PRK 2013-06-11-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 11-K
 
 
(Mark One)
 
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2012
  
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ___________
 
 
Commission file number 333-91178
 
  
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
 
Park National Corporation
Employees Stock Ownership Plan
 
  
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
 
Park National Corporation
50 North Third Street
Newark, Ohio 43055
 




REQUIRED INFORMATION
 
The following financial statements and supplemental schedules for the Park National Corporation Employees Stock Ownership Plan are being filed herewith:
 
Audited Financial Statements:
 
Report of Independent Registered Public Accounting Firm - Crowe Horwath LLP
 
Statements of Net Assets Available for Benefits at December 31, 2012 and 2011
 
Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2012 and 2011
 
Notes to Financial Statements - December 31, 2012 and 2011
 
Supplemental Schedules:
 
Schedule of Assets Held for Investment Purposes, Schedule H, Line 4(i) - December 31, 2012
 
Schedule of Reportable Transactions, Schedule H, Line 4(j) - December 31, 2012
 
 
The following exhibit is being filed herewith:
 
Exhibit No.
Description
 
 
23.1
Consent of Independent Registered Public Accounting Firm – Crowe Horwath LLP
 




SIGNATURES
 
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
PARK NATIONAL CORPORATION
EMPLOYEES STOCK OWNERSHIP PLAN
 
 
 
 
 
By THE PARK NATIONAL BANK, Trustee
 
 
 
 
Date: June 24, 2013
By: /s/ Brady T. Burt
 
 
 
Printed Name: Brady T. Burt
 
 
 
Title: Chief Financial Officer

 




PARK NATIONAL CORPORATION
EMPLOYEES STOCK OWNERSHIP PLAN

 
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2012
 
INDEX TO EXHIBITS
 
 
Exhibit No.
Description
 
 
23.1
Consent of Independent Registered Public Accounting Firm – Crowe Horwath LLP
  






Financial Statements and Supplemental Schedules
 
Park National Corporation
Employees Stock Ownership Plan
Years Ended December 31, 2012 and 2011
With Report of Independent Registered Public Accounting Firm
 
 
 




 

Park National Corporation
Employees Stock Ownership Plan
 
Financial Statements and Supplemental Schedules
 
Years Ended December 31, 2012 and 2011
 
 
  
Contents
 

Audited Financial Statements
 
 
 
Report of Independent Registered Public Accounting Firm
1

Statements of Net Assets Available for Benefits
2

Statements of Changes in Net Assets Available for Benefits
3

Notes to Financial Statements
4

 
 
Supplemental Schedules
 
 
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
14

Schedule H, Line 4j – Schedule of Reportable Transactions
15


  








REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


The Executive Committee of the Board of Directors of Park National Corporation and
Plan Administrator of Park National Corporation Employees Stock Ownership Plan
Newark, Ohio


We have audited the accompanying statements of net assets available for benefits of Park National Corporation Employees Stock Ownership Plan as of December 31, 2012 and 2011, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012 and 2011, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) and Schedule H, Line 4j - Schedule of Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic 2012 financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic 2012 financial statements taken as a whole.


 
/s/ Crowe Horwath LLP
 
 
 
Crowe Horwath LLP


Columbus, Ohio
June 24, 2013









Park National Corporation
Employees Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2012 and 2011
 



 
 
2012
 
2011
ASSETS
 
 

 
 

 
 
 
 
 
Investments, at fair value:
 
 

 
 

Park National Corporation Common Stock
 
$
56,575,722

 
$
55,064,377

Mutual Funds
 
 

 
 

Equity index funds
 
11,980,687

 
10,516,570

Bond funds
 
3,529,192

 
3,121,861

Blended index funds
 
3,993,334

 
3,449,357

Interest-bearing account, issued by
 
 

 
 

The Park National Bank
 
3,045,004

 
3,194,505

 
 
 
 
 
Total Investments
 
79,123,939

 
75,346,670

 
 
 
 
 
Accrued interest and dividends
 
7,631

 
37,406

 
 
