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Paragon National Bank Opens Fourth Memphis Branch

01-19-07

Saddle Creek location offers expanded service and convenience to Germantown customers.

Paragon National Bank today announced the opening of its newest location in Germantown’s Saddle Creek area at 7600 Poplar Avenue.  The 4,600 square foot branch offers Paragon’s full suite of banking services, drive-thru and ATM.  A grand opening event is scheduled for Tuesday, January 23 from 5 to 7:30 p.m. in the branch’s lobby and will include local dignitaries, bank executives, live entertainment, and refreshments.

For Paragon, this latest expansion reflects the ongoing growth of the organization since launching in the Memphis market two years ago.  This Saddle Creek location expands Paragon’s footprint further east to better serve and grow its Germantown customer base. 

“We’re committed to continually raising our customer’s expectations,” said Robert Shaw, Paragon’s President.  “Our latest expansion into the Germantown market provides added convenience to our existing customers and a great opportunity to increase Paragon’s market share in a very influential part of town.”

Paragon’s Saddle Creek lobby will be lead by Karen Coward.  Karen will be joined by Christy Enoch and Diane Roten, who will move from the bank’s Paragon Place location.  Together the team has over 34 years of banking experience.  

Paragon will continue to donate $10 for every new account opened to the Make-A-Wish organization.  Paragon’s involvement with the organization began during its grand opening celebration.  The first wish was granted in November 2005, and another just last month. 

Construction of the Germantown branch began in March 2006, with construction provided by R.L. Campbell Contracting Company.  Denton Architecture served as the architects on the project. 

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, with current assets exceeding $210 million.  In August 2006, 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 generated net proceeds of approximately $11.7 million in capital for Paragon.

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