Paragon National Bank recently hosted its sixth annual shareholders’ meeting at The Dixon Gallery and Gardens. During the meeting, shareholders, directors and employees listened to President and CEO Robert Shaw present the bank’s 2010 accomplishments and financials, as well as goals for the coming year.
The meeting began with official shareholder business, which included the election/re-election of Robert S. Shaw, Jr., James F. Freeman and Christopher Saenger to the Board of Directors. Also as part of the business portion of the meeting, Crowe Horwath was ratified as Independent Registered Public Accounting Firm for 2011.
Following the completion of official business, Shaw reviewed the bank’s progress in meeting 2010 goals, which included building the core earnings capacity of the bank and aggressively dealing with credit issues. The significant efforts made during 2010 aided in Paragon’s return to profitability.
Paragon reached this milestone through its successful disposal of nonperforming assets, taking them to the lowest level since the economic crisis began in 2007,
Additionally, the bank maintained a strong loan loss reserve higher than banks of similar size in the region. Paragon also continued its process of multiple loan reviews to ensure proper problem loan identification.
In 2010, the bank continued its momentum in cultivating core deposit growth, noting a 35% increase in other interest bearing deposits and a 52% reduction in high cost time deposits. During the last year, Paragon increased its core non-interest income by 10% and total non-interest income by 9%, which is due in part to the bank expanding its insurance product offerings and increasing the team selling investment securities. In addition to increasing core income, the bank’s quarterly core expenses were reduced to pre-2007 levels.
“We’ve furthered our commitment to customers, staff and the community while aggressively tackling the economy’s lingering effects on the financial industry,” said Shaw. “We’re excited by the progress our team has made over the last year and are pleased with our return to profitability. In 2011, we’ll continue our focus on resolving credit issues and building our core earnings, while working to ensure consistent and sustained profitability and expanding our customer base.”
Other highlights for the year include the launch of mobile banking services and Paragon’s continued involvement with nonprofit and community organizations including Memphis Child Advocacy Center, the Mid-South Food Bank, the Make-A-Wish Foundation of the Midsouth and the March of Dimes Memphis Division.
Paragon National Bank is the Memphis region’s most service-oriented and locally focused bank. Paragon provides individuals and small to mid-sized businesses and their owners with a comprehensive package of both business and personal banking solutions delivered online and in person. Paragon stands out in the crowd of Memphis banks with its local ownership and focus, cutting edge technology and convenience, and the experienced Paragon team.
For more information about Paragon National Bank, please call (901) 273-2900 or visit us online at www.bankparagon.com.