Paragon National Bank held its second annual shareholders’ meeting yesterday at The Dixon Gallery and Gardens. Shareholders gathered to hear the progress Paragon has made in the past year and anticipated growth in 2006.
“Paragon National Bank’s employees are driven by the desire to provide superior customer service,” President and CEO Robert Shaw told shareholders in his opening statements. “We strive to not only meet our customer’s expectations, but to raise those expectations to a new level of excellence.”
Shaw listed the bank’s 2005 accomplishments including the opening of the first two branches, Paragon Place and Fountain Place; the addition of professionals in residential construction lending, aircraft lending and medical banking; and the acquisition of two properties in Germantown for future growth. One of those two sites will be built upon and a new branch opened as early as this fall.
Of the 166 de novo banks chartered in the United States during 2005, Paragon National Bank ranked second in asset growth. Assets have more than tripled since this time last year. The bank’s loan portfolio and assets have both grown steadily over the last year. Our loan portfolio has grown rapidly, Shaw reported, but loan quality has remained high.
Paragon National Bank touts that its employees have an average of 15 years of experience. “Just because Paragon is new in the Memphis banking scene, doesn’t mean our employees are,” Shaw said. “We have placed an emphasis on hiring professionals who are greatly knowledgeable about particular areas of the banking industry.”
The bank’s cutting edge technology was also highlighted. Paragon is a new bank, Shaw said, we can’t afford to have branches all over Memphis. To overcome this obstacle, Paragon has initiated a myriad of technologies including user-friendly Internet banking, remote deposit capture, imaged lockbox and a 24-hour telephone banking system.
One of Paragon’s priorities is giving back to the community. Paragon supports, among others, a second grade class of students at Hawkins Mill Elementary, granted a wish for a Make-A-Wish child and participated in the 2005 Susan G. Komen Race for the Cure.
“We are committed to helping make our community a better place to live,” Shaw said. “Raising expectations not only in business, but in our neighborhoods as well.”
Paragon National Bank is one of the Memphis region’s newest full-service banks. Paragon provides small and mid-sized businesses, their owners and executives with a complete package of business banking solutions delivered online and in person. Organizing at a time when large and distant banks have taken over familiar Memphis institutions, Paragon enjoys the distinction of local ownership, authentic community engagement, and a rapidly expanding staff of experienced banking professionals.