Evolve Bank Fires CEO After FBI Undercover Sting Posing as Teen

Evolve Bank & Trust has fired its newly appointed chief executive after he was arrested in an FBI sting operation. Federal agents say they posed online as a 14-year-old boy, and the bank executive allegedly attempted to arrange a meeting for sexual activity.

The CEO, who had been in the role for only a short time, was taken into custody after the sting. Authorities say he believed he was communicating with a minor, but the “teen” was an undercover FBI agent.

Evolve Bank immediately removed him from the position once the arrest became public. The company called the situation “deeply disturbing” and said protecting customers, employees, and partners is its priority.

In a statement, the bank said it is cooperating with law enforcement and has started a leadership transition process. Senior executives are temporarily handling responsibilities while the search for a new CEO begins.

Evolve Bank plays a major role in the U.S. financial system, especially in fintech partnerships. Companies like Stripe, Affirm, and Binance have worked with the bank in recent years. The bank has already faced regulatory challenges, including federal scrutiny over compliance failures. This incident adds more pressure on the institution as it tries to repair its public image.

Legal experts say charges in cases like this are serious and can lead to long prison sentences. The FBI continues to investigate, and prosecutors are preparing formal charges.

Regulators and fintech investors are also watching closely. The banking sector has been pushing for stronger oversight of executives, especially at companies working with digital-finance firms.

The former CEO’s lawyer has not yet responded to media requests for comment.

For now, Evolve Bank says it remains committed to stable operations, customer trust, and safety as law enforcement proceeds with the case.