Paragon Bank being acquired for $324M in stock

Paragon Bank being acquired for $324M in stock

Raleigh-based Paragon Bank, which launched an initial public offering last year, is being acquired by one of the largest Virginia-based banks, TowneBank. The all-stock deal is valued at $323.7 million. The sale price represents a 15% premium for Paragon shareholders. TowneBank touts the deal, which is slated to close this fall, as enabling it to gain entry into “two of the fastest growing metropolitan areas in the United States, Charlotte and Raleigh.”

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