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Paragon Bank has dissolved its national charter and converted to a state charter effective May 1, 2014. The shift to a state charter will have no effect on customers of the bank or day-to-day operations. Additionally, Paragon has formed a holding company entitled Paragon Financial Solutions, which now owns the bank and is regulated by the Federal Reserve. This holding company has one initial investment, Paragon Bank, and the same board members as Paragon Bank.
“We’re constantly taking steps to ensure the positive growth and profitability of Paragon, and this state charter conversion falls in line with that objective,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “It is business as usual at Paragon Bank, the only differences being our new signs and even more of a local presence.”
In late February, Paragon filed an application for admittance and business plan with the Tennessee Department of Financial Institutions (TDFI). In addition to the filing, Paragon sent proxy materials to its shareholders to vote on the issue during a private meeting on April 16. The state charter conversion was approved by TDFI, the Federal Reserve and Paragon shareholders.