Park National (PRK) 8-K Park National Corporation announces 2006 earnings and dividend for first quarter 2007

Exhibit 99.1

News Release

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

January 16, 2007 For Immediate Release

Park National Corporation announces 2006 earnings
and dividend for first quarter 2007

NEWARK, Ohio — Park National Corporation (Park) (AMEX:PRK) today reported a modest increase in net income for 2006, earning $95.347 million, an increase of 0.1 percent over 2005’s net income of $95.238 million. Diluted earnings per share for 2006 increased 2.9 percent from $6.64 in 2005 to $6.83 for 2006. Park also announced the declaration of a regular cash dividend of $.93 per share, payable on March 9, 2007 to shareholders of record on February 21, 2007.

For the fourth quarter of 2006, Park reported net income of $23.849 million, or $1.72 in diluted earnings per share, compared to the same period’s net income in 2005 of $22.831 million, or $1.61 in diluted earnings per share. The fourth quarter posted an increase of 4.5 percent in net income and 6.8 percent in diluted earnings per share.

On or about January 11, 2007, a prospectus of Park/proxy statement of Vision Bancshares, Inc. (“Vision”) was mailed to the shareholders of Vision in connection with the special meeting of shareholders to be held on February 20, 2007. At the special meeting, the Vision shareholders will vote upon the approval of the agreement and plan of merger (the “Merger Agreement”) providing for the merger of Vision into Park. The signing of the Merger Agreement had been jointly announced by Park and Vision on September 14, 2006. The merger transaction is subject to the satisfaction of customary closing conditions in the Merger Agreement and the approval of appropriate regulatory authorities and of the shareholders of Vision. Park has filed all necessary regulatory applications and anticipates the transaction will close on or about March 9, 2007, assuming all required approvals have been received and conditions to closing satisfied.

Vision was established in 2000 and has two community bank affiliates, both named Vision Bank. One is headquartered in Gulf Shores, Alabama and the other in Panama City, Florida. These banks operate 15 full-service offices. They will become subsidiaries of Park and retain their name, local leadership and boards of directors. Vision’s 185 associates provide full-service community banking and specialize in commercial banking. As of September 30, 2006, Vision had $697 million in assets, $559 million in loans, and $595 million in deposits.

Under the terms of the Merger Agreement, the shareholders of Vision are entitled to elect to receive, in exchange for their shares of Vision common stock, either (a) cash, (b) Park common shares, or (c) a combination of cash and Park common shares, subject to the election and allocation procedures set forth in the Merger Agreement. Park will cause the requests of the Vision shareholders to be allocated on a pro-rata basis so that 50% of the shares of Vision common stock outstanding at the effective time of the merger will be exchanged for cash at the rate of $25.00 per share of Vision common stock and the other 50% of the outstanding shares of Vision common stock will be exchanged for Park common shares at the exchange rate of 0.2475 Park common shares for

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

News Release

each share of Vision common stock. This allocation is subject to adjustment for cash paid in lieu of fractional Park common shares in accordance with the terms of the Merger Agreement.

As of January 8, 2007, 6,114,518 shares of Vision common stock were outstanding and 828,834 shares of Vision common stock were subject to outstanding stock options with a weighted average exercise price of $8.21 per share. Each outstanding stock option (that is not exercised prior to the election deadline specified in the Merger Agreement) 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 (1) (a) $25.00 multiplied by (b) the number of shares of Vision common stock subject to the unexercised portion of the stock option minus (2) the aggregate exercise price for the shares of Vision common stock subject to the unexercised portion of the stock option.

Headquartered in Newark, Ohio, Park holds $5.47 billion in assets (based on asset totals as of December 31, 2006). Park and its subisidiaries consist of 12 community banking divisions and two specialty finance companies, all based in Ohio. Park operates 138 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., and Guardian Financial Services Company.

Safe Harbor Statement
Except for the historical and present factual information contained in this press release, the matters discussed in this press release, including statements as to the expected benefits of the merger transaction such as efficiencies, market profile, product offerings and financial strength, and the competitive ability and position of the combined organizations, and other statements identified by words such as “will,” “anticipates,” 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 Vision shareholder approval of the Merger Agreement on the proposed terms and schedule; the possibility that costs or difficulties related to the integration of the businesses of Vision and Park will be greater than expected or that the cost savings and any revenue synergies of the combined organizations following the merger transaction may be lower or take longer to realize than expected; disruptions from the merger transaction may make it more difficult to maintain relationships with customers, employees or suppliers; the impact of competition; changes in economic conditions in the respective market areas served by Park and its subsidiaries and Vision and its subsidiaries; changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries and Vision 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 respective market areas served by Park and its subsidiaries and Vision and its subsidiaries; and other risk factors relating to our industry as detailed from time to time in each of Park’s and Vision’s reports filed with the Securities and Exchange Commission (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 on which they are made. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Park or any person acting on Park’s behalf are qualified by these cautionary statements. Further information on other factors which could affect the financial results of Park after the merger transaction are included in Park’s filings with the SEC. These documents are available free of charge through the website maintained by the SEC at http://www.sec.gov and/or from Park.

