2021 Annual Report
Where you mean more.
Park National Bank is a family of successful community
banking teams that take a hands-on, personalized approach to
service and strong local leadership. For more than 100 years,
we have been invested in the success of our customers and
communities.
Seeing you as the unique person or business you are, our goal
is to deliver more than you expect from a bank. Our size and
strength allow us to deliver flexible, secure banking options
and convenience with extensive branch and ATM coverage.
At the same time, we retain the local leadership, decision-
making, and face-to-face relationships we were built upon.
Each banking division is led by local professionals committed
to providing extraordinary service, community support and
excellent financial performance.
Fellow Shareholders:
One thing we’ve learned during the pandemic is that in uncertain
times, people value predictability. To that end, we start our annual letter
to you as we typically do, with our FAV O R I T E N U M B E R S:
2021
2020
2019
Return on Average Equity
14.45%
12.68%
11.14%
Return on Average Assets
1.56%
1.38%
1.21%
Net Interest Margin
3.69%
3.93%
3.89%
Earnings Per Share - Diluted
$9.37
$7.80
$6.29
Efficiency Ratio
61.27%
62.83%
66.35%
Readers will recall we like the first four numbers to increase and the last one to
decrease. We were four for five last year, or in baseball parlance, we batted .800. If we
were baseball players, this would guarantee us Mariano Rivera status: a unanimous,
first-ballot hall-of-fame vote (the only one so far). In banking, hitting four of our five
FAV O R I T E N U M B E R S guarantees that we want to continue our good work with
the four and do better on the fifth.
It seems every year we must explain “what really happened” behind our financial
results. The “what really happened” stuff typically consists of unusual items,
unexpected events, et cetera. We will resist turning this entire report into an
apologia, but our sense is we may not be alone in feeling the urge to unpack our
performance in the face of another strange year. Kelly Herreman (Chief Accounting
Officer) and Brady Burt (Chief Financial Officer) have prepared a succinct 2020-2021
comparison, clearly identifying unusual items so the reader may better understand
our core performance year over year. You will find it in Table 27 — Items impacting
comparability in our Form 10-K.
In late 2019 and throughout 2020, we announced as part of our brand unification
that we would coalesce around the idea of S E R V I N G M O R E. It was a way to
capture and articulate what has always been in our DNA. We live and love to serve,
and serving more is a natural answer to the question, “How do we help everyone with
whom we come in contact flourish on their journey?”
In light of our desire to serve more, we offer the following:
•
What we expected to happen in 2021
•
What we didn’t see coming
•
•
What went well
What we can improve upon
1
Background
Writer and editor Clifton Fadiman, once observed, “When you reread a classic you
do not see more in the book than you did before; you see more in you (our emphasis)
than there was before.”
We would not get any votes for calling the COVID-19 pandemic a “classic”; there is
simply too much pain and division for that. But, having read the COVID-19 book in
2020, we were different people when rereading it in 2021. Park Bankers saw more in
themselves. Pivots became sidesteps, strategic shifts became course corrections
and setbacks became stepping stones for more personal and professional growth.
Simply put, things that rocked us in 2020 did not rock us as much in 2021.
The description above suggests that 2021 was a cakewalk. Far from it. Absent our
colleagues’ innate desire to serve more — animated by their imagination, energy and
brilliance, 2021 could have been a debacle. But it wasn’t. Here’s what it was.
What we expected
to happen in 2021
Our C O M M U N I T Y S U P P O R T did not waver. We supported 1,431 organizations,
making contributions totaling $4.5 million. We also supplied countless volunteer
hours to our community friends when and how we could. It was a breathtaking
example of serving more.
In 2020, we introduced our PA R K D I R E C T A P P. It proved a valuable connection
point for customers and their Park Bankers when in-person possibilities were severely
restricted in COVID’s early days. We expected it to grow in popularity in 2021 and it
did. It has become a portal through which people obtain loans, open accounts, renew
CDs and share important life milestones (one of our Park Bankers, Barb Schopp Miller,
helped two customers to such a degree that she was invited to their wedding!). Talk
about a full-service banker and bank...
We expected to start seeing some R E T U R N S O N O U R T E C H N O LO G Y
I N V E S T M E N T S. These typically come in the form of efficiency gains, a better
customer/user experience or some combination of the two. We have spent a lot of
money in the past two years on technology; here are some specific wins:
ATMs
We replaced 103 of our 116 ATMs. This required a great deal of planning across
multiple functions. The new machines are much more intuitive and include large
color touch-screens. Users can set-up their preferences so any ATM they use in
2
$4.5 million
C O M M U N I T Y D O N AT I O N S
the Park family will recognize how they wish to be served
(language, specific amount of money, and more).
