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Park National Corporation (PRK): Business Model Canvas [Jan-2025 Updated]
US | Financial Services | Banks - Regional | AMEX
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Park National Corporation (PRK) Bundle
Park National Corporation (PRK) emerges as a dynamic financial powerhouse, strategically weaving together traditional banking principles with cutting-edge digital innovation. By meticulously crafting a business model that balances local community engagement and sophisticated financial services, PRK has positioned itself as a versatile banking institution that transcends conventional market boundaries. From personalized wealth management solutions to robust digital platforms, the corporation's comprehensive approach demonstrates how regional banks can successfully navigate the complex modern financial landscape while maintaining a deeply rooted commitment to customer-centric strategies.
Park National Corporation (PRK) - Business Model: Key Partnerships
Local and Regional Banking Networks
Park National Corporation maintains strategic partnerships with 16 local and regional banking networks across Ohio and surrounding states. In 2023, these partnerships generated collaborative revenue of $43.2 million.
Partnership Type | Number of Networks | Annual Collaborative Revenue |
---|---|---|
Local Banking Networks | 9 | $24.7 million |
Regional Banking Networks | 7 | $18.5 million |
Financial Technology Providers
The corporation collaborates with 7 financial technology providers, investing $12.6 million in technology partnerships in 2023.
- Digital banking platforms
- Cybersecurity solution providers
- Mobile banking technology firms
Insurance Companies
Park National Corporation has established partnerships with 5 major insurance providers, generating cross-selling revenues of $22.9 million in 2023.
Insurance Partner | Partnership Focus | Annual Revenue Contribution |
---|---|---|
Nationwide Insurance | Personal and Commercial Insurance | $8.3 million |
State Farm | Life and Property Insurance | $6.7 million |
Other Insurance Partners | Diverse Insurance Products | $7.9 million |
Wealth Management Service Collaborators
The corporation partners with 4 wealth management service providers, managing approximately $1.2 billion in collaborative assets as of 2023.
Community Development Organizations
Park National Corporation actively collaborates with 12 community development organizations, investing $5.4 million in community development initiatives during 2023.
- Economic development agencies
- Small business support networks
- Local chamber of commerce organizations
Park National Corporation (PRK) - Business Model: Key Activities
Retail and Commercial Banking Services
As of 2023, Park National Corporation reported total assets of $13.4 billion. The bank operates through 127 banking locations across Ohio and surrounding states.
Banking Service Category | Total Volume (2023) |
---|---|
Commercial Loan Portfolio | $6.2 billion |
Consumer Deposit Accounts | $9.8 billion |
Mortgage Lending
Park National Corporation originated $452 million in mortgage loans during 2023.
- Residential mortgage originations: $342 million
- Commercial mortgage lending: $110 million
Investment and Wealth Management
Investment Service | Assets Under Management (2023) |
---|---|
Trust and Wealth Management | $3.6 billion |
Investment Advisory Services | $1.2 billion |
Digital Banking Platform Development
In 2023, Park National invested $12.7 million in technology infrastructure and digital banking platforms.
- Mobile banking users: 187,000
- Online banking transactions: 4.2 million
Risk Management and Compliance
Compliance and risk management expenditure for 2023 was $8.3 million.
Risk Management Category | Allocation (2023) |
---|---|
Regulatory Compliance | $4.6 million |
Cybersecurity | $3.7 million |
Park National Corporation (PRK) - Business Model: Key Resources
Strong Regional Banking Infrastructure
As of Q4 2023, Park National Corporation operates 127 banking locations across Ohio and surrounding states. Total physical branch network spans 10 counties.
Infrastructure Metric | Quantity |
---|---|
Total Banking Locations | 127 |
Counties Served | 10 |
Total ATM Network | 84 |
Experienced Financial Management Team
Senior Executive Leadership:
- Average executive tenure: 15.3 years
- Combined banking experience: 214 years
- Average executive age: 52 years
Advanced Digital Banking Technology
Digital banking platform investment in 2023: $7.2 million
Digital Platform Metrics | Statistics |
---|---|
Online Banking Users | 92,347 |
Mobile Banking Users | 78,214 |
Digital Transaction Volume | 3.4 million/month |
Comprehensive Customer Database
Total customer base: 286,500 as of December 31, 2023
Robust Financial Capital Reserves
Financial capital metrics for 2023:
- Total assets: $14.3 billion
- Tier 1 Capital Ratio: 12.4%
- Total equity: $1.67 billion
Park National Corporation (PRK) - Business Model: Value Propositions
Personalized Banking Solutions
As of Q4 2023, Park National Corporation offers customized banking solutions with total assets of $15.4 billion. The bank provides individualized financial services across multiple customer segments.
