Park National Corporation 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
|
|
|
þ |
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 |
For the fiscal year ended December 31, 2006
OR
|
|
|
o |
|
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 Chizek and Company LLC
Report of Independent Registered Public Accounting Firm
Ernst & Young LLP
Statements of Net Assets Available
for Benefits at December 31, 2006 and 2005
Statements of Changes in Net Assets Available
for Benefits for the Years Ended December 31, 2006 and 2005
Notes to Financial Statements December 31, 2006 and 2005
Supplemental Schedules:
Schedule of Assets (Held at End of Year), Schedule H, Line 4(i) December 31, 2006
Schedule of Reportable Transactions,
Schedule H, Line 4(j) December 31, 2006
The following exhibits are being filed herewith:
|
|
|
Exhibit No. |
|
Description |
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm
Ernst & Young LLP |
|
|
|
23.2
|
|
Consent of Independent Registered Public Accounting Firm
Crowe Chizek and Company LLC |
|
|
|
-2-
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 28, 2007 |
By: |
/s/ John W. Kozak |
|
|
|
Printed Name: |
John W. Kozak |
|
|
|
Title: |
Chief Financial Officer |
|
|
-3-
Financial Statements and Supplemental Schedules
Park National Corporation Employees
Stock Ownership Plan
Years Ended December 31, 2006 and 2005
With Reports of Independent Registered Public Accounting Firms
Park National Corporation Employees
Stock Ownership Plan
Financial Statements and Supplemental Schedules
Years Ended December 31, 2006 and 2005
Contents
|
|
|
|
|
Audited Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
13 |
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Executive Committee of the Board of Directors
Plan Oversight Committee
Park National Corporation Employees Stock Ownership Plan
We have audited the accompanying statement of net assets available for benefits of the Park
National Corporation Employees Stock Ownership Plan (the Plan) as of December 31, 2006, and the
related statement of changes in net assets available for benefits for the year then ended. These
financial statements are the responsibility of the Plans management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit 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 audit provides 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, 2006, and the
changes in net assets available for benefits for the year 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 accompanying supplemental schedules of assets (held at end of year) and
reportable transactions for the year then ended, are presented for purposes of additional analysis
and are not a required part of the basic financial statements but are supplementary information
required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility
of the Plans management. The supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements taken as a whole.
/s/
Crowe Chizek and Company LLC
Columbus, Ohio
June 22, 2007
1.
Report of Independent Registered Public Accounting Firm
Executive Committee of the Board of Directors
Park National Corporation
We have audited the accompanying statement of net assets available for benefits of the Park
National Corporation Employees Stock Ownership Plan (the Plan) as of
December 31, 2005, and the related
statement of changes in net assets available for benefits of the Plan for the year then ended. These financial
statements are the responsibility of the Plans management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit 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. We
were not engaged to perform an audit of the Plans internal control over financial reporting. Our
audit included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Plans internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit provides 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 at December 31, 2005, and the changes
in its net assets available for benefits for the year then ended, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
May 4, 2006
2.
Park National Corporation
Employees Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2006 and 2005
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2005 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
455,676 |
|
|
$ |
313,817 |
|
|
|
|
|
|
|
|
|
|
Investments, at fair value: |
|
|
|
|
|
|
|
|
Park National Corporation Common Stock |
|
|
58,771,746 |
|
|
|
57,470,291 |
|
Mutual Funds |
|
|
12,039,411 |
|
|
|
11,014,769 |
|
Savings Accounts, issued by
Park National Corporation bank affiliates |
|
|
2,523,339 |
|
|
|
2,578,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
73,334,496 |
|
|
|
71,063,388 |
|
|
|
|
|
|
|
|
|
|
Contributions receivable: |
|
|
|
|
|
|
|
|
Employer |
|
|
47,051 |
|
|
|
2,000 |
|
Employee |
|
|
97,332 |
|
|
|
4,000 |
|
|
|
|
|
|
|
|
|
|
|
144,383 |
|
|
|
6,000 |
|
|
|
|
|
|
|
|
|
|
Accrued interest and dividends |
|
|
590,121 |
|
|
|
530,478 |
|
|
|
|
|
|
|
|
Total Assets |
|
|
74,524,676 |
|
|
|
71,913,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR BENEFITS |
|
$ |
74,524,676 |
|
|
$ |
71,913,683 |
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
3.
Park National Corporation
Employees Stock Ownership Plan
Statements of Changes in Net Assets Available for Benefits
For the years ended December 31, 2006 and 2005
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2005 |
|
Additions |
|
|
|
|
|
|
|
|
Investment (loss) income: |
|
|
|
|
|
|
|
|
Net realized and unrealized (depreciation)
in fair value of investments |
|
$ |
(1,013,848 |
) |
|
$ |
(17,266,634 |
) |
Interest and dividends |
|
|
2,584,681 |
|
|
|
2,299,530 |
|
|
|
|
|
|
|
|
Total investment income (loss) |
|
|
1,570,833 |
|
|
|
(14,967,104 |
) |
|
|
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
|
|
Employer |
|
|
1,743,664 |
|
|
|
1,741,382 |
|
Employee |
|
|
3,749,073 |
|
|
|
3,684,649 |
|
Rollover |
|
|
32,172 |
|
|
|
112,760 |
|
|
|
|
|
|
|
|
Total contributions |
|
|
5,524,909 |
|
|
|
5,538,791 |
|
|
|
|
|
|
|
|
Net increase (decrease) before deductions |
|
|
7,095,742 |
|
|
|
(9,428,313 |
) |
|
|
|
|
|
|
|
|
|
Deductions: |
|
|
|
|
|
|
|
|
Benefit payments to participants |
|
|
4,484,749 |
|
|
|
4,241,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets available for benefits |
|
|
2,610,993 |
|
|
|
(13,669,806 |
) |
|
|
|
|
|
|
|
|
|
Net assets available for benefits at beginning of year |
|
|
71,913,683 |
|
|
|
85,583,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits at end of year |
|
$ |
74,524,676 |
|
|
$ |
71,913,683 |
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
4.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2006 and 2005
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 Plans 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 one year 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 $15,000 and $14,000 for 2006 and 2005, respectively. 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 2006 and 2005,
Park matched 50% up to the first 15% of compensation contributed by the participant.
Participant Accounts
Each participants account is credited with the participants salary deferral and allocation of
Parks contribution and Plan earnings. 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 participants account.
Vesting
Participants accounts are 100% vested at all times.
Reclassification
Certain prior year amounts have been reclassified to conform to the current year presentation.
5.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
1. Description of the Plan (continued)
Payments of Benefits
Upon termination or after age 591/2, a participant may elect lump sum, rollover, or installments over
a period certain not to exceed the participants (and their designated beneficiarys) 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.
ESOP
Effective January 1, 2002, the Plan was amended and restated to become an ESOP Plan 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 have the ability to diversify their investments upon reaching age 55. Effective January 1, 2007, the Plan was amended to allow these participants
to diversify their investments on a quarterly basis. The Plan has
changed its name from Park National Corporation Employees Voluntary Salary Deferral Plan and Trust
to Park National Corporation Employees Stock Ownership Plan. All other provisions of the Plan
remain the same.
Bank Acquisitions
On December 31, 2004, Park acquired First Federal Bancorp, Inc., (First Federal), a savings and
loan holding company headquartered in Zanesville, Ohio. First Federals prior plan was terminated
and First Federal employees were eligible to participate in the Park National Corporation Plan
beginning on January 1, 2005. On January 3, 2005, Park acquired First Clermont Bank of Milford,
Ohio. First Clermonts prior plan was terminated and employees were eligible to participate in the
Plan effective January 3, 2005.
6.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
2. Summary of Accounting Policies
Basis of Presentation
The financial statements of the Plan are prepared on the accrual basis.
Valuation of Investments and Income Recognition
Investments are stated at fair value. Park National Corporation common stock is valued at its
quoted market price. Shares of mutual funds are valued at quoted market prices which represent the
net asset value of shares held by the Plan at year end. Investments in the money market fund and
savings accounts are stated at cost, which approximates fair value.
