Park National in Ohio to record income from property sale

Park National in Newark, Ohio, will record $11.4 million of net income in the third quarter after selling a foreclosed property. 

The $9.8 billion-asset company disclosed in a regulatory filing that SE Property Holdings, a subsidiary, completed the foreclosure of a property that had been charged off. 

The property was sold on Aug. 5 for $12.4 million. The company incurred $1 million of direct expenses tied to the sale.