RALEIGH, NC – Michael L. Story of Raleigh has been promoted to executive vice president and chief operating officer of Paragon Commercial Bank, the first business-only bank in North Carolina.
Story graduated from the University of Tennessee in Knoxville in 1982 and from Wake Forest University’s Babcock School of Management in 1985 with a master of business administration. Story, who has been with Paragon since its opening in 1999, previously served as chief lending officer. Prior to joining Paragon, Story was vice president and senior market officer of Centura Bank in Elizabeth City and prior to that, in the banking industry in Raleigh from 1985-1995. Story said his emphasis in 2006 will be expanding production capacity, helping in the bank’s move to a new headquarters, and overseeing bank operations and budget.
Bob Hatley, CEO of Paragon Commercial Bank, said that Story’s promotion allows him to focus on the bank’s growth into several new markets, including Richmond where an office is opening soon. “I have the upmost confidence in Michael to oversee the day-to-day operations of our headquarters,” Hatley said. “We built this bank from the ground up and he’s been an integral part of that.”
Story, who was the fourth employee in what is now a 36-employee bank, said that the bank will pass a half billion dollars in assets in early 2006. “We’ve had tremendous organic growth without buying up other banks, which is the method many other banks use to grow,” he said. “Within five years our assets will approach a billion dollars and we’ll still have fewer than 100 employees, again, without buying other banks. We don’t want to dilute our culture.”
Story said the culture is part of what sets Paragon apart. “We have a unique focus and the quality of our people is tremendous,” he said. “We have minimal turnover because we have created an atmosphere where employees with skills can have fun.” Story said that keeping that consistency is important for both the employees and the clients.
Story and his wife, Jane, have two boys - Crandall, 13, and Austin, 10. Story is heavily involved with Boy Scouts Troop 357, the Occoneechee Scout Council, Hospice and various community service projects.
Paragon Commercial Bank, which opened in May 1999 and has in excess of $450 million in assets, provides banking products and services tailored to meet the needs of small to medium-size companies with revenues from $5 million to $75 million including: operating companies, commercial real estate income properties, residential construction firms, professional service firms, title companies, nonprofits and trade associations.
Paragon Commercial Bank is headquartered in Glenwood Plaza, 3605 Glenwood Ave., Suite 100, Raleigh, NC 27612. Paragon Commercial Bank can be found on the web at www.paragoncommercial.com.