Newark, Ohio-based Park National Corp. completed its acquisition of Charlotte, N.C.-based NewDominion Bank, making the latter a community bank division.
Park National purchased an 8.55% stake in NewDominion for $3.5 million in November 2016. In Januaruy 2018, Park National reached an agreement to acquire the latter's remaining 91.45% stake in a deal valued then at $76.4 million.
NewDominion will keep its name and local leadership.
Park National has $7.52 billion in assets as of March 31 and consists of 11 banking divisions, a nonbank subsidiary and two specialty finance companies. NewDominion had $346.6 million in assets as of March 31 and operates two banking offices in Charlotte and Mooresville.
Boenning & Scattergood Inc. served as financial adviser and Squire Patton Boggs (US) LLP served as legal adviser to Park National. Sandler O'Neill served as financial adviser and Wyrick Robbins Yates & Ponton LLP served as legal adviser to NewDominion.