Panacea Financial Announces Partnership with The Student Osteopathic Medical Association

Rhea-AI Summary

On April 26, 2021, Panacea Financial, a division of Primis (NASDAQ: FRST), announced a partnership with The Student Osteopathic Medical Association (SOMA), representing around 31,000 osteopathic medical students. This collaboration positions Panacea as the preferred banking provider for SOMA, granting each member access to tailored banking services, personal banker support, and financial literacy courses. The partnership aims to address the unique financial challenges medical students face, enhancing their banking experiences as they transition through their medical careers.

Positive

• Partnership with SOMA enhances market reach to 31,000 medical students.
• Access to tailored financial products designed for medical professionals.
• Support for financial literacy aims to empower medical students financially.

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• None.

LITTLE ROCK, Ark., April 26, 2021 /PRNewswire/ -- Panacea Financial (Panacea), a division of Primis that provides financial services for medical students, residents/fellows and attending physicians, today announced a partnership with The Student Osteopathic Medical Association (SOMA).  SOMA is the nation's largest independent organization of approximately 31,000 Osteopathic medical students, vigorously representing their stakeholder's interests nationwide. Panacea will now serve as the organization's preferred banking and lending provider.

The announcement comes during National Osteopathic Medicine Week, a week designed to celebrate the accomplishments and 129-year heritage of osteopathic medicine.

Through this partnership, every SOMA member will receive access to Panacea's national digital banking services, their own private banker, and concierge support team that works 24/7. Additionally, Panacea will also conduct an annual course on medical student financial literacy at SOMA's National Meeting.

Tyler Stafford, CFA, CEO and Co-Founder of Panacea said, "We are excited to announce this partnership with SOMA and are proud to provide banking solutions and support while promoting the interests of osteopathic medical students across the country."

Panacea is a financial services company created for doctors, by doctors on the premise that traditional banks simply do not understand the financial needs of medical professionals. Medical students especially have challenges accessing banking services due to high debt, frequent relocations, and limited historical income. Panacea provides tailored product offerings and service delivery designed specifically for physicians throughout their career: from medical school, through residency and fellowship, and into attending practice. Through the Panacea Financial Foundation, their non-profit arm, they have dedicated funding to expand the ethnic and racial diversity of the medical field.

Panacea's products cover the full suite of banking needs for physicians, including checking and savings accounts, PRN personal loans, medical school loan refinancing, and practice loans. Medical students banking with Panacea can look forward to support throughout the life of their career.

"We are pleased to offer Panacea's products and services to our 15,000 strong SOMA members," said National SOMA President Nicholas Harriel. "Panacea is an ideal partner to provide our members access to banking services historically accessible only to attending physicians. With their dedication to customer service and support, as well as expert financial advice, our members will be supported as they move through their medical school careers and into practice."

President and Co-Founder of Panacea, Michael Jerkins, MD added, "Medical students are too often marginalized, and mistreated by traditional banks. Panacea's mission is to meet the specific financial needs of doctors throughout their entire career - starting with medical school. We couldn't be happier to partner with SOMA to further this mission for the benefit of their student members."

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

About Panacea Financial

Panacea Financial, a division of Primis (NASDAQ: FRST), is a nationwide challenger bank 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.  
 
About The Student Osteopathic Medical Association (SOMA)

The Student Osteopathic Medical Association (SOMA) is the nation's largest network of osteopathic medical students.  SOMA is an American Osteopathic Association (AOA)-affiliated, student-led and student-driven organization with direct representation to the AOA.

Media Contact for Panacea Financial:
Melissa Sheer
media@panaceafinancial.com
917-690-2199

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SOURCE Panacea Financial

FAQ

What is the partnership between Panacea Financial and SOMA about?

Panacea Financial announced a partnership with SOMA to serve as their preferred banking and lending provider, offering tailored financial services to osteopathic medical students.

How many members does SOMA have?

SOMA has approximately 31,000 osteopathic medical students as members.

What services will SOMA members receive from Panacea Financial?

SOMA members will receive access to national digital banking services, personal banker support, and financial literacy courses.

When was the partnership between Panacea and SOMA announced?

The partnership was announced on April 26, 2021.

What is the stock symbol for Panacea Financial's parent company?

The stock symbol for Primis, the parent company of Panacea Financial, is FRST.