<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001414374</cik>
        <entityName>Paragon Commercial CORP</entityName>
        <issuerAddress>
            <street1>3535 Glenwood Avenue</street1>
            <city>Raleigh</city>
            <stateOrCountry>NC</stateOrCountry>
            <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
            <zipCode>27612</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(919) 788-7770</issuerPhoneNumber>
        <jurisdictionOfInc>NORTH CAROLINA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>C.</middleName>
                <lastName>Hatley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Steven</firstName>
                <middleName>E.</middleName>
                <lastName>Crouse</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Curtis</firstName>
                <middleName>C.</middleName>
                <lastName>Brewer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roy</firstName>
                <middleName>L.</middleName>
                <lastName>Harmon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Howard</firstName>
                <lastName>Jung</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>F.</firstName>
                <middleName>Alton</middleName>
                <lastName>Russell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <middleName>C.</middleName>
                <lastName>Davis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>L.</middleName>
                <lastName>Story</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3535 Glenwood Avenue</street1>
                <city>Raleigh</city>
                <stateOrCountry>NC</stateOrCountry>
                <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                <zipCode>27612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-08-26</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10800</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Howe Barnes Hoefer &amp; Arnett, Inc.</recipientName>
                <recipientCRDNumber>2240</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>222 South Riverside Plaza</street1>
                    <street2>7th floor</street2>
                    <city>Chicago</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60606-5808</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>12150000</totalOfferingAmount>
            <totalAmountSold>5529600</totalAmountSold>
            <totalRemaining>6620400</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>36</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>250000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Paragon Commercial CORP</issuerName>
                <signatureName>Steven E. Crouse</signatureName>
                <nameOfSigner>Steven E. Crouse</nameOfSigner>
                <signatureTitle>Executive Vice President and Chief Financial Officer</signatureTitle>
                <signatureDate>2010-09-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
