Monday, November 25, 2013

Paragon Bank to move into new space in 1Q

Paragon Bank is planning to move into its new Charlotte office in the middle of the first quarter, the bank’s Charlotte market president said.

And, Phil Jurney said, the bank will be adding employees to its new, larger space.

Raleigh-based Paragon is moving from Piedmont Town Center, where its customers have to take an elevator to get to the bank’s offices, to a standalone building less than a mile away. The move will keep the bank in SouthPark.

Renovations continue on the new space, a building at 6337 Morrison Blvd. that once housed UBS Financial Services. Paragon bought the property in December for $4.2 million.

Paragon’s new home will be 16,427 square feet. Its Piedmont Town Center space is 9,562 square feet.

Jurney said Paragon will have room for growth in the renovated two-story building. The bank has about 17 employees at Piedmont Town Center, he said. Those employees will fill the first floor and less than one-third of the second at its new space, he said.

Paragon is looking to add commercial and industrial lenders and private bankers to the second floor, he said. The bank might also add a credit analyst, he said.

Jurney also said the vault in the new space is bigger than the one at Piedmont Town Center. The bank needs the larger vault to accommodate growth in safety deposit boxes, he said.

Paragon caters to middle-market companies with revenues from $2 million to $75 million, their executives and high-net worth individuals. The bank only has two locations. The other is in Raleigh.

Jurney said one advantage to the new space is customers can park next to the building on a surface lot. At Piedmont Town Center, customers had to use a parking deck, he said.

The other upshot: “A building we can put our name on.”

(Photo by Deon Roberts)