UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

          A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Park National Corporation

          B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Park National Corporation

50 North Third Street
Newark, Ohio 43055

 

 

REQUIRED INFORMATION

          The following financial statements and supplemental schedules for the Park National Corporation Employees Stock Ownership Plan are being filed herewith:

Audited Financial Statements:

Report of Independent Registered Public Accounting Firm — Crowe Chizek and Company LLC

Report of Independent Registered Public Accounting Firm — Ernst & Young LLP

Statements of Net Assets Available for Benefits at December 31, 2006 and 2005

Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2006 and 2005

Notes to Financial Statements — December 31, 2006 and 2005

Supplemental Schedules:

Schedule of Assets (Held at End of Year), Schedule H, Line 4(i) — December 31, 2006

Schedule of Reportable Transactions, Schedule H, Line 4(j) — December 31, 2006

          The following exhibits are being filed herewith:

Exhibit No.		Description
23.1		Consent of Independent Registered Public Accounting Firm — Ernst & Young LLP
23.2		Consent of Independent Registered Public Accounting Firm — Crowe Chizek and Company LLC

SIGNATURES

          The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Financial Statements and Supplemental Schedules

Park National Corporation Employees
Stock Ownership Plan
Years Ended December 31, 2006 and 2005
With Reports of Independent Registered Public Accounting Firms

Park National Corporation Employees
Stock Ownership Plan

Financial Statements and Supplemental Schedules

Years Ended December 31, 2006 and 2005

Audited Financial Statements
Report of Independent Registered Public Accounting Firm — Crowe Chizek and Company LLC			1
Report of Independent Registered Public Accounting Firm — Ernst & Young LLP			2
Statements of Net Assets Available for Benefits			3
Statements of Changes in Net Assets Available for Benefits			4
Notes to Financial Statements			5
Supplemental Schedules
Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year)			12
Schedule H, Line 4(j) — Schedule of Reportable Transactions			13

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Executive Committee of the Board of Directors
Plan Oversight Committee
Park National Corporation Employees Stock Ownership Plan

We have audited the accompanying statement of net assets available for benefits of the Park National Corporation Employees Stock Ownership Plan (the Plan) as of December 31, 2006, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2006, and the changes in net assets available for benefits for the year then ended, in conformity with U.S. generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year) and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Crowe Chizek and Company LLC

Columbus, Ohio
June 22, 2007

Report of Independent Registered Public Accounting Firm

Executive Committee of the Board of Directors
Park National Corporation

We have audited the accompanying statement of net assets available for benefits of the Park National Corporation Employees Stock Ownership Plan (the Plan) as of December 31, 2005, and the related statement of changes in net assets available for benefits of the Plan for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2005, and the changes in its net assets available for benefits for the year then ended, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Columbus, Ohio
May 4, 2006

Park National Corporation
Employees Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2006 and 2005

		2006				2005
ASSETS
Cash and cash equivalents		$	455,676			$	313,817
Investments, at fair value:
Park National Corporation Common Stock			58,771,746				57,470,291
Mutual Funds			12,039,411				11,014,769
Savings Accounts, issued by Park National Corporation bank affiliates			2,523,339				2,578,328
Total Investments			73,334,496				71,063,388
Contributions receivable:
Employer			47,051				2,000
Employee			97,332				4,000
			144,383				6,000
Accrued interest and dividends			590,121				530,478
Total Assets			74,524,676				71,913,683
NET ASSETS AVAILABLE FOR BENEFITS		$	74,524,676			$	71,913,683

See accompanying notes to financial statements.

Park National Corporation
Employees Stock Ownership Plan
Statements of Changes in Net Assets Available for Benefits
For the years ended December 31, 2006 and 2005

		2006				2005
Additions
Investment (loss) income:
Net realized and unrealized (depreciation) in fair value of investments		$	(1,013,848	)		$	(17,266,634	)
Interest and dividends			2,584,681				2,299,530
Total investment income (loss)			1,570,833				(14,967,104	)
Contributions:
Employer			1,743,664				1,741,382
Employee			3,749,073				3,684,649
Rollover			32,172				112,760
Total contributions			5,524,909				5,538,791
Net increase (decrease) before deductions			7,095,742				(9,428,313	)
Deductions:
Benefit payments to participants			4,484,749				4,241,493
Net increase (decrease) in net assets available for benefits			2,610,993				(13,669,806	)
Net assets available for benefits at beginning of year			71,913,683				85,583,489
Net assets available for benefits at end of year		$	74,524,676			$	71,913,683

