Evolve Bank & Trust Responds to Synapse Bankruptcy Hearing

Evolve Bank & Trust supports today’s (Friday, May 17, 2024) United States Bankruptcy court rulings regarding our motion and maintains unwavering dedication to safeguarding the security of all end user funds. Since the unfortunate necessity of freezing certain transactions, our teams have been tirelessly working to guarantee account accuracy, enhancing security measures, and ultimately restoring access to funds for our valued customers.

Today’s rulings and Judge Martin R. Barash’s remarks serve to validate what we have steadfastly asserted all along: Synapse’s abrupt shutdown of essential systems without notice and failure to provide necessary records needlessly jeopardized end users by hindering our ability to verify transactions, confirm end user balances, and comply with applicable law. Evolve’s position is further corroborated by the U.S. Trustee’s emergency filing, which warns of Synapse’s “gross mismanagement” in deciding to cut off access to its computer systems over a weekend.

As a robustly well-capitalized FDIC institution exceeding the capital thresholds for the highest category of capitalization under PCA (“well capitalized”), our primary focus is on ensuring the protection of end user funds. This becomes paramount when essential reporting and information necessary for transaction processing are not forthcoming from our critical service provider.

Evolve operates in accordance with federal regulations governing financial institutions. Any insinuation suggesting that Evolve has intentionally mishandled or withheld funds is entirely false and defamatory.

As we move forward, Evolve Bank & Trust reaffirms our commitment to collaborating with financial industry partners with the shared goal of providing customers access to their funds. We are dedicated to addressing any challenges that arise with agility and efficacy, ensuring the integrity and security of all customer funds remain paramount.

For media inquiries please email: [email protected].

If you’re a customer and have questions, call our Customer Care Center, 866.395.2754.