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

News Release

Additional Information And Where To Find It
Park has filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 and a prospectus of Park/proxy statement of Vision that was mailed to the shareholders of Vision on or about January 11, 2007, in connection with the merger transaction contemplated by the Merger Agreement. Investors and shareholders of Vision are urged to read the prospectus/proxy statement because it contains important information about Park, Vision and the merger transaction. Investors and shareholders of Vision can obtain a copy of the prospectus/proxy statement, as well as other filings containing information about Park and Vision, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the prospectus/proxy statement, and the filings 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, Attn: John W. Kozak, Chief Financial Officer (740.349.3792), or to Vision Bancshares, Inc., 2200 Stanford Road, Panama City, Florida 32405, Attn: William E. Blackmon, Chief Financial Officer, (251.968.1001).

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 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 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. Other information regarding the potential participants in the proxy solicitation and their interests in the solicitation, is set forth in the registration statement on Form S-4 and in the prospectus of Park/proxy statement of Vision filed with the SEC.

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.

Financial Tables are below...

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)
DECEMBER 31, 2006

INCOME STATEMENT	THREE MONTHS ENDED									TWELVE MONTHS ENDED
	DECEMBER 31,									DECEMBER 31,
							PERCENT									PERCENT
	2006			2005			CHANGE			2006			2005			CHANGE
NET INTEREST INCOME	$	54,374		$	55,156			-1.42	%	$	215,177		$	220,564			-2.44	%
PROVISION FOR LOAN LOSSES		1,525			1,400			8.93	%		3,927			5,407			-27.37	%
OTHER INCOME		16,590			14,889			11.42	%		64,665			59,609			8.48	%
GAIN (LOSS) ON SALE OF SECURITIES		0			0						97			96
OTHER EXPENSE		35,645			36,358			-1.96	%		141,002			139,438			1.12	%
INCOME BEFORE TAXES		33,794			32,287			4.67	%		135,010			135,424			-0.31	%
NET INCOME		23,849			22,831			4.46	%		95,347			95,238			0.11	%
NET INCOME PER SHARE-BASIC		1.72			1.62			6.17	%		6.85			6.68			2.54	%
NET INCOME PER SHARE-DILUTED		1.72			1.61			6.83	%		6.83			6.64			2.86	%
CASH DIVIDENDS PER SHARE		0.93			0.92			1.09	%		3.69			3.62			1.93	%
RATIOS AND OTHER INFORMATION
RETURN ON AVERAGE ASSETS		1.76	%		1.66	%					1.77	%		1.71	%
RETURN ON AVERAGE EQUITY		16.81	%		16.33	%					17.49	%		17.03	%
YIELD ON EARNING ASSETS		7.01	%		6.41	%					6.80	%		6.17	%
COST OF PAYING LIABILITIES		3.20	%		2.46	%					2.97	%		2.19	%
NET INTEREST MARGIN		4.38	%		4.39	%					4.37	%		4.34	%
EFFICIENCY RATIO		49.88	%		51.48	%					50.00	%		49.32	%
NET LOAN CHARGE-OFFS	$	1,522		$	2,073					$	3,920		$	5,890
NET CHARGE-OFFS AS A PERCENT OF LOANS		0.18	%		0.25	%					0.12	%		0.18	%
BALANCE SHEET
AT DECEMBER 31,							PERCENT
	2006			2005			CHANGE
INVESTMENTS	$	1,513,498		$	1,663,342			-9.01	%
LOANS		3,480,702			3,328,112			4.58	%
LOAN LOSS RESERVE		70,500			69,694			1.16	%
GOODWILL AND OTHER INTANGIBLES		78,003			69,188			12.74	%
TOTAL ASSETS		5,472,809			5,436,048			0.68	%
DEPOSITS		3,825,534			3,757,757			1.80	%
BORROWINGS		979,913			1,028,858			-4.76	%
EQUITY		571,695			558,430			2.38	%
BOOK VALUE PER SHARE		41.07			39.63			3.63	%
NONPERFORMING LOANS		25,117			22,363			12.31	%
NONPERFORMING ASSETS		28,468			24,731			15.11	%
PAST DUE 90 DAY LOANS		7,832			7,661			2.23	%
RATIOS
LOANS/ASSETS		63.60	%		61.22	%
NONPERFORMING LOANS/LOANS		0.73	%		0.67	%
PAST DUE 90 DAY LOANS/LOANS		0.23	%		0.23	%
LOAN LOSS RESERVE/LOANS		2.03	%		2.09	%
EQUITY/ASSETS		10.45	%		10.27	%

