BancTenn Corp. last week filed an application with the Federal Reserve to form a bank holding company in order to acquire up to 20% of a commercial bank in North Carolina.

The Kingsport, Tenn., company is the parent of Bank of Tennessee, which has nearly $633.6 million of assets. BancTenn is seeking Fed approval to acquire up to 20% of the outstanding shares of Paragon Commercial Corp. and its subsidiary, Paragon Commercial Bank, in Raleigh.

Paragon Commercial has $1.3 billion of assets and four offices in North Carolina and Virginia, according to the Federal Deposit Insurance Corp.

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