Ex-FDIC Exec Bob Hartheimer Is New CEO of Evolve Bank & Trust

Evolve Bank & Trust named regulatory veteran Robert “Bob” Hartheimer as CEO in a unanimous board vote.

The appointment is effective immediately, according to a Wednesday (Aug. 13) press release.

Hartheimer is taking over as the bank navigates the final, turbulent stages of the Synapse bankruptcy amid a widening regulatory lens.

He also serves as senior advisor for advisory firm Klaros, where he counsels banks and FinTechs on compliance and strategy. He co-founded Jasper, a credit card originator for customers with little or no credit history, served as a managing director at Promontory Financial Group, and helped create the Federal Deposit Insurance Corp.’s Division of Resolutions in 1991, the release said.

His mandate at Evolve is to restore trust with clients, regulators and partners, per the release, after more than a year of reputational and operational strain.

“Bob was selected for his unmatched corporate experience in strategically navigating challenges at financial institutions and enabling banks to move past their regulatory challenges,” Evolve Bank & Trust Board Chairman Steve Valentine said in the release. “He has the full backing of the board to take decisive action, restore thoughtful innovation, and lead Evolve into a future defined by transparency and sustainable growth. This is a structural change, demonstrating our continued commitment to doing the hard work to earn back the trust of our customers, employees, regulators and investors.”

Evolve Bank & Trust had a partnership with banking-as-a-service provider Synapse, which collapsed in April 2024, freezing funds for more than 100,000 consumers and prompting lawsuits against Evolve.

Approximately $219 million sat locked in partner bank accounts. While most of the money has been returned, court-appointed Chapter 11 trustee Jelena McWilliams has said there is a gap of up to $96 million between funds held and Synapse’s ledgers. She has asked the court to dismiss the case or convert it to Chapter 7, citing depleted resources and failed sale efforts.

The Consumer Financial Protection Bureau has urged conversion, arguing it would speed consumer restitution through the Civil Penalty Fund. The bureau warned of “unfair practices” tied to opaque for-benefit-of account structures and reconciliation failures, estimating unresolved harm at up to $95 million.

In February, a grand jury was reportedly probing criminal conduct at Synapse. Prosecutors subpoenaed Synapse’s former finance director, who raised alarms over missing customer funds before the collapse.