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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt">Date of Report (Date of earliest event reported)</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%; font-size: 10pt; text-decoration: none; border-bottom: Black 1px solid; text-align: center">February 7, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">Park National
Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid">Ohio</TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">1-13006</TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">31-1179518</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: center">50 North Third Street, P.O. Box 3500, Newark, Ohio</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">43058-3500</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">(740) 349-8451</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(</FONT>Registrant&rsquo;s
telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <TD STYLE="width: 4%; font-family: Wingdings">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="letter-spacing: -0.15pt"></FONT><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 92%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Wingdings">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>


<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline"><FONT STYLE="letter-spacing: -0.15pt">Item
2.02 &ndash; Results of Operations and Financial Condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none"><FONT STYLE="letter-spacing: -0.15pt">On
February 7, 2012, Park National Corporation (&ldquo;Park&rdquo;) issued a news release (the &ldquo;Financial Results News Release&rdquo;)
announcing financial results for the three months (fourth quarter) and the year ended December 31, 2011. A copy of this Financial
Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park&rsquo;s
management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate Park&rsquo;s
performance. Specifically, management reviews return on average tangible common equity, return on average tangible assets,
tangible common equity to tangible assets and tangible common book value per common share. Management has included in the
Financial Results News Release information relating to the return on average tangible common equity, return on average
tangible assets, tangible common equity to tangible assets and tangible common book value per common share for the three and
twelve month periods ended December 31, 2011 and 2010. For purposes of calculating the return on average tangible common
equity, a non-GAAP financial measure, net income (loss) available to common shareholders for each period is divided by
average tangible common equity during the period. Average tangible common equity equals average stockholders&rsquo; equity
during the applicable period less (i)&nbsp;average goodwill and other intangible assets during the applicable period and
(ii)&nbsp;average preferred stock during the applicable period. For the purpose of calculating the return on average tangible
assets, a non-GAAP financial measure, net income (loss) available to common shareholders for each period is divided by
average tangible assets during the period. Average tangible assets equals average assets during the applicable period less
average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible common
equity to tangible assets, a non-GAAP financial measure, tangible common equity is divided by tangible assets. Tangible
common equity equals stockholders&rsquo; equity less preferred stock and goodwill and intangible assets at the date of
measurement. Tangible assets equals total assets less goodwill and intangible assets at the measurement date. For the purpose
of calculating tangible common book value per common share, a non-GAAP financial measure, tangible common equity is divided
by common shares outstanding at period end. Management believes that the disclosure of return on
average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible
common book value per common share presents additional information to the reader of the consolidated financial statements,
which, when read in conjunction with the consolidated financial statements prepared in accordance with GAAP, assists in
analyzing Park&rsquo;s operating performance and ensures comparability of operating performance from period to period while
eliminating certain non-operational effects of acquisitions and, in the case of return on average common equity and tangible
common book value per common share, the impact of preferred stock. In the Financial Results News Release, Park has provided
a reconciliation of average tangible common equity to average stockholders&rsquo; equity, average tangible assets to
average assets, tangible common equity to stockholders&rsquo; equity and tangible assets to total assets solely for the
purpose of complying with SEC Regulation&nbsp;G and not as an indication that return on average tangible common equity,
return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share
are substitutes for return on average equity, return on average assets, common equity to assets and common book value per
common share, respectively, as determined by GAAP.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The </FONT>following
is a discussion of the actual financial results for the three months and year ended December 31, 2011, compared to the results
for the three months and year ended December 31, 2010. <FONT STYLE="letter-spacing: -0.15pt">The detailed information pertaining
to the restated financial statements included in &ldquo;Item 8.01 &ndash; Other Events&rdquo; of this Current Report on Form 8-K
is incorporated herein by reference. </FONT>The following paragraphs also discuss the projected results for the year ending December
31, 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The table below reflects
the results for Park for the fiscal year ended December 31, 2011, the results for the fiscal year ended December 31, 2010 as restated,
the results for the fiscal year ended December 31, 2010 as originally filed, and the projected results for the fiscal year ending
