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Panacea Financial is a national digital bank headquartered in Little Rock, Arkansas. It is a division of Primis, a publicly traded and state-chartered member of the FDIC.

The company is focused on traditional banking activities like making loans and taking deposits from the medical community.

History
Panacea Financial was founded in 2020 to meet the financial needs of the healthcare community by co-founders Tyler Stafford, CFA, Michael Jerkins, MD, M.Ed, and Ned Palmer, MD, MPH. As physicians, Dr. Jerkins and Dr. Palmer recognized that the population is distinctly underbanked, leading to financial stress and worsening burnout. Panacea provides financing and banking products to physicians, dentists, veterinarians and podiatrists throughout their career: in-school, in-training, and onward into practice.

The company’s operations are strengthened through its partnership with Primis Bank. Known previously as Southern National Bancorp of Virginia, they rebranded as Primis Bank in 2021.

Services
As of 2020, Panacea provides a variety of both financing products as well as banking services.


 * “PRN” personal loans
 * Student loan refinancing for in-practice in-training healthcare practitioners
 * Personal checking and saving.
 * Commercial lending to medical, dental, and veterinary practices

Practice Loans
The company added practice loans to its services in July 2021. In November of the same year the company added six new employees to its “Panacea Practice Solutions” division.

Panacea Financial Foundation
Panacea operates the “Panacea Financial Foundation”, a 501(c)(3) nonprofit focused on promoting ethnic and racial diversity in the medical field. The foundation offers medical school scholarships, grants for residents and fellows, and donations to partner organizations.