Park National Corporation and First Federal Bancorp, Inc. Announce Plan to Sell Roseville Office to Peoples National Bank
November 30 2004 - 10:10AM
PR Newswire (US)
Park National Corporation and First Federal Bancorp, Inc. Announce
Plan to Sell Roseville Office to Peoples National Bank NEWARK,
Ohio, Nov. 30 /PRNewswire-FirstCall/ Park National Corporation
(AMEX:PRK) (Park) and First Federal Bancorp, Inc. (NASDAQ:FFBZ)
(First Federal) jointly announced today their intent to sell the
Roseville office of First Federal Savings Bank of Eastern Ohio
(FFSB, the banking subsidiary of First Federal) to The Peoples
National Bank (Peoples), which is headquartered in New Lexington,
Ohio. The sale would take place following the acquisition of First
Federal by Park. The Roseville office is in Muskingum County and
holds approximately $13 million in deposits and $6 million in
loans. FFSB has signed an agreement to sell the Roseville office to
Peoples, but the sale is contingent upon the prior acquisition of
First Federal by Park. In August, Park and First Federal jointly
announced the signing of a merger agreement which will result in
Park's acquisition of First Federal and the merger of FFSB with
Park subsidiary Century National Bank. Century National Bank and
First Federal are both headquartered in Muskingum County, Ohio. The
merger transactions require the approval of banking regulatory
authorities, and are expected to be complete on December 30. The
sale of the Roseville office is anticipated to conclude in the
weeks following the approved and official merger. According to Park
President C. Daniel DeLawder, the sale is a necessary result of
discussions with The Federal Reserve Board, which had concerns
about the level of banking competition in Muskingum County after
FFSB merges with Century National Bank. The Federal Reserve Board
encouraged the sale of one banking office to a bank that did not
already have a physical presence in Muskingum County, to help
ensure healthy competition in that area. Park has filed a letter
with the Federal Reserve Board indicating its commitment to do so.
First Federal President Bill Plummer said, "The mergers with Park
and Century are the right thing to do for our customers,
associates, and shareholders, and we're excited to be one step
closer to bringing our customers more convenience and a broader
menu of banking and trust services. Our skilled and dedicated
associates in the Roseville office will continue to serve their
customers and community. And the residents of Roseville can still
do their banking in their hometown with the people they've trusted
and relied upon for years." All of the FFSB accounts at the
Roseville office will be transitioned to Peoples, and account
owners will be considered Peoples customers. "We are very happy to
open an office in Muskingum County. We've been serving customers in
New Lexington and Perry County since 1932, and we welcome the
opportunity to extend services to our neighbors in Roseville," said
G. Courtney Haning, president of Peoples. About Park National
Corporation: Headquartered in Newark, Ohio, Park National
Corporation is an Ohio-based bank holding company with
approximately $5.1 billion in assets at year-end 2003. Its
significant subsidiaries include The Park National Bank, Fairfield
National Division, The Richland Trust Company, Century National
Bank, The First-Knox National Bank, Farmers and Savings Division,
United Bank, N.A., Second National Bank, The Security National Bank
and Trust Co., Unity National Division, The Citizens National Bank
of Urbana, Scope Aircraft Finance, and Guardian Finance. Operating
in twenty-six Ohio counties, Park and its subsidiaries have $5.1
billion in total consolidated assets, 119 financial service offices
and a network of more than 100 automatic teller machines. For more
information, visit http://www.parknationalcorp.com/ . Safe Harbor
Statement Except for the historical and present factual information
contained in this press release, the matters discussed in this
press release, including statements identified by words such as
"intends," "is anticipated," "is expected," "plans," "will result"
and similar expressions are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those set forth in the forward-looking
statements, including the following: the ability to obtain
regulatory approvals of the First Federal acquisition and the sale
of the Roseville office to Peoples on the proposed terms and
schedule; the possibility that costs or difficulties related to the
integration of the businesses of First Federal and FFSB with the
businesses of Park and Century will be greater than expected or
that the cost savings and any revenue synergies of the combined
entities following the First Federal acquisition may be lower or
take longer to realize than expected; disruptions from the First
Federal acquisition and the sale of the Roseville office making it
more difficult to maintain relationships with customers, employees
or suppliers; the impact of competition; changes in economic
conditions in Park's market area; changes in policies by regulatory
agencies; fluctuations in interest rates; demand for loans in
Park's market area; and other risk factors relating to our industry
as detailed from time to time in Park's reports filed with the SEC.
Park wishes to caution readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date
made. Park does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions that
may be made to any forward- looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events. DATASOURCE: Park
National Corporation CONTACT: Bethany White, Comm. Specialist,
+1-740-349-3754, or C. Daniel DeLawder, President, +1-740-349-3746,
both of Park National Corporation; or Bill Plummer, President of
First Federal Bancorp, Inc., +1-740-588-2263; or G. Courtney
Haning, President of Peoples National Bank, +1-740-342-5111 Web
site: http://www.parknationalcorp.com/
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