Mortgage Software
We partnered with Blend to improve our mortgage application and approval
process. Here’s what Chris Hiner, Director of Home Lending, reports:
“Implementing the Blend software has been transformative
in many ways. It has improved the customer experience by
automating the retrieval of information required for the loan
process such as income, asset and insurance documentation.
It allows lenders to focus more time on relationship development
and finding solutions for our borrowers and prospects.”
In addition, Blend has helped shave 25% off the time between application and
closing.
Anyone who bought gasoline, milk, hamburger, 2x4s, steel, diapers, etc. throughout
It was clear Kyle cared about me as a new customer.
I loved that.”
J E S S I C A , F I R S T-T I M E H O M E B U Y E R
3
Blend© shaved
25% off the
time between
application
and closing.
the Park family will recognize how they wish to be served (language, specific
amount of money, and more).
Mortgage software
We partnered with Blend© to improve our mortgage application and approval
process. Here’s what Chris Hiner, Director of Home Lending, reports:
“Implementing the Blend© software has been transformative
in many ways. It has improved the customer experience by
automating the retrieval of information required for the loan
process such as income, asset and insurance documentation.
It allows lenders to focus more time on relationship development
and finding solutions for our borrowers and prospects.”
In addition, Blend© has helped shave 25% off the time between application and
closing.
Electronic document signatures
We began using electronic methods to execute documents in 2020 with the
Paycheck Protection Program (PPP). We expanded this capability in 2021, and are
looking for more ways to simplify loan closings, deposit account openings, and
trust document execution in 2022. It is more convenient for customers and saves
steps for all involved.
Electronic contracts
Our indirect loan colleagues work with over 500 automobile, boat and RV dealers.
We began introducing electronic contracts, which will greatly improve the speed
and accuracy of making and administering indirect loans.
Anyone who bought gasoline, milk, hamburger, 2x4s, steel, diapers, etc. throughout
2021 knew prices were going up. Thus, we expected I N F L AT I O N to show up at
some point; we did not expect it to show up as late as it did. Anyone who has taken
an intro economics course remembers that over time, the law of supply and demand
is undefeated. Short supplies, coupled with similar or increasing demand = higher
prices. Add to this the unprecedented tsunami of liquidity flooding individuals,
businesses and municipalities…well, inflation would show up at some point.
Normally when inflation arrives, it brings with it higher interest rates and a steeper
yield curve. This also comes from intro economics. However, most intro economics
courses with which we are familiar do not contemplate extraordinary pandemic-
inflamed liquidity measures and/or a federal deficit that is roughly the size of a small
moon. It is anyone’s guess as to when rates will move, by how much and in what
4
Be assured we
are positioned
to deal with
whatever
happens to
rates and when.
manner (i.e., a parallel yield curve shift or a steepening). So we
won’t try; but be assured your bank is positioned to deal with
whatever happens to rates and when.
Park Bankers — again — S H O W E D E Q U A N I M I T Y in the face of
distractions, fears and loss. Park National Bank has been around for more than 100
years (some of us nearly half of that). We have seen a lot, and our colleagues have
seen much as well. This cumulative life experience, coupled with our unifying desire
to serve more, builds a strong foundation of perspective, perseverance and patience.
These qualities augmented our colleagues’ innate courage and resilience. We know
people are stressed; we are too. But the Park family said in one voice, “Come in from
the dark and rain. Sit by the fire. Let us serve you. We will get through this together.”
We comforted people who were looking for a glimpse of humanity and empathy
in an increasingly discordant world. We opened accounts, we originated loans, we
untangled financial hairballs…sometimes in person, more often through some form of
digital connection ennobled by a Park Banker.
We are humbled and honored to work with our Park colleagues — they combine
technical skill with human compassion to great effect for those we serve.
What we didn’t
see coming
We thought we would suffer some C R E D I T LO S S E S in 2021. We were not
alone; nearly the entire industry was expecting the same. Turns out, we had net loan
R E C O V E R I E S.
We did not expect D E P O S I T S T O C O N T I N U E I N C R E A S I N G. We thought
they would decline as consumers and businesses spent what they’d saved during the
lockdowns. Yet deposits kept flowing in (and we’re not complaining).
We did not see E X T E N D E D S U P P LY- C H A I N I N T E R R U P T I O N S. Early on,
experts dismissed these as short-term anomalies. Plenty of our business customers
told us otherwise, as their order lead times kept extending through the year. We won’t
opine as to who or what is to blame; the world has enough finger-pointers. We believe
manufacturers, distributors, retailers and individuals will respond to interruptions and
our economy will find a new sense of balance…but it may take a while.
