Park National (PRK) 8-K Park National Corporation announces net income for third quarter 2006

Exhibit 99.1

N e w s  R e l e a s e

October 16, 2006 For immediate release

Park National Corporation announces
net income for third quarter 2006

NEWARK, Ohio— Park National Corporation (“Park”) (AMEX:PRK) today reported net income for the third quarter of 2006 of $23.805 million. This amount is a 2.02 percent decrease from the same period in 2005, when Park had net income of $24.295 million. Diluted earnings per share increased slightly for the third quarter of 2006 to $1.71, 1.18 percent higher than 2005’s third quarter diluted earnings per share of $1.69.

Net income for the first three quarters of 2006 decreased 1.26 percent to $71.498 million in 2006, compared to $72.407 million for the same period in 2005. Diluted earnings per share for the first nine months of 2006 was $5.11, 1.59 percent higher than the $5.03 recorded for the same period last year.

According to its regular annual schedule, the Park board of directors will meet in November to consider the next quarterly dividend.

Park announced the signing of two separate definitive agreements in the third quarter of 2006. On August 14, 2006, Park entered into a definitive agreement and plan of merger (the “Anderson Merger Agreement”) providing for the acquisition of Anderson Bank Company (“Anderson”) headquartered in Anderson Township near Cincinnati, Ohio, through the merger of Anderson with and into Park’s subsidiary The Park National Bank (the “Anderson Merger Transaction”). Anderson had approximately $70 million in total assets as of June 30, 2006. Under the terms of the Anderson Merger Agreement, Park will pay approximately $9.05 million in cash and 86,137 common shares of Park to the shareholders of Anderson in the Anderson Merger Transaction. As of August 14, 2006, Anderson had 533,550 common shares outstanding and 16,250 Anderson common shares were subject to outstanding stock options. Based on the closing price of the common shares of Park on October 13, 2006, the aggregate merger consideration would be approximately $17.9 million. The Anderson Merger Transaction is anticipated to close in the fourth quarter of 2006, and is subject to the satisfaction of customary conditions in the Anderson Merger Agreement and the approval of appropriate regulatory authorities and of the shareholders of Anderson. Upon completion of the Anderson Merger Transaction, the two offices of Anderson will become part of the division of The Park National Bank known as The Park National Bank of Southwest Ohio & Northern Kentucky.

On September 14, 2006, Park entered into a definitive agreement and plan of merger (the “Vision Merger Agreement”) with Vision Bancshares, Inc. (“Vision”) providing for the merger of Vision into Park (the “Vision Merger Transaction”). Vision had approximately $696 million in total assets as of June 30, 2006. Under the terms of the Vision Merger Agreement, the shareholders of Vision will receive either $25.00 in cash or 0.2475 Park common shares for each share of Vision common stock. The Vision shareholders will have the option of receiving cash or Park common shares for their shares of Vision common stock (or any combination thereof), subject to the election and allocation procedures in the Vision Merger Agreement. However, Park has reserved the right to

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

N e w s  R e l e a s e

allocate the Vision shareholder elections on a pro-rata basis so that 50 percent of the total Vision shares of common stock outstanding at the time of the Vision Merger Transaction are converted into the right to receive cash and 50 percent are converted into the right to receive Park common shares. As of September 14, 2006, Vision had 6,066,624 shares of common stock outstanding and outstanding stock options covering an aggregate of 884,834 shares of common stock with a weighted average exercise price of $8.09 per share. Each outstanding stock option (that is not exercised) granted under one of Vision’s equity-based compensation plans will be cancelled and extinguished and converted into the right to receive an amount of cash equal to the product of (a) $25.00minus the exercise price of the stock option, multiplied by (b) the number of Vision shares of common stock subject to the unexercised portion of the stock option. Based on the closing price of the common shares of Park on October 13, 2006, the aggregate merger consideration would be approximately $175.4 million assuming that all of the Vision stock options outstanding on September 14, 2006 were exercised and not taking into account the payment of the exercise price which would be received upon the exercise of such Vision stock options. The Vision Merger Transaction is expected to close during the first quarter of 2007, and is subject to the satisfaction of customary conditions in the Vision Merger Agreement and the approval of appropriate regulatory authorities and of the shareholders of Vision. Upon completion of the Vision Merger Transaction, Vision’s two community bank subsidiaries — Vision Bank, an Alabama state banking corporation headquartered in Gulf Shores, Alabama and Vision Bank, a Florida state banking corporation headquartered in Panama City, Florida — will become wholly-owned subsidiaries of Park.

