Primis Financial Corp. reported on June 12, 2025, that it has signed a non-binding term sheet to sell a portion of its ownership in Panacea Financial Holdings, Inc. (PFH). This proposed sale follows the deconsolidation of PFH at March 31, 2025.
The transaction is expected to generate proceeds of approximately $22 million for the company. Primis anticipates recording an additional pre-tax gain of between $6.5 million and $7.0 million, as the sales price per share exceeded the carrying value as of March 31, 2025.
Management stated that realizing this gain will allow the company to be more aggressive on certain strategies, such as its share repurchase program or accelerating growth across the company. This move provides Primis with enhanced capital flexibility and further validates the value created by its investment in Panacea.
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