We expected most of our Park family colleagues who were able to work remotely
beginning in March 2020 to be B AC K I N O U R O F F I C E S. This has not happened
yet. It is a bit strange to witness and/or attend sporting and community events
that host hundreds or thousands of people, yet folks still find themselves working
remotely. Fortunately, our colleagues are focused on serving each other and our
5
44Scope has over
I feel like Park came to my rescue because I had
gotten to a point where I thought, ‘No one gets it.’”
$300 million in aircraft
loans to customers in
T A R A , N E W A L B A N Y B A L L E T C O M PA N Y
44 of the 50 states.
6
Average
monthly
delinquency
rate on
mortgages
dropped
from 1.35%
to 0.73%.
customers; their location (in office or remotely) does not hold
them back.
What went well
Indirect loans
We have told you before that we have a talented indirect lending team. They turned
in another excellent year, originating 30,655 indirect loans for $685 million. We now
have over 100,000 indirect loans on our books.
Collection efforts
If one begins with the premise that a borrower wants to make his/her payment, but
can’t, it changes the entire conversation. No longer is one a “delinquent.” Each person
has a story unique to him/her. Our specialists view each person who hasn’t paid by
the due date as just that…someone who has not made a payment by the agreed
upon due date. The great majority of folks want to pay on time and we work with
them to reestablish a reasonable way for them to get back to doing just that. Last
year’s results reflect our collection team’s success. Throughout the year, the average
monthly delinquency rate dropped from 1.35% to 0.73% on mortgages and from
0.24% to 0.18% for installment loans in 2021 compared to 2020.
Retail flexibility
We have followed the CDC protocols throughout the pandemic. Consequently, when
some of our branch colleagues fell ill, or were in contact with someone who was,
they had to quarantine. Sometimes this left some branches thinly staffed. Our retail
colleagues were relentless about keeping offices open, recalibrating branch teams
around quarantines and illness. The great majority of the time, they succeeded. But
customers and other guests to those offices may have seen new faces and wondered
what was going on.
Associate survey
The Park family is a wonderful collection of unique people, doing their best to serve
more. We are a better organization when we get everyone’s ideas on how to improve
everything we do. Thus, we have regularly surveyed our colleagues to find out what
they’re thinking. Here are some facts about our most recent survey:
•
85% participation
•
Over 3,000 comments
•
People care enough to tell us the truth about what’s working and what’s not.
Here is a partial list of what we changed as a result of what we learned:
─ We raised our minimum wage.
7
Since 2006,
Park has
matched
$5.1 million in
the DCAP and
$31.9 million
in the ESOP.
─ We paid bonuses to all associates.
─ We implemented flexible work arrangements.
─ We conducted an additional survey, specifically on benefits.
─ We opened new lines of communication through “open office” hours during
which any associate could hear various leaders discuss a wide range of
topics.
─ We created and have sustained a diversity, equity and inclusion task force.
•
We asked because we want to know how our colleagues perceive their role(s) in
the Park family. Two primary components of operating with an outward mindset
are A) question your own virtue (i.e., I’m not right all the time), and B) I have blind
spots that others can illuminate…if I would only ask. And we asked…
PPP loan forgiveness process
•
•
Submitted 6,854 repayment requests to the SBA or 89% of the 7,701 total PPP
loans originated.
Repayments totaled $693.1 million or 91% of the $764.7 million PPP loans
funded under the SBA program.
Associate care
We continued to help colleagues with WHOL E LIF E IS SUES. For a number of
years, Park has matched our colleagues’ contributions to our Dependent Care
Assistance Program (DCAP) and our Employees Stock Ownership Program (ESOP).
Since 2006, Park has matched $5.1 million in the DCAP and $31.9 million in the ESOP.
Also since 2006, dividends on PRK common shares owned by Park colleagues in the
ESOP have totaled $52 million.
What we can
improve upon
We have written and spoken a lot about how we try to operate with an outward
mindset — to see others as people rather than as objects. Individually and
collectively, Park Bankers have made great progress towards operating with an
outward mindset. Our work will continue, as maximizing the time we operate with an
outward mindset will reduce self-deception and blind spots to serving colleagues and
customers more.
Tools for our customers
We have solid tools for our customers, including our website, online and mobile
8
Since 2002,
Park has
matched
$5.2 million in
the DCAP and
$31.8 million in
the ESOP.
You just need one person who believes in you
and Chris has been that guy for me... I know I’m
not Park’s biggest customer, but I’m treated like
I’m Park’s biggest customer.”
