RALEIGH, NC – Paragon Commercial Bank, the first business-only bank in Virginia, has hired DeAnn Pangburn as Vice President, Deposit Client Development Officer.

Pangburn, who lives in Beaverdam, Va. and is active in church, civic and charitable organizations in the area, has 23 years of banking experience in Virginia including the last eight with Wachovia Bank.

“I am impressed with Paragon’s model,” Pangburn said. “Having worked for several large banks, I’m looking forward to introducing businesses in the Richmond area to our uniquely personalized service.”

She will focus on generating new deposits and fostering new and existing client relationships, as well has sharing her cash management expertise with clients.

Paragon incorporates all the technology to which businesses have become accustomed but delivers it with a unique combination of professionalism and high-touch customer service, she said.

Veteran Richmond banker Michael E. Keck is president of the Richmond-based bank while Bob Hatley is CEO of the Raleigh, N.C.-based headquarters.

“DeAnn is a great addition to our experienced, talented team,” Keck said. “She understands the needs of people in our area and she understands that the client-bank relationship is paramount. Local businesses can expect a lot more attention than they’ve been getting from the larger banks.”

Hatley said that the new Richmond office is putting together a strong team that shares the values of Paragon Commercial Bank. “Just like Paragon’s philosophy, DeAnn is committed to understanding our customer’s operations, earning their trust and developing a solid ongoing relationship,” he said.

Hatley said that the Richmond office is proving to be a good launch for the bank which plans to eventually grow throughout the southeast. “As we grow, we’ll still be the bank known for customer service,” he said.

Paragon Commercial Bank, found on the web at www.paragoncommercial.com, opened in May 1999 in Raleigh and currently has more than $475 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 $50 million including commercial real estate companies, residential construction firms and professional service firms, particularly attorneys, health care providers and accountants. Paragon also provides corporate finance services for firms with annual sales from $5 million to $100 million.