Newark, Ohio-based Park National Corporation is expanding into Tennessee by acquiring Dyersburg-based First Citizens Bancshares for $317 million. .The merger is expected to close in the first quarter of next year. The combined company will have $12.5 billion in assets, $10.5 billion in deposits and $9.6 billion in loans, with more than 100 branches and loan production offices across Ohio, Kentucky, the Carolinas and Tennessee.Park National Corporation, which has nearly $10 billion in assets, has added offices over the past two years in Columbus, Ohio; Louisville; and Greensboro and Raleigh, N.C. Founded in 1889, First Citizens Bancshares has $2.6 billion in assets and two dozen branches in Tennessee. “This partnership is the right fit at the right time,” said Park National Corporation President Matthew R. Miller. “It aligns with our long-term growth strategy and positions us to serve more people in meaningful ways.” Piper Sandler & Co. served as lead financial advisor and international law firm Squire Patton Boggs LLP was legal counsel to Park National Corporation. Hovde Group also advised Park. Olsen Palmer LLC served as financial advisor and Husch Blackwell LLP was legal counsel to First Citizens.