December 31, 2012.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010 <BR>Restated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010 As <BR>Previously <BR>Filed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012 <BR>Projected</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%">Net interest income</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">273,234</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">274,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">274,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-weight: bold; text-align: right">$240,000 - $250,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Provision for loan losses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">59,272</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,080</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,000 &ndash; 27,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Other income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">66,081</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">62,000 &ndash; 66,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Gain on sale of securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,829</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Gain from Vision Bank sale</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,000 &ndash; 20,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other expense</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">188,317</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">187,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">187,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">170,000 &ndash; 175,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Income before taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">120,555</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">74,737</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">99,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">$130,000 - $134,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">State taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,088</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,161</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,161</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt">Federal income taxes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,727</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,797</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">35,000 &ndash; 36,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Net income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">84,740</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,101</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$95,000 - $97,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Net income excluding gains *</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66,001</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50,389</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">66,505</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">$83,300 - $84,500</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">* The line item &ldquo;Net
income excluding gains&rdquo; excludes gains from the sale of securities from the results for the fiscal years ended December 31,
2010 and 2011 and excludes the anticipated gains from the sale of Vision Bank from the projected results for the fiscal year ending
December 31, 2012.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Net Interest Income:</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Net interest income
for the fourth quarter of 2011 was $66.3 million, compared to $68.5 million for the same period in the prior year. Net interest
income for the year ended December 31, 2011 was $273.2 million, compared to $274.0 million for the 2010 year. For the year ending
December 31, 2012, management expects net interest income to be between $240 million and $250 million. The Purchase </FONT>and
Assumption Agreement (the &ldquo;Purchase Agreement&rdquo;) with Home BancShares, Inc. (&ldquo;Home&rdquo;) and its wholly-owned
subsidiary, Centennial Bank, an Arkansas state-chartered bank (&ldquo;Centennial&rdquo;), to sell substantially all of the operating
assets and liabilities associated with Vision Bank to Centennial for a purchase price of $27.9 million, is expected to be consummated
in the first quarter of 2012. The primary reason for the decline in the projected net interest income for 2012 is the sale of approximately
$370 million of performing loans from Vision Bank to Centennial.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Provision for Loan Losses:</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Provision for loan losses for the fourth quarter
of 2011 was $16.2 million, compared to $42.6 million for the fourth quarter of 2010. For the year ended December 31,
2011, provision for loan losses was $59.3 million, compared to $87.1 million for the 2010 year. The restatement of the
results for the fiscal year ended December 31, 2010, detailed above and in the Current Report on Form 8-K filed by Park on
January 31, 2012 (the &ldquo;January 31, 2012 Form 8-K&rdquo;), increased the provision for loan losses by $22.2 million in
2010, all of which impacted the fourth quarter of 2010. For the year ending December 31, 2012, management expects the
provision for loan losses will be between $20 million and $27 million. The significant decline in the projected 2012
provision for loan losses is primarily due to improvements in the credit quality of Park&rsquo;s loan portfolio, including
the decline in new nonaccrual loans, the decline in delinquent loans and the continued improvement in the economy.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Other Income:</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Other income was $17.9 million for the fourth quarter of
2011, compared to $12.1 million for the same period in 2010. For the year ended December 31, 2011, other income was $66.1 million,
compared to $63.0 million for the 2010 year. The restatement, detailed above and in the January 31, 2012 Form 8-K, resulted in
a decrease in other income in the amount of $2.6 million in 2010 due to devaluations of other real estate owned (&ldquo;OREO&rdquo;),
all of which impacted the fourth quarter of 2010. For the year ending December 31, 2012, management expects other income will be
between $62 million and $66 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Gain on Sale of Securities:</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The table below provides quarterly information regarding
gains on the sale of investment securities for the years ended December 31, 2011 and 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: center">&nbsp;<B>Park National Corporation</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<B>Gain on Sale of Investment Securities</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%">First quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,635</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Second quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Third quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Fourth quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,367</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">28,829</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Management does not currently expect any gains or losses
on the sale of investment securities during 2012, although management does expect to recognize a gain of $18 million to $20 million
from the sale of Vision Bank during the first quarter of 2012.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>Other Expense:</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Other expense totaled $49.4 million for the fourth
quarter of 2011, compared to $46.5 million for the same period in 2010 and $45.6 million for the third quarter in 2011. The
