Good morning! I’d like to provide you with some timely information about Primis Bank and the safety of your deposits. The events within the financial industry that we all witnessed last week were very surprising, and like you, I read and listened to more news reports and opinions than I normally do on a given weekend.
Most experts agree that the failure of Silicon Valley Bank (SVB) last week occurred because too many deposit customers left that bank in rapid fashion. It’s important to note, that despite SVB’s failure, regulators have backstopped depositor losses and have said that no depositor will lose money. Nevertheless, it’s left many wondering about their own bank - where are their deposits and how strong is their bank?
Across the entire financial industry, deposit levels have been falling for several quarters; however, Primis’s results, fortunately, have been very much the opposite. Since January 1, 2022, we have grown core customer deposits by $866 million or 31%. We are strongly core funded, thus we do not utilize wholesale borrowings, crypto related deposits or venture capital customer deposits. Primis has more than twice as much cash ($593 million) on our balance sheet as we do investment securities ($244 million). Our capital ratios are strong, alongside our impressive liquidity results. This dedicated focus on growing core, customer relationships has resulted in some of the best deposit growth rates and resulting liquidity ratios in the industry.
We are proud of our diverse customer base. Primis customers are in all 50 states, with a mixture of consumer and commercial customers. Our account types add more diversity with checking (37% of total), savings and money markets (49% of total), and CDs (14% of total). Lastly, we have extensive, unused borrowing capacity of approximately $855 million, or 24% of deposits if we needed it.
We work 24 hours a day, helping customers when and where they need it. Our team will go to whatever lengths necessary to safely protect the financial health of our customers. Please reply directly to this email if you would like more information on Primis Bank.
Thank you for your continued business and your trust.
Dennis Zember
President and CEO, Primis Bank
