First Citizens Bancshares, Inc. (FIZN) is headquartered in Dyersburg, Tennessee.
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