Evolve Bank & Trust, formerly First State Bank,[4] is an American bank headquartered in West Memphis, Arkansas. It is best known since 2010 for partnering with fintech companies to offer banking services to their customers.[3] Evolve has been recognized multiple times as an Inc. 5000 company[5] and has also received several honors from Top Workplace USA.[6]
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Predecessor | First State Bank[1] |
| Founded | June 5, 1925[1] |
| Headquarters | , |
Number of locations | 26[1] |
Key people | W. Scott Stafford (CEO)[2] |
| Products | Evolve Open Banking[2] |
| Parent | Evolve Bancorp Inc.[3] |
| Website | www |
History
editEarly years
editFounded in Parkin in 1925 as First State Bank,[7] the bank provided loans to local farmers in Cross County, Arkansas. In 1934, it became a member of the Federal Deposit Insurance Corporation.[4]
2005-present
editIn 2005, First State Bank was renamed to Evolve Bank & Trust[4] after a group led by Chairman Scot Lenoir acquired it. The bank then relocated its banking charter to West Memphis.[7]
In 2017, Evolve established its Open Banking division to provide Banking-as-a-Service.[7] Evolve serves as the partner bank for fintech companies like Branch, Marqeta,[8] Mercury,[9] and Stripe.[10] Evolve Open Banking also provides card services offerings, allowing companies to white-label Mastercard, Visa, and American Express cards.[11]
In 2022, Evolve was ranked #1 in trust departments in Arkansas, surpassing Simmons Bank, according to Arkansas Business.[12]
In June 2024, the Federal Reserve Board issued an enforcement action against the bank for deficiencies in their anti–money laundering, risk management, and consumer compliance programs.[13][14]
Also, in June 2024, Evolve announced it was the victim of a data breach by the cybercrime group LockBit.[15][3][16] Some of its corporate fintech clients, including Affirm,[17] Mercury[18] and Wise[19][20] also announced their customers were affected by the breach.[21]
Accolades & honors
editEvolve Open Banking ranked as a Nacha Top 50 Originator in both 2022[22] and 2023.[23] Additionally, Evolve was recognized as the Most Innovative Bank of 2023 by the Tearsheet Awards.[24]
References
edit- ^ a b c "Evolve Bank & Trust". Federal Deposit Insurance Corporation. Archived from the original on 2024-02-08. Retrieved 2024-08-02.
- ^ a b "Investor Kit 2024" (PDF). Evolve Bank & Trust.
- ^ a b c Xie, Teresa; Gorrivan, Charles (2024-06-26). "Evolve Bank & Trust Confirms Data Was Stolen in Cyber Attack". Bloomberg. Archived from the original on 2024-06-26. Retrieved 2024-06-27.
- ^ a b c Rooney, Kate (2019-02-15). "Small banks you've never heard of are quietly enabling the tech takeover of the financial industry". CNBC. Retrieved 2024-10-20.
- ^ "Evolve Bank & Trust". Inc. 5000. Retrieved 2024-10-19.
- ^ "Working at Evolve Bank & Trust". Top Workplaces. Retrieved 2024-10-20.
- ^ a b c Massey, Kyle (2022-09-25). "Tech Work Fuels Huge Growth at Evolve Bank & Trust of West Memphis". Arkansas Business — Business News, Real Estate, Law, Construction. Archived from the original on 2024-09-25. Retrieved 2024-10-20.
- ^ "Marqeta Partners With Evolve Bank & Trust on Expanded Program Management Capabilities". PYMNTS.com. 2022-05-19. Retrieved 2024-10-20.
- ^ Kauflin, Jeff. "Silicon Valley Bank Collapse Produces An Early Winner: Digital Banks". Forbes. Retrieved 2024-10-20.
- ^ Rudegeair, Peter (2020-12-03). "Stripe to Offer Banking Services in Deal With Goldman Sachs, Citigroup". THE WALL STREET JOURNAL. Archived from the original on 2020-12-03. Retrieved 2024-10-19.
- ^ "Evolve Bank & Trust Compares Banking-as-a-Service to Open Banking". DownBeach. 2024-03-25. Retrieved 2024-10-20.
- ^ Moritz, Gwen (2022-10-23). "Evolve Overtakes Simmons in Trust Assets". Arkansas Business — Business News, Real Estate, Law, Construction. Archived from the original on 2024-10-19. Retrieved 2024-10-20.
- ^ "Federal Reserve Board issues an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for deficiencies in the bank's anti-money laundering, risk management, and consumer compliance programs" (Press release). Federal Reserve. 2024-07-14. Archived from the original on 2024-07-26. Retrieved 2024-08-02.
- ^ Lang, Hannah; Schroeder, Pete (2024-07-17). "Fed penalizes Evolve Bank for failing to manage fintech partnership risk". Reuters. Archived from the original on 2024-06-14. Retrieved 2024-08-02.
- ^ "Arkansas-based Evolve Bank confirms cyber attack and data breach". Reuters. June 27, 2024. Retrieved 2024-08-02.
- ^ "Cybersecurity Incident". Evolve Bank & Trust. Archived from the original on 2024-08-02. Retrieved 2024-08-03.
- ^ @Affirm (2024-06-27). "As an Affirm Card user, we wanted to alert you of a recent cybersecurity incident at Evolve Bank and Trust, an issuing partner on the Affirm Card (not an originating bank partner for Affirm loans)" (Tweet). Retrieved 2024-08-03 – via Twitter.
- ^ "Data breach at Evolve Bank & Trust". Mercury. Retrieved 2024-08-06.
- ^ Franceschi-Bicchierai, Lorenzo (2024-07-01). "Fintech company Wise says some customers affected by Evolve Bank data breach". TechCrunch. Archived from the original on 2024-08-03. Retrieved 2024-08-04.
- ^ "Data breach at Evolve Bank & Trust in the US". Wise. 2024-06-28. Archived from the original on 2024-08-03. Retrieved 2024-08-04.
- ^ Franceschi-Bicchierai, Lorenzo; Azevedo, Mary Ann (2024-06-27). "Startups scramble to assess fallout from Evolve Bank data breach". TechCrunch. Archived from the original on 2024-07-17. Retrieved 2024-08-03.
- ^ "Nacha Releases Top 50 Financial Institution ACH Originators and Receivers for 2022 | Nacha". www.nacha.org. Retrieved 2024-10-20.
- ^ "Nacha Unveils Top 50 ACH Originating and Receiving Financial Institutions for 2023 | Nacha". www.nacha.org. Retrieved 2024-10-20.
- ^ "Announcing the winners of The Big Bank Theory Awards 2023". Tearsheet. 2023-05-31. Retrieved 2024-10-20.
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