 
 
 
TOTAL ASSETS AND NET ASSETS AVAILABLE FOR BENEFITS
 
$
79,131,570

 
$
75,384,076


 
 
 
 
 


 



 
See accompanying notes to financial statements.
2




Park National Corporation
Employees Stock Ownership Plan
Statements of Changes in Net Assets Available for Benefits
For the years ended December 31, 2012 and 2011



 
 
2012
 
2011
Investment income (loss):
 
 

 
 

Net realized and unrealized appreciation/(depreciation)
 
 

 
 

in fair value of investments
 
$
1,445,571

 
$
(6,415,054
)
Interest and dividends
 
3,699,501

 
3,490,333

Total investment income (loss)
 
5,145,072

 
(2,924,721
)
 
 
 
 
 
Contributions:
 
 

 
 

Employer
 
1,042,305

 
1,093,493

Employee
 
4,352,083

 
4,470,628

Rollover
 
208,604

 
494,082

Total contributions
 
5,602,992

 
6,058,203

 
 
 
 
 
Benefit payments to participants
 
7,000,570

 
5,574,170

 
 
 
 
 
Net increase (decrease) in net assets available for benefits
 
3,747,494

 
(2,440,688
)
 
 
 
 
 
Net assets available for benefits at beginning of year
 
75,384,076

 
77,824,764

 
 
 
 
 
Net assets available for benefits at end of year
 
$
79,131,570

 
$
75,384,076


 
 
 
 
 


















 
See accompanying notes to financial statements.
3


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




1. Description of the Plan

The following description of the Park National Corporation Employees Stock Ownership Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

General

The Plan is a defined contribution plan covering full-time or part-time employees of Park National Corporation and subsidiaries (“Park”) who have completed 30 days of service, and are age eighteen or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions

Each year, participants may contribute up to 25% of their pretax annual compensation, as defined in the Plan. Participants may also contribute rollover amounts representing distributions from other qualified defined contribution plans. The maximum salary deferral permitted by the Internal Revenue Code (Code) was $17,000 for 2012 and $16,500 for 2011. The Plan also permits participants who are age 50 or older to make catch-up contributions in accordance with Code Section 414(v).

Park provides a matching contribution at a level established annually by Park. For both 2011 and 2012, Park's employer matching contribution was 25% of all employee KSOP contributions.

Participant Accounts

Each participant's account is credited with the participant's salary deferral, an allocation of Park's contribution and Plan earnings, and charged with participant withdrawals. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

Vesting

Participants' accounts are 100% vested at all times.


4


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




1. Description of the Plan (continued)

Payments of Benefits

Upon termination or after age 59½, a participant may elect lump sum, rollover, or installments over a period not to exceed the participant's (and their designated beneficiary's) life expectancy in an amount equal to the value of his or her account. A participant can elect to take a distribution of their account balance in cash or shares of Park National Corporation Common Stock.

Employees Stock Ownership Plans (“ESOP”)

Effective January 1, 2002, the Plan was amended and restated to become an ESOP that invests in shares of Park National Corporation Common Stock. The Plan is not leveraged and all new contributions (both employer and employee) will be used to purchase only Park National Corporation Common Stock. Participants are permitted to diversify their investments on a quarterly basis.

2. Summary of Accounting Policies

Basis of Presentation

The financial statements of the Plan are prepared on the accrual basis and are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Valuation of Investments

The Plan's investments are reported at fair value. Refer to Note 10 - Fair Values. Purchases and sales of securities are recorded on a trade‑date basis.

Investment Income

Dividends are recorded as of their ex-dividend date. Interest income is recorded on an accrual basis when earned. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold as well as held during the year.


5


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




2. Summary of Accounting Policies (continued)

Administrative Expenses

All administrative expenses charged to the Plan are borne by Park. Park also provides other accounting and administrative services to the Plan. Investment management fees and operating expenses charged to the Plan for investments in mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of the investment return for such investments.

