Park National Corporation has signed a definitive merger agreement to acquire First Citizens Bancshares, Inc. (FIZN) in an all-stock transaction valued at approximately $317.3 million. Under the terms, FIZN shareholders will receive 0.52 shares of Park common stock for each FIZN common share, resulting in Park issuing approximately 1.99 million shares.
The acquisition will see First Citizens National Bank, FIZN's bank subsidiary, merge into The Park National Bank, expanding Park's presence into Tennessee. As of September 30, 2025, FIZN had $2.6 billion in assets and operated 24 banking offices in Tennessee, which will be integrated into Park's operations.
Upon closing, the combined company is projected to have pro forma total assets of $12.5 billion, deposits of $10.5 billion, and loans of $9.6 billion, based on September 30, 2025, financials. The transaction is anticipated to be approximately 15% accretive to 2026 earnings per share and slightly accretive to tangible book value per share, excluding certain merger-related charges and with cost savings fully phased in. The merger is expected to close in the first quarter of 2026, subject to regulatory and FIZN shareholder approvals.
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