Park National buys North Carolina bank

Newark-based Park National Bank is making its first acquisition in more than a decade, buying outright a North Carolina bank in which it already had a minority interest.

The bank said Tuesday that it has acquired NewDominion Bank. The bank has two offices, one in downtown Charlotte and one in Mooresville.

Park bought an 8.6 percent stake in the bank for $3.5 million in November 2016. It will pay $76.4 million for the remaining 91.4 percent of the bank.

The deal is expected to close this summer.

NewDominion will become a community bank division within Park. It will keep its name, local leadership and its board.

The deal will allow NewDominion to offer more services, including larger and more specialized loans and wealth-management capabilities, Park said.

“The bankers at NewDominion are a welcome addition to our organization. We have common values and principles regarding community banking and delivering extraordinary service. This partnership is an excellent opportunity to create value for both organizations,” Park CEO David L. Trautman said in a statement.

The bank’s last acquisition was in 2007, when it bought Vision Bank in Alabama and Florida as part of an effort to grow beyond its Midwest roots. But the housing bust hurt Vision, and Park sold the bank in 2012.

Before that, the bank bought Anderson Bank, a small bank in the Cincinnati area, in 2006.

Park has said for several years that it remains interested in acquisitions in and around Ohio and in the Southeast.