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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Date of Report (Date of earliest event reported)</FONT></TD>
    <TD STYLE="width: 37%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">January 23, 2012</TD></TR>
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    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">Park National Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>
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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">Ohio</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">1-13006</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center; border-bottom: Black 1pt solid">31-1179518</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">(Commission</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center">Identification No.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">50 North Third Street, P.O. Box 3500, Newark, Ohio</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">43058-3500</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">(740) 349-8451</P>

<P STYLE="font: 11pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">Not Applicable</P>

<P STYLE="font: 11pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; letter-spacing: -0.15pt">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 9.35pt; padding-left: 9.35pt; color: red">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt 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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The financial and
statistical disclosure for the fiscal years ended December 31, 2011 and 2010 included in &ldquo;Item 8.01 &ndash; Other
Events&rdquo; of this Current Report on Form 8-K is incorporated herein by reference.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline"><FONT STYLE="letter-spacing: -0.15pt">Item
8.01 &ndash; Other Events</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">On January 23, 2012, the
Board of Directors of Park National Corporation (&ldquo;Park&rdquo;), after consultation with management and the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), determined that Park&rsquo;s previously issued audited consolidated financial
statements incorporated by reference in Park&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2010,
filed on February 28, 2011, from Park&rsquo;s 2010 Annual Report and 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 revised.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Park&rsquo;s management is working with Crowe Horwath LLP (&ldquo;Crowe&rdquo;),
Park&rsquo;s independent registered public accounting firm, and representatives from the SEC to determine the appropriate characterization
of these revisions. The possible outcomes of the discussions with Crowe and the SEC include the characterization of the revisions
as either a change in accounting principle or a correction of an error in Park&rsquo;s application of U.S. GAAP. In the event that
the revisions are deemed to be the result of a change in accounting principle, Park will reflect the revisions to the consolidated
financial statements as of and for the fiscal year ended December 31, 2010 retrospectively within the consolidated financial statement
portion of the 2011 Annual Report which is incorporated by reference in the Annual Report on Form 10-K for the fiscal year ended
December 31, 2011. However, if the revisions are deemed to be a correction of an error in Park&rsquo;s application of U. S. GAAP,
Park will file a Current Report on Form 8-K, and disclose in Item 4.02 thereof that the previously filed consolidated financial
statements of Park, for the fiscal year ended December 31, 2010 can no longer be relied upon. Park would thereafter file an amendment
to the Annual Report on Form 10-K/A for the fiscal year ended December 31, 2010 reflecting a restatement of the previously filed
consolidated financial statements as of and for the fiscal year ended December 31, 2010.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">In a Current Report on Form
8-K filed on December 14, 2011 (the &ldquo;December 14, 2011 Form 8-K&rdquo;), Park announced that the previously-issued Call Report
for Vision Bank (&ldquo;Vision&rdquo;), the Florida state-chartered bank subsidiary of Park, and the FRY-9C Report for Park for
the year ended December 31, 2010 would be amended to reflect an additional loan loss provision of $19.0 million. Additionally,
Park amended the Call Reports for Vision and the FRY-9C Reports for Park for the quarterly periods ended March 31, 2011, June 30,
2011, and September 30, 2011 to reflect the current year impact of the changes made to reflect the impact on the allowance for
loan losses related to guarantor support.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park will revise the consolidated
financial statements for the fiscal year ended December 31, 2010. The reduction to net income for 2010, which is $12.4 million,
will be reflected as an increase to net income for the fiscal year ended December 31, 2011 since Park had collected, obtained additional
collateral, or written off all of the $19.0 million in guarantor support by December 31, 2011. The table below summarizes the revised
results for the year ended December 31, 2010 and the expected results for the year ended December 31, 2011. Management continues
to work with Crowe to finalize our 2010 (revised) and 2011 financial results. These results below assume that the only revision
to the year ended December 31, 2010 is the $19.0 million increase to loan loss provision and the related impact on income before
taxes, federal income taxes, net income, and net income available to common shareholders.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">(In Thousands)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2011</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010 <BR>Revised</TD><TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010 As Previously Filed</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2012 <BR>Projected</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25; padding-left: 5.4pt">Net Interest Income</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">273,234</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; 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: 6%; 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: 25%; font-weight: bold; text-align: center; vertical-align: bottom">$240,000 - $250,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">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">60,205</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">83,902</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: center; vertical-align: bottom">20,000 - 27,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Fee 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">61,219</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">65,632</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: center; vertical-align: bottom">62,000 - 66,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Security Gains</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: center; vertical-align: bottom">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Gain from Sale of Vision</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;&nbsp;&nbsp;</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;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</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: center; vertical-align: bottom">18,000 - 20,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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: center; vertical-align: bottom">170,000 - 175,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">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">114,760</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</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: center; vertical-align: bottom">$130,000 - $134,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;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: