SEC Form 4 · accession 0001654954-18-000804
Paragon Commercial CORP · PBNC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
BANCTENN CORP
10% Owner
Period of report
Jan 26, 2018
Accepted (ET)
Jan 29, 2018 · 4:50 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001414374
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Jan 26, 2018 | D | 800,125 | — | D | 0 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Effective January 26, 2018 Paragon Commercial Corporation (The "Company") merged with and into TB Acquisition, LLC (a wholly owned subsidiary of TowneBank) with TB Acquisition, LLC as the surviving entity, pursuant to an Agreement and Plan of Reorganization, dated as of April 26, 2017, by and among the Company, Paragon Commercial Bank, TB Acquisition, LLC and TowneBank (the "Merger"). In the Merger, each share of the Company's common stock converted into the right to receive 1.7250 shares of TowneBank common stock. The closing price of TowneBank's common stock on January 26, 2018 was $31.20 per share.