Paragon National Bank today announced that it is the Champion Award winner of the medium-sized company category in the Memphis Business Journal’s 2006 Best Places to Work competition. Paragon competed in the category with five other mid-sized companies. Winners were announced at a luncheon today in Memphis.
“It is an honor to be selected as one of the area’s best places to work,” said Robert Shaw, president of Paragon National Bank. “While we pride our bank on superior customer service, winning this competition is even more rewarding knowing that Paragon employees think so highly of their work environment, company leadership and colleagues.”
The 2006 Best Places to Work competition has a category each for small, medium and large companies. To compete in the medium-sized category, entrants must have 51 to 150 employees. To determine finalists, the company’s employees must complete an anonymous survey to rank various factors, such as company loyalty and faith in leadership. Over 80 companies from around the area entered, with 18 finalists chosen.
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. It was the second fastest growing de novo in the U.S. formed during 2005. Current assets exceed $210 million.
Earlier this year, Paragon closed its secondary offering to raise additional capital, with the offer being over-subscribed. Paragon completed the sale of 980,000 shares of its common stock at a price of $12.50 per share. The shares sold will generate net proceeds of approximately $11.7 million in capital for Paragon.