Park National Corporation Adds $16.4 Million In Capital From Exercise Of Common Stock Warrants
NEWARK, Ohio, April 30, 2010 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today announced that in the month of April 2010, investors holding outstanding Series A warrants to acquire Park common stock exercised warrants to purchase 250,000 common shares, generating net proceeds for Park of approximately $16.4 million (net of selling expenses). Park has raised $70 million in common stock (net of selling and administrative costs) since the second quarter of 2009.
The exercised warrants, which had a strike price of $67.75 per common share, represented 100 percent of the 250,000 Series A warrants Park issued in the registered direct offering which closed on October 30, 2009. An additional 250,000 Series B warrants issued in October 2009 with a strike price of $67.75 remain outstanding and expire on October 30, 2010.
"We are pleased to have raised additional capital at $67.75 per share. At March 31, 2010, our common book value per common share was $41.94, therefore, we raised this capital at over 1.6 times common book value," said Park Chairman C. Daniel DeLawder.Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for the transaction. Headquartered in Newark, Ohio, Park National Corporation has $7.2 billion in total assets (as of March 31, 2010). Park consists of 13 community bank divisions and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers & Savings Bank Division, United Bank Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division and The Park National Bank of Southwest Ohio & Northern Kentucky Division. Park's other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance) and Guardian Finance Company.
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