Paragon National Bank today announced plans for the opening of a fifth east Memphis area branch.
Located at 4515 Poplar Ave., Paragon’s Grove Park Banking Center will occupy the ground floor of the five-story office building near Oak Court Mall. Paragon signed a 10-year contract with RMR Investments Co. LLC to lease 3,507 square feet in the 60,000 square foot building. Following extensive renovations, the banking center is scheduled for a June 2008 grand opening.
“This new location will further expand Paragon’s footprint westward on the sought-after Poplar corridor,” said Robert Shaw, president of Paragon National Bank. “The area is a hotbed of business activity and having an additional branch allows us to solidify even more relationships, which is consistent with our growth strategy.”
The Grove Park Banking Center will offer Paragon’s full range of banking services, including mortgage lending, private banking and commercial lending. It will be staffed by 6-8 banking professionals with room for growth.
Representing Paragon in the deal was Frank Dyer III, senior vice president of tenant representation at Loeb Properties, Inc. Following structural renovations to the building, an easily accessible drive-thru will provide another convenience to the public.
Paragon currently operates four east Memphis locations at Poplar/Valleybrook, Poplar/Massey, Poplar/Germantown Road, and a banking center in the St. Francis Hospital on Park Ave.
Paragon was launched in 2005 with $23.2 million in capital, a record for de novo banks in the Memphis, Shelby County area. Since its inception, Paragon has experienced rapid growth. Current assets exceed $290 million.
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 banking solutions delivered online and through a variety of technologically advanced solutions. Organized at a time when large and distant banks had taken over familiar Memphis institutions, Paragon enjoys the distinction of local ownership, authentic community engagement, and a staff of experienced banking professionals.