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Panacea Financial Announces Partnership with Colorado Medical Society (CMS)

  • Press

Panacea to offer banking and lending services to eligible CMS members

Little Rock, Arkansas

Panacea Financial (Panacea), a division of Primis Financial Corp. that provides financial services for physicians and dentists through all stages of their training and practice, has partnered with the Colorado Medical Society (CMS), the premier professional organization for Colorado physicians, with over 7,500 members across all specialties and employment settings, to provide preferred physician-centric banking services to CMS members.

Tyler Stafford, CFA, CEO and Co-Founder of Panacea said, “At our core, Panacea Financial is simply a company that works to make things better for doctors. From concierge banking to doctor-specific lending criteria, Panacea is able to give CMS members a better way to bank. By partnering with the Colorado Medical Society, we are also able to support a strong organization that is constantly advocating for and supporting physicians.”

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 and dental professionals. Panacea provides tailored product offerings and service delivery designed specifically for physicians and dentists throughout their career: from school, through training, and into 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 this unique population, including checking and savings accounts, PRN personal loans, student loan refinancing, and practice loans.

Colorado Medical Society CEO Bryan Campbell said, “CMS supports Colorado physicians in their passions for service, advocacy and education. Everything we do aims to make the practice of medicine easier for our members so they can do what they do best – care for patients. Panacea Financial joins us in our mission by bringing valuable financial services solutions to physicians and practice staff.”

Panacea President and Co-Founder Michael Jerkins, MD, added, “Our physician community benefits from strong medical societies and the Colorado Medical Society is no exception with its work to improve the health of Colorado. That is why we are extremely proud to support CMS and its members by giving them the benefits of a bank built for doctors, by doctors.”

About Panacea Financial

Panacea Financial, a division of Primis (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.

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

About Colorado Medical Society

The Colorado Medical Society champions health care issues that improve patient care, promote physician professional satisfaction and create healthier communities in Colorado. To learn more about CMS, visit www.cms.org. Follow CMS on Instagram, Facebook, Twitter, and LinkedIn.

Click here for the full press release.

Media Contact
[email protected]
833-472-6223

Here’s to better financial solutions for physicians, dentists and veterinarians.

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Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.

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Fine Print

1. All personal loans have a $100 origination fee. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account.  To check the rates and terms you qualify for, click “Apply Today” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval.  Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 660 to qualify for a personal loan.

2. No payments during the first year. For a 5-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.

3. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.

4. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.

5. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.

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