increase from the third quarter of 2011 of $3.8 million was primarily made up of the timing of insurance costs (increase of
$0.9 million) and the acceleration of core deposit intangible amortization resulting from the pending transaction under the
Purchase Agreement (increase of $0.9 million). For the year ended December 31, 2011, other expense was $188.3
million, compared to $187.1 million for the 2010 year. For the year ending December 31, 2012, management expects other
expense will be between $170 million and $175 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>State and Federal
Income Taxes:</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Federal income
taxes were $29.7 million (24.7% effective tax rate) for the year ended December 31, 2011, compared to $17.8 million (23.8%
effective tax rate) for the 2010 year. For the year ending December 31, 2012, management expects the effective federal income
tax rate will be between 26% and 28%.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park recognized
$6.1 million in state tax expense during 2011, which was the charge necessary to write-off the previously reported state
operating loss carryforward asset at Vision Bank. Prior to the execution of the Purchase </FONT>Agreement with Centennial,
management of Park believed that a merger of Vision Bank into The Park National Bank (the national bank subsidiary of Park)
would enable Park to fully utilize the state net operating loss carryforward asset recorded at Vision Bank. The structure of
the transactions contemplated by the Purchase Agreement will not allow either the buyer or the seller to benefit from the
previously recorded net operating loss carryforward asset at Vision Bank to offset future taxable income; therefore, this
asset was written-off by Vision Bank at December 31, 2011.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Park National Corporation
Balance Sheet:</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The table below reflects
the balance sheet for Park as of December 31, 2011, December 31, 2010 (as restated), December 31, 2010 (as originally filed), and
projected as of December 31, 2012.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010 <BR>Restated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010 As <BR>Previously Filed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012 Projected</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">160,265</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">133,780</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">133,780</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">150,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Investment Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,708,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,795,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,317,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,732,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,732,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,440,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Allowance for Loan Losses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(64,444</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(143,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(121,397</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(52,260</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net Loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,252,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,589,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,611,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,387,937</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Other Real Estate Owned</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">433,862</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469,193</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">458,063</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Assets held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">377,318</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&ndash;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,974,845</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,282,261</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,298,377</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,830,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Liabilities and Equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,465,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,095,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,095,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,550,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,162,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,375,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,375,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,510,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Liabilities held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">536,186</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&ndash;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total Liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,229,881</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,552,553</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,552,553</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,134,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">744,964</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">729,708</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">745,824</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">696,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The decline in loans
by the end of 2012, as projected, is due to the sale, as contemplated in the Purchase Agreement to which Vision Bank and Centennial
are parties, of approximately $370 million in loans, as stated above. Park expects modest loan growth in Ohio, of approximately
2% to 3%. In addition, the decline in deposits projected at December 31, 2012 is due to the assumption of approximately $533 million
in deposits by Centennial, as contemplated in the Purchase Agreement.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 22pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Item 8.01 &ndash;
Other Events</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Restatement of previously
issued financial statements</U></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">In the January 31, 2012 Form
8-K, Park announced that on January 27, 2012, management, after consultation with Crowe Horwath LLP, Park&rsquo;s independent registered
public accounting firm, determined that (i) Park&rsquo;s previously issued audited consolidated financial statements incorporated
by reference in Park&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2010, filed on February 28, 2011, and (ii)
Park&rsquo;s unaudited condensed consolidated financial statements included in Park&rsquo;s Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2011, June 30, 2011, and September 30, 2011 should be restated. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The accounting treatment giving
