Panacea Financial Announces Partnership with Arkansas Medical Society (AMS)

Rhea-AI Summary

Panacea Financial, a division of Primis Financial Corp. (NASDAQ: FRST), has partnered with the Arkansas Medical Society (AMS) to offer tailored banking services to its over 4,000 members. This initiative aims to address the unique financial challenges that physicians face, including significant student debt averaging over $200,000. The partnership will provide specialized banking solutions such as personal loans, student loan refinancing, and practice loans, aimed to support physicians throughout their careers.

Positive

• Partnership with AMS enhances service offerings to over 4,000 physicians.
• Tailored banking products cater specifically to the financial needs of medical professionals.
• Addressing significant student debt challenges faced by physicians.

Negative

• None.

Panacea to offer banking and lending services to eligible AMS members  

LITTLE ROCK, Ark., May 12, 2022 /PRNewswire/ -- Panacea Financial (Panacea), a division of Primis Financial Corp. that provides financial services for physicians, dentists, and veterinarians through all stages of their training and practice, has partnered with the Arkansas Medical Society (AMS), the largest organization of physicians in Arkansas, with over 4,000 members across all specialties and employment settings, to provide preferred physician-centric banking services to AMS members.

Tyler Stafford, CFA, CEO and Co-Founder of Panacea said, "While we serve physicians nationwide, we're thrilled to partner with such a strong, physician-led organization in our own backyard of Arkansas and offer its members highly specialized and tailored banking solutions designed just for physicians and trainees."  

Panacea is a financial services company created for doctors, by doctors that provides tailored product offerings and service delivery designed specifically for physicians, dentists, and veterinarians throughout their career: from school, through training, and into practice. Panacea's products cover the full suite of banking needs for this unique population, including PRN personal loans, student loan refinancing, and practice loans.

"The costs to become a physician are unimaginable to most of us," according to David Wroten, Executive Vice President of the Arkansas Medical Society.  "Medical school graduates face an average debt load of over $200,000 and that's before trying to obtain a home mortgage or finance a practice start-up. Panacea has created a banking solution that understands the unique challenges that physicians face and we are excited to be able to offer this to our AMS members."

Panacea President and Co-Founder, Michael Jerkins, MD, added, "I personally understand how important it is for our community to have strong advocates like the Arkansas Medical Society. That is why we are so excited to be able to support AMS and their members across the state with solutions that ease some of the financial pain points we experience during our careers as physicians."

For more information, please visit www.panaceafinancial.com.

About Panacea Financial

Panacea Financial, a Division of Primis Financial Corp. (NASDAQ: FRST), is a nationwide financial services company offering products in all 50 states as well as Washington, D.C. and Puerto Rico. Panacea offers a full suite of banking solutions specifically built for physicians, by physicians. Follow Panacea Financial on Instagram, Facebook, Twitter, and LinkedIn

About the Arkansas Medical Society
AMS represents the physicians in Arkansas who are committed to shaping medicine's future. As simple as "two heads are better than one," we believe that by combining our efforts, we are stronger. We extend your reach as an individual and provide an atmosphere where our organized efforts can make a real difference in the health care of Arkansas.

Media Contact for Panacea Financial:

media@panaceafinancial.com

Media Contact for AMS:

ams@arkmed.org

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SOURCE Panacea Financial

FAQ

What does the partnership between Panacea Financial and AMS entail?

The partnership offers tailored banking services specifically designed for AMS members, addressing their unique financial challenges.

How many members does the Arkansas Medical Society have?

The Arkansas Medical Society has over 4,000 members.

What is the average student debt for medical school graduates according to the press release?

The average debt load for medical school graduates is over $200,000.

What kind of banking solutions does Panacea Financial offer?

Panacea offers personal loans, student loan refinancing, and practice loans among other banking services.

What is the significance of the partnership for physicians in Arkansas?

The partnership provides physicians with financial solutions designed to ease the burden of high educational costs and support their career development.