X0306 4 2018-01-26 true 0001414374 Paragon Commercial CORP PBNC 0001288319 JONES K WESLEY M C/O PARAGON COMMERCIAL CORPORATION 3535 GLENWOOD AVENUE RALEIGH NC 27612 true false false false Common Stock 2018-01-26 4 M false 500 0.00 A 54625 D Common Stock 2018-01-26 4 D false 54625 D 0 D Restricted Stock 0.00 2018-01-26 4 M false 500 0.00 D Common Stock 500 0 D Represents the vesting of a restricted stock grant in connection with the Merger described in footnote 2 below. Disposed of pursuant to the Agreement and Plan of Reorganization, dated as of April 26, 2017 (the "Merger Agreement"), by and among TowneBank, TB Acquisition, LLC, Paragon Commercial Corporation and Paragon Commercial Bank, pursuant to which Paragon Commercial Corporation was merged with and into TB Acquisition, LLC, effective January 26, 2018 (the "Merger"). Pursuant to the Merger Agreement, at the effective date of the Merger, each issued and outstanding share of Paragon Commercial Corporation common stock was converted into the right to receive 1.7250 shares of TowneBank common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, the Reporting Person no longer beneficially owns, directly or indirectly, any shares of Paragon Commercial Corporation common stock. The restricted stock vested in connection with the Merger. /s/ Jonathan A. Greene, by Power of Attorney 2018-01-29