Updated:
Primis Financial
Dennis J. Zember Jr. leads Primis Financial, a publicly traded Virginia bank holding company that pivoted to a branch-light, tech-forward model in 2021.
Primis Financial
Primis Financial changed its name from Southern National Bancorp of Virginia in 2021 to signal a broader strategic ambition beyond its Virginia roots. The holding company operates Primis Bank, a regional financial institution headquartered in McLean, Virginia, offering depository and lending services alongside a growing suite of technology-driven banking products. The firm has publicly communicated a mission to build a "branch-light" model, investing in digital account opening and a proprietary technology stack to reduce its reliance on traditional brick-and-mortar costs. The firm's operating model combines a regional commercial bank with a digital consumer and mortgage division. Its subsidiary, Primis Mortgage, originates residential loans across a national footprint that extends well beyond its Mid-Atlantic branch network. On the commercial side, Primis provides tailored lending solutions for real estate, C&I, and government contracting clients concentrated in the Washington, D.C., metro area. The company also launched a specialized digital deposit vertical, V1BE, aimed at capturing deposits from customers nationwide through a mobile-first interface. Primis Financial trades on the Nasdaq under the ticker FRST, with Dennis J. Zember Jr. serving as CEO and President. As of its 2021 rebrand, the firm's leadership made a concentrated push to market its proprietary technology platform and Panacea Financial partnership, a fintech-focused division serving the medical and dental professions. A recent operational shift included exploring strategic alternatives for its mortgage segment in 2023 to manage cyclical earnings pressure, ultimately deciding to restructure it to serve as a self-sustaining line of business (per the firm's official communications, 2023). Structurally, Primis operates as a publicly-traded bank holding company, which makes it distinct from the private family office or partnership model in that its capital allocation must balance shareholder returns with reinvestment into its technology branch. Its governance sits with a board of directors, and its strategic mandate is a hybrid: a high-service regional commercial bank trying to scale a national digital consumer franchise, a costly experiment that gives it an unconventional risk profile among its peer group.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
McLean
Corporate office
McLean, VA, United States
Principals
Dennis J. Zember Jr.
Chief Executive Officer
Frequently asked questions
Why did Primis Financial rebrand from Southern National Bancorp?
The company rebranded to Primis Financial Corp. in 2021 to reflect its evolution from a traditional Virginia community bank into a technology-enabled regional financial platform. The leadership wanted a name that could support its national digital ambitions, particularly for its mortgage division and the Panacea Financial partnership serving medical professionals. The legacy name was too geographically limiting for a firm launching mobile-first deposit and lending products nationwide.
Is Primis Financial a bank or a fintech company?
Primis is structurally a publicly traded bank holding company. However, under CEO Dennis Zember Jr., it has positioned itself as a high-service digital bank that competes with fintechs on user experience while retaining the cheap deposit base and lending authority of a regulated bank. Its V1BE digital brand and Panacea Financial partnership are built to scale nationally without adding physical branches, a model the firm calls "branch-lite" in its corporate communications.
How does Primis's mortgage division function within the holding company?
Primis Mortgage is a wholly owned subsidiary that originates residential loans across the United States, providing a major source of non-interest income for the holding company. In 2023, management restructured the division to de-emphasize refinancing volume in favor of purchase-money mortgages, pairing mortgage originations with the bank's digital deposit strategy to cross-sell customers. The firm explored strategic alternatives for the division before opting to keep it in-house under a leaner operational model.
What is Panacea Financial, and how is it related to Primis Financial?
Panacea Financial is a division of Primis Bank built specifically to offer lending and banking products to doctors, dentists, and veterinarians at every stage of their career. It provides student loan refinancing, practice loans, and personal banking tools through a digital interface. Primis co-developed the brand with practicing physicians, and it operates as a key pillar of the firm's vertical-specific fintech strategy, per the firm's disclosures.
Who are the key decision-makers on the Primis Financial executive team?
Dennis J. Zember Jr. serves as CEO and President, orchestrating the firm's tech-forward strategic shift since the late 2010s. The leadership team includes Matthew A. Switzer, CFO, who manages the public company's reporting and investor relations, and a board of directors that oversees the publicly traded holding company. Unlike a founder-led family office, major capital allocation moves pass through standard public-company governance and board votes.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: