Paragon Buys First Charleston Mortgage

Paragon Financial Corp., Ponte Vedra Beach, Fla., has announced the closing of its previously announced acquisition of First Charleston Mortgage, Charleston, S.C., for an undisclosed amount.The company said it is the first of a series of planned acquisitions aimed at building a network of mortgage brokerages. "We have spent the past several months restructuring our management team and reducing operating overhead," said Paul Danner, Paragon's chief executive officer. "Now that those necessary adjustments are nearly complete, we're perfectly positioned to fully focus our energies on pursuing the original business strategy of acquiring mortgage origination companies with an eye to developing geographical diversification." Paragon can be found online at http://www.paragonfinancialcorp.com.