rise to the restatement was the inclusion of estimated future cash flows supporting the allowance for loan losses related to certain
impaired commercial loans. For the year ended December 31, 2010, as part of Park&rsquo;s process to measure impairment on certain
impaired commercial loans at Vision Bank, management had relied </FONT>on expected future cash flows from guarantors, as to whom
we were in litigation.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Management determined that reliance on expected future cash
flows, which may require protracted litigation to actually be received, is inappropriate given the difficulty in obtaining objective
verifiable evidence supporting a conclusion as to the amount and timing of the expected cash flows. GAAP requires that our assumptions
be &ldquo;reasonable and supportable&rdquo; and the facts and circumstances around the existence of protracted litigation make
this assumption more difficult to support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The restatement also reflects certain OREO devaluations and additional
loan loss provisions that are not related to guarantor support. These expense items are related to valuation issues identified
at December 31, 2010, where Vision Bank management utilized (i) the work of a third-party contractor, which was not a licensed
appraiser, when calculating the fair value of collateral for certain impaired loans and the fair value of certain OREO held by
Vision Bank, and management did not have sufficient documentation to support the estimates of this third-party contractor, and
(ii) internal estimates of collateral value when calculating specific reserves for certain impaired loans when, at times, such
internal estimates were outdated. The impact is to reverse provisions for loan losses and OREO devaluations originally recorded
during 2011 and recognize these provisions for loan losses and OREO devaluations in the restated audited consolidated financial
statements for the year ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><U>SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><FONT STYLE="color: black">Park
cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park 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 due to a number of factors, such as adverse changes in
economic conditions that impair the ability of borrowers to repay their loans, the underlying value of the collateral could prove
less valuable than assumed and cash flows may be worse than expected; Park's ability to sell OREO properties at prices as favorable
as anticipated; 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 nationally
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 interest 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, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (the &ldquo;Dodd-Frank Act&rdquo;), as well as future regulations which will be adopted by the relevant regulatory agencies,
including the Consumer Financial Protection Bureau, to implement the Dodd-Frank Act&rsquo;s provisions; the effect of changes
in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company
Accounting Oversight Board and other regulatory agencies, and the accuracy of our assumptions and estimates used to prepare our
financial statements; the effect of fiscal and governmental policies of the United States federal government; adequacy of our
risk management program; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party
vendors and other service providers, including as a result of cyber attacks; demand for loans in the respective market areas served
by Park and its subsidiaries</FONT>; closing of the transactions with Home BancShares, Inc. and Centennial Bank contemplated by
the Purchase and Assumption Agreement dated November 16, 2011, which is dependent on the receipt of regulatory and other approvals
and the satisfaction of specified conditions for closing, the timing of which cannot be predicted at this point; 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 &quot;Item 1A. Risk Factors&quot; of Part I of Park's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010 and in &ldquo;Item 1A. Risk Factors&rdquo; of Part II of Park&rsquo;s Quarterly Report on
Form 10-Q for the period ended September 30, 2011. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 9.01 &ndash; Financial Statements and Exhibits.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 0.5in; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">(a)</TD>
    <TD STYLE="width: 96%">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(b)</TD>
    <TD>Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(c)</TD>
    <TD>Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(d)</TD>
    <TD STYLE="text-decoration: none"><U>Exhibits</U>. The following exhibit is included with this Current Report on Form 8-K:</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Exhibit No.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 14%">99.1</TD><TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 80%">News Release issued by Park National Corporation on February 7, 2012 addressing operating results for the three months (fourth quarter) and year ended December 31, 2011</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PARK NATIONAL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Dated: February 7, 2012</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 47%; text-decoration: none; border-bottom: Black 1px solid">/s/ John W. Kozak</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">John W. Kozak</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Current Report on Form 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated February 7, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Park National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 82%; text-decoration: none; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>News Release issued by Park National Corporation on February 7, 2012 addressing operating results for the three months (fourth quarter) and year ended December 31, 2011.</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "PARK NATIONAL CORP /OH/", "cik": "0000805676", "assigned-sic": "6021", "irs-number": "311179518", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13006", "film-number": "12578201"}, "business-address": {"street1": "50 NORTH THIRD ST", "city": "NEWARK", "state": "OH", "zip": "43055", "phone": "6143498451"}, "mail-address": {"street1": "P O BOX 3500", "city": "NEWARK", "state": "OH", "zip": "43058-3500"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 7, 2012
Park National
Corporation
(Exact name of registrant as specified in its
charter)
Ohio
1-13006
31-1179518
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
50 North Third Street, P.O. Box 3500, Newark, Ohio
43058-3500
(Address of principal executive offices)
(Zip Code)
(740) 349-8451
(
Registrant's
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.02 – Results of Operations and Financial Condition.