Payment of Benefits

Benefits are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.

Concentration of Credit Risk

At December 31, 2012 and 2011, approximately 71% and 73%, respectively, of the Plan's assets were invested in Park National Corporation Common Stock.



6


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




3. Plan Termination
 
Although Park has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
 
4. Investments

The Plan's investments are held in trust by The Park National Bank, a wholly owned subsidiary of Park National Corporation. The Plan's investments (including investments bought and sold as well as investments held during the year) appreciated/(depreciated) in fair value during the years ended December 31, 2012 and 2011 as follows:


 
 
2012
 
2011
 
 
 
 
 
Park National Corporation Common Stock
 
$
(430,339
)
 
$
(6,067,250
)
Vanguard Institutional Index Fund
 
673,462

 
(1,155
)
Vanguard Short-Term Investment-Grade Bond Fund
 
26,582

 
(18,088
)
Vanguard Growth Index Fund
 
311,995

 
9,869

Vanguard Extended Market Index Fund
 
300,527

 
(97,792
)
Vanguard Balanced Index Fund
 
209,117

 
35,956

Vanguard Total International Stock Index Fund
 
116,904

 
(312,771
)
Vanguard Target Retirement 2015 Fund
 
36,922

 
(3,837
)
Vanguard Target Retirement 2025 Fund
 
37,992

 
(13,630
)
Vanguard Target Retirement 2035 Fund
 
16,593

 
(4,821
)
Vanguard Target Retirement 2045 Fund
 
22,543

 
(6,890
)
Vanguard Total International Stock Index Signal Fund
 
95,924

 

Vanguard Intermediate-Term Bond Index Fund
 
27,349

 
65,355

 
 
$
1,445,571

 
$
(6,415,054
)


The following table represents the fair value of those investments that represent 5 percent or more of the Plan’s net assets available for benefits as of December 31:
 
 
 
2012
 
2011
 
 
 
 
 
*Park National Corporation Common Stock
 
$
56,575,722

 
$
55,064,377

Vanguard Institutional Index Fund
 
5,705,625

 
5,055,185


   
* Nonparticipant-directed
 

7


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011





 
5. Nonparticipant-Directed Investments
 
The following information represents the assets and the significant components of changes in assets related to the Plan's investment in Park National Corporation Common Stock, an undetermined portion of which is nonparticipant directed based upon Plan provisions. Initial contributions are deposited into the Plan in the form of cash with shares of Park National Corporation Common Stock purchased on a delayed basis.
 
 
 
December 31,
 
 
2012
 
2011
Investment, at fair value:
 
 

 
 

Park National Corporation Common Stock
 
$
56,575,722

 
$
55,064,377

The Park National Bank FDIC Account
 
166

 
34,693

 
 
$
56,575,888

 
$
55,099,070

Changes in assets:
 
 

 
 

Contributions
 
$
5,449,375

 
$
5,635,119

Interest and dividend income
 
3,230,689

 
3,101,180

Distributions to participants
 
(5,036,637
)
 
(3,796,973
)
Net transfers to participant directed investments
 
(1,736,270
)
 
(1,589,308
)
Net appreciation/(depreciation) in fair value of
 
 

 
 

investments
 
(430,339
)
 
(6,067,250
)
Increase/(decrease) in assets
 
$
1,476,818

 
$
(2,717,232
)
    
6. Income Tax Status
 
The Plan has received a determination letter from the Internal Revenue Service dated September 30, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. The Plan applied for a new determination letter on January 31, 2009 which has yet to be received. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.


 


8


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




7. Party-in-Interest
 
The Plan held the following party-in-interest investments (at fair value):
 
 
 
December 31,
 
 
2012
 
2011
 
 
 
 
 
Park National Corporation Common Stock
 
$
56,575,722

 
$
55,064,377

The Park National Bank FDIC Account
 
3,045,004

 
3,194,505

 
 
$
59,620,726

 
$
58,258,882


At December 31, 2012, the Plan held 875,499 shares of Park National Corporation Common Stock, with a fair value of $56,575,722. At December 31, 2011, the Plan held 846,363 shares of Park National Corporation Common Stock, with a fair value of $55,064,377.