Park National Corporation is an Ohio-based bank holding company headquartered in Newark, Ohio. Park has approximately $5.4 billion in consolidated total assets. Park and its subsidiaries consist of 12 community banks and divisions and two specialty financing companies, all based in Ohio. Park and its subsidiaries operate 136 offices across 29 Ohio counties and one Kentucky county through the following organizations: The Park National Bank, The Park National Bank of Southwest Ohio & Northern Kentucky Division, Fairfield National Division, The Richland Trust Company, Century National Bank, The First-Knox National Bank of Mount Vernon, Farmers and Savings Division, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co., Unity National Division, The Citizens National Bank of Urbana, Scope Leasing, Inc. (Scope Aircraft Finance), and Guardian Financial Services Company. For more information, visit www.parknationalcorp.com.

Financial tables are listed at the end of this news release

Media contacts:
John Kozak, Chief Financial Officer, 740.349.3792
Bethany White, Comm. Specialist, 740.349.3754

Additional Information about the Anderson Merger Transaction and Where to Find It

Park will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Anderson Form S-4”), a prospectus/proxy statement that will be mailed to the shareholders of Anderson and other relevant documents concerning the proposed Anderson Merger Transaction.Investors and shareholders of Anderson are urged to read the Anderson Form S-4 and the prospectus/proxy statement when they become available and any other relevant documents filed with the SEC because they will contain important information about Park, The Park National Bank, Anderson and the proposed Anderson Merger Transaction. Investors and shareholders will be able to obtain a copy of the Anderson Form S-4 and the prospectus/proxy statement (when they are available), as well as

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

N e w s  R e l e a s e

other documents filed with the SEC by Park, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the prospectus/proxy statement, (when it is available), and the filings of Park with the SEC that will be incorporated by reference in the prospectus/proxy statement, can also be obtained, free of charge, by directing a request to Park National Corporation, 50 North Third Street, P.O. Box 3500, Newark, Ohio 43058-3500, Attention: John W. Kozak, Chief Financial Officer (740-349-3792), or to Anderson Bank Company, 1075 Nimitzview Drive, Cincinnati, Ohio 45230, Attention: James R. Gudmens, President (513-232-9599).

Park and Anderson and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Anderson in respect of the proposed Anderson Merger Transaction. Information about the directors and executive officers of Park is set forth in the proxy statement for Park’s 2006 annual meeting of shareholders, as filed with the SEC on March 10, 2006. Information about the directors and executive officers of Anderson and their ownership of Anderson common shares will be included in the Anderson Form S-4 and the prospectus/proxy statement that will be mailed to the shareholders of Anderson in connection with the proposed Anderson Merger Transaction. Other information regarding the participants in the proxy solicitation related to the proposed Anderson Merger Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Anderson Form S-4 and the prospectus/proxy statement and other relevant documents to be filed with the SEC when they become available. You may obtain free copies of these documents as described above.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information about the Vision Merger Transaction and Where to Find It

