Park National to acquire First Citizens Bancshares in stock deal; Q3 net income up 23.4%

PARK NATIONAL CORP /OH/

Merger: each First Citizens share converts to 0.52 Park share; expected close Q1 2026, subject to approvals.
Termination fee of $12.5M payable to Park if First Citizens terminates under certain conditions.
Park entered voting agreements with certain First Citizens shareholders to vote in favor of the merger.
Q3 2025 net income $47.2M vs $38.2M in Q3 2024, a 23.4% increase; pre-tax pre-provision income up 19.6%.
Nine-month 2025 net income $137.4M, up 21.8% YoY; net interest income rose 10.1% to $324.4M.

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