NewDominion Bank joins Park National organization
NewDominion becomes Charlotte-based community banking division
NEWARK, Ohio and CHARLOTTE, N.C. – Park National Corporation (Park) (NYSE AMERICAN:PRK) and NewDominion Bank (NewDominion) (OTC PINK:NDMN) closed a previously announced merger transaction yesterday making NewDominion a community bank division of The Park National Bank. With access to Park National’s resources, NewDominion will broaden its services, including 24/7 client support, larger and more specialized loans and wealth management capabilities. NewDominion will keep its name, local leadership, and maintain local decision-making and community support.
“This partnership provides NewDominion with more resources and support for our ongoing success in delivering handcrafted banking to local businesses, individuals and families,” said NewDominion Chief Executive Officer J. Blaine Jackson. “We’re looking forward to investing more into our clients and the community and helping to strengthen our economy across the Carolinas.”
In November 2016, Park made a friendly investment of $3.5 million in NewDominion, giving Park 8.55 percent ownership of NewDominion’s outstanding common stock. In January of 2018, Park and NewDominion announced a definitive agreement and plan of merger and reorganization, in which NewDominion would merge with and into Park National Bank. Later this year, NewDominion clients will learn more about potential enhancements and updates to their banking services.
NewDominion holds $346 million in assets (as of March 31, 2018) and operates two banking offices, in Charlotte and Mooresville, respectively. By adding operations in a metropolitan market like Charlotte, Park aims to build on its successful performance in similar areas like Columbus and Cincinnati, Ohio.
“Our teams are collaborating and learning a great deal from each other’s success. We share common values and priorities,” Park Chief Executive Officer David L. Trautman said. “We have enjoyed working closely with our new colleagues over the past few months to arrive at this point. This partnership is an exciting opportunity for both organizations.”
With the addition of NewDominion, the Park National family of community banks consists of 11 banking divisions, each led by local professionals. The banks share operational, compliance and administrative resources, placing them in a strong position to remain competitive with sophisticated technology and service capabilities – while keeping a steadfast focus on personalized service and community involvement.
Boenning & Scattergood, Inc. served as financial advisor and Squire Patton Boggs (US) LLP served as legal advisor to Park. Sandler O’Neill served as financial advisor and Wyrick Robbins Yates & Ponton LLP served as legal advisor to NewDominion.