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Panacea Financial Announces Partnership with The American College of Emergency Physicians

  • Press

Panacea will provide banking services to ACEP’s ~40,000 members

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 The American College of Emergency Physicians (ACEP), the national medical society representing emergency medicine as a preferred banking and lending provider.

Tyler Stafford, CFA, CEO and Co-Founder of Panacea said, “Emergency physicians have served tirelessly since the outbreak. We’re proud to stand alongside ACEP through this partnership and serve its member base with our banking solutions. Because our company is specifically designed for physicians and physicians in training, we are uniquely able to meet the needs of ACEP members.”

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.

“Our partnership with Panacea provides ACEP members with vital resources for this unique and difficult time,” said Susan Sedory, MA, CAE, executive director of ACEP. “The pandemic has affected many emergency physicians financially and ACEP is firmly committed to helping our members, in their lives and their careers, as we all recover and move forward.”

President and Co-Founder of Panacea, Michael Jerkins, MD added, “Emergency physicians work on the front lines, around the clock. Panacea Financial offers solutions to meet the financial needs of these physicians with our 24/7 support, and services designed specifically for every stage of their training and practice. We’re proud to have partnered with ACEP to further our mission of giving doctors a banking experience they deserve and allow them to practice with less financial stress.”

For more information, please visit staging.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 American College of Emergency Physicians (ACEP)

The American College of Emergency Physicians (ACEP) is the national medical society representing emergency medicine. Through continuing education, research, public education, and advocacy, ACEP advances emergency care on behalf of its 40,000 emergency physician members, and the more than 150 million Americans they treat on an annual basis. For more information, visit acep.org and emergencyphysicians.org.

Click here for the full press release.

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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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