On
February 7, 2012, Park National Corporation ("Park") issued a news release (the "Financial Results News Release")
announcing financial results for the three months (fourth quarter) and the year ended December 31, 2011. A copy of this Financial
Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Park's
management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate Park's
performance. Specifically, management reviews return on average tangible common equity, return on average tangible assets,
tangible common equity to tangible assets and tangible common book value per common share. Management has included in the
Financial Results News Release information relating to the return on average tangible common equity, return on average
tangible assets, tangible common equity to tangible assets and tangible common book value per common share for the three and
twelve month periods ended December 31, 2011 and 2010. For purposes of calculating the return on average tangible common
equity, a non-GAAP financial measure, net income (loss) available to common shareholders for each period is divided by
average tangible common equity during the period. Average tangible common equity equals average stockholders' equity
during the applicable period less (i) average goodwill and other intangible assets during the applicable period and
(ii) average preferred stock during the applicable period. For the purpose of calculating the return on average tangible
assets, a non-GAAP financial measure, net income (loss) available to common shareholders for each period is divided by
average tangible assets during the period. Average tangible assets equals average assets during the applicable period less
average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible common
equity to tangible assets, a non-GAAP financial measure, tangible common equity is divided by tangible assets. Tangible
common equity equals stockholders' equity less preferred stock and goodwill and intangible assets at the date of
measurement. Tangible assets equals total assets less goodwill and intangible assets at the measurement date. For the purpose
of calculating tangible common book value per common share, a non-GAAP financial measure, tangible common equity is divided
by common shares outstanding at period end. Management believes that the disclosure of return on
average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible
common book value per common share presents additional information to the reader of the consolidated financial statements,
which, when read in conjunction with the consolidated financial statements prepared in accordance with GAAP, assists in
analyzing Park's operating performance and ensures comparability of operating performance from period to period while
eliminating certain non-operational effects of acquisitions and, in the case of return on average common equity and tangible
common book value per common share, the impact of preferred stock. In the Financial Results News Release, Park has provided
a reconciliation of average tangible common equity to average stockholders' equity, average tangible assets to
average assets, tangible common equity to stockholders' equity and tangible assets to total assets solely for the
purpose of complying with SEC Regulation G and not as an indication that return on average tangible common equity,
return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share
are substitutes for return on average equity, return on average assets, common equity to assets and common book value per
common share, respectively, as determined by GAAP.
2
The
following
is a discussion of the actual financial results for the three months and year ended December 31, 2011, compared to the results
for the three months and year ended December 31, 2010.
The detailed information pertaining
to the restated financial statements included in "Item 8.01 – Other Events" of this Current Report on Form 8-K
is incorporated herein by reference.
The following paragraphs also discuss the projected results for the year ending December
31, 2012.
The table below reflects
the results for Park for the fiscal year ended December 31, 2011, the results for the fiscal year ended December 31, 2010 as restated,
the results for the fiscal year ended December 31, 2010 as originally filed, and the projected results for the fiscal year ending
December 31, 2012.
