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Panacea Financial Announces Partnership with LocumTenens.com

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Panacea to offer exclusive banking services to leading locum tenens agency

Little Rock, Arkansas –

Panacea Financial (Panacea), a division of Primis that provides financial services for medical students, residents/fellows and attending physicians, today announced a partnership with LocumTenens.com, a leading physician and advanced practitioner staffing agency serving thousands of clinicians annually, as a preferred banking and lending provider.

Under the terms of the partnership, LocumTenens.com physicians will receive exclusive offerings on loan and deposit products, access to Panacea’s national digital banking services, as well as financial literacy courses. In addition, Panacea will host a “Physician Jobs Resource” page on its website that shares helpful content and information about physician jobs and locum tenens work that could increase awareness of the industry for perspective job seekers.

Tyler Stafford, CFA, CEO and Co-Founder of Panacea said, “Locum tenens healthcare providers have unique financial structures and work schedules. They need a nationwide banking solution that can travel with them wherever they work or live and provide the personalized service they deserve. We are thrilled to work with LocumTenens.com to offer solutions specific to their unique situations, as well as access to financial education.”

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. 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 this unique population, including checking and savings accounts, PRN personal loans, medical school loan refinancing, and practice loans.

Chris Franklin, president of LocumTenens.com, commented, “As 1099 contractors, locum tenens clinicians face unique self-employment challenges. Panacea’s full suite of financial services expertly tailored toward medical professionals – from residents to experienced physicians – is a great complement to LocumTenens.com’s services. We believe Panacea’s offerings will help alleviate our clinicians’ common financial concerns so they can focus on patient care.”

President and Co-Founder of Panacea, Michael Jerkins, MD said, “In the face of the unprecedented Covid-19 crisis, LocumTenens.com clinicians demonstrated their readiness to provide care whenever and wherever they were needed. We are grateful to these providers and are thrilled to help alleviate their financial concerns and anxieties, giving them some peace of mind as they move about the country to help save lives.”

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

About Panacea Financial

Panacea Financial, a division of Primis, 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 LocumTenens.com

LocumTenens.com specializes in the temporary placement of physicians, advanced practitioners and psychologists at healthcare facilities across the U.S. through onsite and telehealth services. As the industry’s most-visited job board, LocumTenens.com helps healthcare organizations connect with the medical professionals they need to ensure patients have access to quality care. Founded in 1995, LocumTenens.com is a leader in the healthcare staffing industry, helping place clinicians who deliver care to more than seven million patients in over 2,400 healthcare facilities in the U.S. LocumTenens.com is a Jackson Healthcare® company. Learn more at www.locumtenens.com/about.  

Click here for the full press release.

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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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