NEWARK, Ohio, Dec. 15, 2009 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) announced today the addition of Stephen Kambeitz and Timothy McLain to its board of directors and the board's audit committee, effective January 01, 2010. Park Director Nicholas Berning will resign from the board on December 31, 2009.
Timothy McLain, Certified Public Accountant (CPA), is vice president of McLain, Hill, Rugg & Associates, Inc., an accounting firm with offices in Newark, Zanesville, Lancaster, Logan and New Lexington. In April, 2007, he joined Century National Bank's advisory board and its trust committee. Zanesville-based Century National Bank is a community banking division within Park.
"Tim has provided important direction and insight to the Century National Board during his tenure," said Park Chairman C. Daniel DeLawder. "As a practicing CPA in markets served by various Park community banks, we believe his professional skills and familiarity with our community bank focus will bring additional value to the Park Board."
Stephen Kambeitz is the former Chief Financial Officer (CFO) of State Savings Bank and is currently president and CFO of RC Olmstead, a software development company in Dublin, Ohio. In addition to joining Park's board and serving as new chairman of its audit committee, Kambeitz will join the board of directors for Park's Ohio banking subsidiary The Park National Bank.
"State Savings was a highly admired and successful multi-bank holding company prior to its acquisition in 1998," DeLawder said. "His experience with banking in Ohio markets and his understanding of our service-based culture and community banking model make Steve an outstanding addition to our board."
Nicholas Berning joined Park's board in November 2006 and recently chaired its audit committee. "It has truly been an honor and privilege to be on Park's board and to lead the audit committee," Berning said. "My retirement includes travel and extended relocations that will limit my availability, so I must pass the opportunity to someone who can provide more local service to the board. I have the greatest respect for the Park organization, its board and its management. I know the current leadership will continue to make Park one of the leading banks in the state of Ohio and the country. I will continue to support Park however I can in the future."
"We are deeply grateful for Mr. Berning's service to our organization," DeLawder said. "He joined us at a time of great activity and his special talents were quite valuable. He did an extraordinary job leading the audit committee, working with our internal audit director, our external accounting firm, and regulatory authorities. He has been terrific to work with and will be missed."
Headquartered in Newark, Ohio, Park National Corporation holds $7.0 billion in total assets (as of September 30, 2009). Park consists of 13 community bank divisions and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank, Richland Bank, Century National Bank, First-Knox National Bank, Farmers and Savings Bank, United Bank, Second National Bank, Security National Bank, Unity National Bank and The Park National Bank of Southwest Ohio & Northern Kentucky. Park's other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance) and Guardian Finance Company.
Details about Mr. McLain and Mr. Kambeitz are below:
Mr. Kambeitz holds a bachelor's degree in business and accounting from Wittenberg University. He is president and chief financial officer of RC Olmstead, a privately held financial institution data processor located in Dublin, Ohio. He also serves as chief operating officer and is a member of the board of directors. His past professional experience includes Lighthouse Financial Services (Hilton Head, SC), Fifth Third Bank (Columbus), State Savings Bank (Columbus), Calibre Corporation (Worthington), Worthington Industries (Worthington) and Peat, Marwick, Mitchell & Company (Worthington). He is a member of the Ohio Society of CPAs, the AICPA and Financial Executives International. He resides in Dublin, Ohio.
Mr. McLain holds a bachelor's degree in accounting from Ohio University and has spent his career with McLain, Hill, Rugg & Associates, Inc. He is involved with many organizations including the Muskingum County Foundation Board of Trustees, Zanesville Daybreak Rotary Club, Zanesville Daybreak Rotary Foundation, and Miracle League of Muskingum County. He is a member of the Ohio Society of CPAs and the American Institute of CPAs. Mr. McLain is also heavily involved with his church and serves on the administrative board. He lives in Zanesville with his wife, Debbie and has two grown children.