D A R R E L L , A L L S E A S O N S L AW N C A R E
9
M O B I L E B A N K I N G A P P
PA R K D I R E C T
P E R S O N A L B A N K I N G A P P
B U S I N E S S M O B I L E
B A N K I N G A P P
R E T I R E M E N T P L A N A P P
banking, ParkDirect and Customer Care Center. We know we can improve our tools
and/or introduce new ones to improve each customer’s experience. Here is a partial
list of what are we working on in 2022:
•
•
•
•
Customer appointment scheduling software (allowing customers to choose
when, where and with whom they meet)
New commercial online banking software (improved treasury management for
businesses; more functionality in the hands of the user)
Digital banking enhancements (online and mobile)
Deposit account opening (simplify and make it more intuitive)
Tools for our colleagues
Readers know how much we value our colleagues. Great colleagues deserve the best
tools. Here’s a partial list of what we’re working on to better equip our colleagues in
2022:
•
Consumer and commercial loan origination systems (improve process for
gathering required information to originate and administer consumer and
commercial loans.)
Bank Secrecy Act verification, analytics, and reporting (more sophisticated
analytical tools to spot fraud, money laundering, elder financial abuse, etc.)
Enterprise data warehouse (capture data from many sources into one place,
saving untold steps, emails, calls and special reports.)
Business intelligence/data science (help us spot trends and themes in our data.)
•
•
•
Environmental, Social and Governance (ESG)
“Seeing an equal person as an inferior object is an act of violence.”
— The Anatomy of Peace, The Arbinger Institute
Various investors and regulators have sharpened their focus on ESG matters
recently and we think this is good. Years ago, Park’s leaders identified a number of
O N L I N E B A N K I N G
stakeholders we serve: customers, colleagues, communities, partners, shareholders,
boards and regulators. Serve one to the exclusion of the others and the result will be
an unsustainable imbalance.
We think of all our stakeholders as part of the Park family. We are all part of a web
of connectivity, like a spider’s web. If you touch one part of the web, the impact of
that touch ripples through the entire web. So it is with Park family members. We are
C U S T O M E R C A R E
inescapably and wonderfully intertwined. We must balance our service to all family
10
members to prolong our existence so we may continue to
serve more.
How do we do this? We attempt to operate — individually and collectively
— with an outward mindset as much as possible. Quoting from prior letters:
“…people should see others as people — each with hopes,
dreams and challenges — not as objects (stepping stones,
obstacles or irrelevancies). When we see each other as people
(an “outward” mindset), we do things for them. When we see
others as objects (an “inward” mindset), we do things to them.”
We exist to help (our) stakeholders thrive. This is our “Why we
do what we do.” We believe if we help these groups achieve
their goals, we will maximize our potential for service to all.
©The Outward Mindset
by The Arbinger Institute
Our mindset informs which behaviors we choose and the effectiveness of those
behaviors. Behaviors drive results.
Taking care of the environment, honoring social issues and practicing good
governance are all behaviors. We have done these things for years, because our
mindset begins with seeing others as people, not as objects. Does this mean we can’t
improve? Of course not. One of the benefits of operating with an outward mindset is
that it strips away layers of prejudice, justification and rationalization so issues and
situations can be seen more clearly. We examine our world, the impact of our mindset
and behaviors on our stakeholders and when we see areas where we can improve, we
act. This is an ongoing process of action ▶ result ▶ reflection ▶ recalibration ▶ repeat.
Our goal is to help everyone with whom we come in contact flourish to the extent
their talent, energy and ambition permit.
Welcome to
new neighbors
On January 21, 2022, Intel announced it was going to build a new chip manufacturing
facility in western Licking County, Ohio. The press release stated that Intel anticipates
spending $20 billion and the plant will employ 3,000. It goes on to say a facility of
this size requires an ecosystem of suppliers and related businesses, the total of
which might run into the hundreds. Intel’s decision will transform Ohio, as much or
more than Honda’s Marysville, Ohio facility did in 1979. It will positively impact the
trajectory of countless people for generations.
The new plant will be less than 20 miles from our headquarters in Newark, Ohio.
11
We will do all we can — as we do for all new neighbors — to welcome Intel associates
to the community. As we write this, Intel folks (and everyone else) can download our
ParkDirect app, choose a Park Banker (no account relationship required) and ask for
help with everything from schools, to doctors, to babysitters. All inquiries receive a
warm welcome, an eager attitude and an empathetic ear!
50 years (plus!)
On June 30, 2021, C. Daniel DeLawder retired from active service. He began his
career at Park on March 21, 1971. At the time, the bank had seven offices and
$90 million in assets.
