Paragon Bank, now a Division of TowneBank, has offices in Raleigh, Cary, and Charlotte, North Carolina, and provides a private banking experience to businesses and individuals.
As the newest member of the TowneBank family, Paragon Bank clients now have access to a broader array of services and banking centers while enjoying the same extraordinary client experience they have come to expect.
Under the TowneBank umbrella, Paragon Bank will continue its commercial focus on operating companies, professional firms, and nonprofit organizations with revenues under $100 million, and serving the private banking needs of executives, business owners, entrepreneurs and other individuals, with the vision to be the best brand in banking.
Paragon’s commitment to delivering an extraordinary client experience is built on the philosophy that clients deserve well-prepared, experienced bankers who are present and fully available, and are proactive about helping clients achieve their goals.
The History of Paragon Bank
- Paragon was formed in 1999 with ten employees in a commercial office center on Glenwood Avenue in Raleigh. From that single location, Paragon began building its brand by offering a unique combination of high-tech and high-touch banking solutions including state of the art online banking capabilities and its own elite courier service to pick up deposits.
- By the year 2000, early profitability was a sign that Paragon’s business model was embraced by its clients and a testimony to Paragon’s ability to deliver an extraordinary client experience.
- In 2005, the bank brought its unique business model to Richmond, Virginia, becoming the first business-only bank in the Commonwealth of Virginia and hiring all local banking professionals to continue growing its client base.
- In 2006, Paragon expanded in North Carolina with an office in Charlotte. By the end of that year the bank reached over $500 million in assets by delivering best-in-class commercial banking services to clients, and did it all with just 74 employees.
- In 2009, the bank celebrated its first ten years and reached $1 billion in assets. That same year, Paragon formalized a private banking offering to meet the demands of business owners and other affluent clientele.
- In 2011, the bank sold its Richmond, Virginia office to Xenith Bank to enable it to focus on growing its North Carolina market presence.
- Late in 2013, the bank refreshed its branding to better reflect its private banking approach to serving business and individual clients. This rebranding introduced an update to the bank’s identity, which included a mark symbolizing the bank’s commitment to delivering an extraordinary client experience. “Commercial” was also dropped from the bank’s brand identity, although the legal name of the bank remained unchanged.
- In the Spring of 2014, the Charlotte office relocated to a larger, free-standing building conveniently located in the SouthPark area. In September of the same year, the bank opened its third office to extend private banking and commercial services in Cary, a vibrant community near Raleigh.
- Early in 2015, Paragon Commercial Corporation announced that it was approved to trade on the OTC Markets and OTCQX.
- Mid 2016, Paragon Commercial Corporation filed Registration Statement for Initial Public Offering.
- A strategic partnership with TowneBank (Nasdaq: TOWN) on January 26, 2018 enabled Paragon to offer expanded services to clients and operate under the Paragon Bank brand, as a division of TowneBank.
Providing consistency in service and an extraordinary client experience has been Paragon’s goal since inception and this focus continues to drive the growth of the bank one client at a time.