Park National Corporation Reports Third Quarter 2010 Financial Results And Declares Quarterly Cash Dividend
"We continue to be an active lender in the communities we serve, evidenced by residential mortgage originations in third quarter 2010 exceeding levels experienced in 2009. Low interest rates and direct access to lenders continues to fuel activity for new and refinanced loans for residential customers," said Park Chairman C. Daniel DeLawder. "Park affiliates actively seek new relationships for consumers and businesses alike. It's a great time to borrow money and we stand ready to help our clients meet their financing goals."
Capital-raising activities over the past six quarters increased common shares outstanding by 1,323,572 or 9.5 percent, generating a net total of $81 million in additional capital.
In 2009, Park sold 904,072 common shares and Series A and Series B Common Share Warrants covering an aggregate of 500,000 common shares at a weighted average price per share of $61.20 for gross proceeds of $55.3 million. After selling expenses and professional fees, Park raised $53.5 million of common equity from these capital-raising activities.Through the first nine months of 2010, Park issued 419,500 common shares upon the exercise of the Series A and Series B Common Share Warrants at a price of $67.75 per common share. After all expenses, Park raised an additional $27.6 million of common equity from the sale of these common shares. Headquartered in Newark, Ohio, Park National Corporation has $7.1 billion in total assets (as of September 30, 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 Financial Services Company (d.b.a. Guardian Finance Company).
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