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.