Primis Bank is headquartered in TAPPAHANNOCK and is the 8th largest bank in the state of Virginia. It is also the 333rd largest bank in the nation. It was established in 2005 and as of September of 2024, it had grown to 557 employees at 28 locations. Primis Bank has an A health rating.
Related Posts
1/21 - Primis Novus Base Rate Is Down To 3.93% (APY 4.00%)
1/9 - Primis Savings Shrivels To 4.40% APY
12/4 - Primis Rate Drop
11/11 - Primis Login URL And Method Changing 11-12-24
10/30 - Primis Announces Underpayment Of Sept. - Oct. Interest. No Resolution Timeline.
9/24 - Now Primis Slashes Its Savings Rate
1/22 - Checking Promo 6% For 6 Months
9/1 - Wires Now Free At Primis
8/22 - Account Opening Available Again Without Referral
8/8 - Primis Referral Program Started
8/1 - Primis digital account opening is on again for current customers, APY=5.07% for new accounts (and still at 5.16% for old accounts)
7/28 - Primis (Premium) Checking: 5.16% APY
7/28 - Primis Raising The APY To 5.16 APY
7/3 - New Terms And Conditions
6/10 - Primis Freezing Accounts?
6/8 - Online And Mobile Account Opening Are Temporarily Unavailable Due To Maintenance And Upgrades.
5/9 - Primis Just Raised Their Checking To 4.92 APY
5/4 - Primis Checking & Savings APY Is Up To 5.10%
4/17 - Primis Bank Ups It's Savings And Checking APY
2/17 - Primis Bank's Savings Account Is First To Reach 5% (Rate Update)
2/17 - Primis Savings Website-Listed Rate Reduced To 4.35% APY
1/30 - Primis Bank Personal Savings 5.03% APY
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.
MX Technologies? No Thanks. Downrated.
After attempting to link another account, I was told that trial deposit confirmations were discontinued in exchange for MX "logins" to my other bank accounts. After reading the complaint in the MX Technologies case, I transferred out all but a "place keeping" balance in my Primis account. Same with Plaid, or any other third party that wants my account logins. I miss the higher earnings, but the safety of my account and transaction data is far more important.
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 Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57968 |
| Year Established | 2005 |
| Employees | 557 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.46% |
| Return on Equity - YTD | 3.89% |
| Annual Interest Income | $159.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $4.02B$3.81B |
| Loans | Q3 2024vs Q3 2023 | $3.38B$3.17B |
| Deposits | Q3 2024vs Q3 2023 | $3.33B$3.3B |
| Equity Capital | Q3 2024vs Q3 2023 | $456.7MM$460.8MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $51.1MM$35.8MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $10.2MM$19.6MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |
