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Affiliation News

News about our affiliation with TowneBank

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Affiliation News

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On April 27, 2017, Paragon Bank and TowneBank announced an agreement to combine their resources, creating a premier southeast regional commercial and private banking company focused on delivering an extraordinary level of client care. Once the agreement is completed later this year, the combined companies will serve clients in North Carolina and Virginia with 40 banking offices.

We will also continue to operate as Paragon Bank after our companies join together!


Why is Paragon Bank affiliating with TowneBank?

We believe our combined companies will create an even more extraordinary client experience with a wider array of products and services and a larger network of banking offices. There is simply no other bank in the United States more closely aligned with our core values, principles, culture, and private banking approach to client care.

Our affiliation with TowneBank will enable Paragon to do more for clients.

  • We will be able to handle larger loan requests and deposit relationships.
  • We can better meet the growing technology needs clients want to access accounts.
  • Clients will have access to 6 additional locations along the coast of North Carolina and 31 locations in Virginia, in addition to our existing 3 offices.
  • We will be able to offer wealth, investment, and insurance services.

When will TowneBank and Paragon join together?

We expect the transaction to close during the first quarter of 2018, pending shareholder and regulatory approvals.

What will happen to the Paragon Bank name?

We will continue to operate as Paragon Bank in the Triangle and Charlotte markets, as a division of TowneBank.

Will I work with the same bankers?

Yes! You will work with your current bankers before and after our companies combine. Please continue to bank with us as usual.

Will there be any changes to my Paragon accounts, checks, debit cards, or loans?

Everything will remain the same for the foreseeable future. We will carefully review your products and services with the goal of enhancing current product offerings whenever possible, and minimizing client impact. You will be receiving additional information about the transition process or any potential changes.

Will the Paragon leadership team change?

Bob Hatley will continue in his role as President and CEO of the Paragon Division, as well as assume duties as President of the North Carolina Banking Operation. Matt Davis will serve as Executive Vice President and Chief Operating Officer of the North Carolina Bank. Brian Reid will continue to serve as the Triangle Market President. Phil Jurney will remain the Charlotte Market President.

How do I find out more about the TowneBank and Paragon Bank combination?

You can always visit this web page for current news. To learn more about TowneBank, you can visit their website at www.TowneBank.com. TowneBank also trades on Nasdaq under the “TOWN” symbol.

We value every client relationship and believe the combined strength of Paragon and TowneBank will allow us to offer you a wider range of services and more locations with the private banking experience you expect from Paragon Bank.