Park National Corporation · AMEX:PRK
Park National — Merger or Acquisition (October 2025)
12 slides from Park National's merger presentation, Oct 27, 2025
Slide 1: Strategic Partnership with First Citizens Bancshares, Inc.
Park National Corporation | 1 October 27, 2025 Strategic Partnership with First Citizens Bancshares, Inc. +
Slide 2: Forward-Looking Statements and Risks
Park National Corporation | 2 Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (2) the failu
Slide 3: No Offer or Solicitation; Additional Information
Park National Corporation | 3 No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registra
Slide 4: Park National Company Overview and Expansion Strategy
Park National Corporation | 4 1) Based on total deposits. Community bank defined as less than $25bn in total assets; Excludes mutual holding companies 2) Excludes off-balance sheet deposits for each period: 2022 ($195.9mm), 2023 ($1.2mm), 2024 ($115.2mm), YTD 2025 ($150.8mm) Note: YTD 2025 represent
Slide 5: First Citizens Bancshares, Inc. Company Overview
Park National Corporation | 5 1) Based on total deposits. Community bank defined as less than $25bn in total assets; Excludes mutual holding companies Note: YTD 2025 represents financial data as of September 30, 2025; Deposit market share data as of June 30, 2025 per FDIC Source: S&P Capital IQ Pro
Slide 6: Expansion into Attractive Markets
Park National Corporation | 6 Note: Deposit market share data as of June 30, 2025 per FDIC; Balances exclude purchase accounting adjustments Source: S&P Capital IQ Pro Market expansion into the very attractive Tennessee markets with a quality, established franchise and opportunity to further scale r
Slide 7: Key Transaction Terms
Park National Corporation | 7 1) Based on FIZN common and Class A shares outstanding of 3,824,578 2) Based on PRK’s closing stock price of $159.54 as of October 24, 2025 3) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are
Slide 8: Loan and Deposit Composition
Park National Corporation | 8 MRQ Pro Forma ¹ Yield on Loans: 6.37% Yield on Loans: 6.43% Yield on Loans: 6.38% Cost of Deposits: 1.19% Cost of Deposits: 2.50% Cost of Deposits: 1.46% Lo an C om po si tio n D ep os it C om po si tio n 26% 3% 25% 9% 5% 2% 29% 1-4 Multi CRE C&I C&D Farm + Ag. Cons. +
Slide 9: Key Transaction Assumptions
Park National Corporation | 9 Note: S&P Capital IQ Pro Park National & First Citizens | Key Transaction Assumptions Earnings & Cost Savings • Net income for PRK based on consensus analyst median estimates FY2025E through FY2026E. Acquisition does not accelerate Durbin impact. Assumes a long-term ann
Slide 10: Summary
Park National Corporation | 10 1) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are fully phased-in Park National & First Citizens | Summary Crossing $10B Assets Cultural Fit Footprint Expansion Upside Opportunity Financia
Slide 11: TBV Dilution and Pro Forma Earnings Accretion Reconciliation
Park National Corporation | 11 1) For illustrative purposes, excludes transaction expenses, assumes transaction closes on December 31, 2025, and cost savings are fully phased-in 2) Based on median consensus EPS estimates 3) FIZN anticipates divesting a subsidiary prior to closing of merger with PRK
Slide 12: Non-GAAP Reconciliation of Shareholders' Equity to Tangible Common Equity
Park National Corporation | 12 Note: YTD 2025 represents financial data as of September 30, 2025 Source: S&P Capital IQ Pro Non-GAAP Reconciliation Reconciliation of Shareholders’ Equity to Tangible Common Equity Park National Corporation Year Ended December 31, ($ in thousands) 2022 2023 2024 YTD 2