(in thousands)
2011
2010
Restated
2010 As
Previously
Filed
2012
Projected
Net interest income
$
273,234
$
274,044
$
274,044
$240,000 - $250,000
Provision for loan losses
59,272
87,080
64,902
20,000 – 27,000
Other income
66,081
63,016
65,632
62,000 – 66,000
Gain on sale of securities
28,829
11,864
11,864
-
Gain from Vision Bank sale
—
—
—
18,000 – 20,000
Other expense
188,317
187,107
187,107
170,000 – 175,000
Income before taxes
$
120,555
$
74,737
$
99,531
$130,000 - $134,000
State taxes
6,088
(1,161
)
(1,161
)
-
Federal income taxes
29,727
17,797
26,475
35,000 – 36,500
Net income
$
84,740
$
58,101
$
74,217
$95,000 - $97,500
Net income excluding gains *
$
66,001
$
50,389
$
66,505
$83,300 - $84,500
* The line item "Net
income excluding gains" excludes gains from the sale of securities from the results for the fiscal years ended December 31,
2010 and 2011 and excludes the anticipated gains from the sale of Vision Bank from the projected results for the fiscal year ending
December 31, 2012.
Net Interest Income:
Net interest income
for the fourth quarter of 2011 was $66.3 million, compared to $68.5 million for the same period in the prior year. Net interest
income for the year ended December 31, 2011 was $273.2 million, compared to $274.0 million for the 2010 year. For the year ending
December 31, 2012, management expects net interest income to be between $240 million and $250 million. The Purchase
and
Assumption Agreement (the "Purchase Agreement") with Home BancShares, Inc. ("Home") and its wholly-owned
subsidiary, Centennial Bank, an Arkansas state-chartered bank ("Centennial"), to sell substantially all of the operating
assets and liabilities associated with Vision Bank to Centennial for a purchase price of $27.9 million, is expected to be consummated
in the first quarter of 2012. The primary reason for the decline in the projected net interest income for 2012 is the sale of approximately
$370 million of performing loans from Vision Bank to Centennial.
Provision for Loan Losses:
Provision for loan losses for the fourth quarter
of 2011 was $16.2 million, compared to $42.6 million for the fourth quarter of 2010. For the year ended December 31,
2011, provision for loan losses was $59.3 million, compared to $87.1 million for the 2010 year. The restatement of the
results for the fiscal year ended December 31, 2010, detailed above and in the Current Report on Form 8-K filed by Park on
January 31, 2012 (the "January 31, 2012 Form 8-K"), increased the provision for loan losses by $22.2 million in
2010, all of which impacted the fourth quarter of 2010. For the year ending December 31, 2012, management expects the
provision for loan losses will be between $20 million and $27 million. The significant decline in the projected 2012
provision for loan losses is primarily due to improvements in the credit quality of Park's loan portfolio, including
the decline in new nonaccrual loans, the decline in delinquent loans and the continued improvement in the economy.
3
Other Income:
Other income was $17.9 million for the fourth quarter of
2011, compared to $12.1 million for the same period in 2010. For the year ended December 31, 2011, other income was $66.1 million,
compared to $63.0 million for the 2010 year. The restatement, detailed above and in the January 31, 2012 Form 8-K, resulted in
a decrease in other income in the amount of $2.6 million in 2010 due to devaluations of other real estate owned ("OREO"),
all of which impacted the fourth quarter of 2010. For the year ending December 31, 2012, management expects other income will be
between $62 million and $66 million.
Gain on Sale of Securities:
The table below provides quarterly information regarding
gains on the sale of investment securities for the years ended December 31, 2011 and 2010.
Park National Corporation
Gain on Sale of Investment Securities
(in thousands)
2011
2010
First quarter
$
6,635
$
8,304
Second quarter
15,362
3,515
Third quarter
3,465
-
Fourth quarter
3,367
45
Total
$
28,829
$
11,864
Management does not currently expect any gains or losses
on the sale of investment securities during 2012, although management does expect to recognize a gain of $18 million to $20 million
from the sale of Vision Bank during the first quarter of 2012.
