“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.