Primis Financial Corp (FRST)

History and Background

Primis Financial Corp, formerly known as Southern National Bancorp of Virginia, was founded in 2005. It has grown through acquisitions and organic expansion, focusing on community banking services. Significant milestones include rebranding and expansion into new markets.

Core Business Areas

• Community Banking: Provides traditional banking services including checking, savings, and loan products to individuals and businesses within its geographic footprint.
• Mortgage Lending: Offers mortgage origination and servicing, catering to residential real estate needs.
• Wealth Management: Provides wealth management and investment advisory services to individuals and families.

Leadership and Structure

Dennis J. Zember III serves as the CEO. The organizational structure comprises various departments including lending, operations, finance, and risk management, reporting to the executive team and the Board of Directors.

Key Offerings

• Commercial Loans: Commercial loans are offered to small and medium-sized businesses. Competitors include larger national banks and other regional banks. Market share data is not readily available, but Primis focuses on specific geographic areas where it aims for a significant presence. Revenue data is confidential. Competitors: Bank of America (BAC), Truist Financial (TFC)
• Residential Mortgages: Residential mortgages are provided to individuals seeking to purchase or refinance homes. Competitors include national mortgage lenders and other regional banks. Market share data is not publicly available on a granular level for Primis. Revenue data is confidential. Competitors: Rocket Companies (RKT), UWM Holdings Corporation (UWMC)
• Deposit Accounts: Checking and savings accounts for consumers and businesses. Competition is high amongst all banks. Market share data is unavailable. Competitors: Bank of America (BAC), Wells Fargo (WFC)

Industry Overview

The banking industry is currently facing challenges including rising interest rates, increased regulatory scrutiny, and competition from fintech companies. The industry is also experiencing consolidation.

Positioning

Primis Financial Corp positions itself as a community-focused bank with a strong emphasis on customer service and local market expertise. Their competitive advantage lies in their personalized approach and deep understanding of the communities they serve.

Total Addressable Market (TAM)

The TAM for community banking is substantial, estimated in the hundreds of billions of dollars. Primis is positioned to capture a share of this market within its specific geographic footprint by focusing on relationship banking.

Key Competitors

• BAC
• WFC
• USB

Competitive Landscape

Primis Financial Corp faces competition from larger national banks with greater resources and brand recognition. Its advantages lie in its local market expertise and customer-focused approach, but it must continue to innovate and adapt to compete effectively.

Historical Growth: Historical growth information is not available.

Future Projections: Future projections information is not available.

Recent Initiatives: Recent initiatives are not available.

Primis Financial Corp is a community-focused bank with a diversified revenue stream, but faces threats from larger banks and cybersecurity. Its strengths include local market knowledge, however it needs to expand geographical reach. The bank's customer-centric approach is a valuable asset, but it needs to grow to effectively compete. Primis Financial Corp has an opportunity to benefit from fintech integration.

Data Sources:

• Company filings
• Market research reports
• Industry analysis

Disclaimers:

This analysis is for informational purposes only and should not be considered financial advice. Market conditions and company performance are subject to change.