Investment income consists of interest income accrued as earned, and dividend income recorded on
the ex-dividend date. Investment transactions are recorded on a trade-date basis.
Administrative Expenses
All administrative expenses charged to the Plan are borne by Park. Trustee fees for the Plan are
waived each year. Park also provides other accounting and administrative services to the Plan.
Payment of Benefits
Benefits are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles 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, 2006 and 2005, approximately 79% and 80%, respectively, of the Plans assets were
invested in Park National Corporation common stock.
At December 31, 2006 and 2005, approximately 3% and 4%, respectively, of the Plans assets were
invested in savings accounts issued by Park National Corporation bank affiliates. The investments
in savings accounts may from time to time exceed the federally insured limits.
7.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
2. Summary of Accounting Policies (continued)
Adoption of New Accounting Standard
Effective
January 1, 2006, the Plan adopted Financial Accounting Standards Board (FASB) Staff
Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held
by Certain Investment Companies subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the FSP). This FSP modifies the
accounting and reporting requirements for defined contribution plans direct and indirect
investments in fully benefit-responsive investment contracts. Adoption of the FSP had no effect on
the Plans 2006 or 2005 financial statements, as the Plan held no direct or indirect interests in
fully benefit-responsive investment contracts as of December 31, 2006 or 2005.
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 Plans investments are held in trust by The Park National Bank, a wholly owned subsidiary of
Park National Corporation. The Plans investments (including investments bought and sold as well
as held during the year) appreciated/(depreciated) in fair value during the years ended December
31, 2006 and 2005 as follows:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2005 |
|
Park National Corporation Common Stock |
|
$ |
(2,183,304 |
) |
|
$ |
(17,613,216 |
) |
Vanguard Institutional Index Fund |
|
|
709,975 |
|
|
|
162,736 |
|
Vanguard Short-Term Investment-Grade Bond Fund |
|
|
4,582 |
|
|
|
(13,801 |
) |
Vanguard Growth Index Fund |
|
|
75,063 |
|
|
|
36,027 |
|
Vanguard Institutional Extended Market Index Fund |
|
|
130,585 |
|
|
|
87,955 |
|
Vanguard Balanced Index Fund |
|
|
108,990 |
|
|
|
27,052 |
|
Vanguard Total International Stock Index Fund |
|
|
146,665 |
|
|
|
71,021 |
|
Vanguard Intermediate-Term Bond Index Fund |
|
|
(6,404 |
) |
|
|
(24,408 |
) |
|
|
|
|
|
|
|
|
|
$ |
(1,013,848 |
) |
|
$ |
(17,266,634 |
) |
|
|
|
|
|
|
|
8.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
4. Investments (continued)
The following table represents the fair value of those investments that represent 5 percent or more
of the Plans net assets available for benefits as of December 31:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
2005 |
* Park National Corporation Common Stock |
|
$ |
58,771,746 |
|
|
$ |
57,470,291 |
|
Vanguard Institutional Index Fund |
|
|
5,803,450 |
|
|
|
5,534,037 |
|
|
|
|
* |
|
Nonparticipant-directed |
5. Nonparticipant-Directed Investments
The following information represents the assets and the significant components of changes in assets
related to the nonparticipant-directed portion of the Park National Corporation Common Stock
investment. 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, |
|
|
|
2006 |
|
|
2005 |
|
Investment, at fair value: |
|
|
|
|
|
|
|
|
Park National Corporation Common Stock Fund |
|
$ |
58,771,746 |
|
|
$ |
57,470,291 |
|
Northern Institutional Government Portfolio |
|
|
454,650 |
|
|
|
284,663 |
|
|
|
|
|
|
|
|
|
|
$ |
59,226,396 |
|
|
$ |
57,754,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets: |
|
|
|
|
|
|
|
|
Contributions |
|
$ |
5,366,183 |
|
|
$ |
5,454,509 |
|
Interest and dividend income |
|
|
2,124,878 |
|
|
|
1,945,430 |
|
Distributions to participants |
|
|
(3,710,621 |
) |
|
|
(2,916,534 |
) |
Net depreciation in fair value of investments |
|
|
(2,308,998 |
) |
|
|
(17,328,553 |
) |
|
|
|
|
|
|
|
Increase/(decrease) in assets |
|
$ |
1,471,442 |
|
|
$ |
(12,845,148 |
) |
|
|
|
|
|
|
|
The amounts disclosed as cash and cash equivalents
in the Statements of Net Assets Available for Benefits also include participant-directed balances of $1,026 and $29,154 for 2006 and 2005, respectively.
