RALEIGH, NC – Paragon Commercial Bank, the first business-only bank in North Carolina, is about to become the first business-only bank in Virginia.  Veteran Richmond banker Michael E. Keck has been named president of the new venture, which will be based in Richmond.

“Richmond is a strong market with a healthy economy,” said Keck, who most recently was a senior vice president for Bank of America’s middle market banking division in Richmond.  “And Virginia is a wonderful environment for business.”

Bob Hatley, CEO of Paragon Commercial Bank, which is based in Raleigh, said Richmond has a lot of the characteristics of Raleigh.  “Richmond is the place and Mike Keck is the person to lead the way in Paragon’s expansion,” he said.  “We’d like to eventually grow throughout the southeast.  As we grow, we’ll still be the bank known for customer service.”

Keck, who received undergraduate and graduate degrees from the University of Richmond and a graduate degree in business from Rutgers University, has spent his entire 33-year banking career in Richmond.

“Paragon will give Richmond businesses a high-quality alternative to the very large banks as well as the small community banks,” Keck said.  “I’m in the process of hiring an experienced, talented commercial banking team which will provide an excellent array of products and services.”

Keck said local businesses can expect more personal attention than they’ve been receiving from the larger banks.  “As we have discussed Paragon’s business model and plans for Richmond, we have received a terrific response from the business and professional community,” he said.

Keck, an active leader in many Richmond civic, charitable and church organizations, plans to announce a location for Paragon soon and the bank should be open before the end of the year.

Paragon Commercial Bank, found on the web at www.paragoncommercial.com, opened in May 1999 and currently has $435 million in assets.  Paragon provides banking products and services tailored to meet the needs of small to medium-size companies with revenues from $5 million to $25 million, including commercial real estate companies, residential construction firms and professional service firms, particularly attorneys, health care providers and accountants.