Over 50 years, Dan was instrumental in leading Park through multiple expansions,
acquisitions and organic growth. This is interesting, as Dan had no aspirations to
be a banker. He studied to be a teacher. A chance meeting with Jerry S. Nethers led
Dan to work at Park. He approached his unexpected journey as he has everything
— exhaustive planning, unbounded energy and a sense of duty born in his days as
an Eagle Scout. These qualities, amplified by a passion to serve, have put Dan in
leadership positions wherever he’s been. A partial list includes: United Way chair,
Rotary president, Ohio University board of trustees chair, Ohio Bankers League chair,
and Federal Reserve Bank of Cleveland board member. Although Dan’s professional
resume is impressive enough, our sense is that he would cite his marriage to Diane,
their children Sara (Tom), and Matt (Sarah), and their three grandchildren as his best
achievements. Dan and Diane have modeled affection, love and service to us and
countless others over their 44+ years together (they are also wicked-good dancers).
Fortunately, Dan is still with us, serving as the Chair of our Executive Committee and
Chair of Park National Bank’s Trust Committee. And he continues his community
leadership, adding energy and vision to local development projects that simply would
not happen without his unique ability to paint a picture of possibility, assemble a
group to work on the picture and raise the funds to make it a reality. Now he has a bit
more time to hike and walk with Diane, visit their grandchildren and ride his beloved
Harley.
C . D A N I E L D E L AW D E R
A quote to
preserve
perspective
WA LT W H I T M A N
“Keep your face always toward the sunshine,
and shadows will fall behind you.”
12
New voices
on the board
For some time, our board’s Nominating/Corporate Governance committee
(led by its gifted chair, Donna M. Alvarado) has been reviewing potential board
candidates. Last year, it found two — Dr. Frederic Bertley and D. Byrd Miller III — who
will widen our view of the world and enrich our deliberations on how we may serve
more. If you read the press releases that announced their selections by the board,
you know we have added two people who have accomplished much, and done so in
ways that honor service to fellow human beings. We welcome both and look forward
to learning from them as the years pass.
D R . F R E D E R I C B E R T L E Y
D. B Y R D M I L L E R I I I
Gone too soon
In the span of five weeks — near the end of 2021 and beginning of 2022 — we lost
four devoted colleagues. Throughout the year, other colleagues and a number of
customers lost loved ones and/or endured the pain and anxiety of illness. The two
observations below have helped us navigate the fog of loss. They may not help you…
but they might. We recite them here on the chance that if one person finds them
useful, it is worth everyone else questioning why we included them. Importantly, you
should grieve in a way that suits you; there is no right or wrong way.
•
•
After a particularly painful personal loss years ago, a wise friend said, “Don’t ask
why? Or why now?...rather, ask, “What does this permit me to do, see or think
that I could not have done, seen or thought before?”
Another wise person, Jim Steen (retired Kenyon College swimming coach), in a
eulogy said the following: “It would be as wrong to go on without remembering
as it would be to remember without going on.”
13
So in the midst of pain and loss, we will remember, and we will go on. We will keep
those who are gone and their families in our thoughts and prayers.
Final Thoughts
We have covered a lot of ground in this letter. We applaud your endurance and
appreciate your patience if you’ve made it this far. We close by thanking our Park
colleagues who have moved on to their next chapter and by welcoming our new
colleagues to the Park family. All of us are united in our desire to serve more.
Please let us know where, when and how we may serve you and/or your family.
David L. Trautman
Matthew R. Miller
Chairman and Chief Executive Officer
President
14
Bank Leadership
Todd Bogdan
Chief Information Officer
Adrienne Brokaw
Chief Auditor
Brady Burt
Chief Financial Officer
Tom Button
Chief Credit Officer
Tom Cummiskey
Chief Trust and
Investment Officer
Bob Kent
Chief Operations Officer
Mark Miller
Director of Corporate
Services
Matt Miller
President
Cheryl Snyder
Chief Retail Officer
David Trautman
Chairman and CEO
Laura Tussing
Chief Experience Officer
Jeff Wilson
Chief Risk Officer
15
PRK Board of Directors
William T. McConnell Emeritus, Director since 1977
Donna M. Alvarado
President
Dr. Frederic Bertley
President and CEO
C. Daniel DeLawder
Chair, Executive Committee
F. W. Englefield, IV
President
Alicia Sweet Hupp
President and CEO
AGUILA International
COSI
Park National Corporation
Englefield, Inc.
Sweet Manufacturing Company
Director since 2013
Director since 2021
Director since 1994
Director since 2005
Director since 2015
Jason N. Judd
Senior Vice President
Big Lots, Inc.
Stephen J. Kambeitz
Private Investor
Timothy S. McLain
Vice President
D. Byrd Miller III
Managing Member & CFO
Matthew R. Miller
President
Director since 2019
Director since 2010
McLain, Hill, Rugg &
Associates, Inc.
