United States

Profile: Park National Corp (PRK.A)

PRK.A on American Stock Exchange

12:53pm EST
Change (% chg)

$0.98 (+0.91%)
Prev Close
Day's High
Day's Low
Avg. Vol
52-wk High
52-wk Low

Park National Corporation (Park), incorporated on March 24, 1992, is a financial holding company. Park's principal business consists of owning and supervising its subsidiaries. Park's banking operations are conducted through The Park National Bank (Park National Bank). The Company's segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH). Park National Bank is a national banking association with its main office in Newark, Ohio and financial service offices in Ashland, Athens, Butler, Champaign, Clark, Clermont, Coshocton, Crawford, Darke, Fairfield, Franklin, Greene, Hamilton, Hocking, Holmes, Knox, Licking, Madison, Marion, Mercer, Miami, Morrow, Muskingum, Perry, Richland, Tuscarawas, Warren and Wayne Counties in Ohio. Guardian Finance provides consumer finance services in the central Ohio area. SEPH has operations in Ohio, with the sole purpose of such operations being to sell other real estate owned (OREO) and work out or sell problem loan situations with the respective borrowers.

Park National Bank engages in the commercial banking and trust business, generally in small and medium population Ohio communities in addition to operations within the metropolitan areas of Columbus and Cincinnati. Park National Bank and its divisions provide services, such as the acceptance of deposits for demand, savings and time accounts and the servicing of those accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards (which are offered through a third party), home equity lines of credit and commercial leasing; trust and wealth management services; cash management; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service, and a variety of additional banking-related services tailored to the needs of individual customers.

As of December 31, 2016, Park National Bank operated 112 financial service offices, including 111 branches, in Ohio through 11 banking divisions with the Park National Bank Division headquartered in Newark, Ohio; the Fairfield National Bank Division; the Richland Bank Division; the Century National Bank Division; the First-Knox National Bank Division; the Farmers Bank Division; the Second National Bank Division; the Security National Bank Division; the Unity National Bank Division, and The Park National Bank of Southwest Ohio & Northern Kentucky Division, among others. As of December 31, 2016, Park National Bank delivered financial products and services through its financial service offices, a network of 139 automated teller machines, as well as telephone and Internet-based banking through both personal computers and mobile devices.

Guardian Finance, a consumer finance company, operates as a separate subsidiary of Park. As of December 31, 2016, Guardian Finance had five financial service offices spanning five counties in Ohio: Clark, Fairfield, Franklin, Licking and Montgomery. Scope Leasing, Inc. (which does business as Scope Aircraft Finance), a subsidiary of Park National Bank, specializes in aircraft financing. The customers of Scope Aircraft Finance include small businesses and entrepreneurs intending to use the aircraft for business or pleasure. Scope Aircraft Finance serves customers throughout the United States and Canada. Park holds ownership interest of Park Title Agency, LLC. (Park Title Agency). Park Title Agency is a title agency serving the central Ohio area. Park Investments, Inc. (PII), which is a subsidiary of Park National Bank, operates as an asset management company. River Park Properties, LLC and Sunny Green, LLC are subsidiaries of Park National Bank that hold certain OREO properties. 87A Orange Beach, LLC, Morningside Holding, LLC, Swindall Holdings, LLC, Swindall Partnership Holdings, LLC, Marina Holdings Z, LLC, Marina Holding WE, LLC and Vision-Park Properties, L.L.C. are subsidiaries of SEPH that hold certain OREO properties.

As of December 31, 2016, Park National Bank dealt with consumers, as well as with a cross-section of businesses and corporations located primarily in the 28 Ohio counties served by the financial service offices of Park National Bank. Park National Bank originates and retains for its own portfolio commercial and commercial real estate loans, residential real estate loans, home equity lines of credit, and installment loans. Park National Bank also originates fixed-rate residential real estate loans for sale to the secondary market. Guardian Finance originates and retains for its own portfolio consumer installment loans and commercial loans. As of December 31, 2016, Park's subsidiaries (including Scope Aircraft Finance) had approximately $2,154 million in commercial loans (commercial, financial and agricultural loans and commercial real estate loans) and commercial leases outstanding. As of December 31, 2016, approximately $995 million represented commercial, financial and agricultural loans, $1,156 million represented commercial real estate loans and $3 million represented commercial leases.

Commercial loans are made for a variety of general corporate purposes, including financing for industrial and commercial properties, financing for equipment, inventory and accounts receivable, acquisition financing, commercial leasing and to consumer finance companies. Commercial real estate loans (CRE loans) include mortgage loans to developers and owners of commercial real estate. As of December 31, 2016, Scope Aircraft Finance had outstanding approximately $255 million in loans primarily secured by aircraft (which are included in the commercial loan portfolio). As of December 31, 2016, Park's subsidiaries had outstanding consumer loans (including automobile loans and leases) in an aggregate amount of approximately $1,121 million, constituting approximately 21.3% of their aggregate total loan portfolio.

As of December 31, 2016, Park's subsidiaries had outstanding approximately $1,997 million in construction real estate loans and residential real estate loans, representing approximately 37.9% of total loans outstanding. As of December 31, 2016, approximately $1,808 million was included within the residential real estate loan segment, which included $407 million of commercial real estate loans, $1,169 million of mortgage loans, $212 million of home equity lines of credit and $20 million of installment loans. Construction loans include commercial construction loans, as well as residential construction loans.

Company Address

Park National Corp

50 N 3rd St
NEWARK   OH   43055-5523
P: +1614.3498451

Company Web Links