Paragon Bank

What Paragon Bank does

Paragon Bank is a privately held, for-profit bank founded in 1999 and headquartered in Raleigh, North Carolina. The bank operates as a community-focused regional institution providing private and commercial banking services to individuals and businesses across three North Carolina markets—Raleigh, Charlotte, and Cary—within the Research Triangle and Charlotte metropolitan areas. With a workforce of 101 to 250 employees, Paragon Bank occupies the small-to-mid-tier community banking segment, serving both retail and business clients through its branch-based North Carolina footprint.

The bank's operational scope, as disclosed in the available data, is concentrated within North Carolina, with no indication of expansion beyond the three named cities or of additional service lines beyond core private and commercial banking. Specific information on Paragon Bank's technology stack, product mix (e.g., loan products, deposit accounts, wealth management offerings), pricing structure, distribution channels, digital banking capabilities, and revenue mechanics is not present in the input sources. Public disclosures covering M&A activity, regulatory actions, leadership appointments, partnerships, funding events, or product launches specific to Paragon Bank are also absent from the available data, leaving the bank's strategic profile largely undefined beyond its basic firmographic identity.

Name

Paragon Bank

Legal name

TowneBank

Website

https://paragonbank.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Paragon Bank is a privately held regional bank founded in 1999 that provides private and commercial banking services to individuals and businesses in Raleigh, Charlotte, and Cary, North Carolina.

Ownership category

akta.pro rank

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including commercial lending, real estate loans, consumer loans, and credit cards.
2. Deposit and Service Fees: Fees from checking accounts, savings accounts, money market accounts, and certificate of deposits.
3. Wealth Management Services: Revenue from trust accounts, fiduciary advisory services, and investment management through Towne Wealth Management and Towne Trust.
4. Insurance Services: Revenue from Towne Insurance subsidiary providing personal and business insurance products.
5. Mortgage Banking: Revenue from mortgage origination and lending through TowneBank Mortgage.
6. Merchant Services: Transaction fees from card processing and merchant services for business customers.

Go-to-market motion1 record

Distribution channels8 records

Marketing channels9 records

Core offering

Paragon Bank is a community bank that offers private (personal) and commercial banking services to customers in Raleigh, Charlotte, and Cary, North Carolina. The bank serves both individual and business clients with deposit accounts, lending products, and other traditional banking services through its local branch network.

Product overview

TowneBank is a regional banking organization offering a comprehensive suite of financial products and services through a platform-plus-modules architecture. The core banking platform provides personal and business checking and savings accounts, lending products, and digital banking services. The portfolio includes specialized divisions for Private Banking, Wealth Management, Insurance, Mortgage, Trust Services, and 1031 Property Exchanges, along with treasury and merchant services for business customers. Recent acquisitions (Dogwood State Bank, Old Point Financial, Village Bank, Farmers Bank) have expanded the bank's geographic footprint across Virginia and North Carolina.

Differentiator

Problem solved

Functional benefit

Brands

• Card Suite Pro: Mobile app feature allowing users to turn their card off or on, set limits, and manage card controls.
• Towne24
• TowneToday

Products and services

• Private Banking Services

Quantifiable outcome

• Net Promoter Score of 76 compared to industry standard of 41 for financial services organizations
• +3 more outcomes

Segments11 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core.