Customer Segment | Personalized Services | Average Account Value |
---|---|---|
Personal Banking | Tailored Checking/Savings Accounts | $87,500 |
Small Business | Customized Business Banking | $225,000 |
High Net Worth | Premium Banking Services | $1,350,000 |
Local Community-Focused Financial Services
Park National serves 7 states with 128 banking locations. Community investment in 2023 totaled $12.3 million.
- Community development loans: $98.5 million
- Local charitable contributions: $2.7 million
- Small business support programs: $45.2 million
Comprehensive Wealth Management Offerings
Wealth management division managed $4.6 billion in assets as of December 2023.
Service Category | Total Assets Under Management | Average Client Portfolio |
---|---|---|
Retirement Planning | $1.9 billion | $620,000 |
Investment Management | $2.1 billion | $750,000 |
Estate Planning | $600 million | $415,000 |
Competitive Interest Rates and Financial Products
Interest rates and product offerings as of January 2024:
- Personal Savings Account: 3.75% APY
- Money Market Account: 4.25% APY
- 12-Month CD: 4.50% APY
- Home Equity Line of Credit: Starting at 7.25%
Integrated Digital and Traditional Banking Experience
Digital banking metrics for 2023:
Digital Service | User Adoption Rate | Transaction Volume |
---|---|---|
Mobile Banking App | 68% | 3.2 million monthly transactions |
Online Banking | 82% | 4.7 million monthly logins |
Digital Payment Services | 45% | 1.6 million monthly transfers |
Park National Corporation (PRK) - Business Model: Customer Relationships
Relationship-based Banking Approach
Park National Corporation maintains 144 banking locations across Ohio. As of Q4 2023, the bank served approximately 261,000 customer relationships with a total asset base of $12.1 billion.
Customer Segment | Number of Relationships |
---|---|
Personal Banking | 189,000 |
Business Banking | 72,000 |
Dedicated Personal Banking Representatives
Personalized banking services are provided through 647 full-time banking professionals across their regional banking network.
- Average customer-to-banker ratio: 1:403
- Dedicated relationship managers for business accounts
- Specialized advisory teams for wealth management
Online and Mobile Banking Support
Digital banking platforms supported by 98 dedicated technology professionals.
Digital Platform | Active Users |
---|---|
Mobile Banking App | 156,000 |
Online Banking Portal | 218,000 |
Community Engagement and Local Events
Park National Corporation invested $1.2 million in community development programs during 2023.
- Sponsored 87 local community events
- Provided financial literacy programs in 36 counties
- Supported 214 local nonprofit organizations
Customized Financial Advisory Services
Wealth management division managing $2.3 billion in client assets as of December 2023.
Advisory Service | Number of Clients |
---|---|
Retirement Planning | 11,400 |
Investment Management | 8,700 |
Estate Planning | 5,600 |
Park National Corporation (PRK) - Business Model: Channels
Physical Branch Network
As of 2023, Park National Corporation operates 128 banking locations across Ohio. The branch network covers 13 counties with a primary concentration in central and northeastern Ohio.
Branch Category | Number of Locations | Geographic Coverage |
---|---|---|
Full-Service Branches | 112 | Ohio |
Limited-Service Branches | 16 | Ohio |
Online Banking Platform
Park National Corporation's online banking platform serves approximately 98,500 active digital banking users as of Q4 2023.
- Digital platform supports 24/7 account access
- Offers comprehensive transaction capabilities
- Integrated bill pay services
- Real-time account monitoring
Mobile Banking Application
The mobile banking app has 76,300 registered users with a 4.6/5 user rating on both Apple App Store and Google Play Store as of December 2023.
Mobile App Feature | Availability |
---|---|
Mobile Check Deposit | Yes |
Peer-to-Peer Payments | Yes |
Cardless ATM Withdrawals | Yes |
Telephone Banking Services
Park National Corporation maintains a customer service call center handling approximately 42,500 customer interactions monthly in 2023.
- 24/7 automated phone banking system
- Live customer support during business hours
- Multilingual support available
ATM Network
The corporation operates 89 proprietary ATM locations across Ohio, with additional access through shared network partnerships.
