Evolve Bancorp and the holding companies behind the bank

analysisIn June 2005 a regional business publication reported that Evolve Financial Group of Memphis, a financial-services venture formed in January 2004 and organised by B. Scot Lenoir, was seeking to buy Parkin Bancorp Inc., the holding company of First State Bank of Parkin, which reported total assets of nearly $22 million at March 31, 2005. The Federal Reserve's list records Evolve Financial Group (RSSD 3343351) as a bank holding company from August 1, 2005 to December 30, 2013, and RSSD 1142411 as a bank holding company since February 10, 1987, named Parkin Bancorp, Inc. until the end of 2006 and Evolve Bancorp, Inc. afterwards. ^{1 2}

analysisThe Arkansas report with data as of June 30, 2006 shows the two tiers. Evolve Financial Group, with Lenoir as chairman and chief executive and Scott Stafford as secretary, listed as subsidiaries Parkin Bancorp, the bank and five service companies: Evolve Advisors, Evolve Benefits Group, Evolve Financial Services, Evolve Mortgage Services and Evolve Securities. Parkin Bancorp, with the same chairman and secretary, named Evolve Financial Group as its holding company and the bank, then based in Parkin, as its subsidiary. ³

analysisBy June 30, 2015 Evolve Bancorp of West Memphis held the bank as its only listed subsidiary, with Lenoir as chairman and Stafford as secretary. The 2024 report lists Lenoir as chairman, Stafford as secretary and Robin Bedsole as controller, with two subsidiaries: the bank and Evolve Commercial Finance of Memphis. In the 2025 report Stephen Valentine is chairman, Alvinor Bright, Jr. vice chairman and Mark Mosteller chief financial officer. The FDIC record names Evolve Bancorp (RSSD 1142411) as the bank's holding company. ^{1 2 3 4}

analysisEvolve Commercial Finance, Inc. filed a 2023 annual report in Florida as a foreign profit corporation, giving 6000 Poplar Avenue in Memphis as its principal address and listing Stafford as president, Lenoir as director, Mosteller as treasurer and Henry A. Barham III as secretary, with Corporation Service Company as registered agent. ⁵

analysisEvolve Bancorp's unaudited balance sheet at March 31, 2022 reported total assets of $777.7 million, $40 million of Federal Home Loan Bank advances, $31.1 million of subordinated debt, $3.4 million of Class A preferred stock, 4,646,210 common shares outstanding and shareholders' equity of $65.3 million. Its first-quarter letter, signed by Lenoir as chairman, reported $10.5 million of subordinated notes issued in March 2022. At March 31, 2014 the company had $4.7 million of Small Business Lending Fund money from the Treasury outstanding at a 1.00% dividend rate. ^{1 2}

analysisThe retained record does not identify Evolve Bancorp's principal shareholders. Requests for its FR Y-6 reports for 2024 and 2025 returned an error page, which shows only that the filings could not be retrieved at that time, not that they were not filed, and the retained 2025 FR Y-9SP is a blank form. Director Donald B. Clanton has reported being a minor stockholder of the bank since 2005. ^{3 4 5 6}

analysisUnder the June 2024 cease-and-desist order, Evolve Bancorp and the bank may not pay dividends, buy back shares or make other capital distributions, including interest payments on subordinated debentures, and may not incur, increase, prepay or guarantee debt without prior written approval from the supervisors. ¹

analysisA fintech industry newsletter reported in February 2026 that Evolve Bancorp's parent-only report for 2025 showed no operating income, a net loss of about $7.4 million, $51.1 million of long-term borrowings and $5.8 million of interest payable on subordinated debt, that the company had missed coupon payments on at least some notes, and called it functionally insolvent; that characterisation is the newsletter's, and because the retained copy of the 2025 report is a blank form the figures could not be checked against it. Under the 2024 order such interest payments need prior approval. According to correspondence the newsletter reviewed, Stifel was soliciting bids in early 2026 for two $5 million tranches of the notes, maturing in 2031 and 2032, at 40 cents on the dollar, citing the missed coupons. Director John T. Pitts Jr. is registered with Stifel in Memphis; the record shows no role for him in the offering. ^{2 1 3}