• Dogwood State BankcoreStrategic or Co-development Partner · 12 January 2026Dogwood State Bank became a Division of TowneBank on January 12, 2026. This merger substantially enhances TowneBank's strategic position along the fast-growing Interstate 85 corridor from Richmond, Virginia into Greenville and the upstate region of South Carolina. The expansion includes markets in Raleigh, Greensboro-Winston Salem, Greenville, and Charlotte in North Carolina, as well as Eastern North Carolina coastal locations and Charleston, South Carolina.
• Old Point Financial Corporation / Old Point National BankcoreStrategic or Co-development Partner · 1 January 2025TowneBank completed merger with Old Point Financial Corporation and Old Point National Bank in 2025. This merger enhances TowneBank's position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise. Old Point Wealth Management became Towne Trust Company, N.A. under leadership of A. Eric Kauders, Jr.
• Village Bank and Trust Financial Corp. (VBFC)coreStrategic or Co-development Partner · 1 January 2024TowneBank (NASDAQ: TOWN) acquired Village Bank and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) through a definitive agreement and plan of reorganization. The merger received FDIC approval and Virginia State Corporation Commission approval before completion.
• Farmers BankcoreStrategic or Co-development Partner · 1 January 2023TowneBank completed merger with Farmers Bank in 2023. The merger was announced in August 2022 and received overwhelming shareholder support in December 2022. This added a new Suffolk and Western Tidewater region under the TowneBank name in April 2023.
• Towne Family of ServicescoreStrategic or Co-development PartnerTowne Family of Services includes: TowneBank (banking), Towne Insurance (insurance), Towne Wealth Management (wealth management), Towne Trust (trust and fiduciary advisory), TowneBank Mortgage (mortgage lending), and RW Towne (real estate). These related entities provide comprehensive financial services under the Towne brand.

Scale indicators6 records

Direct peers

• TowneBank: TowneBank is a Southeast regional community bank headquartered in Hampton Roads, VA, with extensive North Carolina expansion (Raleigh, Cary, Charlotte) overlapping directly with Paragon's stated footprint. Comparable mid-size community bank model offering personal, commercial, and wealth services through a branch-based relationship model.
• First Citizens Bank: First Citizens is a North Carolina-headquartered (Raleigh) full-service commercial and consumer bank with deep roots in the same Raleigh/Cary metros Paragon serves. While much larger, it is the dominant community-bank competitor in Paragon's home market.
• Live Oak Bank: Live Oak Bank is a Wilmington, NC-based digital-first community bank serving small businesses and consumers nationally. Comparable in NC heritage and mid-size asset base; competes for the same commercial deposit and SMB lending relationships in the Carolinas.

Broad incumbents

• Truist Financial Corporation: Truist is a top-10 U.S. commercial bank headquartered in Charlotte, NC, with dominant market share across the Carolinas. Represents the scale competitor Paragon must differentiate against via relationship banking and local decision-making.
• Bank of America: Bank of America is headquartered in Charlotte and is one of the largest U.S. banks. Its Charlotte/Raleigh retail and commercial presence represents the national-scale competitive backdrop for Paragon's commercial and private banking clients.

Regional players

• Pinnacle Financial Partners: Pinnacle Financial Partners is a Southeast/Mid-South regional bank with a relationship-driven commercial banking model that has expanded into the Carolinas. Comparable commercial-banking-led strategy and similar size profile; relevant peer for competitive benchmarking.
• First Horizon National Corporation: First Horizon is a Southeast regional bank headquartered in Memphis, TN, with operations extending into the Carolinas. Similar community-commercial banking profile and useful as a regional comparable for valuation context.
• Atlantic Capital Bank (now part of Fifth Third): Atlantic Capital was a Southeast-focused commercial bank serving middle-market and business clients in NC, GA, and TN before its acquisition by Fifth Third. Useful reference for what a community-commercial bank looks like at Paragon's likely scale.
• First National Bank (FNB Corporation): FNB Corporation is a multi-state regional bank with a commercial-banking-led model. Comparable in mid-size community banking posture and provides a useful external benchmark for valuation and growth multiples.

Others

• Self-Help Federal Credit Union / Self-Help Credit Union: Self-Help is a Durham, NC-based community development credit union with banking services targeted at underserved and small-business clients across NC. Not a direct competitor but operates in Paragon's geography with overlapping SMB banking demand.

Market position

Strengths5 records

Weaknesses5 records

Key risks5 records

Key highlights5 records

Customer concentration

• YouTubeyoutube.com/@townebank
• Facebookfacebook.com/TowneBank
• LinkedInlinkedin.com/company/paragon-bank
• Instagraminstagram.com/townebanksocial
• Xx.com/paragonbanknc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paragon Bank