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8-K - PARK NATIONAL CORP /OH/ | v182565_8k.htm |
EXHIBIT 99.1
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April 30,
2010
Park
National Corporation adds $16.4 million in capital
from
exercise of common stock warrants
NEWARK, Ohio — 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.
Media Contact: Bethany Lewis
740.349.0421 bblewis@parknationalbank.com or John W. Kozak, Chief Financial
Officer, 740.349.3792 jkozak@parknationalbank.com
Park National
Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
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SAFE HARBOR STATEMENT UNDER
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news
release contains forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. Forward-looking
statements provide current expectations or forecasts of future events and are
not guarantees of future performance. The forward-looking statements are based
on management's expectations and are subject to a number of risks and
uncertainties. Although management believes that the expectations reflected in
such forward-looking statements are reasonable, actual results may differ
materially from those expressed or implied in such statements. Risks and
uncertainties that could cause actual results to differ materially include,
without limitation: deterioration in the asset value of Park's loan portfolio
may be worse than expected; Park's ability to execute its business plan
successfully and within the expected timeframe; general economic and financial
market conditions, and weakening in the economy, specifically, the real estate
market and credit market, either national or in the states in which Park and its
subsidiaries do business, may be worse than expected which could decrease the
demand for loan, deposit and other financial services and increase loan
delinquencies and defaults; changes in market rates and prices may adversely
impact the value of securities, loans, deposits and other financial instruments
and the interest rate sensitivity of our consolidated balance sheet; changes in
consumer spending, borrowing and saving habits; our liquidity requirements could
be adversely affected by changes in our assets and liabilities; competitive
factors among financial institutions increase significantly, including product
and pricing pressures and our ability to attract, develop and retain qualified
bank professionals; the nature, timing and effect of changes in banking
regulations or other regulatory or legislative requirements affecting the
respective businesses of Park and its subsidiaries, including changes in laws
and regulations concerning taxes, accounting, banking, securities and other
aspects of the financial services industry; the effect of fiscal and
governmental policies of the United States federal government; demand for loans
in the respective market areas served by Park and its subsidiaries, and other
risk factors relating to the banking industry as detailed from time to time in
Park's reports filed with the Securities and Exchange Commission including those
described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form
10-K for the fiscal year ended December 31, 2009. Undue reliance should not be
placed on the forward-looking statements, which speak only as of the date
hereof. Park does not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions that may be made to update any
forward-looking statement to reflect the events or circumstances after the date
on which the forward-looking statement is made, or reflect the occurrence of
unanticipated events, except to the extent required by law.
Park National
Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com