center; vertical-align: bottom">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">27,699</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,825</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&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="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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: center; vertical-align: bottom">35,000 - 36,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">80,973</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61,867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74,217</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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: center; vertical-align: bottom">$95,000 - $97,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income Excluding <BR>Gains</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">62,234</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54,155</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,505</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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: center; vertical-align: bottom">$83,300 - $84,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt 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 for the years ended December 31, 2010 and 2011 and excludes the
anticipated gains from the sale of Vision for the 2012 projection.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park has recognized $6.1 million
in state tax expense during 2011, which is the charge necessary to write-off the previously recorded state operating loss carryforward
asset at Vision. Prior to the execution of 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 to Centennial
for a purchase price of $27.9 million, management of Park believed that a merger of Vision into Park&rsquo;s wholly-owned national
bank subsidiary, The Park National Bank (&ldquo;PNB&rdquo;), would enable Park to fully utilize the state net operating loss carryforward
asset recorded at Vision. 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 to offset future taxable
income; therefore, this asset was written-off by Vision at December 31, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park&rsquo;s net income for
the two-year period ended December 31, 2011 following the revision was $142.8 million. Prior to the revision reflecting the
increase of $19.0 million to the loan loss provision for the year ended December 31, 2010, the combined net income for the two-year
period ended December 31, 2011 was expected to be $142.8 million as the $19.0 million of additional loan loss provision was originally
expensed during 2011. Therefore, the impact of the revision is simply to reflect the timing of the recording of the impact of
the loan loss provision related to guarantor support at Vision.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The Board of Directors of
Park has discussed the matters identified above in this Form 8-K with Crowe.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Management expects to issue
a News Release announcing the results for the fiscal year ended December 31, 2011 on or about February 7, 2012. Below, management
provides some information regarding the anticipated results for PNB, Vision, Guardian Financial (&ldquo;Guardian&rdquo;), and Park&rsquo;s
Parent Company.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">The two year results for PNB,
a wholly-owned bank subsidiary of Park, are as follows:&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">(In Thousands)</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2011</TD><TD STYLE="font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2012 <BR>Projected</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; padding-left: 5.4pt">Net Interest Income</TD><TD STYLE="width: 5%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">236,282</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">237,281</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">231,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Provision for Loan Losses</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,220</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">23,474</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">16,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Fee Income</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">67,348</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">68,648</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">65,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Security Gains</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,634</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 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;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">146,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">144,051</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">151,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Income Before Taxes</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">150,809</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">150,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">129,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">43,958</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,320</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">36,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">106,851</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102,948</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">93,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income Adjusted for Security Gains</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">91,489</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95,236</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">93,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The results for PNB (excluding security gains) have been strong
and consistent over the last several years. For the year ending December 31, 2012, management expects net interest income to decline
$5 to $10 million from the level reported in 2011. Offsetting the expected decline in net interest income, management expects the
loan loss provision for 2012 to decline by $10 to $15 million from the level reported in 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table shows a summary of Vision results and the projection
for 2012. The projected results for Vision assume that the closing of the transactions contemplated by the Purchase Agreement with
Home and Centennial will occur on March 1, 2012.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">(In Thousands)</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010 <BR>As Revised</TD><TD STYLE="font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010 As Previously Filed</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2012 <BR>Projection</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Net Interest Income</TD><TD STYLE="width: 3%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">27,078</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">27,867</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">27,867</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">3,750</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Provision for Loan Losses</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,985</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">58,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,451</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">1,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Fee Income</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,439</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,407</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,407</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">650</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Security