See accompanying notes to financial statements.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements
December 31, 2006 and 2005

1. Description of the Plan

The following description of the Park National Corporation Employees Stock Ownership Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering full-time or part-time employees of Park National Corporation and subsidiaries (Park) who have completed one year of service, and are age eighteen or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

Contributions

Each year, participants may contribute up to 25% of their pretax annual compensation, as defined in the Plan. Participants may also contribute rollover amounts representing distributions from other qualified defined contribution plans. The maximum salary deferral permitted by the Internal Revenue Code (Code) was $15,000 and $14,000 for 2006 and 2005, respectively. The Plan also permits participants who are age 50 or older to make catch-up contributions in accordance with Code Section 414(v).

Park provides a matching contribution at a level established annually by Park. For 2006 and 2005, Park matched 50% up to the first 15% of compensation contributed by the participant.

Participant Accounts

Each participant’s account is credited with the participant’s salary deferral and allocation of Park’s contribution and Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Vesting

Participants’ accounts are 100% vested at all times.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

1. Description of the Plan (continued)

Payments of Benefits

Upon termination or after age 59¹/2, a participant may elect lump sum, rollover, or installments over a period certain not to exceed the participant’s (and their designated beneficiary’s) life expectancy in an amount equal to the value of his or her account. A participant can elect to take a distribution of their account balance — in cash or shares of Park National Corporation common stock.

ESOP

Effective January 1, 2002, the Plan was amended and restated to become an ESOP Plan that invests in shares of Park National Corporation common stock. The Plan is not leveraged and all new contributions (both employer and employee) will be used to purchase only Park National Corporation common stock. Participants have the ability to diversify their investments upon reaching age 55. Effective January 1, 2007, the Plan was amended to allow these participants to diversify their investments on a quarterly basis. The Plan has changed its name from Park National Corporation Employees Voluntary Salary Deferral Plan and Trust to Park National Corporation Employees Stock Ownership Plan. All other provisions of the Plan remain the same.

Bank Acquisitions

On December 31, 2004, Park acquired First Federal Bancorp, Inc., (First Federal), a savings and loan holding company headquartered in Zanesville, Ohio. First Federal’s prior plan was terminated and First Federal employees were eligible to participate in the Park National Corporation Plan beginning on January 1, 2005. On January 3, 2005, Park acquired First Clermont Bank of Milford, Ohio. First Clermont’s prior plan was terminated and employees were eligible to participate in the Plan effective January 3, 2005.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

2. Summary of Accounting Policies

Basis of Presentation

The financial statements of the Plan are prepared on the accrual basis.

Valuation of Investments and Income Recognition

Investments are stated at fair value. Park National Corporation common stock is valued at its quoted market price. Shares of mutual funds are valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. Investments in the money market fund and savings accounts are stated at cost, which approximates fair value.

Investment income consists of interest income accrued as earned, and dividend income recorded on the ex-dividend date. Investment transactions are recorded on a trade-date basis.

Administrative Expenses

All administrative expenses charged to the Plan are borne by Park. Trustee fees for the Plan are waived each year. Park also provides other accounting and administrative services to the Plan.

Payment of Benefits

Benefits are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.

Concentration of Credit Risk

At December 31, 2006 and 2005, approximately 79% and 80%, respectively, of the Plan’s assets were invested in Park National Corporation common stock.

At December 31, 2006 and 2005, approximately 3% and 4%, respectively, of the Plan’s assets were invested in savings accounts issued by Park National Corporation bank affiliates. The investments in savings accounts may from time to time exceed the federally insured limits.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

2. Summary of Accounting Policies (continued)

Adoption of New Accounting Standard

Effective January 1, 2006, the Plan adopted Financial Accounting Standards Board (FASB) Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (“the FSP”). This FSP modifies the accounting and reporting requirements for defined contribution plans’ direct and indirect investments in fully benefit-responsive investment contracts. Adoption of the FSP had no effect on the Plan’s 2006 or 2005 financial statements, as the Plan held no direct or indirect interests in fully benefit-responsive investment contracts as of December 31, 2006 or 2005.

