--- title: "Evolve Bancorp and the holding companies behind the bank" language: en canonical: https://dossiertwist.com/dossiers/evolve-bank-trust/evolve-bancorp/ as_of: 2026-10-16 keywords: ["Evolve Bank & Trust","Evolve Bancorp","Synapse Financial Technologies","Synapse Brokerage","Banking-as-a-Service","Open Banking","cease-and-desist order","Federal Reserve","Arkansas State Bank Department","FBO accounts","Yotta Technologies","Lineage Bank","AMG National Trust","Scot Lenoir","Robert Hartheimer","data breach","MDL 3127","Ankura reconciliation","CFPB","Coastal Community Bank"] --- # Evolve Bancorp and the holding companies behind the bank - Also known as: Parkin Bancorp, Inc. · EVOLVE BCORP INC - Jurisdiction: United States (US) - Federal Reserve System (RSSD ID): 1142411 **Question.** Which companies stand between Evolve Bank & Trust and its owners, and what is known of their capital and debt? **Answer.** Since 2005 the bank has been held through Parkin Bancorp, renamed Evolve Bancorp, Inc., which until 2013 had its own parent, Evolve Financial Group, organised by Scot Lenoir. Evolve Bancorp's shareholders are not identified in the retained record. In 2022 it reported $777.7 million of consolidated assets and $31.1 million of subordinated debt; under the 2024 order it needs supervisory approval for dividends and debt payments, and in 2026 a newsletter reported missed coupons and notes offered at 40 cents on the dollar. ## Two tiers of holding companies - Analysis: In 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. [src-033] [src-013] - Analysis: The 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. [src-025] ## Evolve Bancorp after 2006 - Analysis: By 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. [src-070] [src-039] [src-024] [src-001] - Analysis: Evolve 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. [src-116] - Documented: Evolve Commercial Finance, Inc. filed a 2023 annual report as a foreign profit corporation with the Florida Division of Corporations (document F18000001198, filed March 5, 2023; FEI number 81-3742575). It gives 6000 Poplar Ave, Triad I Suite 300, Memphis as its principal address and lists W. Scott Stafford as president, B. Scot Lenoir as director, Mark Mosteller as treasurer and Henry A. Barham III as secretary; Barham signed the report. Corporation Service Company was its registered agent in Tallahassee. [src-116] - Qualification: The filing spells the street 'Popular Ave'. ## Capital, debt and owners - Analysis: Evolve 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. [src-034] [src-040] - Analysis: The 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. [src-002] [src-017] [src-018] [src-023] ## The 2024 order and the notes - Analysis: Under 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. [src-003] - Analysis: A 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. [src-035] [src-003] [src-102] - Attributed: According to correspondence reviewed by a fintech industry newsletter, Stifel was soliciting bids in early 2026 for two $5 million tranches of Evolve Bancorp notes, one paying 4% and maturing in April 2031 and the other 4.5% maturing in April 2032, at an asking price of 40 cents on the dollar, noting that the debt was unrated and that 'the company has missed its most recent coupon payments, indicating credit distress'. The newsletter quoted Stifel's view that a CFPB redress allocation could reduce any net liability of Evolve from the Synapse bankruptcy, stressing that this was speculative. [src-035] [src-102] - Qualification: Third-party offering material as reported; Stifel's estimates are not in the retained record. Director John T. Pitts Jr. is registered with Stifel in Memphis; the record does not show any role for him in the offering. ## Sources - [src-033] Media source · src-033 - [src-013] Holding Company Name List (December 2020), Federal Reserve Bank of Chicago (Federal Reserve System), 2020-12 - [src-025] Report of the Bank Commissioner of Arkansas 2006, Arkansas Bank Commissioner (FRASER archive, Federal Reserve Bank of St. Louis), 2006 - [src-070] Report of the Bank Commissioner of the State of Arkansas 2015, Arkansas Bank Commissioner (FRASER archive, Federal Reserve Bank of St. Louis), 2015 - [src-039] Report of the Bank Commissioner of the State of Arkansas 2024, Arkansas State Bank Department (Bank Commissioner), 2025-07 - [src-024] Report of the Bank Commissioner of the State of Arkansas 2025, Arkansas State Bank Department (Bank Commissioner), 2025-10 - [src-001] FDIC BankFind institution record for Evolve Bank & Trust (Cert. 1299), Federal Deposit Insurance Corporation, 2026-10-16 - [src-116] Evolve Commercial Finance, Inc. 2023 foreign profit corporation annual report (F18000001198), Florida Department of State, Division of Corporations, 2023-03-05 - [src-034] Company statement source · src-034 - [src-040] Report on SBLF Participants' Small Business Lending Growth (July 2014), U.S. Department of the Treasury, 2014-07 - [src-002] Request for Evolve Bancorp FR Y-6 annual report, December 31, 2025, Federal Financial Institutions Examination Council, National Information Center, 2026-10-16 - [src-017] Request for Evolve Bancorp FR Y-6 annual report, December 31, 2024, Federal Financial Institutions Examination Council, National Information Center, 2026-10-16 - [src-018] Evolve Bancorp FR Y-9SP parent company only report form, December 31, 2025, Federal Financial Institutions Examination Council, National Information Center, 2026-10-16 - [src-023] BrokerCheck report: Donald Boyce Clanton (CRD 47266), FINRA BrokerCheck, 2026-10-16 - [src-003] Order to cease and desist issued upon consent: Evolve Bancorp, Inc. and Evolve Bank & Trust, Board of Governors of the Federal Reserve System, 2024-06-11 - [src-035] Media source · src-035 - [src-102] BrokerCheck report: John Thomas Pitts Jr (CRD 2342184), FINRA BrokerCheck, 2026-10-16