February 25, 2009
To our Shareholders and Clients:
As we look to the promise of 2009, I wanted to share a few of our initiatives with you and take this time to sincerely thank you for your business.
In November 2008, we successfully closed $11,780,000 of subordinated notes in a private placement to individual and institutional investors. The notes have a maturity date of November 1, 2018 and are redeemable in whole or in part on or after November 1, 2013. This private placement is a signal of our healthy condition and a continued effort to extend our growth plans and provide access to capital to promote more comprehensive banking relationships with businesses in our markets. We are committed to providing the highest level of service to our clients and to protect and enhance their financial well-being.
As you know, Paragon provides an ideal solution for large depositors to safeguard and increase their assets. Through our participation in the Certificate of Deposit Account Registry Service®, or CDARS®, we can provide you with multi-million dollar FDIC coverage. Paragon’s CDARS program couples the security of deposit protection with the convenience of a local relationship to provide individuals, businesses, non-profits and public entities with unparalleled security and service excellence.
CDARS allows you to work directly with proven, responsive local decision-makers to manage one convenient bank relationship, earn one rate on your entire investment, receive one consolidated statement for your total investment, and have complete FDIC coverage. This program is just one more resource we offer you as a valued client. Please contact us if you would like more information on CDARS.
We are also pleased to announce the addition of J. Frank Tart, Jr. as Market President in Raleigh. Frank will be responsible for overall business development of the Raleigh office, working closely with the bank's seasoned development officers. He will also be responsible for ensuring brand quality and the overall integrity of the bank’s services, as well as a continued commitment to financial solutions not found elsewhere in this market. Frank brings 24 years of experience in the financial services industry to Paragon, as he previously served as Managing Director, Specialty Products at RBC Bank.
We sincerely appreciate your business and our relationship with you. It is always our desire to provide you with the best banking experience possible and we value the trust you place in Paragon. We look forward to our continued relationship.