One bank, several distribution channels
Evolve Bank & Trust is the Arkansas state-chartered Federal Reserve member bank, certificate 1299; Evolve Bancorp, Inc. is the holding company. The Federal Reserve’s June 2024 order names both. Open Banking is a division of the bank, not a separately insured institution. [1, 2, 3]
The bank describes community deposits and lending, mortgage origination and an Open Banking business connecting platforms to payment networks and accounts. The combination means a fintech partnership is only part of the institution’s activities. Bank financial figures do not measure the value or balances of every platform displaying Evolve’s name. [3, 4]
The insured bank at June 30, 2026
These are bank-only FDIC financial-report observations for calendar Q2 2026, the latest common reporting period retrieved for this comparison. Dollar fields were supplied in thousands and converted to millions. Balance-sheet items are period-end; net income and cover the first six calendar months, not Q2 alone. Noncurrent loans include loans 90 or more days past due or on nonaccrual. The charge-off rate is annualized. [1]
Equity capital is an accounting amount, not a risk-based regulatory ratio or a claim about excess capital. Loan balances are net of the stated allowance where labeled net. These figures do not isolate partner programs from the rest of the bank. Zero or missing risk-based ratios in the source are not treated as zero regulatory capital; no ratio is supplied when that field is unusable.
Scroll horizontally to see all columns.
| Bank-only measure | June 30, 2026 / stated period |
|---|---|
| Total assets | $1,188.644 million |
| Total deposits | $980.920 million |
| Net loans and leases | $888.406 million |
| Total equity capital | $161.376 million |
| Allowance for loan and lease losses | $11.396 million |
| Net income, January–June 2026 | -$0.865 million |
| Noncurrent loans and leases | $16.949 million |
| Net charge-offs, January–June 2026 | $0.849 million |
| Noncurrent loans / gross loans | 1.88% |
| Net charge-off rate, annualized | 0.19% |
| Tier 1 risk-based capital ratio | 17.72% |
| Total risk-based capital ratio | 18.97% |
What the platform-facing business supplies
Evolve’s current product materials identify accounts, card issuing and acquiring, transactions and its stored-value ecosystem. They describe the bank as sponsor for card programs while a fintech or other company can provide branding and customer acquisition. These are advertised capabilities; the specific account or program agreement governs the actual service. [5]
Analysis: payment sponsorship can earn fees through use of bank and network infrastructure, while deposits can support funding. The customer sees an application, but the bank still has an account, transaction or sponsorship obligation. Merchant acceptance, card issuing and loan origination are different activities even when they share a technology connection.
An observable use case: cash entering digital accounts
The May 29, 2026 Coinstar announcement describes an expanded relationship with TabaPay and Evolve to transfer cash or coins from participating kiosks to accounts associated with eligible debit cards. It describes intended expansion across more than 10,000 kiosks. That is distribution reach and a stated expansion target, not a verified active-user count or a bank revenue figure. [6]
Analysis: the useful mechanism is bridging physical cash and digital spending without requiring the consumer to visit the receiving bank’s branch. Eligibility, fees, transfer completion and problem resolution still determine the end result. A nationwide network does not establish universal availability at every kiosk or for every debit card.
Bank economics and program economics are not interchangeable
The FDIC first-half result above is a bank-wide net loss, while the bank continued to report loans, deposits and equity. A period loss is not itself proof that deposits are missing or that a particular payments program is unprofitable. Conversely, a positive regulatory capital ratio does not demonstrate that all customer claims or operational issues have been resolved. [1]
Analysis: the operating model has costs that do not scale only with loan balances. Technology, reconciliation, fraud investigations and specialist staff can remain expensive after deposits leave or programs wind down. A smaller balance sheet can therefore coexist with significant service obligations. Public disclosures reviewed here do not allocate those costs or revenue among individual fintech relationships.
The supervisory order constrains new activity by approval
The June 11, 2024 Federal Reserve and Arkansas order requires prior written approval for specified new Open Banking partners, programs and products, including new offerings to existing partners. It also requires a impact analysis before exiting a fintech relationship. The order separately imposes approval requirements for capital distributions and certain debt actions. [2]
No later official termination of this particular order was verified in the targeted public-source search. The 2026 release archive and current marketing do not establish confidential approval decisions or completion of every remediation obligation. The order permits prior written approvals; its existence does not establish an unconditional ban on all business, and a new announcement does not establish its termination. [2, 7]
Synapse is relevant, but not the same proceeding
The Federal Reserve expressly said its June 2024 action was independent of the Synapse bankruptcy proceedings. In a separate reconciliation update, Evolve said it planned further disbursements to a subset of affected end users around March 6, 2025. That is the bank’s account of its work, not a final judicial allocation of responsibility or proof that every affected customer received all claimed funds. [8, 9]
Analysis: the general mechanism is a separation between the customer-facing ledger, intermediary records and the bank’s own deposit records. An insured bank can remain open while customers experience access or reconciliation problems involving an intermediary. The FDIC explains that deposit insurance covers an insured bank’s failure and does not protect against a nonbank’s insolvency. [11]
Extended coverage depends on actual placements
Evolve’s Extended Deposit Program describes sweeping funds among program banks and notes that the network can change. Such arrangements can expand eligible deposit insurance across banks subject to the program’s terms and applicable limits. They do not increase the single-bank insurance limit or insure the fintech company itself. [10]
Analysis: recordkeeping, available program-bank capacity and other deposits held in the same ownership category matter. A headline coverage ceiling is different from a verified allocation for a particular customer. Customer access and insurance eligibility also answer different questions.
What would clarify the business trajectory
The public evidence supports continuing community-bank and embedded-payment activities alongside a significant historical supervisory order. It does not support a current total for active fintech customers, bank revenue per partner, the full cost of remediation or universal resolution of customer-fund disputes.
Comparable bank reports, official supervisory changes and dated program-specific disclosures would provide stronger evidence of the operating trajectory than partner logos alone. Customer outcomes require actual access, accurate balances and completed dispute handling, not merely proof that a payment capability is offered.
Sources
- FDIC BankFind financials, calendar Q2 2026; retrieved October 4, 2026Official sourceBack to text: ↑1↑2↑3
- Federal Reserve and Arkansas, Evolve consent order; June 11, 2024Official release · PDFBack to text: ↑1↑2↑3
- Evolve, Open Banking division overview; checked October 4, 2026SourceBack to text: ↑1↑2
- Evolve, current banking business overview; checked October 4, 2026SourceBack to text: ↑
- Evolve, Open Banking solutions; checked October 4, 2026SourceBack to text: ↑
- Evolve, Coinstar/TabaPay announcement; May 29, 2026SourceBack to text: ↑
- Federal Reserve, 2026 release archive; searched October 4, 2026Official releaseBack to text: ↑
- Federal Reserve, Evolve enforcement announcement; June 14, 2024Official releaseBack to text: ↑
- Evolve, Synapse reconciliation update describing planned March 6, 2025 disbursements; checked October 4, 2026SourceBack to text: ↑
- Evolve, Extended Deposit Program; program-bank list dated May 14, 2026SourceBack to text: ↑
- FDIC, Banking With Third-Party Apps; June 2024 guidance, checked October 4, 2026Official sourceBack to text: ↑