During 2012 and 2011, cash dividends of $3,230,418 and $3,100,826, respectively, were paid to the Plan by Park National Corporation.

At December 31, 2012 and 2011, the Plan held a participant-directed interest bearing account issued by The Park National Bank of $3,044,838 and $3,159,812, respectively. At December 31, 2012 and 2011, the Plan held nonparticipant-directed, interest-bearing accounts issued by Park National Bank of $166 and $34,693, respectively. During 2012 and 2011, interest of $4,663 and $5,003, respectively, were paid to the Plan by The Park National Bank.

During 2012 and 2011, the Plan purchased 57,450 shares and 83,047 shares, respectively, of Park National Corporation Common Stock.


 


  


9


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




8. Form 5500 Reconciliation
 
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500.

 
 
December 31,
 
 
2012
 
2011
 
 
 
 
 
Net assets available for benefits per the financial statements
 
$
79,131,570

 
$
75,384,076

Less: Accrued interest and dividends
 
(7,631
)
 
(37,406
)
Net assets per the Form 5500
 
$
79,123,939

 
$
75,346,670


      
The following is a reconciliation of net change in net assets available for benefits per the financial statements to the Form 5500:

 
 
2012
 
2011
 
 
 
 
 
Net increase/(decrease) in net assets available for benefits
 
 

 
 

per the financial statements
 
$
3,747,494

 
$
(2,440,688
)
Less: Accrued interest and dividends
 
(7,631
)
 
(37,406
)
Plus: Prior year accrued interest and dividends
 
37,406

 
26,965

Net income/(loss) per the Form 5500
 
$
3,777,269

 
$
(2,451,129
)

9. Risks and Uncertainties
 
The Plan invests in various investment securities including Park National Corporation Common Stock, mutual funds, and interest bearing accounts. Investment securities are exposed to various risks such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.


10


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




10. Fair Values
 
GAAP defines fair value as the price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan's principal or most advantageous market for the asset or liability. GAAP establishes a fair value hierarchy which requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Plan's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In some cases, a valuation technique used to measure fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The fair values of mutual fund investments and common stock are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Additionally, due to their short-term nature, the fair value of interest-bearing cash balances are determined by reference to their face value (level 1 input). The fair value of all of the investments held by the Plan have been determined using Level 1 inputs (refer to the Statement of Net Assets Available for Benefits).

 



11


Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2012 and 2011




11. Sale of the Vision Bank Business

On February 16, 2012, Park and its wholly-owned subsidiary, Vision Bank, a Florida state-charted bank, completed their sale of substantially all of the performing loans, operating assets and liabilities associated with Vision Bank to Centennial Bank (“Centennial”), an Arkansas state-chartered bank which is a wholly-owned subsidiary of Home BancShares, Inc., an Arkansas Corporation (“Home”) as contemplated by the previously announced Purchase and Assumption Agreement by and between Park, Vision Bank, Home and Centennial, dated as of November 16, 2011, as amended by the First Amendment to Purchase and Assumption Agreement, dated as of January 25, 2012 and the Second Amendment to Purchase and Assumption Agreement, dated as of April 30, 2012. As part of this transaction, each Vision Bank employee, being 100% vested in the Plan, is entitled to their entire account balance under the Plan, determined as of February 16, 2012. All payments thereafter will be made from the Plan in accordance with the terms of the Plan.

