Paragon National Bank held its second annual shareholders’ meeting April 26, 2007, at The Dixon Gallery and Gardens. Shareholders gathered to hear the progress Paragon has made in the past year and plans for 2007.
Robert Shaw, Paragon’s President and CEO, listed the bank’s 2006 accomplishments including the opening of St. Francis Banking Center; the addition of professionals in commercial lending, mortgage lending, cash management, and business development departments; the expansion of Fountain Place office space; awards for the bank’s marketing and advertising campaigns; and the successful completion of Paragon’s secondary stock offering.
Paragon also introduced a new product for its customers, proving that it does not need a banking center on every corner to be convenient. ParaTeller, Paragon’s remote deposit capture product, was introduced to customers in 2006.
“We could not have enjoyed all of these successes without the hard work of our dedicated employees and board of directors,” said Shaw. “The members of Team Paragon are some of the most talented bankers in the Memphis market. Averaging more than 15 years of experience, they truly understand local banking.”
During 2006, staff members participated in professional development activities, professional organizations, and leadership coaching. Employees have more invested in Paragon than employment, 89% are shareholders owning approximately 15% of the bank.
One of Paragon’s priorities is giving back to the community. Paragon supports a third grade class of students at Hawkins Mill Elementary, granted its second wish for a Make-A-Wish child, and participated in the 2006 Susan G. Komen Race for the Cure. Through financial donations and its employees’ volunteerism, Paragon is proud to support over 65 community foundations and organizations. With the Assisting the Community Through Service (ACTS) program, employees have 40 work hours a year to use to participate in community programs.
Official business brought before shareholders was the re-election of Dr. James Freeman, Ed Roberson, and Craig Weiss to the Board of Directors and the ratification of Paragon’s independent auditing firm.
During 2006 Paragon’s assets increased 53% from $152.2 million at December 31, 2005 to $233.8 million at December 31, 2006. Paragon’s total assets at March 31, 2007 were $256.4 million. During 2006, loans increased 59%, ending the year at $168.9 million. Deposits increased 63% to $176.4 million. Loans and deposits were at $182.3 million and $202.8 million respectively at March 31, 2007.
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.