AGREEMENT AND PLAN OF REORGANIZATION by and among TOWNEBANK, TB ACQUISITION, LLC, PARAGON COMMERCIAL CORPORATION and PARAGON COMMERCIAL BANK April 26, 2017Agreement and Plan of Reorganization • May 1st, 2017 • Paragon Commercial CORP • State commercial banks • Virginia
THIS AGREEMENT AND PLAN OF REORGANIZATION (the “Agreement”) is made and entered into as of April 26, 2017, by and among TowneBank, a Virginia banking corporation (“Towne”), TB Acquisition, LLC, a Virginia limited liability company and wholly owned subsidiary of Towne (“Towne Merger Sub”), Paragon Commercial Corporation, a North Carolina business corporation (“Holding Company”), and Paragon Commercial Bank, a North Carolina banking corporation and wholly owned subsidiary of Holding Company (“Bank Subsidiary”).
