Key Points
- FBI executed an arrest warrant at Evolve Bank & Trust headquarters in Arkansas.
- Reports are that CEO Bob Hartheimer was escorted from the building by agents.
- The bank remains under scrutiny for its role in the Synapse fintech collapse.
According to reports, the Federal Bureau of Investigation (FBI) executed an arrest warrant Thursday morning at the headquarters of Evolve Bank & Trust, an agency spokesperson confirmed to Jason Mikula of Fintech Biz Weekly.
A source close to the bank said its recently appointed CEO, Bob Hartheimer — nicknamed “Boyscout Bob” — was escorted from the building by federal agents during the operation. He was just named CEO in August.
🚨BREAKING: FBI EXECUTED AN ARREST & SEARCH WARRANT AT EVOLVE BANK & TRUST HQ, an FBI spokesperson just confirmed to me via phone. A source close to the bank said the new CEO, "Boyscout" Bob Harthemier, was escorted out of the building by FBI agents.
— Jason Mikula (@mikulaja) October 23, 2025
An Evolve spokesperson provided this statement:
We are aware of the situation. The Board of Directors is treating this matter with the utmost seriousness and Mr. Hartheimer has been terminated effective immediately.
We are in close contact with the U.S. Attorney’s office and have been assured that this is a personal matter and does not relate to the Bank or its operations in any way. That said, we have offered our full cooperation as they investigate.
Moving forward, the Executive Leadership Team of President and CFO, Mark Mosteller and EVP and General Counsel, Joelle Weltzin will oversee the Company’s operations and strategic direction as they did prior to August. Our team remains focused on serving customers, supporting employees and delivering on our business objectives.
We remain confident in the strength of our leadership, the stability of our operations, and the continued trust of our customers and investors.
Editor's note: This is an evolving story and will be updated as new information is provided. This story has been updated with Evolve's statement.
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Background on Evolve Bank & Trust
Evolve Bank & Trust, founded in 1925 and known for its partnerships with fintech firms, has been under federal oversight since mid-2024 after regulators cited weaknesses in its anti-money-laundering and risk-management programs. The Federal Reserve issued an enforcement action requiring the Arkansas-based bank to strengthen compliance and improve oversight of its technology partners.
Those issues came following the collapse of Synapse Financial Technologies, a fintech intermediary that connected app-based platforms like Juno and Yotta to traditional banks including Evolve.
Bob Hartheimer was named CEO of the bank in August, following the retirement of former CEO Scott Stafford.
Ties To The Synapse Collapse
While sources are reporting this may be a personal matter, it doesn't look good for a bank that's been mired in issues over the past several years.
Evolve Bank & Trust faces continued scrutiny over its role in the fallout from the Synapse Financial Technologies bankruptcy. Synapse, a fintech middleware that connected banking partners like Evolve to consumer-facing financial apps, collapsed in April 2024, leaving tens of thousands of end-users unable to access their deposits.
Federal regulators and class-action plaintiffs have accused Evolve of inadequate oversight and poor reconciliation practices that contributed to an estimated $65 million to $95 million in missing funds. The bank has denied wrongdoing, citing what it called “material irregularities” in Synapse’s ledgers and pledging to cooperate with regulators to locate and return customer money.
It also comes a year after Evolve was also hit with a ransomware attack. The bank ended up paying an $11.9 million settlement over the attack that impacted nearly 18 million people.
While the FBI has not confirmed the details of the arrest, and court documents are not yet available.
What Happens Next
The Federal Reserve enforcement order remains in effect, requiring Evolve to strengthen due diligence on its fintech partners and enhance its consumer-protection measures. Congressional lawmakers (PDF File) have also pressed federal banking regulators to explain how oversight failed during the Synapse collapse.
With the FBI now involved, Evolve faces its most serious test yet (both legally and reputationally) as it's only three-month old CEO is now on terminated.
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Editor: Colin Graves
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