Other Expense:
Other expense totaled $49.4 million for the fourth
quarter of 2011, compared to $46.5 million for the same period in 2010 and $45.6 million for the third quarter in 2011. The
increase from the third quarter of 2011 of $3.8 million was primarily made up of the timing of insurance costs (increase of
$0.9 million) and the acceleration of core deposit intangible amortization resulting from the pending transaction under the
Purchase Agreement (increase of $0.9 million). For the year ended December 31, 2011, other expense was $188.3
million, compared to $187.1 million for the 2010 year. For the year ending December 31, 2012, management expects other
expense will be between $170 million and $175 million.
4
State and Federal
Income Taxes:
Federal income
taxes were $29.7 million (24.7% effective tax rate) for the year ended December 31, 2011, compared to $17.8 million (23.8%
effective tax rate) for the 2010 year. For the year ending December 31, 2012, management expects the effective federal income
tax rate will be between 26% and 28%.
Park recognized
$6.1 million in state tax expense during 2011, which was the charge necessary to write-off the previously reported state
operating loss carryforward asset at Vision Bank. Prior to the execution of the Purchase
Agreement with Centennial,
management of Park believed that a merger of Vision Bank into The Park National Bank (the national bank subsidiary of Park)
would enable Park to fully utilize the state net operating loss carryforward asset recorded at Vision Bank. The structure of
the transactions contemplated by the Purchase Agreement will not allow either the buyer or the seller to benefit from the
previously recorded net operating loss carryforward asset at Vision Bank to offset future taxable income; therefore, this
asset was written-off by Vision Bank at December 31, 2011.
Park National Corporation
Balance Sheet:
The table below reflects
the balance sheet for Park as of December 31, 2011, December 31, 2010 (as restated), December 31, 2010 (as originally filed), and
projected as of December 31, 2012.
(in thousands)
2011
2010
Restated
2010 As
Previously Filed
2012 Projected
Assets
Cash and cash equivalents
$
160,265
$
133,780
$
133,780
$
150,000
Investment Securities
1,708,473
2,039,791
2,039,791
1,795,000
Loans
4,317,099
4,732,685
4,732,685
4,440,197
Allowance for Loan Losses
(64,444
)
(143,575
)
(121,397
)
(52,260
)
Net Loans
4,252,655
4,589,110
4,611,288
4,387,937
Other Real Estate Owned
42,272
41,709
44,325
39,000
Other Assets
433,862
477,871
469,193
458,063
Assets held for sale
377,318
–
–
–
Total Assets
$
6,974,845
$
7,282,261
$
7,298,377
$
6,830,000
Liabilities and Equity
Deposits
$
4,465,114
$
5,095,420
$
5,095,420
$
4,550,000
Borrowings
1,162,026
1,375,652
1,375,652
1,510,000
Other liabilities
66,555
81,481
81,481
74,000
Liabilities held for sale
536,186
–
–
–
Total Liabilities
$
6,229,881
$
6,552,553
$
6,552,553
$
6,134,000
Equity
$
744,964
$
729,708
$
745,824
$
696,000
The decline in loans
by the end of 2012, as projected, is due to the sale, as contemplated in the Purchase Agreement to which Vision Bank and Centennial
are parties, of approximately $370 million in loans, as stated above. Park expects modest loan growth in Ohio, of approximately
2% to 3%. In addition, the decline in deposits projected at December 31, 2012 is due to the assumption of approximately $533 million
in deposits by Centennial, as contemplated in the Purchase Agreement.
