Defendant Name: Park National Corporation 

Defendant Type: Public Company
SIC Code: 6712
CUSIP: 70065810

Initial Case Details

Legal Case Name In the Matter of Park National Corporation
First Document Date 21-Sep-2016
Initial Filing Format Administrative Action
File Number 3-17561
Allegation Type Issuer Reporting and Disclosure
AAER 3804

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 21-Sep-2016
Headline Total Penalty and Disgorgement $500,000

Related Documents:

34-78896 21-Sep-2016 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order and Civil Penalties
On September 21, 2016, the SEC filed a settled administrative proceeding against Park National Corporation. According to the SEC: "This matter involves PRK's improper accounting for its Allowance for Loan Losses ("ALLL") relating to certain impaired loans--the largest of which were construction real estate land and development loans--at its Vision Bank ("Vision") subsidiary in 2010 and 2011."
34-78896-s 21-Sep-2016 Administrative Summary
Ohio-Based Bank Settles Charges Due to Understating ALLL
On September 21, 2016, the SEC announced that Park National Corporation, Inc. "has agreed to pay $500,000 to settle charges that it violated the reporting, internal accounting controls, and books-and-records provisions of the federal securities laws in connection with accounting errors identified as part of the company's restatements filed in early 2012."