Primis Bank is headquartered in TAPPAHANNOCK and is the 9th largest bank in the state of Virginia. It is also the 355th largest bank in the nation. It was established in 2005 and as of December of 2024, it had grown to 575 employees at 28 locations. Primis Bank's savings rates are 8X the national average, and it has an A health rating.
Great Job Handling My 1099
I am no longer a customer and i no longer have access of any kind. However i did receive a text and then an email yesterday that my 1099 was ready, so I had to call. She emailed it to me within a minute, after a 2 minute hold getting the rep.
Considering the holy hell wait times Primis at one time had, this is refreshing, as I called right in the heart of the business day. The 4.35% isn't really enticing enough for me to come back, as most of my savings is in T-bills, which is essentially the same rate, but I felt I should recognize this good service.
Links To External Institutions
Currently Primis disabled the ability to link to external institutions using account and routing number, must be done via Plaid. CSR says IT is working on adding that feature back in. She says they are temporarily disabling this feature while accepting new applicants and they do not have a time frame when it's going to be available again! Anyone else run into this issue?
Impossible To Contact
I began on 2/13/23 by opening a MM account based of the exceptional rate offered at 5.03%. In the process of setting up said account, there was no communication, except a "hold" on the initial transfer. I rang both phone numbers (one for a stolen of missing card), and BOTH were not functioning. Both numbers just rang until an automatic hang up. This is very disconcerting, but, from my experience in the past, I had a similar issue initially with CFG Bank when they were offering a good rate.
There were TWO of the same transfers in the "hold" account, and I even sent an internal email asking about it. I just received notification today that the transfer went through, but that I was charged a $70 fee.
I am currently on hold, and the wait time is 22 minutes. At least they've ramped up on customer service.
The long and the short of this is - WHY are the banks so lame in offering competitive rates when they are charging high rates to borrowers? This leaves those of us who happen to have some savings, to flock over to a little morsel of an offer to us, in order to have a decent rate - that is still low.
It never seems to work both ways.
At least there is this site, where we can access up to date information.
Forever To Open Account No Communication Interest Rate Was A Hook
Opened account with ALL required information on 2/7. "Under review" for two weeks. No reply to my inquires about delay. When account was finally opened, Primis adjusted my interest rated from the promised 5.03% APY (when I opened the account on 2/7/2023 to 4.27% on 2/23/2023. Calling today to close the account. I have a higher interest rate through Raisin Save Better, and I had NO trouble at all opening the account a couple of months ago.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57968 |
| Year Established | 2005 |
| Employees | 575 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.02% |
| Return on Equity - YTD | 0.19% |
| Annual Interest Income | $210.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $3.69B$3.87B |
| Loans | Q4 2024vs Q4 2023 | $3.09B$3.24B |
| Deposits | Q4 2024vs Q4 2023 | $3.21B$3.32B |
| Equity Capital | Q4 2024vs Q4 2023 | $420MM$459.7MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $43.2MM$34MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $10.8MM$7.7MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |
