Newsroom

Paragon National Bank Reaches Profitability as Scheduled

08-13-07

Paragon National Bank announced earnings for the second quarter of 2007. Net income for the quarter was $12,104 compared with a loss of ($372,195) for the same period in the prior year.

“We are proud to announce we have reached profitability,” said Robert Shaw, Paragon President and Chief Executive Officer.  “We had planned to be profitable during the second quarter of this year and we are pleased to have met our projections.  We knew when we founded Paragon that we could have reached profitability sooner; our Board of Directors wisely chose to build a bigger base from which we can serve the Memphis community.  With the record amount of capital we raised, the team we have assembled, and the technology we purchased, we have established a bank that provides the products and expertise of larger banks with outstanding, personal customer service.”

At June 30, 2007, Paragon’s assets totaled $267.1 million, an increase of 32.2% or $65.0 million for one year earlier and $33.3 million since year-end.  Deposits have increased $45.8 million since year-end and totaled $222.2 million at June 30, 2007.  Loan demand remained steady during the second quarter as loans totaled $191.6 million at June 30, 2007, an increase of $23.3 million since December 31, 2006, and $57.5 million from one year earlier.

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.

If you enjoyed this article, would you mind sharing it?

Recent Posts

Congratulations to our 2025 Team Member of the 1st Quarter – Kia Wyatt
05-05-25

Paragon Bank is pleased to announce that Kia Wyatt, Deposit Operations Associate was selected by her peers as the Team Member […]

Read Post

Veteran Bank Executive Scott Hauss Joins Paragon Bank Board of Directors
04-21-25

Paragon Bank announced that Scott Hauss, the Head of School for Evangelical Christian School of Memphis, has joined its Board […]

Read Post

Paragon Bank Celebrates 20 Years of Service and Community Engagement
04-08-25

Paragon Bank is celebrating its 20th anniversary all throughout 2025, and on Thursday, March 27, we hosted our anniversary celebration […]

Read Post

Congratulations to one of our 2024 Team Members of the 4th Quarter – Debbie Howell
03-18-25

Paragon Bank is pleased to announce that Debbie Howell, Vice President — Senior Accountant,  was selected by her peers as […]

Read Post