Published by: The Daily Press
Suffolk-based TowneBank completed its previously announced acquisition of Paragon Commercial Corp. in Raleigh, N.C.
Pursuant to the terms of the merger, stockholders of Paragon are entitled to receive 1.725 shares of TowneBank common stock for each share of Paragon common stock in a deal valued at $323.7 million as of April last year. TowneBank said the combined company would have assets of $10.5 billion.
TowneBank will operate in the Raleigh, Charlotte, and Cary markets in North Carolina as Paragon Bank, a division of TowneBank.
Robert C. Hatley will continue in his role as the president and CEO of the Paragon division, according to a news release.
Hatley and Paragon director Howard Jung will join the board of directors of TowneBank.