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Paragon National Bank hosted customers, shareholders, and friends at the new Grove Park Banking Center for a ribbon cutting and grand opening reception.
Paragon employees and friends gather outside the banking center as the Grove Park team cuts the ribbon.
The weather was cold and rainy, but the atmosphere inside was warm as Paragon celebrated the grand opening of our newest banking center on January 27. Located at 4515 Poplar near Oak Court Mall, Grove Park sparkled as customers, shareholders, directors, employees, and other friends mingled and admired the facilities.
In addition to being a full-service banking center with a drive-through, private banking, and mortgage lending, Grove Park also features an interactive children’s banking center. Paragon Jr. is an ideal place for parents and teachers to bring children of any age to learn about money, banking, and saving.
Paragon National Bank today announced plans for the opening of a fifth east Memphis area branch.
Located at 4515 Poplar Ave., Paragon’s Grove Park Banking Center will occupy the ground floor of the five-story office building near Oak Court Mall. Paragon signed a 10-year contract with RMR Investments Co. LLC to lease 3,507 square feet in the 60,000 square foot building. Following extensive renovations, the banking center is scheduled for a June 2008 grand opening.
“This new location will further expand Paragon’s footprint westward on the sought-after Poplar corridor,” said Robert Shaw, president of Paragon National Bank. “The area is a hotbed of business activity and having an additional branch allows us to solidify even more relationships, which is consistent with our growth strategy.”
The Grove Park Banking Center will offer Paragon’s full range of banking services, including mortgage lending, private banking and commercial lending. It will be staffed by 6-8 banking professionals with room for growth.
Representing Paragon in the deal was Frank Dyer III, senior vice president of tenant representation at Loeb Properties, Inc. Following structural renovations to the building, an easily accessible drive-thru will provide another convenience to the public.
Paragon currently operates four east Memphis locations at Poplar/Valleybrook, Poplar/Massey, Poplar/Germantown Road, and a banking center in the St. Francis Hospital on Park Ave.
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. Current assets exceed $290 million.
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 banking solutions delivered online and through a variety of technologically advanced solutions. Organized at a time when large and distant banks had taken over familiar Memphis institutions, Paragon enjoys the distinction of local ownership, authentic community engagement, and a staff of experienced banking professionals.
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.