3. Plan Termination

Although Park has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

4. Investments

The Plan’s investments are held in trust by The Park National Bank, a wholly owned subsidiary of Park National Corporation. The Plan’s investments (including investments bought and sold as well as held during the year) appreciated/(depreciated) in fair value during the years ended December 31, 2006 and 2005 as follows:

		2006				2005
Park National Corporation Common Stock		$	(2,183,304	)		$	(17,613,216	)
Vanguard Institutional Index Fund			709,975				162,736
Vanguard Short-Term Investment-Grade Bond Fund			4,582				(13,801	)
Vanguard Growth Index Fund			75,063				36,027
Vanguard Institutional Extended Market Index Fund			130,585				87,955
Vanguard Balanced Index Fund			108,990				27,052
Vanguard Total International Stock Index Fund			146,665				71,021
Vanguard Intermediate-Term Bond Index Fund			(6,404	)			(24,408	)
		$	(1,013,848	)		$	(17,266,634	)

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

4. Investments (continued)

The following table represents the fair value of those investments that represent 5 percent or more of the Plan’s net assets available for benefits as of December 31:

		2006				2005
* Park National Corporation Common Stock		$	58,771,746			$	57,470,291
Vanguard Institutional Index Fund			5,803,450				5,534,037

5. Nonparticipant-Directed Investments

The following information represents the assets and the significant components of changes in assets related to the nonparticipant-directed portion of the Park National Corporation Common Stock investment. Initial contributions are deposited into the Plan in the form of cash with shares of Park National Corporation Common Stock purchased on a delayed basis.

		December 31,
		2006				2005
Investment, at fair value:
Park National Corporation Common Stock Fund		$	58,771,746			$	57,470,291
Northern Institutional Government Portfolio			454,650				284,663
		$	59,226,396			$	57,754,954
Changes in assets:
Contributions		$	5,366,183			$	5,454,509
Interest and dividend income			2,124,878				1,945,430
Distributions to participants			(3,710,621	)			(2,916,534	)
Net depreciation in fair value of investments			(2,308,998	)			(17,328,553	)
Increase/(decrease) in assets		$	1,471,442			$	(12,845,148	)

The amounts disclosed as cash and cash equivalents in the Statements of Net Assets Available for Benefits also include participant-directed balances of $1,026 and $29,154 for 2006 and 2005, respectively.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

6. Income Tax Status

The Plan has received a determination letter from the Internal Revenue Service dated September 30, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

7. Party-in-Interest

The Plan held the following party-in-interest investments (at fair value):

		December 31,
		2006				2005
Park National Corporation Common Stock		$	58,771,746			$	57,470,291
The Park National Bank Savings Account			1,806,304				1,869,748
Second National Bank Savings Account			70,289				67,594
The Richland Trust Company Savings Account			646,746				640,986
		$	61,295,085			$	60,048,619

At December 31, 2006, the Plan held 593,654 shares of Park National Corporation common stock, with a fair value of $58,771,746. At December 31, 2005, the Plan held 559,921 shares of Park National Corporation common stock, with a fair value of $57,470,291.

During 2006 and 2005, cash dividends of $2,111,960 and $1,937,478, respectively, were paid to the Plan by Park National Corporation.

At December 31, 2006 and 2005, the Plan held savings accounts issued by Park National Corporation bank affiliates of $2,523,339 and $2,578,328, respectively. During 2006 and 2005, interest of $125,318 and $80,666, respectively, was paid to the Plan by Park National Bank.

During 2006, the Plan purchased 51,429 shares of Park National Corporation common stock.

Costs and expenses incurred in administering the Plan are paid by Park, which totaled $127,206 and $134,586 for 2006 and 2005, respectively.

Park National Corporation
Employees Stock Ownership Plan
Notes to Financial Statements (continued)
December 31, 2006 and 2005

8. Form 5500 Reconciliation

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500.

