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Park National to pay SEC over ex-subsidiary's accounting errors

Newark, Ohio-based Park National Corp. will pay the SEC a civil moneypenalty of $500,000 in connection with the understatement of a previoussubsidiary's allowance for loan losses in 2010 and 2011.

VisionBank, which Park National sold to Home BancShares Inc. in 2012, had erroneously includedcertain cash flows and used certain collateral valuations in its impaired loananalysis. It was also in 2012 that Park National voluntarily filed financialrestatements correcting the understated allowances.

Park National neither admits nor denies the findings in theSEC's cease-and-desist order.