Appointment of new CEO at Evolve Bank, boasting extensive regulatory knowledge
In a bid to navigate through regulatory and legal challenges, Evolve Bank & Trust has appointed Bob Hartheimer as its new CEO, effective immediately. Hartheimer, a seasoned regulatory expert, brings a wealth of experience from his tenure at the Federal Deposit Insurance Corporation (FDIC) and various financial regulatory consulting firms.
Hartheimer's focus as a consultant for Evolve has been to build trust with regulators and address issues per the consent order. This appointment comes after the collapse of Evolve's banking-as-a-service partner, Synapse, which froze approximately $219 million of consumer funds in April 2024. Despite returning most of the funds, a gap of up to $95-96 million remains unresolved, leading to calls for a Chapter 7 conversion to speed consumer restitution.
Steve Valentine, Evolve's board chair, expressed confidence in Hartheimer's ability to lead the bank into a future defined by transparency and sustainable growth. He stated that Hartheimer has the full backing to take decisive action, restore thoughtful innovation, and lead Evolve into a more resilient institution.
Hartheimer's extensive background includes serving as the head of the FDIC's Division of Resolutions, where he oversaw the sale of more than 200 banks with roughly $50 billion in assets and 10 large failing banks with $39 billion in assets. He also worked as a bank and fintech regulatory consultant from 2002 until 2008 at Promontory Financial Group and later at Klaros Group.
Former Deputy Treasury Secretary Sarah Bloom Raskin expects Evolve to "see improvement under [Hartheimer’s] tenure" due to his experience. Hartheimer himself emphasizes the importance of trust in banking and shares success stories of banks that understood and fixed issues.
Under Hartheimer's leadership, Evolve aims to regain confidence from customers, employees, regulators, and investors by closely following regulatory expectations. This marks a structural change for Evolve, with Evolve CFO Mark Mosteller, President of Open Banking Hank Word, and General Counsel and Corporate Secretary Joelle Weltzin reporting directly to Hartheimer.
The Consumer Financial Protection Bureau (CFPB) is preparing to file an adversary proceeding complaint against Synapse, alleging unfair acts or practices and failure to maintain adequate records of consumer funds. Meanwhile, PNC, which faced regulatory scrutiny in 2002, is highlighted as an example of a bank that did well following issue resolution.
While the Synapse fallout and consumer fund restitution remain unresolved, the appointment of Bob Hartheimer signals a committed, expert-driven effort to address these challenges and improve Evolve Bank & Trust’s regulatory standing and operational transparency.
[1] Source: Evolve Bank & Trust press release, August 13, 2025. [2] Source: The Wall Street Journal, August 14, 2025. [3] Source: American Banker, August 15, 2025.
- Hartheimer's extensive background in finance and fintech, combined with his experience as a bank and fintech regulatory consultant, will undoubtedly prove valuable as he navigates the business of Evolve Bank & Trust through regulatory challenges and works towards improving its industry standing.
- With Bob Hartheimer at the helm, Evolve Bank & Trust aims to rebuild trust with customers, employees, regulators, and investors by implementing business strategies that prioritize transparency, adherence to regulatory expectations, and innovative solutions drawn from his experiences in both finance and fintech industries.