Gains</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,195</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;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">31,379</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,623</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,623</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">6,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">Loss Before Taxes</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(30,530</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(65,392</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(46,392</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(2,600</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;State Taxes</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">12,926</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,584</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,256</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">(900</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Loss</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(23,692</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,647</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,297</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Loss Adjusted for Security Gains</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(27,069</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(41,647</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,297</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Management expects that the closing of the transactions contemplated
by the Purchase Agreement with Home and Centennial will occur on March 1, 2012 and therefore projects approximately two months
of results for Vision in 2012, which is expected to generate a net loss of approximately $1 million to $2 million.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table shows the results of Guardian, a wholly-owned
non-banking subsidiary of Park, for the past two fiscal years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">(In Thousands)</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2011</TD><TD STYLE="font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2012 Projection</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; padding-left: 5.4pt">Net Interest Income</TD><TD STYLE="width: 5%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">8,693</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">7,611</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">9,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Provision for Loan Losses</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,000</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">2,200</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">1,800</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Fee Income</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</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">2</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Security Gains</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</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;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">2,506</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,325</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">2,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Income Before Taxes</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,187</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">4,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">1,466</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,082</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">1,600</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,721</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,006</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">2,900</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Management expects the results of Guardian for 2012 to be very consistent
with the results for 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table shows the summary results for
Park&rsquo;s Parent Company, which includes SE Property Holdings, LLC (&ldquo;SE LLC&rdquo;), the non-banking subsidiary of Park&rsquo;s Parent
Company, which holds Other Real Estate Owned (&ldquo;OREO&rdquo;) purchased from Vision since March 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Parent Company <BR>(In Thousands)</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2011</TD><TD STYLE="font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2010</TD><TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">2012 Projection</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; padding-left: 5.4pt">Net Interest Income</TD><TD STYLE="width: 5%; font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">1,180</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">1,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">1,800</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Provision for Loan Losses</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</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;&nbsp;&nbsp;</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">4,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Fee Income</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,689</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</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">(1,600</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Security Gains</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</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;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Gain from Sale of Vision</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</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;&nbsp;&nbsp;</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</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">8,196</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,106</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">13,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">Income (Loss) Before Taxes</TD><TD STYLE="font-weight: bold; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(9,705</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,432</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">200</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&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">(4,799</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,993</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&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">(1,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt">Net Income (Loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4,906</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,439</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,200</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5 solid; padding-left: 5.4pt">Net Loss Excluding Gain from Sale of Vision</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5 solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: right">(4,906</TD><TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5 solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5 solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5 solid; text-align: right">(1,439</TD><TD STYLE="border-bottom: Black 1.5 solid; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5 solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: right">(10,500</TD><TD STYLE="border-bottom: Black 1.5 solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The losses from the Parent Company have been substantially offset
by the net income from Guardian from 2008 through 2010. However, in 2011 Vision began selling OREO property to SE LLC. Park&rsquo;s
parent company experienced approximately $4 million in pre-tax expenses related to the OREO transferred from Vision during 2011.
Subsequent to the transactions contemplated under the Purchase Agreement and Vision&rsquo;s merger with and into SE LLC, SE LLC
will have approximately $95.9 million of non-performing loans and $22.6 million of performing loans, both net of reserves, as of