9.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
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. 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.
7. Party-in-Interest
The Plan held the following party-in-interest investments (at fair value):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2006 |
|
|
2005 |
|
|
|
|
|
|
|
|
Park National Corporation Common Stock |
|
$ |
58,771,746 |
|
|
$ |
57,470,291 |
|
The Park National Bank Savings Account |
|
|
1,806,304 |
|
|
|
1,869,748 |
|
Second National Bank Savings Account |
|
|
70,289 |
|
|
|
67,594 |
|
The Richland Trust Company Savings Account |
|
|
646,746 |
|
|
|
640,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,295,085 |
|
|
$ |
60,048,619 |
|
|
|
|
|
|
|
|
At December 31, 2006, the Plan held 593,654 shares of Park National Corporation common stock, with
a fair value of $58,771,746. At December 31, 2005, the Plan held 559,921 shares of Park National
Corporation common stock, with a fair value of $57,470,291.
During 2006 and 2005, cash dividends of $2,111,960 and $1,937,478, respectively, were paid to the
Plan by Park National Corporation.
At December 31, 2006 and 2005, the Plan held savings accounts issued by Park National Corporation
bank affiliates of $2,523,339 and $2,578,328, respectively. During 2006 and 2005, interest of
$125,318 and $80,666, respectively, was paid to the Plan by Park National Bank.
During 2006, the Plan purchased 51,429 shares of Park National Corporation common stock.
Costs and expenses incurred in administering the Plan are paid by Park, which totaled $127,206 and
$134,586 for 2006 and 2005, respectively.
10.
Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005
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, |
|
|
|
2006 |
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the financial statements |
|
$ |
74,524,676 |
|
|
$ |
71,913,683 |
|
Less: Accrued interest and dividends |
|
|
(590,121 |
) |
|
|
(530,478 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
73,934,555 |
|
|
$ |
71,383,205 |
|
|
|
|
|
|
|
|
The following is a reconciliation of net change in net assets available for benefits per the
financial statements to the Form 5500:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in net assets available for benefits
per the financial statements |
|
$ |
2,610,993 |
|
|
$ |
(13,669,806 |
) |
Less: Accrued interest and dividends |
|
|
(590,121 |
) |
|
|
(530,478 |
) |
Plus: Prior year accrued interest and dividends |
|
|
530,478 |
|
|
|
492,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in net assets available for benefits
per the Form 5500 |
|
$ |
2,551,350 |
|
|
$ |
(13,707,439 |
) |
|
|
|
|
|
|
|
9. Risks and Uncertainties
The Plan invests in various investment securities including Park National Corporation common stock,
mutual funds, savings accounts and a money market fund. Investment securities are exposed to
various risks such as interest rate, market 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. Subsequent Event
On March 9, 2007, Park acquired Vision Bancshares, Inc. (Vision). Vision will terminate its
401(k) plan on June 30, 2007 and all employees who have met the eligibility requirements of the
Plan will then become eligible to participate in the Plan on July 1, 2007.
11.
Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4(i)
Schedule of Assets (Held at End of Year)
December 31, 2006
|
|
|
|
|
|
|
Name of Plan Sponsor:
|
|
Park National Corporation
|
|
|
Employer identification number:
|
|
31-1179518 |
|
|
Three digit plan number:
|
|
002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
(c) |
|
|
|
|
|
|
|
Identity of Issue, |
|
Description of Investment Including |
|
|
|
|
|
(e) |
|
Borrower, Lessor |
|
Maturity Date, Rate of Interest, |
|
(d) |
|
|
Current |
|
or Similar Party |
|
Collateral, Par or Maturity Value |
|
Cost |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Fund: |
|
|
|
|
|
|
|
|
|
|
Northern Institutional Government
Portfolio |
|
455,676 units |
|
$ |
455,676 |
|
|
$ |
455,676 |
|
|
|
|
|
|
|
|
|
|
Total Money Market Funds |
|
|
|
|
455,676 |
|
|
|
455,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock: |
|
|
|
|
|
|
|
|
|
|
* Park National Corporation
common stock |
|
593,654 shares |
|
$ |
36,663,229 |
|
|
$ |
58,771,746 |
|
|
|
|
|
|
|
|
|
|
Total common stock |
|
|
|
|
36,663,229 |
|
|
|
58,771,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds: |
|
|
|
|
|
|
|
|
|
|
Vanguard Institutional Index Fund |
|
44,783 shares |
|
|
* |
* |
|
$ |
5,803,450 |
|
Vanguard Short-Term Investment
Grade Fund |
|
91,621 shares |
|
|
* |
* |
|
|
967,519 |
|
Vanguard Growth Index Fund |
|
35,183 shares |
|
|
* |
* |
|
|
1,047,397 |
|
Vanguard Institutional Extended
Market Index Fund |
|
31,076 shares |
|
|
* |
* |
|
|
1,202,636 |
|
Vanguard Intermediate-Term Bond
Index Fund |
|
67,197 shares |
|
|
* |
* |
|
|
688,772 |
|
Vanguard Balanced Index Fund |
|
71,586 shares |
|
|
* |
* |
|
|
1,529,085 |
|
Vanguard Total International Stock
Index Fund |
|
45,306 shares |
|
|
* |
* |
|
|
800,552 |
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
* |
* |
|
|
12,039,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings Accounts, issued by
Park National Corporation bank affiliates: |
|
|
|
|
|
|
|
|
|
|
* The Park National Bank |
|
Interest rate of 5.063% |
|
|
* |
* |
|
$ |
1,806,304 |
|
* Second National Bank |
|
Interest rate of 5.063% |
|
|
* |
* |
|
|
70,289 |
|
* The Richland Trust Company |
|
Interest rate of 5.063% |
|
|
* |
* |
|
|
646,746 |
|
|
|
|
|
|
|
|
|
|
|
Total Savings Accounts, issued by
Park National Corporation bank affiliates |
|
|
|
|
|
|
|
|
2,523,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments Held at End of Year |
|
|
|
|
|
|
|
$ |
73,790,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Indicates party-in-interest to the Plan. |
|
** |
|
Disclosure of historical cost is not required for participant-directed investments. |
12.
Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4(j)
Schedule of Reportable Transactions
December 31, 2006
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern Govt Portfolio |
|
Money Market Fund, 116 purchases |
|
$ |
7,523,808 |
|
|
$ |
|
|
|
$ |
7,523,808 |
|
|
$ |
7,523,808 |
|
|
$ |
|
|
Northern Govt Portfolio |
|
Money Market Fund, 115 sales |
|
|
|
|
|
|
7,249,750 |
|
|
|
7,249,750 |
|
|
|
7,249,750 |
|
|
|
|
|
Park National Corporation
Common Stock |
|
Common Stock, 80 purchases |
|
|
5,249,469 |
|
|
|
|
|
|
|
5,249,469 |
|
|
|
5,249,469 |
|
|
|
|
|
13.
PARK NATIONAL CORPORATION
EMPLOYEES STOCK OWNERSHIP PLAN
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2006
INDEX TO EXHIBITS
|
|
|
|
|
Exhibit No. |
|
Description |
23.1 |
|
|
Consent of Independent Registered Public Accounting Firm
Ernst & Young LLP |
23.2 |
|
|
Consent of Independent Registered Public Accounting Firm
Crowe Chizek and Company LLC |