05:06 AM EDT, 10/28/2025 (MT Newswires) -- Park National ( PRK ) and First Citizens Bancshares said late Monday they have signed a definitive merger agreement.

Under the terms of the board-approved deal, Park will issue about 1.99 million shares to acquire First Citizens. First Citizens shareholders will have the right to receive 0.52 Park common share for each share of First Citizens owned.

Based on Park's Oct. 24 closing stock price, the implied First Citizens share price is $82.96 each, with a total transaction value of about $317.3 million, the companies said.

The deal is expected to close in Q1.