Evolve Bank & Trust
An Arkansas bank whose Open Banking Division serves fintech partners, under a Federal Reserve order since June 2024.
Evolve Bank & Trust is a state-chartered bank in West Memphis, Arkansas, and a Federal Reserve member. The Federal Reserve and the Arkansas State Bank Department took enforcement action with a cease-and-desist order against the bank and its holding company, Evolve Bancorp, effective June 11, 2024 and announced June 14. The order targets the Open Banking Division, which provides deposit accounts and payment processing to fintech partners.
Without supervisors’ prior written approval the bank may not add fintech partners, program managers, products or services in that division, or offer new products to existing partners. The Federal Reserve had published no termination as of September 26, 2026.
- Country
- United States
- Primary federal regulator
- Federal Reserve
- State regulator
- Arkansas State Bank Department
- Charter type
- State-chartered commercial bank, Federal Reserve member
- FDIC certificate number
- 1299
- Publicly announced fintech partners
- Mercury (its security page names Evolve Bank & Trust among its banking partners)
- Enforcement actions (regulator records)
Document Regulator Issued Status 24-012-B-SM and 24-012-B-HC cease-and-desist order (Open Banking Division) Federal Reserve and Arkansas State Bank Department Jun 11, 2024 In force (no termination published) - Date checked
Questions
Is Evolve Bank & Trust under an enforcement order?
Can Evolve Bank & Trust add new fintech partners?
What else does the Evolve order require?
See also
- Sponsor-bank enforcement tracker
- Choice Financial Group, another bank named in Mercury’s disclosures
- Green Dot Bank, also under a Federal Reserve order
Sources
- Federal Reserve order, June 2024
- Federal Reserve release, June 14, 2024
- Mercury security page
- Checked September 26, 2026.
Source: FDIC BankFind, the FDIC, OCC and Federal Reserve enforcement records and state regulators’ orders, plus partner announcements by the banks or fintechs, as linked in each profile. How we build and refresh profiles: methodology.