5
Item 8.01 –
Other Events
Restatement of previously
issued financial statements
In the January 31, 2012 Form
8-K, Park announced that on January 27, 2012, management, after consultation with Crowe Horwath LLP, Park's independent registered
public accounting firm, determined that (i) Park's previously issued audited consolidated financial statements incorporated
by reference in Park's Annual Report on Form 10-K for the year ended December 31, 2010, filed on February 28, 2011, and (ii)
Park's unaudited condensed consolidated financial statements included in Park's Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2011, June 30, 2011, and September 30, 2011 should be restated.
The accounting treatment giving
rise to the restatement was the inclusion of estimated future cash flows supporting the allowance for loan losses related to certain
impaired commercial loans. For the year ended December 31, 2010, as part of Park's process to measure impairment on certain
impaired commercial loans at Vision Bank, management had relied
on expected future cash flows from guarantors, as to whom
we were in litigation.
Management determined that reliance on expected future cash
flows, which may require protracted litigation to actually be received, is inappropriate given the difficulty in obtaining objective
verifiable evidence supporting a conclusion as to the amount and timing of the expected cash flows. GAAP requires that our assumptions
be "reasonable and supportable" and the facts and circumstances around the existence of protracted litigation make
this assumption more difficult to support.
The restatement also reflects certain OREO devaluations and additional
loan loss provisions that are not related to guarantor support. These expense items are related to valuation issues identified
at December 31, 2010, where Vision Bank management utilized (i) the work of a third-party contractor, which was not a licensed
appraiser, when calculating the fair value of collateral for certain impaired loans and the fair value of certain OREO held by
Vision Bank, and management did not have sufficient documentation to support the estimates of this third-party contractor, and
(ii) internal estimates of collateral value when calculating specific reserves for certain impaired loans when, at times, such
internal estimates were outdated. The impact is to reverse provisions for loan losses and OREO devaluations originally recorded
during 2011 and recognize these provisions for loan losses and OREO devaluations in the restated audited consolidated financial
statements for the year ended December 31, 2010.
6
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Park
cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park 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 due to a number of factors, such as adverse changes in
economic conditions that impair the ability of borrowers to repay their loans, the underlying value of the collateral could prove
less valuable than assumed and cash flows may be worse than expected; Park's ability to sell OREO properties at prices as favorable
as anticipated; 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 nationally
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 interest 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, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (the "Dodd-Frank Act"), as well as future regulations which will be adopted by the relevant regulatory agencies,
including the Consumer Financial Protection Bureau, to implement the Dodd-Frank Act's provisions; the effect of changes
in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company
Accounting Oversight Board and other regulatory agencies, and the accuracy of our assumptions and estimates used to prepare our
financial statements; the effect of fiscal and governmental policies of the United States federal government; adequacy of our
risk management program; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party
vendors and other service providers, including as a result of cyber attacks; demand for loans in the respective market areas served
by Park and its subsidiaries
; closing of the transactions with Home BancShares, Inc. and Centennial Bank contemplated by
the Purchase and Assumption Agreement dated November 16, 2011, which is dependent on the receipt of regulatory and other approvals
and the satisfaction of specified conditions for closing, the timing of which cannot be predicted at this point; 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, 2010 and in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on
Form 10-Q for the period ended September 30, 2011. 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.
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Item 9.01 – Financial Statements and Exhibits.
(a)
Not applicable
(b)
Not applicable
(c)
Not applicable
(d)
Exhibits
. The following exhibit is included with this Current Report on Form 8-K:
Exhibit No.
Description
99.1
News Release issued by Park National Corporation on February 7, 2012 addressing operating results for the three months (fourth quarter) and year ended December 31, 2011
[Remainder of page intentionally
left blank;
signature on following page.]
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SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PARK NATIONAL CORPORATION
Dated: February 7, 2012
By:
/s/ John W. Kozak
John W. Kozak
Chief Financial Officer
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INDEX TO EXHIBITS
Current Report on Form 8-K
Dated February 7, 2012
Park National Corporation
Exhibit No.
Description
99.1
News Release issued by Park National Corporation on February 7, 2012 addressing operating results for the three months (fourth quarter) and year ended December 31, 2011.
10