Evolve Bank & Trust, a Tennessee-based institution already grappling with significant challenges, has terminated its CEO, Bob Hartheimer, following his arrest on charges of attempted production of child pornography and transfer of obscene material to a minor. The charges stem from an FBI investigation where Hartheimer allegedly solicited an undercover agent posing as a 15-year-old boy on the dating app Grindr.
According to court documents, an FBI agent, acting under cover, received a message from a Grindr user named “Tomm” proposing a sexual encounter. The exchange escalated on Snapchat, with “Tomm” requesting explicit images and sending a nude photo of himself. Law enforcement traced the IP address to Hartheimer.
Hartheimer was taken into custody in Memphis on October 23rd. His lawyer, Blake Ballin, confirmed his client’s termination to CNBC, stating, “Bob’s family is aware of the charges. His family loves and supports him and requests privacy during this difficult period in their lives. We have no further comment at this time.”
The sudden leadership change adds another layer of complexity for Evolve, which has faced a tumultuous period prior to and since Hartheimer’s appointment. Just months prior to his firing, as recently as August of this year, Evolve had lauded Hartheimer’s extensive experience which spanned four decades, touting his tenure at the Federal Deposit Insurance Corporation’s (FDIC) Division of Resolutions, and his consulting work with fintech companies as assets that would bring fresh perspective to the bank’s strategy.
However, the bank’s recent performance has been far from stellar. Data filed with the Federal Financial Institutions Examination Council reveals net losses for the first three quarters of 2025, a stark contrast to its consistent profitability since 2003. This financial strain comes amidst other operational headwinds
Evolve Bank’s challenges extend beyond financial performance. The bank was deeply embroiled in the Synapse bankruptcy saga, where a fintech startup’s collapse left millions of customer funds missing. Evolve’s role as a custodian bank for various fintech apps using Synapse’s platform amplified the impact on consumers. The complexities of Synapse’s multi-bank deposit system led to significant accounting issues, leaving thousands of Americans in financial limbo, a problem that remains unresolved.
Adding to its woes, Evolve Bank also suffered a cyberattack in 2024, where hackers gained access to customer data and demanded a ransom. While the bank claimed it refused to pay the ransom, this information was eventually released online, representing a significant reputational risk and highlighting vulnerabilities in the bank’s cybersecurity infrastructure.
In August 2025, Hartheimer was appointed to replace Scott Stafford, who had served as CEO since 2004. At the time, Evolve Bank presented this change as “a structural change, demonstrating our continued commitment to doing the hard work to earn back the trust of our customers, employees, regulators, and investors.” Now, Evolve bank finds itself compelled to once again search for new leadership and manage the fallout from the CEO’s alleged criminal activities.
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