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Primis Financial Corp. (FRST): Marketing Mix [Jan-2025 Updated] |
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Primis Financial Corp. (FRST) Bundle
Dive into the strategic world of Primis Financial Corp. (FRST), a dynamic regional banking powerhouse transforming financial services across the mid-Atlantic landscape. With a laser-focused approach to community and commercial banking, this innovative institution delivers cutting-edge financial solutions that blend traditional relationship-driven banking with modern digital experiences. From personalized lending products to sophisticated wealth management services, Primis Financial Corp. is redefining how businesses and individuals in Virginia and Maryland access, manage, and grow their financial resources.
Primis Financial Corp. (FRST) - Marketing Mix: Product
Community and Regional Banking Services
As of Q4 2023, Primis Financial Corp. operates 29 banking offices across Virginia and Maryland. Total assets reported at $3.36 billion, with a loan portfolio of $2.53 billion.
| Service Category | Geographical Coverage | Number of Branches |
|---|---|---|
| Community Banking | Virginia | 22 |
| Regional Banking | Maryland | 7 |
Commercial and Consumer Lending Products
Lending portfolio breakdown as of December 31, 2023:
- Commercial Real Estate Loans: $1.42 billion
- Commercial Business Loans: $568 million
- Residential Mortgage Loans: $412 million
- Consumer Loans: $148 million
Deposit Accounts and Financial Management Solutions
| Account Type | Total Deposits | Average Balance |
|---|---|---|
| Checking Accounts | $1.24 billion | $18,750 |
| Savings Accounts | $672 million | $12,400 |
| Money Market Accounts | $456 million | $35,200 |
Digital and Mobile Banking Platforms
Digital banking adoption rate: 68% of total customer base, representing approximately 42,000 active digital banking users.
- Mobile Banking App Downloads: 35,000
- Online Bill Pay Users: 28,500
- Mobile Check Deposit Transactions: 215,000 annually
Wealth Management and Investment Services
Assets Under Management (AUM) as of December 31, 2023: $487 million
| Investment Service | Total Clients | Average Account Value |
|---|---|---|
| Retirement Planning | 4,200 | $215,000 |
| Investment Advisory | 2,800 | $375,000 |
| Trust Services | 1,500 | $620,000 |
Primis Financial Corp. (FRST) - Marketing Mix: Place
Geographic Presence
Primis Financial Corp. primarily operates in Virginia and Maryland regions, with 38 full-service branches as of December 31, 2022.
Branch Distribution
Branch network concentrated in metropolitan and suburban areas of mid-Atlantic financial markets.
| State | Number of Branches | Metropolitan Areas |
|---|---|---|
| Virginia | 24 | Richmond, Northern Virginia |
| Maryland | 14 | Baltimore, Washington D.C. Metro |
Digital Banking Channels
- Online banking platform
- Mobile banking application
- Digital account opening services
ATM Network
Total of 47 ATM locations across Virginia and Maryland service territories as of 2022.
Distribution Strategy
| Channel | Accessibility | Transaction Volume |
|---|---|---|
| Physical Branches | 38 locations | Approximately 250,000 annual customer interactions |
| Online Banking | 24/7 digital access | Over 75% of customers use digital platforms |
| ATM Network | 47 ATM locations | Approximately 120,000 annual transactions |
Primis Financial Corp. (FRST) - Marketing Mix: Promotion
Targeted Local Marketing Campaigns
Primis Financial Corp. focuses on targeted marketing efforts in its core geographic regions of Virginia, Maryland, and Washington D.C. In 2023, the company allocated $1.2 million to local marketing initiatives.
| Marketing Channel | Budget Allocation | Target Region |
|---|---|---|
| Local Print Media | $350,000 | Virginia |
| Regional Radio Advertising | $250,000 | Maryland |
| Community Event Sponsorships | $600,000 | Washington D.C. Metro Area |
Community Engagement and Sponsorship Programs
Primis Financial Corp. invested $475,000 in community sponsorship programs during 2023.
- Local youth sports team sponsorships: $175,000
- Educational institution partnerships: $150,000
- Non-profit organization support: $150,000
Digital Advertising and Social Media Presence
The company spent $850,000 on digital marketing strategies in 2023.
| Digital Platform | Marketing Spend | Engagement Metrics |
|---|---|---|
| LinkedIn Advertising | $250,000 | 125,000 impressions |
| Facebook/Instagram Ads | $350,000 | 275,000 reach |
| Google Search Advertising | $250,000 | 95,000 clicks |
Relationship-Based Customer Acquisition Strategy
Primis Financial Corp. utilized a referral-based approach with a total investment of $650,000 in 2023.
- Customer referral program budget: $350,000
- Relationship management software: $200,000
- Sales team training: $100,000
Educational Financial Workshops and Webinars
The company conducted 42 financial education events in 2023, with a total promotional investment of $275,000.
| Event Type | Number of Events | Promotional Investment |
|---|---|---|
| In-Person Workshops | 24 | $175,000 |
| Online Webinars | 18 | $100,000 |
Primis Financial Corp. (FRST) - Marketing Mix: Price
Competitive Interest Rates on Loans and Deposits
As of Q4 2023, Primis Financial Corp. offered the following interest rates:
| Product Type | Interest Rate Range |
|---|---|
| Personal Savings Accounts | 0.50% - 1.25% |
| Personal Checking Accounts | 0.10% - 0.35% |
| Personal Loan Rates | 5.99% - 18.99% |
| Commercial Business Loans | 4.75% - 9.50% |
Transparent Fee Structures for Banking Services
Primis Financial Corp. maintains a clear fee schedule for various banking services:
- Monthly Checking Account Maintenance Fee: $8.00
- ATM Withdrawal Fee (non-network): $3.50
- Overdraft Fee: $35.00 per transaction
- Wire Transfer Fee: $25.00 domestic, $45.00 international
- Stop Payment Fee: $35.00
Tiered Pricing for Commercial and Personal Banking Products
The bank implements a tiered pricing strategy based on account balance and transaction volume:
| Account Tier | Minimum Balance | Fee Waiver Conditions |
|---|---|---|
| Basic | $0 - $4,999 | No fee waiver |
| Silver | $5,000 - $24,999 | Monthly maintenance fee waived |
| Gold | $25,000 - $99,999 | ATM fees reimbursed |
| Platinum | $100,000+ | All fees waived, premium services |
Promotional Rates for New Account Openings
Current promotional offers as of January 2024:
- New Checking Account Bonus: $200 for direct deposit setup
- Business Loan Introductory Rate: 3.99% for first 6 months
- CD Special: 4.50% APY for 12-month term
- Referral Program: $50 credit for each new customer referred
Value-Based Pricing Strategy
Primis Financial Corp. pricing reflects regional market conditions in the Mid-Atlantic region, with competitive rates aligned with local economic indicators:
| Economic Indicator | Current Value | Impact on Pricing |
|---|---|---|
| Local Inflation Rate | 3.2% | Moderate interest rate adjustments |
| Regional Unemployment | 4.1% | Flexible loan terms |
| Local GDP Growth | 2.7% | Competitive product pricing |
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