Paragon Commercial Bank, with offices in Raleigh and Charlotte, NC, was formed exclusively to serve the financial needs of a select group of targeted clients, including mid-sized commercial businesses and their owners. The bank's business focus includes operating companies in a wide range of categories, professional firms, and nonprofit organizations.
As North Carolina's first business-only bank, Paragon was formed in 1999 with ten employees in a commercial office center on Glenwood Avenue in Raleigh. From that single location, Paragon began building its brand by offering a unique combination of high-tech and high-touch banking solutions including state of the art on-line banking capabilities and its own elite courier service to pick up deposits.
By the year 2000, early profitability was a sign that Paragon's business model was embraced by its clients and a testimony to Paragon's ability to deliver on it.
In 2005 the bank brought its unique business model to Richmond, Virginia, becoming the first business-only bank in the Commonwealth of Virginia and hiring all local banking professionals to continue growing its client base.
In 2006, Paragon expanded in North Carolina with an office in Charlotte. By the end of that year the bank reached over $500 million in assets by delivering best-in-class commercial banking services to it clients, and did it all with just 74 employees.
In 2009, the bank celebrated its first ten years and reached $1 billion in assets. That same year, Paragon formalized a private banking offering called 'Paragon Private' to meet the demands of business owners and other affluent clientele.
In 2011, the bank sold its Richmond, Virginia office to Xenith Bank to enable it to focus on growing its North Carolina market presence.
Many of Paragon's employees are shareholders of the bank so the motivation to solve a problem, improve efficiencies, and provide timely solutions above and beyond that found in large, traditional bank corporations, is deeply embedded in Paragon's culture.
Providing consistency in service and an exceptional client experience has been Paragon's goal since inception and this focus continues to drive the growth of the bank one client at a time.