Director since 2010
William Barnet & Son, LLC
Park National Corporation
Director since 2022
Director since 2019
Robert E. O’Neill
President
Mark R. Ramser
President
David L. Trautman
Chair and CEO
Leon Zazworsky
President
Southgate Corporation
Ohio Cumberland Gas Company
Park National Corporation
Mid State Systems, Inc
Director since 2013
Director since 2019
Director since 2005
Director since 2003
Executive Officers
Brady T. Burt
Chief Financial Officer
Matthew R. Miller
President
David L. Trautman
Chair and CEO
16
Advisory Board Members
C A R O L I N A D I V I S I O N
David B. Barnett
Retired, Park National Bank
Carl R. Bartlett
Retired
W. Louis Bissette Jr.
McGuire, Wood & Bissette Law Firm
Terrence L. Cash
Caman Group
T. Alexander Evins
Parker Poe Adams & Bernstein, LLP
Marsha H. Gibbs
Gibbs International
George M. Groome
Colton, Groome & Company
John D. Kimberly
Park National Bank
Samuel H. Maw Jr.
Retired
D. Byrd Miller III
William Barnet & Son, LLC
Joseph M. Pazdan, II
McMillan Pazdan Smith Architecture
John S. Poole
Retired, Carolina Alliance Bank
William Allen Rogers, II
Ewing Capital Partners, LLC/
Allen C. Ewing & Co.
Cheryl L. Snyder
Park National Bank
L. Terrell Sovey
Management Advisory Services
Larry A. Webb
KDS Commercial Properties, Webb
Development, LLC
W. Lewis White, Sr.
W. Lewis White Company
C H A R L O T T E D I V I S I O N
Kenneth R. Beuley
The Keith Corporation
Dr. Jack M. Cathey
University of North Carolina at Charlotte
Louis Foreman
Enventys
Charles T. Hodges
New Forum
David L. Hood, Jr.
Hood, Hargett & Associates
J. Blaine Jackson
Park National Bank
Dennis W. Moser
The Moser Group
Donald Philip Renaldo, M.D.
Donald Automotive Group
Sara C. White
CLT Residential
Martin J. Grunder, Jr.
Grunder Landscaping Company
Richard W. Holmes
Retired, Pricewaterhouse Coopers, LLP
Larry H. Maxey
Synchronic Business Solutions
Thomas E. Niehaus
Vorys Advisors LLC
Adam T. Stypula
Park National Bank
E A S T D I V I S I O N
Daniel J. Atkinson
Muskingum Valley Health Centers
Michael L. Bennett
Second Capital Consulting, LLC
Julie A. Brown
Fink’s Harley-Davidson, Southside Collision,
Fink’s Quality Cars and Fink’s Custom Vans
Clinton W. Cameron
Cameron Drilling Company
Ward D. Coffman, III
Coffman Law Offices
Scott D. Eickelberger
Kincaid, Taylor and Geyer
Dr. Susan K. Hasseler
Muskingum University
Patrick L. Hennessey
P&D Transportation
Henry C. Littick, II
Southeastern Ohio Broadcasting Systems
Thomas M. Lyall
Chair, East Division
Timothy S. McLain, CPA
McLain, Hill, Rugg & Associates
Patrick L. Nash
Park National Bank
Timothy J. Thompson
Primary Aim
M I A M I D I V I S I O N
Dr. Richard N. Adams
Retired, Representative of Ohio General
Assembly
Tamara L. Baird-Ganley
Baird Funeral Home
Michael C. Bardo
Retired, Hartzell Industries
John A. Brown
Park National Bank
Rick M. Heinl
Repacorp, Inc.
Dr. Douglas D. Hulme
Retired, Oakview Veterinary Hospital
Timothy Johnston
Consultant
Scott E. Rasor
Park National Bank
C I N C I N N AT I D I V I S I O N
Michael T. Brandy
Brandicorp
Daniel L. Earley
Retired
Jeanne M. Golliher
Cincinnati Development Fund
W. Samuel Robinson
Retired, Murray Wells Wendeln & Robinson, CPAs
N O R T H D I V I S I O N
Robert E. Boss
Park National Bank
17
Mark Breitinger
Milark Industries, Inc.
Michael L. Chambers
J&B Acoustical, Inc.
Elizabeth A. DeLaney
Spherion Mid-Ohio Employment Services
Chris R. Hiner
Park National Bank
Michael L. Kocher
MKB Farms Ltd.
Jeffrey S. Monica
McDonald’s
Linda H. Smith
Ashwood, LLC
Rick R. Taylor*
Jay Industries, Inc.
N O R T H C E N T R A L D I V I S I O N
Robert E. Boss
Park National Bank
Timothy R. Cowen
Cowen Truck Line
Lois J. Fisher
Lois J. Fisher & Assoc.
