I did find out the deal with the hybrid mode is that during verify when you are behind also receiving blocks you can have that bug, one trick is to disable the network for the verify step; however I recommend classic mode for now if you are having trouble. once it gets that blkindex.dat error, unfortunately you have to delete everything except wallet.dat in your Pandacoin data folder (%appdata%/Pandacoin) folder to try again.

Then when you try again switch to classic right away then exit, download and place https://bchain.info/PND/bootstrap.dat in the same place as wallet.dat and restart your PandaBank to speed things up some.

Hope this helps some, you may or may not need a Pandacoin.conf file with good nodes (cut and paste example lines below into a plain text Pandacoin.conf file) so it is a good idea to make one and place it in your Pandacoin data folder also prior to starting Pandabank.  

A list of some active good nodes can be found here  /index.php?blockexplorer=PND&network_info]http://www.[Suspicious link removed]/index.php?blockexplorer=PND&network_info

addnode=104.236.127.154:22445
addnode=94.23.252.34:22445
addnode=31.151.27.199:22445
addnode=24.54.10.24:22445
addnode=68.225.193.199:22445
addnode=162.243.102.180:22445
addnode=37.59.24.199:22445
addnode=188.165.82.225:22445
addnode=192.99.183.131:22445
addnode=96.58.254.124:22445
addnode=66.169.138.72:22445
addnode=46.105.55.204:22445
addnode=162.243.76.165:22445
addnode=176.57.142.30:22445
addnode=94.23.252.34:22445
addnode=192.99.183.131:22445
addnode=204.45.9.198:4444
addnode=86.100.200.4:22445
addnode=188.2.121.225:22445
addnode=109.93.57.12:22445