Failed Illinois bank not a part of successful community bank holding company in Ohio
Park National Corporation (Park) has clarified that it has no relationship with a failed bank of the same name in Illinois. Park subsidiary The Park National Bank is based in Newark, and operates 132 offices throughout several counties in Ohio (plus one office in Northern Kentucky). It is in no way affiliated with a Chicago-based bank of the same name that was recently closed in a deal with the FDIC and U.S. Bank, NA, of Minneapolis, Minn., a wholly-owned subsidiary of U.S. Bancorp. The closed bank was part of a group of nine failed banks owned by FBOP Corporation, Oak Park, Ill.Park announced the clarification to prevent confusion among its clientele and shareholders. At least one Internet search engine has mistakenly connected the failed company’s news to Park’s financial information Web pages.
Park and The Park National Bank consistently report strong financial performance, including record earnings for The Park National Bank in the first nine months of 2009. Park exceeds the industry requirements to qualify as well-capitalized. Park’s financial performance currently ranks above the 80th percentile for its peer group (banking companies with $3 to $10 billion in assets). Additionally, Park continues to pay steady dividends to shareholders. The Park National Bank, headquartered in Newark, is 101 years old and the top community bank based in central Ohio. Also, its banking divisions are very strong and several are leading financial institutions in their respective markets.
For information about Park and its strength, as well as about the closing of the other institution, visit www.fdic.gov.