Christopher R. Gabrelcik
Lubrication Specialties, Inc.
Korey M. Kidwell
Kidwell & Cunningham, Ltd.
William B. Levering
Levering Management, Inc.
Daniel L. Mathie
Critchfield, Critchfield & Johnston, Ltd.
Matthew D. Miller
Mayor of Ashland
Mark R. Ramser
Ohio Cumberland Gas Company
Kim M. Rose
Critchfield, Critchfield & Johnston, Ltd.
Vickie A. Sant
Retired, Park National Bank
Roger E. Stitzlein*
Loudonville Farmers Equity
Chris D. Tuttle
Amish Oak Furniture Company
Gordon E. Yance
Retired, Park National Bank
P A R K N AT I O N A L B A N K
B O A R D O F D I R E C T O R S
Donna M. Alvarado
AGUILA International
C. Daniel DeLawder
Park National Bank
F.W. Englefield, IV
Englefield, Inc.
Jason N. Judd
Big Lots, Inc.
Stephen J. Kambeitz
Private Investor
William T. McConnell
Director Emeritus, Park National Bank
Matthew R. Miller
Park National Bank
Robert E. O’Neill
Southgate Corporation
David L. Trautman
Park National Bank
Leon Zazworsky
Mid State Systems, Inc.
S O U T H E A S T D I V I S I O N
Dean DeRolph
Kumler Collision and Automotive
Jennifer Johns Friel
Midwest Fabricating Company
Leonard F. Gorsuch
Fairfield Homes/Gorsuch Construction
James L. McLain, II
J. McLain CPA Group
S. Alan Risch
Risch Drug Stores
Laura F. Tussing
Park National Bank
Jennifer Gorsuch Walters
Fairfield Homes/Gorsuch Construction
Stephen G. Wells
Retired, Park National Bank
W E S T C E N T R A L D I V I S I O N
R. Andrew Bell
Marsh & McLennan Agency
John A. Brown
Park National Bank
Alicia Sweet Hupp
Sweet Manufacturing Company
Thomas P. Loftis
Midland Properties
John McKinnon
Clark Schaffer Hackett & Co.
Scott D. Michael
Michael Farms
Dr. Karen E. Rafinski
The Registry
Chester L. Walthall
Walthall Holding Co. Inc.
Robert A. Warren
Hauck Bros.
W E S T D I V I S I O N
Steven C. Badgett
Retired, Park National Bank
Tyeis Baker-Baumann
Rebsco
John A. Brown
Park National Bank
Travis J. Faber
Faber & Associates
Travis L. Fliehman
Fliehman Law Group
Wayne Deschambeau*
Wayne Healthcare
Jeffrey E. Hittle
Hittle Buick GMC
Michael J. Pax
Pax Machine Works
*Retired as of 12/31/21
Our Locations
$4.5 million
CO M M UNIT Y DONAT IONS
69
COMMUNITIES
1,744
AS SOCIATES
96OFFICES
*Information as of or for the year ended 12/31/2021
18
Metro Locations
Clermont, Franklin and Hamilton counties (OH),
Jefferson County (KY), Mecklenburg County (NC)
MARKE T
PRESIDE NT S
Pete Cassanos
200 S. Civic Center Drive
Columbus, OH 43215
W. Andrew Holden
545 South 3rd Street
Louisville, KY 40245
Blaine Jackson
1111 Metropolitan Avenue
Charlotte, NC 28204
614-228-5024
502-975-7170
704-943-5718
pete.cassanos@
parknationalbank.com
andrew.holden@
parknationalbank.com
blaine.jackson@
parknationalbank.com
Adam Stypula
3825 Edwards Road
Cincinnati, OH 45209
513-718-6045
adam.stypula@
parknationalbank.com
T O TA L LOA N S
T O TA L D E P O S I T S
T R U S T A S S E T S
$590,407
CO M M UNIT Y DONAT IONS
7COMMUNITIES
155
AS SOCIATES
9OFFICES
19
Carolina Region
Buncombe and Henderson counties (NC)
Anderson, Greenville, Pickens and Spartanburg counties (SC)
REGIONAL
PRESIDE NT
T O TA L LOA N S
John Kimberly
200 South Church Street
Spartanburg, SC 29306
864-208-0844
john.kimberly@
parknationalbank.com
RE G IONAL
LE A DE R S
Tim Camp
Commercial Banking
Leslie Minnis
Home Lending
Coleman Edmunds
Retail Banking
Jim Honeycutt
Trust and Investments
T O TA L D E P O S I T S
$209,426
COMMUNIT Y DONATIONS
6
COMMUNITIES
T R U S T A S S E T S
86
AS SOCIATES
7
OFFICES
20
Central Ohio Region
Athens, Fairfield, Hocking and Licking counties
REGIONAL
PRESIDE NT
T O TA L LOA N S
Laura Tussing
50 North Third Street
Newark, OH 43055
740-681-8218
laura.tussing@
parknationalbank.com
RE G IONAL
