Mercury FDIC-Insured Deposit Sweep


What is a Program Bank?

Subject to the terms of the Mercury Deposit Program, Program Banks are bank partners of Evolve Bank & Trust (“Evolve”) that hold funds that will be covered by Federal Deposit Insurance Corporation (“FDIC”) Insurance. Cash deposited to these banks will be covered by FDIC insurance up to a total maximum of $500,000. The end user is able to opt out of available Program Banks at their discretion. However, if the end user opts out of some or all Program Banks, FDIC insurance may be reduced or forfeited. Please see the Mercury Deposit Program Custodial Agreement for the terms and conditions.

Which Program Banks are included in the network?

The following are Evolve’s FDIC-insured Program Banks as of October 24, 2022. Please Note: Evolve may change the network of Program Banks at any time. If a change is made, we’ll let you know in advance.

  • Evolve Bank & Trust
  • Goldman Sachs
  • Signature Bank

What is an Excess Bank?

Excess Banks are bank partners of Evolve that hold end user funds that will not be covered by FDIC Insurance. There are several scenarios that this applies to:

  • If the end user opts out of all Program Banks, the end users’ funds will be placed at Excess Bank(s).
  • If the end user has more than $500,000 in their account, the funds will be split and any excess funds will be placed at an Excess Bank.

It is important to note that End Users cannot opt out of Excess Banks.

Which Excess Banks are included in the network?

The following are our Excess Banks as of October 24, 2022. Please Note: Evolve may change the network of Excess Banks at any time. If a change is made, we’ll let you know in advance.

  • ADM / PNC Bank – Americant Bank, N.A.
  • ADM / PNC Bank – American State Bank (TX)
  • ADM / PNC Bank – Banco Popular North America
  • ADM / PNC Bank – Bank of Houston, NA
  • ADM / PNC Bank – Bank of New England
  • ADM / PNC Bank – Bell Bank
  • ADM / PNC Bank – Bell Bank 2
  • ADM / PNC Bank – Capital One Bank (USA), NA
  • ADM / PNC Bank – Capital One Bank (USA), NA 2
  • ADM / PNC Bank – City National Bank of Florida
  • ADM / PNC Bank – Congressional Bank nka Forbright Bank
  • ADM / PNC Bank – Cornerstone Bank (KS)
  • ADM / PNC Bank – Customers Bank
  • ADM / PNC Bank – First Bank (NJ)
  • ADM / PNC Bank – First Foundation Bank
  • ADM / PNC Bank – First Guaranty Bank
  • ADM / PNC Bank – First United Bank and Trust Company (OK)
  • ADM / PNC Bank – Fortis Private Bank
  • ADM / PNC Bank – Luther Burbank Savings
  • ADM / PNC Bank – NexBank
  • ADM / PNC Bank – Northeast Bank (ME)
  • ADM / PNC Bank – Signature Bank (NY)
  • ADM / PNC Bank – State Bank of Texas
  • ADM / PNC Bank – Sterling National Bank
  • ADM / PNC Bank – Third Coast Bank, SSB
  • ADM / PNC Bank – Tristate Capital Bank
  • ADM / PNC Bank – Union County Savings Bank
  • ADM / PNC Bank – United Texas Bank
  • Bank United
  • Cadence Bank
  • IDC / Northern Trust
  • Quaint Oak Bank
  • Stone Castle / US Bank
  • Texas Capital Bank
  • TriState Capital
  • Zions Bank