TowneBank to buy Paragon Commercial

|About: Paragon Commercial Corp. (PBNC)|By:, SA News Editor

TowneBank (NASDAQ:TOWN) agrees to acquire Paragon Commercial (OTCQX:PBNC), creating a community bank with $9.7B in total assets, $7.1B in total loans and $7.5B in total deposits.

PBNC shareholders will receive 1.725 shares of TOWN common stock for each PBNC share, implying a deal value of $59.25/share, or ~$323M.

TOWN expects the deal to be immediately accretive to its earnings in 2018.