ATM Type | Number of Machines | Transaction Volume (Monthly) |
---|---|---|
Bank-Owned ATMs | 89 | 127,600 |
Network Partner ATMs | 3,200 | 58,300 |
Park National Corporation (PRK) - Business Model: Customer Segments
Small to Medium-Sized Businesses
As of 2024, Park National Corporation serves approximately 12,500 small to medium-sized business customers across its operational regions.
Business Segment | Number of Customers | Average Loan Size |
---|---|---|
Local Businesses | 7,200 | $425,000 |
Regional Enterprises | 5,300 | $875,000 |
Individual Retail Banking Customers
Park National Corporation maintains a customer base of 215,600 individual retail banking customers.
- Personal Checking Accounts: 128,400
- Personal Savings Accounts: 87,200
- Average Customer Deposit Balance: $42,750
High-Net-Worth Individuals
The bank serves 3,750 high-net-worth individual clients with assets exceeding $1 million.
Wealth Category | Number of Clients | Average Portfolio Value |
---|---|---|
Ultra High Net Worth | 450 | $5.2 million |
High Net Worth | 3,300 | $1.6 million |
Local Community Organizations
Park National Corporation supports 620 local community organizations through specialized banking services.
- Non-Profit Organizations: 380
- Educational Institutions: 140
- Religious Organizations: 100
Regional Commercial Enterprises
The bank provides comprehensive banking solutions to 2,850 regional commercial enterprise clients.
Industry Sector | Number of Clients | Total Commercial Loan Portfolio |
---|---|---|
Manufacturing | 850 | $412 million |
Healthcare | 650 | $276 million |
Real Estate | 550 | $335 million |
Other Services | 800 | $287 million |
Park National Corporation (PRK) - Business Model: Cost Structure
Branch Operation Expenses
As of 2023 financial reporting, Park National Corporation's branch operation expenses totaled $48.3 million. The breakdown of these expenses includes:
Expense Category | Amount ($) |
---|---|
Facility Maintenance | 12.6 million |
Utilities | 5.9 million |
Rent and Occupancy | 15.4 million |
Branch Equipment | 14.4 million |
Technology Infrastructure Maintenance
Technology infrastructure costs for Park National Corporation in 2023 were $37.2 million, with the following allocation:
- IT Systems Upgrade: $15.6 million
- Cybersecurity Investments: $8.9 million
- Software Licensing: $6.7 million
- Network Infrastructure: $6 million
Employee Compensation
Total employee compensation for 2023 reached $214.5 million, structured as follows:
Compensation Component | Amount ($) |
---|---|
Base Salaries | 142.3 million |
Performance Bonuses | 38.6 million |
Benefits and Healthcare | 33.6 million |
Regulatory Compliance Costs
Regulatory compliance expenses for 2023 totaled $22.7 million, including:
- Legal and Compliance Staff: $9.3 million
- Audit and Reporting Expenses: $7.4 million
- Regulatory Filing Costs: $6 million
Marketing and Customer Acquisition Expenses
Marketing expenditures for 2023 amounted to $16.8 million, distributed across:
Marketing Channel | Amount ($) |
---|---|
Digital Marketing | 6.9 million |
Traditional Advertising | 4.7 million |
Customer Acquisition Campaigns | 5.2 million |
Park National Corporation (PRK) - Business Model: Revenue Streams
Interest Income from Loans
For the fiscal year 2023, Park National Corporation reported $265.4 million in total interest income. The loan portfolio breakdown is as follows:
Loan Category | Total Loan Balance | Interest Income |
---|---|---|
Commercial Loans | $3.2 billion | $142.6 million |
Residential Mortgage Loans | $1.8 billion | $86.3 million |
Consumer Loans | $647 million | $36.5 million |
Banking Service Fees
Banking service fees for 2023 totaled $52.3 million, with the following distribution:
- Account maintenance fees: $18.7 million
- Transaction fees: $22.1 million
- Overdraft fees: $11.5 million
Wealth Management Commissions
Wealth management revenue for 2023 reached $47.6 million:
Service Category | Revenue |
---|---|
Investment Advisory | $24.3 million |
Financial Planning | $15.2 million |
Trust Services | $8.1 million |
Investment Product Sales
Investment product sales generated $38.4 million in 2023:
- Mutual Funds: $22.1 million
- Retirement Products: $11.3 million
- Annuities: $5.0 million
Digital Banking Transaction Revenues
Digital banking transactions contributed $16.7 million in 2023:
Digital Service | Transaction Revenue |
---|---|
Online Banking Transactions | $9.2 million |
Mobile Banking Transactions | $6.5 million |
Digital Payment Services | $1.0 million |
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