Founded 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]
In 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 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.[12][13]
Also, in June 2024, Evolve announced it was the victim of a data breach by the cybercrime group LockBit.[14][3][15] Some of its corporate fintech clients, including Affirm,[16] Mercury[17] and Wise[18][19] also announced their customers were affected by the breach.[20]
On August 13, 2025, the board of directors has unanimously elected Robert "Bob" Hartheimer as CEO. “Appointing Bob Hartheimer as CEO marks a turning point for Evolve,” said Board Chairman Steve Valentine. “Bob was selected for his unmatched corporate experience in strategically navigating challenges at financial institutions and enabling banks to move past their regulatory challenges. He has the full backing of the Board to take decisive action, restore thoughtful innovation, and lead Evolve into a future defined by transparency and sustainable growth. This is a structural change, demonstrating our continued commitment to doing the hard work to earn back the trust of our customers, employees, regulators, and investors.” [21]
Mr. Hartheimer, 68, was arrested by the FBI on October 23, 2025, at the company's headquarters in East Memphis and charged with child sex crimes. He was fired the next day.[22]