"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.