Raleigh, NC, July 04, 2014 --(PR.com
)-- Paragon Commercial Corporation, parent company of Paragon Commercial Bank (“Paragon Bank”), has authorized a 125-for-1 stock split for shareholders of record as of June 9, 2014. The stock split was effective as of June 23, 2014.
Previously at the company’s annual meeting of shareholders in May, shareholders approved the reclassification of Paragon Commercial Corporation class A and class B common stock into a single class of common stock, which took effect May 29, 2014. Both the stock split and the reclassification of shares are intended to increase the liquidity of Paragon Commercial Corporation shares and bring the stock price to a level more attractive to investors.
The company has begun the process to receive a ticker symbol so that Paragon’s stock can be traded on the “over the counter” market and in an electronic manner. Raymond James is applying to become a market maker in the common stock.
Paragon shareholders will receive information required to exchange their current stock certificates in order to have the reclassification and the stock split reflected in their holdings.
“Since our charter in 1999, our emphasis has been on building a strong, financially sound bank that creates extraordinary client experiences for our private banking and commercial clients – and we’ve done that,” said Bob Hatley, president and CEO. “We believe we are now in an excellent position to focus on increasing liquidity and adding value for our shareholders, which these recent actions have the potential to impact.”
About Paragon Bank:
Founded in Raleigh, North Carolina, in 1999, Paragon Bank, with assets of $1.1 billion, provides an extraordinary private banking experience to businesses, professionals, executives, entrepreneurs and other individuals. Paragon’s commitment to an extraordinary client experience is built on the philosophy that clients deserve well prepared bankers who are present and fully available, and proactive about helping clients achieve their goals. Banking services are provided through highly responsive professionals, an extensive courier service, online and mobile technologies, free worldwide ATM access, and a select number of strategically placed offices in Raleigh and Charlotte, North Carolina. For more information, visit www.ParagonBank.com.