First Citizens Bancshares, Inc. (OTCEM: FIZN, $2.7 billion in assets, “First Citizens”) has been acquired by Park National Corporation (NYSE: PRK, $9.8 billion in assets, “Park”).
Olsen Palmer LLC initiated the transaction, served as exclusive financial advisor to First Citizens Bancshares, Inc., and issued a fairness opinion to its Board of Directors.
The aggregate value of the all-stock transaction was approximately $324.1 million, based on the fixed exchange ratio of 0.52 and Park’s most recent closing price. With the completion of the combination, First Citizens shareholders comprise approximately 11% of the outstanding shares of the combined company.
The aggregate consideration valued First Citizens at a price-to-tangible book multiple of 1.85x and a price-to-earnings (LTM) multiple of 15.1x.
First Citizens CEO Jeff Agee has joined Park’s Board of Directors. Additionally, Park is maintaining First Citizens’ two local community advisory boards.
This is Park’s largest ever bank acquisition and its first in 7 years. With the transaction, Park enters a new state banking market and crosses over the $10 billion asset threshold.
Finally, we are pleased to report that Olsen Palmer is the #1 ranked sell-side bank M&A advisor nationwide – and top 3 overall – based on transaction count in 2025, while the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide by deal count in 2025, the 7th consecutive year he has led the industry, according to S&P Global.