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Paragon Plans Second Stock Sale

05-17-06

Paragon National Bank announced today that it has filed a registration statement with the Office of the Comptroller of the Currency for the sale of up to 880,000 shares of its common stock, subject to Paragon’s right to increase the offering by 100,000 shares. Paragon intends to sell the shares for a price of between $12.50 and $13.50 per share. Paragon said that it plans to use the proceeds of the offering to fund future growth and for other general corporate purposes.

Paragon’s shares of common stock are being offered through Howe Barnes Investments, Inc., the underwriter, on a best efforts basis.  A copy of the offering circular relating to the offering may be obtained when available from Howe Barnes at 222 South Riverside Plaza, 7th Floor, Chicago, Illinois 60606, or by contacting Nick Bach at Howe Barnes at (800) 800-4693.

Paragon National Bank is a national banking association chartered by the Office of the Comptroller of the Currency located in Memphis, Tennessee.  Through three branch locations and through remote access, Paragon provides a full line of banking services to its target market of small businesses, business professionals and consumers in the Memphis Metropolitan Statistical Area, with an emphasis on East Memphis, Collierville, Cordova and Germantown, Tennessee.

A registration statement relating to the shares has been filed with the Office of the Comptroller of the Currency but has not yet become effective.  The shares may not be sold, nor may offers to buy them be accepted, prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell nor the solicitation of an offer to buy the shares nor shall there be any sale of the shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements. Reference is hereby made to the filings of Paragon National Bank with the Office of the Comptroller of the Currency, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.

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