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TheStreet Open House

Park National Corporation Declares $0.94 Quarterly Cash Dividend And Provides Update About Quarterly Earnings Report

Stock quotes in this article: PRK

NEWARK, Ohio, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Park National Corporation's (Park) (NYSE Amex:PRK) Board of Directors today declared a $0.94 per common share quarterly cash dividend, payable on December 7, 2012 to common shareholders of record as of November 23, 2012. The board also reported it plans to announce financial results for the third quarter ended September 30, 2012 on October 29, 2012.

Today, management reviewed with the Board of Directors details pertaining to a loan relationship that may require the recording of a charge-off of up to $13.0 million (and corresponding loan loss provision). If the full charge-off (and loan loss provision) of $13.0 million were to be recorded, diluted earnings per common share are expected to be $0.78 for the third quarter of 2012 and $3.82 for the nine months ended September 30, 2012. If no charge-off (or loan loss provision) were required to be recorded for this specific loan relationship, diluted earnings per common share for the third quarter and first nine months of 2012 are expected to be $1.33 and $4.37, respectively. Management is working to gain additional information regarding this specific loan relationship prior to releasing earnings for the periods ended September 30, 2012.

Headquartered in Newark, Ohio, Park National Corporation has $6.7 billion in total assets (as of June 30, 2012). Park consists of 11 community bank divisions, a non-bank subsidiary 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 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, and its subsidiary Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). Park's other operating subsidiaries include Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.

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