Carolina Alliance Bank joins Park National organization
April 1, 2019
Park National Corporation (Park) and
CAB Financial Corporation announced the completion of their previously announced merger transaction. Effective today, 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. Headquartered in Spartanburg, South Carolina, the Carolina Alliance Bank division has $760 million in assets (as of December 31, 2018). It operates seven banking offices in upstate South Carolina and western North Carolina.
Carolina Alliance Bank will continue to serve its communities with the same local leadership, local advisory board and local decision-making.
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. success 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 advisor and Squire Patton Boggs (US) LLP served as legal advisor to Park National Corporation.
FIG Partners, LLC served as financial advisor and Nelson Mullins Riley & Scarborough LLP served as legal advisor to CAB Financial Corporation.
Headquartered in Newark, Ohio, Park National Corporation has $7.8 billion in total assets (as of December 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