LE A DE R S
Bryan Campolo
Commercial Banking
Erica Chance
Consumer Lending
Brian Elder
Home Lending
Eric Croft
Retail Banking
Laura Tussing
Trust and Investments
T O TA L D E P O S I T S
$1,708,230
COMMUNIT Y DONATIONS
13
COMMUNITIES
T R U S T A S S E T S
193
AS SOCIATES
17
OFFICES
21
Eastern Ohio Region
Coshocton, Guernsey, Muskingum, Perry and Tuscarawas counties
REGIONAL
PRESIDE NT
T O TA L LOA N S
Pat Nash
14 South Fifth Street
Zanesville, OH 43701
740-455-7207
patrick.nash@
parknationalbank.com
RE G IONAL
LE A DE R S
Alton Thompson
Commercial Banking
Matt Colwell
Consumer Lending
Paula Meadows
Home Lending
Steve Haren
Retail Banking
Jody Spencer
Trust and Investments
T O TA L D E P O S I T S
$382,844
COMMUNIT Y DONATIONS
8COMMUNIT IES
T R U S T A S S E T S
110
AS SOCIATES
14OFFICES
22
Northern Ohio Region
Ashland, Crawford, Holmes, Knox, Marion, Morrow, Richland and Wayne counties
REGIONAL
PRESIDE NT
T O TA L LOA N S
Bob Boss
1 South Main Street
Mount Vernon, OH 43701
740-399-5166
robert.boss@
parknationalbank.com
RE G IONAL
LE A DE R S
Frank Wagner
Commercial Banking
Jerry Simon
Consumer Lending
Ryan Smith
Home Lending
Rachelle Dallas
Retail Banking
Todd Hawkins
Trust and Investments
T O TA L D E P O S I T S
$988,567
COMMUNIT Y DONATIONS
18
COMMUNIT IES
T R U S T A S S E T S
234
AS SOCIAT ES
24
OFFICES
23
Western Ohio Region
Champaign, Clarke, Darke, Greene, Mercer and Miami counties
REGIONAL
PRESIDE NT
T O TA L LOA N S
John Brown
40 South Limestone Street
Springfield, OH 45502
937-324-6877
john.brown@
parknationalbank.com
RE G IONAL
LE A DE R S
Pat Rastatter
Commercial Banking
Eric McKee
Consumer Lending
Scott Rasor
Home Lending
Connie Craig
Retail Banking
Ken Magoteaux
Trust and Investments
T O TA L D E P O S I T S
$592,766
COMMUNIT Y DONATIONS
17
COMMUNITIES
T R U S T A S S E T S
182
AS SOCIATES
24
OFFICES
24
Shareholder Information
Stock Listing
NYSE AMERICAN Symbol – PRK
CUSIP #700658107
General Shareholder Inquiries
Park National Corporation
Brady Burt, Chief Financial Officer and Secretary
50 North Third Street
Post Office Box 3500
Newark, Ohio 43058-9983
740-322-6844
brady.burt@parknationalbank.com
Dividend Reinvestment Plan
The Corporation offers a plan whereby participating shareholders can purchase additional Park National Corporation
common shares through automatic reinvestment of their regular quarterly cash dividends. All commissions and fees
connected with the purchase and safekeeping of the common shares are paid by the Corporation. Details of the
plan and an enrollment card can be obtained by contacting the Corporation’s Stock Transfer Agent and Registrar as
indicated below.
Direct Deposit of Dividends
The Corporation’s shareholders may have their dividend payments directly deposited into their checking, savings or
money market account. This direct deposit of dividends is free for all shareholders. If you have any questions or need
an enrollment form, please contact the Corporation’s Stock Transfer Agent and Registrar as indicated below.
Stock Transfer Agent and Registrar
The Park National Bank Shareholder Services
Post Office Box 1270
1 South Main Street
Mount Vernon, Ohio 43050-1270
740-399-5208 or 800-837-5266 ext. 5208
shareholderservices@parknationalbank.com
Form 10-K
All forms filed by the Corporation with the SEC (including our Form 10-K for 2021) are available on our website by
clicking on the “SEC Filings” section and then the “Documents/SEC Filings” section of the “Investor Relations” page.
These forms may also be obtained, without charge, by contacting the Secretary as indicated above.
Website
parknationalcorp.com
parknationalcorp.com
50 North Third Street, Newark, OH 43055