Primis Financial Corp. Announces Signed Term Sheet to Sell a Portion of its Shares of Panacea Financial Holdings, Inc.

Core Viewpoint - Primis Financial Corp. has signed a non-binding term sheet to sell a portion of its ownership in Panacea Financial Holdings, expected to generate approximately $22 million in proceeds and an additional pre-tax gain of $6.5 to $7.0 million due to the sales price exceeding the carrying value as of March 31, 2025 [1][2]. Financial Performance - As of March 31, 2025, Primis Financial Corp. reported total assets of $3.7 billion, total loans held for investment of $2.9 billion, and total deposits of $3.2 billion [3]. Strategic Implications - The CEO emphasized that realizing the gain from the sale will enable the company to pursue more aggressive strategies, such as share repurchase programs and accelerating growth initiatives [2]. - The company believes that the incremental margins in its core banking operations are currently better than they have been in several years, with minimal operating expense increases [2]. Commitment to Panacea - Despite the sale, the company maintains its confidence in Panacea's long-term potential and continues to support its mission of providing tech-enabled financial solutions to healthcare professionals [2].