Evolve Bank & Trust
| 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 |
Evolve Bank & Trust 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]
History
[edit]The bank was founded in 1925 in West Memphis, Arkansas.[1]
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.[4][5]
Also, in June 2024, Evolve announced it was the victim of a data breach by the cybercrime group LockBit.[6][3][7] Some of its corporate fintech clients, including Affirm,[8] Mercury[9] and Wise[10][11] also announced their customers were affected by the breach.[12]
References
[edit]- ^ a b c d "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.
- ^ "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.
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