NEWARK – Park National Corp. and CAB Financial Corp. announced the completion of their previously announced merger transaction.
CAB has merged with and into Park. With the merger, CAB’s banking subsidiary, Carolina Alliance Bank, becomes a community banking division of Park subsidiary, The Park National Bank.
Carolina Alliance Bank will continue to serve its communities with the same local leadership, local advisory board and local decision-making. Headquartered in Spartanburg, South Carolina, the Carolina Alliance Bank division had $760 million in assets as of Dec. 31, 2018. It operates seven banking offices in upstate South Carolina and western North Carolina.
Carolina Alliance Bank will gain greater lending capacity as a banking division of The Park National Bank, helping it expand its service to commercial and small business customers. More potential enhancements and updates to its banking services will be considered as the partnership with Park continues to develop throughout the year.
“The team at Carolina Alliance Bank looks forward to continuing its commitment to customers and communities as a division of The Park National Bank. We are truly excited about the partnership and believe it will greatly enhance our capabilities going forward,” said Carolina Alliance Bank Chief Executive Officer John Kimberly.
The Park National family of community banks now includes 12 banking divisions, each led by local professionals. The banks share operational, compliance and administrative resources, placing them in a strong position to remain competitive with sophisticated technology and service capabilities – while keeping a steadfast focus on personalized service and community involvement, company officials said.
“Park National and Carolina Alliance bankers have worked steadily over the past several months to identify all the possibilities our combined organization will enjoy,” Park Chief Executive Officer David Trautman said. “We are all excited about the opportunities that lie ahead as we work together to deliver extraordinary service to our current and new clients.”
Park has more than a century of banking in Ohio. Recently, it has pursued growth opportunities in the Carolinas and other regions. In July 2018, it welcomed NewDominion Bank in Charlotte, North Carolina, into its family of community banks.
Sandler O’Neill & Partners, L.P. served as financial adviser and Squire Patton Boggs (US) LLP served as legal advisor to Park National Corp.
FIG Partners, LLC served as financial adviser and Nelson Mullins Riley & Scarborough LLP served as legal advisor to CAB Financial Corp.
Headquartered in Newark, Park National Corp. had $7.8 billion in total assets as of Dec. 31, 2018. The Park organization consists of 12 community bank divisions, a non-bank subsidiary and two specialty finance companies.
Park’s banking operations are conducted through Park subsidiary The Park National Bank and its divisions, which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, The Park National Bank of Southwest Ohio & Northern Kentucky Division, NewDominion Bank Division and now Carolina Alliance Bank Division. The Park organization also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.