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Park National Bank was founded in July 1908 under the name The Park National Bank of Newark. [2] The organization changed its name to Park National Bank in 1971 shortly after acquiring The People's State Bank. The company then acquired The Utica Savings Bank Company in 1973, followed by The Fairfield National Bank of Lancaster.
FBOP Corporation was a financial services company based in Oak Park, Illinois, United States.As of mid-2009, it had $18.5 billion in assets and was the 46th largest bank holding company in the United States. [2]
On May 1, 2014, Park Sterling completed a $6.5 million deal with Provident Community Bank of Rock Hill, South Carolina. [ 19 ] On October 1, 2015, Park Sterling Corp. announced the purchase of First Capital Bancorp. of Glen Allen, Virginia , a deal valued at $82.5 million.
A community bank offers deposit accounts and loans mainly to local residents and businesses. Community banks are those that have under $1 billion in assets, according to the FDIC.
Another, entirely separate Park National Bank is a Chicago-based bank owned by FBOP Corporation, with branches in Chicago and several nearby suburbs.The Chicago bank failed on October 30, 2009, and was taken over by the Federal Deposit Insurance Corporation, with the bank's assets later being sold to US Bank.
A community bank is a depository institution that is typically locally owned and operated. [citation needed] Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people who understand the local needs of families, businesses, and farmers.
New York Community footprint in the New York metropolitan area (upper-left), southern Florida (upper-right), Ohio (lower-left), and Arizona (lower-right). Flagstar Financial, Inc. (FLG), is a bank holding company for Flagstar Bank headquartered in Hicksville, New York.
Community banking is a form of empowerment-based economics which falls under the larger umbrella of micro-finance.Micro-finance as a whole is focused on the entrepreneurship of individuals, generally with a goal of lifting low-income or disadvantaged groups out of poverty and providing the means for them to prosper. [3]