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

	December 31,
	2006			2005
Assets
Cash and due from banks	$	177,990		$	169,690
Money market instruments		8,266			4,283
Interest bearing deposits		1			300
Investment securities		1,513,498			1,663,342
Loans (net of unearned interest)		3,480,702			3,328,112
Allowance for possible loan losses		70,500			69,694
Loans, net		3,410,202			3,258,418
Bank premises and equipment, net		47,554			47,172
Other assets		315,298			292,843
Total assets	$	5,472,809		$	5,436,048
Liabilities and Stockholders’ Equity
Deposits:
Noninterest bearing	$	664,962		$	667,328
Interest bearing		3,160,572			3,090,429
Total deposits		3,825,534			3,757,757
Borrowings		979,913			1,028,858
Other liabilities		95,667			91,003
Total liabilities		4,901,114			4,877,618
Stockholders’ Equity:
Common stock (No par value; 20,000,000 shares authorized in 2006 and 2005; 15,358,323 shares issued in 2006 and 15,271,574 in 2005)		217,067			208,365
Accumulated other comprehensive income (loss), net of taxes		(22,820	)		(10,143	)
Retained earnings		520,819			476,889
Treasury stock (1,436,794 shares in 2006 and 1,178,948 shares in 2005)		(143,371	)		(116,681	)
Total stockholders’ equity		571,695			558,430
Total liabilities and stockholders’ equity	$	5,472,809		$	5,436,048

Park National Corporation
Consolidated Statements of Income
(dollars in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Interest income:
Interest and fees on loans	$	68,065	$	59,759	$	257,056	$	223,868
Interest on:
Obligations of U.S. Government, its agencies and other securities		18,268		19,886		75,300		85,664
Obligations of states and political subdivisions		852		1,037		3,667		4,486
Other interest income		123		122		469		441
Total interest income		87,308		80,804		336,492		314,459
Interest expense:
Interest on deposits:
Demand and savings deposits		7,225		4,490		25,870		15,091
Time deposits		15,774		11,502		56,402		41,808
Interest on borrowings		9,935		9,656		39,043		36,996
Total interest expense		32,934		25,648		121,315		93,895
Net interest income		54,374		55,156		215,177		220,564
Provision for loan losses		1,525		1,400		3,927		5,407
Net interest income after provision for loan losses		52,849		53,756		211,250		215,157
Other income		16,590		14,889		64,665		59,609
Gain (loss) on sale of securities		—		—		97		96
Other expense:
Salaries and employee benefits		20,393		19,134		80,227		78,498
Occupancy expense		2,347		2,097		9,066		8,641
Furniture and equipment expense		1,202		1,287		5,166		5,278
Other expense		11,703		13,840		46,543		47,021
Total other expense		35,645		36,358		141,002		139,438
Income before federal income taxes		33,794		32,287		135,010		135,424
Federal income taxes		9,945		9,456		39,663		40,186
Net income	$	23,849	$	22,831	$	95,347	$	95,238
Per Share:
Net income — basic	$	1.72	$	1.62	$	6.85	$	6.68
Net income — diluted	$	1.72	$	1.61	$	6.83	$	6.64
Weighted average shares — basic		13,845,071		14,134,058		13,929,090		14,258,519
Weighted average shares — diluted		13,872,586		14,199,455		13,966,836		14,348,243

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Assets
Cash and due from banks	$	139,743		$	148,566		$	142,794		$	148,303
Money market instruments		10,445			12,713			8,639			11,272
Interest bearing deposits		1			305			84			986
Investment securities		1,526,529			1,694,688			1,578,243			1,853,524
Loans (net of unearned interest)		3,411,449			3,312,164			3,357,278			3,278,092
Allowance for possible loan losses		70,188			71,050			70,386			71,052
Loans, net		3,341,261			3,241,114			3,286,892			3,207,040
Bank premises and equipment, net		46,704			47,331			46,894			46,418
Other assets		318,420			302,330			317,082			290,545
Total assets	$	5,383,103		$	5,447,047		$	5,380,628		$	5,558,088
Liabilities and Stockholders’ Equity
Deposits:
Noninterest bearing	$	651,753		$	665,426		$	662,077		$	643,032
Interest bearing		3,162,943			3,135,084			3,162,867			3,187,033
Total deposits		3,814,696			3,800,510			3,824,944			3,830,065
Borrowings		924,479			1,009,117			927,789			1,091,730
Other liabilities		81,120			82,760			82,818			77,082
Total liabilities		4,820,295			4,892,387			4,835,551			4,998,877
Stockholders’ Equity:
Common stock		209,721			208,367			208,733			208,349
Accumulated other comprehensive income (loss), net of taxes		(14,798	)		(10,310	)		(21,085	)		1,309
Retained earnings		511,597			468,847			491,726			448,354
Treasury stock		(143,712	)		(112,244	)		(134,297	)		(98,801	)
Total stockholders’ equity		562,808			554,660			545,077			559,211
Total liabilities and stockholders’ equity	$	5,383,103		$	5,447,047		$	5,380,628		$	5,558,088