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PARK NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR-END 1991 EARNINGS

 PARK NATIONAL CORPORATION REPORTS FOURTH QUARTER
 AND YEAR-END 1991 EARNINGS
 NEWARK, Ohio, Jan. 21 /PRNewswire/ -- Park National Corporation (NASDAQ/NMS: PARK) today announced record earnings for 1991. Net income totaled $15.1 million ($4.26 per share) compared with net income of $13.7 million ($3.88 per share) for 1990. Net income was $3.1 million ($.88 per share) and $2.7 million ($.77 per share) for the fourth quarter of 1991 and 1990 respectively. The results include those of Mutual Federal Savings Bank, Zanesville, Ohio, acquired by Park in August of 1990. Per share figures have been adjusted for Park common stock issued pursuant to the acquisition of Mutual and for a two-for-one stock split in April 1991.
 In conjunction with these results, the board of directors approved a cash dividend of $.35 per share, payable on March 10, 1992, to shareholders of record Feb. 21, 1992.
 William T. McConnell, president and chief executive officer of Park, announced that the board of directors approved a change in Park's Salary Deferral Plan (401(k)) which permits participants to direct investment of their contributions and employer matching contributions into shares of Park stock. Such stock will be purchased on behalf of the plan in the open market. He added that this program will encourage stock ownership among the officers and employees of Park thereby increasing their proprietary interest in the success of the corporation.
 Park National Corporation is a $1.2 billion asset financial services holding company, headquartered in Newark, Ohio, whose subsidiaries include Park National Bank (Newark and Columbus, Ohio), Fairfield National Division (Lancaster, Ohio), Richland Trust Company (Mansfield, Ohio) and Mutual Federal Savings Bank (Zanesville, Ohio). Park has 36 full-service banking offices and a network of 23 twenty-four hour teller machines in 10 central Ohio counties.
 -0- 1/21/92
 /CONTACT: Jerry Nethers, vice president of marketing, 614-349-3710; or David Bowers, CFO, 614-349-3708, both of Park National Corporation/
 (PARK) CO: Park National Corporation ST: Ohio IN: FIN SU: ERN


KK -- CL013 -- 1943 01/21/92 14:35 EST
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Publication:PR Newswire
Date:Jan 21, 1992
Words:340
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