 


12








SUPPLEMENTAL SCHEDULES
 
 
 








Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4i
Schedule of Assets (Held at End of Year)
December 31, 2012
 

 

 
 
Name of Plan Sponsor: 
 
Park National Corporation
 
 

 
 

 
 
Employer identification number: 
 
31-1179518
 
 

 
 

 
 
Three digit plan number: 
 
002
 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
(b) 
Identity of Issue, 
Borrower, Lessor 
or Similar Party 
 
(c)
Description of Investment Including
Maturity Date, Rate of Interest,
 Collateral, Par or Maturity Value
 
(d) 
Cost
 
(e)
Current
 Value
Interest-bearing account  
 
 
 
 

 
 

 
The Park National Bank FDIC Account 
 
Interest rate of 0.13%
 
$
3,045,004

 
$
3,045,004

 
 
 
 
 
 
 
 
 
Common Stock:  
 
 
 
 

 
 

 
Park National Corporation 
 
 
 
 

 
 

 
 
Common Stock 
 
875,499 shares
 
$
49,155,113

 
$
56,575,722

 
 
 
 
 
 
 
 
 
Mutual Funds: 
 
 
 
 

 
 

 
 
Vanguard Institutional Index Fund
 
43,715 shares
 
**

 
$
5,705,625

 
 
Vanguard Short-Term Investment
 
 
 
 

 
 
 
 
Grade Fund
 
149,921 shares
 
**

 
1,623,642

 
 
Vanguard Growth Index Fund
 
72,753 shares
 
**

 
2,468,505

 
 
Vanguard Extended Market Index
 
 
 
 

 
 

 
 
Fund
 
54,231 shares
 
**

 
2,137,257

 
 
Vanguard Intermediate-Term Bond
 
 
 
 

 
 

 
 
Index Fund
 
159,327 shares
 
**

 
1,905,550

 
 
Vanguard Balanced Index Fund
 
108,724 shares
 
**

 
2,556,111

 
 
Vanguard Total International Stock
 
 
 
 

 
 

 
 
Index Signal Fund
 
55,551 shares
 
**

 
1,669,299

 
 
Vanguard Target Retirement 2015 Fund
 
37,334 shares
 
**

 
499,531

 
 
Vanguard Target Retirement 2025 Fund
 
33,599 shares
 
**

 
456,612

 
 
Vanguard Target Retirement 2035 Fund
 
14,017 shares
 
**

 
197,500

 
 
Vanguard Target Retirement 2045 Fund
 
19,490 shares
 
**

 
283,581

 
 
Total Mutual Funds
 
 
 
**

 
$
19,503,213

 
 
 
 
 
 
 
 
 
Total Investments Held at End of Year 
 
 
 
 

 
$
79,123,939


  

*    Indicates party-in-interest to the Plan.
**    Disclosure of historical cost is not required for participant-directed investments.
 

14





Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4j
Schedule of Reportable Transactions
For the year ended December 31, 2012
 



Name of Plan Sponsor: 
 
Park National Corporation 
 
 

 
 

 
 

 
 

 
 

Employer identification number: 
 
31-1179518 
 
 

 
 

 
 

 
 

 
 

Three digit plan number: 
 
002
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) 
 
 

 
 

 
 

 
(h)
 
 

 
 
Description of Asset Including 
 
 

 
(d) 
 
(g)
 
Current Value
 
(i)
(a) 
 
Maturity Date, Rate of Interest, 
 
(c)
 
Selling
 
Cost of
 
of Asset on
 
Net Gain
Identity or Party Involved
 
Collateral, Par or Maturity Value 
 
Cost
 
Price
 
Asset
 
Transaction Date
 
or (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
Category (iii) – A series of transactions in excess of 5% of plan assets
 
 

 
 

 
 

The Park National Bank
 
FDIC Account, 91 purchases 
 
$
8,661,207

 
$

 
$
8,661,207

 
$
8,661,207

 
$

The Park National Bank
 
FDIC Account, 141 sales  
 

 
8,810,708

 
8,810,708

 
8,810,708

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Park National Corporation
 
 

 
 

 
 

 
 

 
 

Common Stock
 
Common Stock, 16 purchases  
 
$
3,873,574

 
$

 
$
3,873,574

 
$
3,873,574

 
$

Common Stock
 
Common Stock, 3 sales 
 
$

 
$
58,437

 
$
79,434

 
$
58,437

 
$
(20,997
)

 




15