Park will file with the SEC a registration statement onForm S-4 (the “Vision Form S-4”), a prospectus/proxy statement that will be mailed to the shareholders of Vision and other relevant documents concerning the proposed Vision Merger Transaction.Investors and shareholders of Vision are urged to read the Vision Form S-4 and the prospectus/proxy statement when they become available and any other relevant documents filed with the SEC because they will contain important information about Park, Vision and the proposed Vision Merger Transaction. Investors and shareholders of Vision will be able to obtain a copy of the Vision Form S-4 and the prospectus/proxy statement (when they are available), as well as other relevant documents filed with the SEC by Park and Vision, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the prospectus/proxy statement, (when it is available), and the filings of Park and Vision with the SEC that will be incorporated by reference in the prospectus/proxy statement, can also be obtained, free of charge, by directing a request to Park National Corporation, 50 North Third Street, P.O. Box 3500, Newark, Ohio 43058-3500, Attention: John W. Kozak, Chief Financial Officer (740-349-3792), or to Vision Bancshares, Inc., 2201 West 1^st Street, P.O. Box 4649, Gulf Shores, Alabama 36547, Attention: William E. Blackmon, Chief Financial Officer (251-967-4212).

Park and Vision and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Vision in respect of the proposed Vision Merger Transaction. Information about the directors and executive officers of Park is set forth in the proxy statement for Park’s 2006 annual meeting of shareholders, as filed with the SEC on March 10, 2006. Information about directors and executive officers of Vision and their ownership of shares of Vision common stock is set forth in the proxy statement for Vision’s 2006 annual meeting of shareholders, as filed with the SEC on April 6, 2006. Additional information regarding the participants in the proxy solicitation related to the proposed Vision Merger Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Vision Form S-4 and, the prospectus/proxy statement, and other relevant documents to be filed with the SEC when they become available. You may obtain free copies of these documents as described above.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

N e w s  R e l e a s e

Safe Harbor Statement

Except for the historical and present factual information contained in this news release, the matters discussed in this news release, including statements identified by words such as “will,” “is anticipated to,” “is expected to” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the ability to obtain regulatory approvals and Anderson shareholder approval of the Anderson Merger Transaction on the proposed terms and schedule; the ability to obtain regulatory approvals and Vision shareholder approval of the Vision Merger Transaction on the proposed terms and schedule; the possibility that costs or difficulties related to the integration of the respective businesses of Anderson and Vision with our businesses will be greater than expected or that the cost savings and any revenue synergies of the combined organizations following the Anderson Merger Transactions and the Vision Merger Transaction, respectively, may be lower or take longer to realize than expected; disruptions from the Anderson Merger Transaction and/or the Vision Merger Transaction making it more difficult to maintain relationships with customers, employees or suppliers; the impact of competition; changes in economic conditions in the market area served by Park and its subsidiaries; changes in banking regulations or other regulatory or legislative requirements affecting the business of Park and its subsidiaries; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; fluctuations in interest rates; demand for loans in the market area served by Park and its subsidiaries; and other risk factors relating to our industry as detailed from time to time in Park’s reports filed with the SEC. Park wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events except as may be required by applicable law.

