Primis in Va. to launch digital bank in November

Primis Financial in McLean, Va., will debut its digital bank in mid-November.

The $3.5 billion-asset company said it will launch the bank on Nov. 15, limiting participation to “family and friends.” The bank will be available to more participants in late December.

“Development on expanded consumer and full commercial deposit services are already under way and likely something that we will introduce during the first quarter,” Dennis Zember Jr., Primis’ president and CEO, said in the release.

The company also disclosed that its Panacea Financial division, which focuses on physicians, made its first commercial loan in September and is recruiting commercial health care bankers and a credit team to expand the effort.

Panacea launched an in-training medical/dental school loan refinance product that allows physicians and dentists that are in training to refinance student debt at a lower interest rate. The division will also start to bank veterinarians by Nov. 30.

Finally, the division has signed partnerships with three national and state medical associations.

The Bank Slate

Primis in Va. to launch digital bank in November

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The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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