Paragon Bank is one of the Memphis region’s newest banks - yet is the best-experienced. Paragon bankers provide small and mid-sized businesses, along with their owners and executives, with a complete package of banking solutions delivered both in person and online. Paragon confidently promotes local ownership and authentic community engagement with a handpicked team of respected banking professionals.
Established in 2004, Paragon Bank’s founders envisioned a bank based on three core values: integrity, dedication and knowledge.
Our mission is to make a difference by:
- Attracting, developing and retaining high-performing, team-building professionals
- Building loyal customer relationships that exceed customers’ expectations
- Creating exceptional value for our shareholders
- Having a positive impact on our community
During 2004, five Memphis-owned banks were purchased and merged into out-of-state financial institutions. Two of the largest banks in Memphis, which had over 100 years of history each, were included in those sold. After the mergers, a majority of the Memphis banking market share was held by out-of-state institutions for the first time in history.
When locally owned banks are purchased by out-of-market banks, functions are often consolidated and moved to remote locations. This usually results in impersonal customer service, loan decisions made without knowledge of the local market and plummeting employee morale.
Organizers of Paragon National Bank believe that the Memphis area needs a locally owned, locally operated and locally focused bank. Investors and potential customers obviously agree because Paragon raised $23.1 million in capital. That is the highest amount of capital raised for a new bank in Memphis – ever. The capital will support the rapid growth expected for Paragon due to the group of experienced bankers we have assembled.
Annual Shareholders' Meeting