Primis Bank has selected Lenders Cooperative’s technology platform to automate and manage its small business lending operations, including both SBA and conventional commercial loans. This adoption includes leveraging Lenders Cooperative’s Loan Origination and Servicing Platform, alongside its Lender Service Provider (LSP) services, to enhance efficiency and capacity.
The Lenders Cooperative platform is designed to automate the entire workflow for loan origination. In addition to the technology, Primis Bank will utilize Lenders Cooperative’s LSP service to augment its internal capacity for underwriting, processing, and closing loan applications, which is anticipated to increase overall loan production.
Dennis Zember, CEO of Primis Bank, stated, “Lenders Cooperative is filling a long-standing gap in the industry today by bringing to market a truly complete solution for the entirety of the loan-life cycle. This partnership allows us to enable a single platform for both conventional and SBA loan products, with a built-in team of LSP experts to augment and guide our team.”
Primis Bank’s decision aligns with its strategy to deliver efficient lending solutions that support local businesses and communities. By integrating Lenders Cooperative’s platform and SBA expertise, the bank aims to streamline its origination processes, maintain regulatory compliance, and expedite access to capital for its small business clients.
Cary Cooper, CEO of Lenders Cooperative, commented, “Primis Bank exemplifies what it means to be a forward-thinking institution that harnesses modern lending technology to create positive impact for its clients. We’re proud to support the organization with both technology and trusted SBA services to help drive meaningful growth for their small business and commercial clients.”
Lenders Cooperative specializes in providing an end-to-end lending platform, complemented by expert-led SBA LSP Services. This integrated approach assists financial institutions in modernizing and automating their lending operations, providing support from experienced SBA and Conventional commercial underwriters to ensure compliance and enhance loan production.
Primis Bank, trading on NASDAQ as FRST, offers a range of financial services to individuals and small- and medium-sized businesses. It operates through twenty-four full-service branches in Virginia and Maryland, alongside a fully digital banking platform that provides services nationwide. Primis Bank aims to combine the regulatory backing of an FDIC institution with a technology-driven approach.
Lenders Cooperative provides technology and services designed to automate and manage the complete loan life cycle, from application intake to origination and servicing. The company also offers its customers access to SBA Lender Service Provider (LSP) support, credit underwriting, and loan operations to help financial institutions scale their lending operations.