December 31, 2011. SE LLC also has approximately $29 million of OREO as of December 31, 2011. Management estimates that it will
cost approximately $10 million to $12 million to service and collect on these non-performing assets during 2012. Finally, as a
result of the transactions contemplated in the Purchase Agreement, management estimates a pre-tax gain on the sale of Vision of
$18 million to $20 million. The loans being acquired by Centennial Bank are approximately $370 million as of December 31, 2011
and the deposit liabilities to be assumed were approximately $533 million as of December 31, 2011.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Declaration of Cash Dividend</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On January 23, 2012, Park issued a news
release (the &ldquo;Declaration of Dividend News Release&rdquo;) announcing that the <FONT STYLE="letter-spacing: -0.15pt">Park
Board of Directors declared </FONT>a $0.94 per common share quarterly dividend. <FONT STYLE="letter-spacing: -0.15pt"> The dividend
is payable on March 9, 2012 to common shareholders of record as of the close of business on February 24, 2012. A copy of the Declaration
of a Dividend News Release is included as Exhibit 99.1 and incorporated by reference herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><U>Notification of Date of
2012 Annual Meeting of Shareholders</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Park&rsquo;s Board of Directors
took action to fix the date of Park&rsquo;s 2012 Annual Meeting of Shareholders, which will be held on April 23, 2012. The record
date for determining the common shareholders entitled to receive notice of and vote at the 2012 Annual Meeting of Shareholders
was also fixed by Park&rsquo;s Board of Directors to be the close of business on February 24, 2012.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><U>SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">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.<FONT STYLE="font-family: Courier New, Courier, Monospace">
</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Item 9.01 &ndash; Financial Statements and Exhibits</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">(a)&#9;Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">(b)&#9;Not applicable</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">(c)&#9;Not applicable</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">(d)&#9;<U>Exhibits</U>. The following
exhibit is included with this Current Report on Form 8-K:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center">99.1</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">News Release issued by Park National Corporation on January 23, 2012 announcing the quarterly cash dividend in respect of common shares.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Remainder of page intentionally left blank;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">signature on following page.]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt 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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 6pt">SIGNATURES</P>

<P STYLE="text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt; font: 12pt Times New Roman, Times, Serif">Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><B>&nbsp;</B>Dated: January 23, 2012</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0pt">PARK NATIONAL CORPORATION</p></TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ John W. Kozak</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">John W. Kozak<BR>Chief Financial Officer</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Current Report on Form 8-K</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated January 23, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Park National Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center">99.1</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">News Release issued by Park National Corporation on January 23, 2012 announcing the quarterly cash dividend in respect of common shares.</TD></TR>
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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": "12540074"}, "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)
January 23, 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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item
2.02 – Results of Operations and Financial Condition
The financial and
statistical disclosure for the fiscal years ended December 31, 2011 and 2010 included in "Item 8.01 – Other
Events" of this Current Report on Form 8-K is incorporated herein by reference.
Item
8.01 – Other Events
On January 23, 2012, the
Board of Directors of Park National Corporation ("Park"), after consultation with management and the Securities
and Exchange Commission ("SEC"), determined that Park's previously issued audited consolidated financial
statements incorporated by reference in Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2010,
filed on February 28, 2011, from Park's 2010 Annual Report and 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 revised.
Park's management is working with Crowe Horwath LLP ("Crowe"),
Park's independent registered public accounting firm, and representatives from the SEC to determine the appropriate characterization
of these revisions. The possible outcomes of the discussions with Crowe and the SEC include the characterization of the revisions
as either a change in accounting principle or a correction of an error in Park's application of U.S. GAAP. In the event that
the revisions are deemed to be the result of a change in accounting principle, Park will reflect the revisions to the consolidated
financial statements as of and for the fiscal year ended December 31, 2010 retrospectively within the consolidated financial statement
portion of the 2011 Annual Report which is incorporated by reference in the Annual Report on Form 10-K for the fiscal year ended
December 31, 2011. However, if the revisions are deemed to be a correction of an error in Park's application of U. S. GAAP,
Park will file a Current Report on Form 8-K, and disclose in Item 4.02 thereof that the previously filed consolidated financial
statements of Park, for the fiscal year ended December 31, 2010 can no longer be relied upon. Park would thereafter file an amendment
to the Annual Report on Form 10-K/A for the fiscal year ended December 31, 2010 reflecting a restatement of the previously filed
consolidated financial statements as of and for the fiscal year ended December 31, 2010.
In a Current Report on Form
8-K filed on December 14, 2011 (the "December 14, 2011 Form 8-K"), Park announced that the previously-issued Call Report
for Vision Bank ("Vision"), the Florida state-chartered bank subsidiary of Park, and the FRY-9C Report for Park for
the year ended December 31, 2010 would be amended to reflect an additional loan loss provision of $19.0 million. Additionally,
Park amended the Call Reports for Vision and the FRY-9C Reports for Park for the quarterly periods ended March 31, 2011, June 30,
2011, and September 30, 2011 to reflect the current year impact of the changes made to reflect the impact on the allowance for
loan losses related to guarantor support.
Park will revise the consolidated
financial statements for the fiscal year ended December 31, 2010. The reduction to net income for 2010, which is $12.4 million,
will be reflected as an increase to net income for the fiscal year ended December 31, 2011 since Park had collected, obtained additional
collateral, or written off all of the $19.0 million in guarantor support by December 31, 2011. The table below summarizes the revised
results for the year ended December 31, 2010 and the expected results for the year ended December 31, 2011. Management continues
to work with Crowe to finalize our 2010 (revised) and 2011 financial results. These results below assume that the only revision
to the year ended December 31, 2010 is the $19.0 million increase to loan loss provision and the related impact on income before
taxes, federal income taxes, net income, and net income available to common shareholders.
2
(In Thousands)
2011
2010
Revised
2010 As Previously Filed
2012
Projected
Net Interest Income
$
273,234
$
274,044
$
274,044
$240,000 - $250,000
Provision for Loan Losses
60,205
83,902
64,902
20,000 - 27,000
Fee Income
61,219
65,632
65,632
62,000 - 66,000
Security Gains
28,829
11,864
11,864
—
Gain from Sale of Vision
—
—
—
18,000 - 20,000
Operating Expenses
188,317
187,107
187,107
170,000 - 175,000
Income Before Taxes
$
114,760
$
80,531
$
99,531
$130,000 - $134,000
State Taxes
6,088
(1,161
)
(1,161
)
—
Federal Income Taxes
27,699
19,825
26,475
35,000 - 36,500
Net Income
$
80,973
$
61,867
$
74,217
$95,000 - $97,500
Net Income Excluding
Gains
$
62,234
$
54,155
$
66,505
$83,300 - $84,500
The line item "Net Income
Excluding Gains" excludes gains from the sale of securities for the years ended December 31, 2010 and 2011 and excludes the
anticipated gains from the sale of Vision for the 2012 projection.
Park has recognized $6.1 million
in state tax expense during 2011, which is the charge necessary to write-off the previously recorded state operating loss carryforward
asset at Vision. Prior to the execution of 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 to Centennial
for a purchase price of $27.9 million, management of Park believed that a merger of Vision into Park's wholly-owned national
bank subsidiary, The Park National Bank ("PNB"), would enable Park to fully utilize the state net operating loss carryforward
asset recorded at Vision. 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 to offset future taxable
income; therefore, this asset was written-off by Vision at December 31, 2011.
Park's net income for
the two-year period ended December 31, 2011 following the revision was $142.8 million. Prior to the revision reflecting the
increase of $19.0 million to the loan loss provision for the year ended December 31, 2010, the combined net income for the two-year
period ended December 31, 2011 was expected to be $142.8 million as the $19.0 million of additional loan loss provision was originally
expensed during 2011. Therefore, the impact of the revision is simply to reflect the timing of the recording of the impact of
the loan loss provision related to guarantor support at Vision.
The Board of Directors of
Park has discussed the matters identified above in this Form 8-K with Crowe.
Management expects to issue
a News Release announcing the results for the fiscal year ended December 31, 2011 on or about February 7, 2012. Below, management
provides some information regarding the anticipated results for PNB, Vision, Guardian Financial ("Guardian"), and Park's
Parent Company.
3
The two year results for PNB,
a wholly-owned bank subsidiary of Park, are as follows:
(In Thousands)
2011
2010
2012
Projected
Net Interest Income
$
236,282
$
237,281
$
231,000
Provision for Loan Losses
30,220
23,474
16,500
Fee Income
67,348
68,648
65,500
Security Gains
23,634
11,864
—
Operating Expenses
146,235
144,051
151,000
Income Before Taxes
$
150,809
$
150,268
$
129,000
Income Taxes
43,958
47,320
36,000
Net Income
$
106,851
$
102,948
$
93,000
Net Income Adjusted for Security Gains
$
91,489
$
95,236
$
93,000
The results for PNB (excluding security gains) have been strong
and consistent over the last several years. For the year ending December 31, 2012, management expects net interest income to decline
$5 to $10 million from the level reported in 2011. Offsetting the expected decline in net interest income, management expects the
loan loss provision for 2012 to decline by $10 to $15 million from the level reported in 2011.
The following table shows a summary of Vision results and the projection
for 2012. The projected results for Vision assume that the closing of the transactions contemplated by the Purchase Agreement with
Home and Centennial will occur on March 1, 2012.
(In Thousands)
2011
2010
As Revised
2010 As Previously Filed
2012
Projection
Net Interest Income
$
27,078
$
27,867
$
27,867
$
3,750
Provision for Loan Losses
27,985
58,451
39,451
1,000
Fee Income
(3,439
)
(3,407
)
(3,407
)
650
Security Gains
5,195
—
—
—
Operating Expenses
31,379
31,623
31,623
6,000
Loss Before Taxes
$
(30,530
)
$
(65,392
)
$
(46,392
)
$
(2,600
)
State Taxes
6,088
(1,161
)
(1,161
)
Federal Income Taxes
12,926
(22,584
)
(18,256
)
(900
)
Net Loss
$
(23,692
)
$
(41,647
)
$
(29,297
)
$
(1,700
)
Net Loss Adjusted for Security Gains
$
(27,069
)
$
(41,647
)
$
(29,297
)
$
(1,700
)
Management expects that the closing of the transactions contemplated
by the Purchase Agreement with Home and Centennial will occur on March 1, 2012 and therefore projects approximately two months
of results for Vision in 2012, which is expected to generate a net loss of approximately $1 million to $2 million.
4
The following table shows the results of Guardian, a wholly-owned
non-banking subsidiary of Park, for the past two fiscal years.
(In Thousands)
2011
2010
2012 Projection
Net Interest Income
$
8,693
$
7,611
$
9,000
Provision for Loan Losses
2,000
2,200
1,800
Fee Income
—
2
—
Security Gains
—
—
—
Operating Expenses
2,506
2,325
2,700
Income Before Taxes
$
4,187
$
3,088
$
4,500
Income Taxes
1,466
1,082
1,600
Net Income
$
2,721
$
2,006
$
2,900
Management expects the results of Guardian for 2012 to be very consistent
with the results for 2011.
The following table shows the summary results for
Park's Parent Company, which includes SE Property Holdings, LLC ("SE LLC"), the non-banking subsidiary of Park's Parent
Company, which holds Other Real Estate Owned ("OREO") purchased from Vision since March 2011.
Parent Company
(In Thousands)
2011
2010
2012 Projection
Net Interest Income
$
1,180
$
1,285
$
1,800
Provision for Loan Losses
—
—
4,500
Fee Income
(2,689
)
389
(1,600
)
Security Gains
—
—
—
Gain from Sale of Vision
—
—
18,000
Operating Expenses
8,196
9,106
13,500
Income (Loss) Before Taxes
$
(9,705
)
$
(7,432
)
$
200
Income Taxes
(4,799
)
(5,993
)
(1,000
)
Net Income (Loss)
$
(4,906
)
$
(1,439
)
$
1,200
Net Loss Excluding Gain from Sale of Vision
$
(4,906
)
$
(1,439
)
$
(10,500
)
The losses from the Parent Company have been substantially offset
by the net income from Guardian from 2008 through 2010. However, in 2011 Vision began selling OREO property to SE LLC. Park's
parent company experienced approximately $4 million in pre-tax expenses related to the OREO transferred from Vision during 2011.
Subsequent to the transactions contemplated under the Purchase Agreement and Vision's merger with and into SE LLC, SE LLC
will have approximately $95.9 million of non-performing loans and $22.6 million of performing loans, both net of reserves, as of
December 31, 2011. SE LLC also has approximately $29 million of OREO as of December 31, 2011. Management estimates that it will
cost approximately $10 million to $12 million to service and collect on these non-performing assets during 2012. Finally, as a
result of the transactions contemplated in the Purchase Agreement, management estimates a pre-tax gain on the sale of Vision of
$18 million to $20 million. The loans being acquired by Centennial Bank are approximately $370 million as of December 31, 2011
and the deposit liabilities to be assumed were approximately $533 million as of December 31, 2011.
5
Declaration of Cash Dividend
On January 23, 2012, Park issued a news
release (the "Declaration of Dividend News Release") announcing that the
Park
Board of Directors declared
a $0.94 per common share quarterly dividend.
The dividend
is payable on March 9, 2012 to common shareholders of record as of the close of business on February 24, 2012. A copy of the Declaration
of a Dividend News Release is included as Exhibit 99.1 and incorporated by reference herein.
Notification of Date of
2012 Annual Meeting of Shareholders
Park's Board of Directors
took action to fix the date of Park's 2012 Annual Meeting of Shareholders, which will be held on April 23, 2012. The record
date for determining the common shareholders entitled to receive notice of and vote at the 2012 Annual Meeting of Shareholders
was also fixed by Park's Board of Directors to be the close of business on February 24, 2012.
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
6
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.
7
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 January 23, 2012 announcing the quarterly cash dividend in respect of common shares.
[Remainder of page intentionally left blank;
signature on following page.]
8
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.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: January 23, 2012
PARK NATIONAL CORPORATION
By:
/s/ John W. Kozak
John W. Kozak
Chief Financial Officer
9
INDEX TO EXHIBITS
Current Report on Form 8-K
Dated January 23, 2012
Park National Corporation
Exhibit No.
Description
99.1
News Release issued by Park National Corporation on January 23, 2012 announcing the quarterly cash dividend in respect of common shares.
10