Milford-based First Clermont has assets of $210 million, deposits of $140 million and seven branches, all in Clermont County. The 118-year-old bank quietly put itself up for sale this summer.

Park National has assets of $5.1 billion, deposits of $3.5 billion and 119 branches in 26 Ohio counties.

The merger, along with the purchase of a bank in Zanesville, Ohio, will give Park National assets of $5.5 billion and 132 branches in the state. It also operates two specialty finance companies.

Dan Earley, First Clermont president and CEO, said it would remain an independent community bank, with its name, board of directors and management team as well as all 70 employees.

He also said the deal will allow First Clermont to offer trust and cash management services and sell mutual funds and other investment products.

The deal calls for Park National to pay cash for the shares of John Q. Hammons, First Clermont's lone shareholder.

Both companies' boards have approved the merger. The deal is expected to be completed by January, if federal regulators approve.

Park National is paying a hefty price for First Clermont. The all-cash deal is a premium over the bank's book value of about $25 million as of June 30.

Park National operates an office in downtown Cincinnati and plans to open a branch in West Chester next year.

John Kozak, Park National's chief financial officer, said Clermont County's brisk growth was one of the elements that attracted his bank to buy First Clermont.

He also said Park National would consider acquiring other banks in Greater Cincinnati.

E-mail jmckinney@enquirer.com