Primis Financial Business Summary

Primis Financial Corp. (NASDAQ: FRST) is a bank holding company that generates revenue primarily through net interest income and a growing suite of non-interest income streams, including mortgage banking and specialized financial services. The company operates through two primary segments: Primis Bank, which provides commercial and retail banking, and Primis Mortgage, a retail production unit that achieved $1.2 billion in closed loan volumes in 2025. Its business model increasingly relies on high-yield niche divisions such as Panacea Financial, which serves medical professionals, and a rapidly expanding warehouse lending arm projected to average $500 million in outstandings through 2026. Primis competes directly with regional financial institutions like Atlantic Union Bankshares, First Busey Corp, and ConnectOne Bancorp. It distinguishes itself in the market as a "digital-first" regional bank, utilizing its proprietary V1BE platform and aggressive asset-repositioning strategies to target a 1.0% return on assets (ROA) by the second half of 2026. The executive team is led by President and CEO Dennis J. Zember, Jr., a seasoned banking executive who previously scaled Ameris Bank from $1 billion to $17 billion in assets. Key leadership includes EVP and CFO Matthew A. Switzer, formerly of Stephens Inc., and Rickey A. Fulk, EVP and President of Primis Bank. While the company traces its roots to the 2004 founding of Southern National Bancorp of Virginia by Georgia S. Derrico and R. Roderick Porter, the current iteration was forged through a 2020 rebranding and strategic pivot led by Zember. The board is chaired by John F. Biagas and features notable industry figures such as John M. Eggemeyer, founder of Castle Creek Capital—a significant institutional investor in the firm—and Deborah B. Diaz, former CTO of NASA. This leadership pedigree combines traditional banking scale expertise with venture-level digital strategy, supported by institutional backing from firms like Castle Creek.