Panacea Financial: Company Research Report
Company Overview
Name and Mission
- Company Name: Panacea Financial
- Mission: Panacea Financial's mission is to make doctors' lives better by offering financial services designed specifically for the unique needs and challenges faced by doctors and doctors-in-training.
Founding Details
- Founded By: Michael Jerkins, MD, M.Ed. & Ned Palmer, MD, MPH
Key People
- Chief Executive Officer and Co-Founder: Tyler Stafford, CFA
- President and Co-Founder: Michael Jerkins, MD, M.Ed
- Chief Operating Officer and Co-Founder: Ned Palmer, MD, MPH
- Chief Financial Officer: Will McCandless
- Chief Technology Officer: Ryan Gorney
- Head of Community Engagement: Jeral Self, PhD, MPH
- Head of Practice Solutions: Brandon Finazzo
- Head of Consumer Banking: Raquel Powers
- Head of Marketing: Jessica Vionas-Singer
- Executive Credit Officer: Rich Fortino
Headquarters
- Location: 3604 Kavanaugh Boulevard, Little Rock, Arkansas, United States
Number of Employees
- No information is available
Revenue
- No information is available
What is the Company Known For
- Panacea Financial is known for providing financial services tailored specifically to physicians, dentists, and veterinarians, addressing their unique financial needs from school through training and into practice.
Products
PRN Personal Loans
- Description: Fair, affordable personal loans designed for veterinarians, dentists, and physicians throughout their career.
- Key Features:
- Transparent, fixed rates
- No cosigner requirement
- Loan amounts up to $50,000
Student Loan Refinance
- Description: Refinancing options tailored for the expensive debt accrued during medical, dental, and veterinary school.
- Key Features:
- Four rates to choose from
- No rate changes (no bait and switch)
- In-house servicing
- No maximum loan limits
Checking and Savings Accounts
- Description: Personal checking and high-yield savings accounts for doctors and their immediate family.
- Key Features:
- High-yield savings account at 4.50% APY
- 100% free checking with unlimited ATM use nationwide
- No monthly fees or overdraft fees
- FDIC insured
Practice Loans & Deposits
- Description: Lending and banking services to help medical practices start, build, and grow.
- Key Features:
- Business loans
- Business accounts
- Partner buy-in
- Refinance/consolidation
- Acquisition
- Expansion/relocation
- Equipment loans
- Commercial real estate financing
Community Engagement
- Description: Commitment to diversifying the physician workforce through scholarships, grants, and funding like-minded organizations.
- Key Features:
- Panacea Financial Foundation initiatives
- Grants to underrepresented minority medical trainees
Recent Developments
New Products Launched
- Digital Platform for Consumer and Business Customers
- Date: August 2024
- Description: Panacea Financial unveiled a new digital platform aimed at enhancing the banking experience with new and improved features.
New Partnerships
- Partnership with American Student Dental Association (ASDA)
- Date: May 2024
- Description: Panacea Financial partnered with ASDA to provide financial services tailored to the needs of dental students.
- Exclusive Practice Finance Provider for American Dental Association (ADA) Members
- Date: January 2024
- Description: Panacea Financial became the exclusive provider of financial products and services to help dental practices thrive, working with ADA members across the United States.
Conclusion
This professional and detailed company-focused market research report summarizes the pivotal information about Panacea Financial, highlighting the company's mission, leadership, core products, community engagement, and recent developments. Panacea Financial is set apart by its unique focus on serving the financial needs of doctors, leveraging the insights and experience of its physician founders.