		December 31,
		2006				2005
Net assets available for benefits per the financial statements		$	74,524,676			$	71,913,683
Less: Accrued interest and dividends			(590,121	)			(530,478	)
Net assets available for benefits per the Form 5500		$	73,934,555			$	71,383,205

The following is a reconciliation of net change in net assets available for benefits per the financial statements to the Form 5500:

		2006				2005
Net increase/(decrease) in net assets available for benefits per the financial statements		$	2,610,993			$	(13,669,806	)
Less: Accrued interest and dividends			(590,121	)			(530,478	)
Plus: Prior year accrued interest and dividends			530,478				492,845
Net increase/(decrease) in net assets available for benefits per the Form 5500		$	2,551,350			$	(13,707,439	)

9. Risks and Uncertainties

The Plan invests in various investment securities including Park National Corporation common stock, mutual funds, savings accounts and a money market fund. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

10. Subsequent Event

On March 9, 2007, Park acquired Vision Bancshares, Inc. (“Vision”). Vision will terminate its 401(k) plan on June 30, 2007 and all employees who have met the eligibility requirements of the Plan will then become eligible to participate in the Plan on July 1, 2007.

SUPPLEMENTAL SCHEDULES

Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4(i)
Schedule of Assets (Held at End of Year)
December 31, 2006

Name of Plan Sponsor:		Park National Corporation
Employer identification number:		31-1179518
Three digit plan number:		002

(b)		(c)
Identity of Issue,		Description of Investment Including						(e)
Borrower, Lessor		Maturity Date, Rate of Interest,		(d)				Current
or Similar Party		Collateral, Par or Maturity Value		Cost				Value
Money Market Fund:
Northern Institutional Government Portfolio		455,676 units		$	455,676			$	455,676
Total Money Market Funds					455,676				455,676
Common Stock:
*   Park National Corporation common stock		593,654 shares		$	36,663,229			$	58,771,746
Total common stock					36,663,229				58,771,746
Mutual Funds:
Vanguard Institutional Index Fund		44,783 shares			*	*		$	5,803,450
Vanguard Short-Term Investment Grade Fund		91,621 shares			*	*			967,519
Vanguard Growth Index Fund		35,183 shares			*	*			1,047,397
Vanguard Institutional Extended Market Index Fund		31,076 shares			*	*			1,202,636
Vanguard Intermediate-Term Bond Index Fund		67,197 shares			*	*			688,772
Vanguard Balanced Index Fund		71,586 shares			*	*			1,529,085
Vanguard Total International Stock Index Fund		45,306 shares			*	*			800,552
Total Mutual Funds					*	*			12,039,411
Savings Accounts, issued by Park National Corporation bank affiliates:
*   The Park National Bank		Interest rate of 5.063%			*	*		$	1,806,304
*   Second National Bank		Interest rate of 5.063%			*	*			70,289
*   The Richland Trust Company		Interest rate of 5.063%			*	*			646,746
Total Savings Accounts, issued by Park National Corporation bank affiliates									2,523,339
Total Investments Held at End of Year								$	73,790,172

Park National Corporation
Employees Stock Ownership Plan
Schedule H, Line 4(j)
Schedule of Reportable Transactions
December 31, 2006

Name of Plan Sponsor:		Park National Corporation
Employer identification number:		31-1179518
Three digit plan number:		002

		(b)																(h)
		Description of Asset Including								(d)				(g)				Current Value				(i)
(a)		Maturity Date, Rate of Interest,				(c)				Selling				Cost of				of Asset on				Net Gain
Identity or Party Involved		Collateral, Par or Maturity Value				Cost				Price				Asset				Transaction Date				or (Loss)
Category (iii) — A series of transactions in excess of 5% of plan assets
Northern Govt Portfolio		Money Market Fund, 116 purchases				$	7,523,808			$	—			$	7,523,808			$	7,523,808			$	—
Northern Govt Portfolio		Money Market Fund, 115 sales					—				7,249,750				7,249,750				7,249,750				—
Park National Corporation Common Stock		Common Stock, 80 purchases					5,249,469				—				5,249,469				5,249,469				—

PARK NATIONAL CORPORATION
EMPLOYEES STOCK OWNERSHIP PLAN

ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2006

INDEX TO EXHIBITS

Exhibit No.				Description
23.1				Consent of Independent Registered Public Accounting Firm — Ernst & Young LLP
23.2				Consent of Independent Registered Public Accounting Firm — Crowe Chizek and Company LLC