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

PARK NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
SEPTEMBER 30, 2006

INCOME STATEMENT

	THREE MONTHS ENDED									NINE MONTHS ENDED
	SEPTEMBER 30,									SEPTEMBER 30,
							PERCENT									PERCENT
	2006			2005			CHANGE			2006			2005			CHANGE
NET INTEREST INCOME	$	53,562		$	55,551			-3.58	%	$	160,803		$	165,408			-2.78	%
PROVISION FOR LOAN LOSSES		935			1,600			-41.56	%		2,402			4,007			-40.05	%
OTHER INCOME		16,354			15,154			7.92	%		48,075			44,720			7.50	%
GAIN (LOSS) ON SALE OF SECURITIES		97			0						97			96
OTHER EXPENSE		35,489			34,342			3.34	%		105,357			103,080			2.21	%
INCOME BEFORE TAXES		33,589			34,763			-3.38	%		101,216			103,137			-1.86	%
NET INCOME		23,805			24,295			-2.02	%		71,498			72,407			-1.26	%
NET INCOME PER SHARE-BASIC		1.72			1.70			1.18	%		5.12			5.06			1.19	%
NET INCOME PER SHARE-DILUTED		1.71			1.69			1.18	%		5.11			5.03			1.59	%
CASH DIVIDENDS PER SHARE		0.92			0.90			2.22	%		2.76			2.70			2.22	%
RATIOS AND OTHER INFORMATION
RETURN ON AVERAGE ASSETS		1.77	%		1.74	%					1.78	%		1.73	%
RETURN ON AVERAGE EQUITY		17.66	%		17.08	%					17.73	%		17.26	%
YIELD ON EARNING ASSETS		6.87	%		6.23	%					6.74	%		6.08	%
COST OF PAYING LIABILITIES		3.10	%		2.26	%					2.89	%		2.11	%
NET INTEREST MARGIN		4.33	%		4.36	%					4.36	%		4.32	%
EFFICIENCY RATIO		50.39	%		48.15	%					50.05	%		48.60	%
NET LOAN CHARGE-OFFS	$	935		$	1,585					$	2,398		$	3,817
NET CHARGE-OFFS AS A PERCENT OF LOANS		0.11	%		0.19	%					0.10	%		0.16	%

BALANCE SHEET

							PERCENT
AT SEPTEMBER 30,	2006			2005			CHANGE
INVESTMENTS	$	1,563,706		$	1,766,252			-11.47	%
LOANS		3,390,477			3,298,402			2.79	%
LOAN LOSS RESERVE		69,698			70,367			-0.95	%
GOODWILL AND OTHER INTANGIBLES		67,277			69,825			-3.65	%
TOTAL ASSETS		5,393,333			5,518,173			-2.26	%
DEPOSITS		3,889,439			3,821,312			1.78	%
BORROWINGS		871,336			1,065,821			-18.25	%
EQUITY		558,206			563,436			-0.93	%
BOOK VALUE PER SHARE		40.37			39.71			1.66	%
NONPERFORMING LOANS		22,262			21,536			3.37	%
NONPERFORMING ASSETS		25,469			23,696			7.48	%
PAST DUE 90 DAY LOANS		6,689			7,536			-11.24	%
RATIOS
LOANS/ASSETS		62.86	%		59.77	%
NONPERFORMING LOANS/LOANS		0.66	%		0.65	%
PAST DUE 90 DAY LOANS/LOANS		0.20	%		0.23	%
LOAN LOSS RESERVE/LOANS		2.06	%		2.13	%
EQUITY/ASSETS		10.35	%		10.21	%

PARK NATIONAL CORPORATION
Consolidated Statements of Income
(dollars in thousands, except per share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2006		2005		2006		2005
Interest income:
Interest and fees on loans	$	65,843	$	57,338	$	188,991	$	164,109
Interest on:
Obligations of U.S. Government, its agencies and other securities		18,430		21,229		57,032		65,778
Obligations of states and political subdivisions		893		1,095		2,815		3,449
Other interest income		124		106		346		319
Total interest income		85,290		79,768		249,184		233,655
Interest expense:
Interest on deposits:
Demand and savings deposits		7,397		4,111		18,645		10,601
Time deposits		14,914		10,851		40,628		30,306
Interest on borrowings		9,417		9,255		29,108		27,340
Total interest expense		31,728		24,217		88,381		68,247
Net interest income		53,562		55,551		160,803		165,408
Provision for loan losses		935		1,600		2,402		4,007
Net interest income after provision for loan losses		52,627		53,951		158,401		161,401
Other income		16,354		15,154		48,075		44,720
Gain (loss) on sale of securities		97		—		97		96
Other expense:
Salaries and employee benefits		20,268		19,812		59,834		59,364
Occupancy expense		2,275		2,113		6,719		6,544
Furniture and equipment expense		1,273		1,242		3,964		3,991
Other expense		11,673		11,175		34,840		33,181
Total other expense		35,489		34,342		105,357		103,080
Income before federal income taxes		33,589		34,763		101,216		103,137
Federal income taxes		9,784		10,468		29,718		30,730
Net income	$	23,805	$	24,295	$	71,498	$	72,407
Per Share:
Net income — basic	$	1.72	$	1.70	$	5.12	$	5.06
Net income — diluted	$	1.71	$	1.69	$	5.11	$	5.03
Weighted average shares — basic		13,859,498		14,256,723		13,957,097		14,300,005
Weighted average shares — diluted		13,888,458		14,338,418		13,998,253		14,397,838

PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except share data)

	September 30,
	2006			2005
Assets
Cash and due from banks	$	150,251		$	157,321
Money market instruments		5,541			42,143
Interest bearing deposits		1			500
Investment securities		1,563,706			1,766,252
Loans (net of unearned interest)		3,390,477			3,298,402
Allowance for loan losses		69,698			70,367
Loans, net		3,320,779			3,228,035
Bank premises and equipment, net		46,672			47,222
Other assets		306,383			276,700
Total assets	$	5,393,333		$	5,518,173
Liabilities and Stockholders’ Equity
Deposits:
Noninterest bearing	$	686,501		$	649,897
Interest bearing		3,202,938			3,171,415
Total deposits		3,889,439			3,821,312
Borrowings		871,336			1,065,821
Other liabilities		74,352			67,604
Total liabilities		4,835,127			4,954,737
Stockholders’ Equity:
Common stock (No par value; 20,000,000 shares authorized in 2006 and 2005; 15,272,258 shares issued in 2006 and 15,271,624 in 2005)		208,403			208,368
Accumulated other comprehensive income (loss), net of taxes		(16,056	)		(5,519	)
Retained earnings		509,917			467,057
Treasury stock (1,443,789 shares in 2006 and 1,082,636 shares in 2005)		(144,058	)		(106,470	)
Total stockholders’ equity		558,206			563,436
Total liabilities and stockholders’ equity	$	5,393,333		$	5,518,173

PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
(dollars in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Assets
Cash and due from banks	$	144,600		$	147,063		$	143,822		$	148,214
Money market instruments		7,621			11,182			8,031			10,786
Interest bearing deposits		1			684			112			1,215
Investment securities		1,533,314			1,821,149			1,595,671			1,907,051
Loans (net of unearned interest)		3,367,532			3,286,412			3,339,023			3,266,610
Allowance for loan losses		70,304			70,979			70,453			71,052
Loans, net		3,297,228			3,215,433			3,268,570			3,195,558
Bank premises and equipment, net		46,989			47,231			46,958			46,110
Other assets		319,819			292,495			316,630			286,574
Total assets	$	5,349,572		$	5,535,237		$	5,379,794		$	5,595,508
Liabilities and Stockholders’ Equity
Deposits:
Noninterest bearing	$	673,957		$	645,916		$	665,573		$	635,576
Interest bearing		3,200,769			3,196,983			3,162,824			3,204,540
Total deposits		3,874,726			3,842,899			3,828,397			3,840,116
Borrowings		858,131			1,049,351			930,177			1,119,570
Other liabilities		81,910			78,102			82,118			75,077
Total liabilities		4,814,767			4,970,352			4,840,692			5,034,763
Stockholders’ Equity:
Common stock		208,403			208,368			208,400			208,343
Accumulated other comprehensive income (loss), net of taxes	(28,471)				2,672			(23,203	)		5,224
Retained earnings		495,813			452,977			485,030			441,449
Treasury stock		(140,940	)		(99,132	)		(131,125	)		(94,271	)
Total stockholders’ equity		534,805			564,885			539,102			560,745
Total liabilities and stockholders’ equity	$	5,349,572		$	5,535,237		$	5,379,794		$	5,595,508