Portsmouth-based TowneBank plans to acquire Raleigh, N.C.- based Paragon Commercial Corp., the parent company of Paragon Commercial Bank, in a stock deal valued at $323.7 million.
The combined bank is expected to have $9.7 billion in assets and total deposits of $7.5 billion.
TowneBank also announced its first-quarter earnings on Thursday. Its total profit for the quarter was $21.97 million, up 23.3 percent from the same period last year. Earnings per share were 35 cents, unchaged from the first quarter of 2016.
The Paragon acquisition would give TowneBank a presence in the Charlotte and Raleigh metro areas. The bank currently operates in Hampton Roads, the Richmond area and Northeastern North Carolina.