Bob Hartheimer, the CEO of Tennessee-based Evolve Bank & Trust, has been fired after his arrest on charges related to attempted production of child pornography and transfer of obscene material to a minor. The arrest followed an investigation by U.S. law enforcement, which involved an FBI agent posing as a 15-year-old on the dating application Grindr.
Key Takeaways
- Evolve Bank & Trust CEO Bob Hartheimer was fired following his arrest on serious charges.
- The arrest stemmed from interactions on Grindr with an undercover FBI agent posing as a minor.
- Hartheimer had only been CEO since August, taking over during a challenging period for the bank.
- Evolve Bank has faced recent issues, including a fintech bankruptcy and a cyberattack.
Details of the Arrest and Charges
On October 19, an FBI employee initiated contact with a user named 'Tomm' on the gay dating app Grindr. The FBI agent was operating undercover, posing as a 15-year-old boy. According to an affidavit from an FBI special agent, 'Tomm' sent a message asking, "Hey any chance u would hu with an older and chill guy."
The conversation continued, with discussions about an in-person meeting later that week. The individuals also moved their communication to Snapchat, where they talked about potential sexual acts. 'Tomm' requested a photo of the 'boy' without shorts and also sent a naked picture of himself to the undercover agent.
Investigation Details
- Date of initial contact: October 19
- Platform: Grindr, then Snapchat
- Arrest Date: October 23
- Location of Arrest: Memphis
Law enforcement obtained an IP address for 'Tomm' from Snapchat, which, along with information from Comcast, led them to Hartheimer's address. Hartheimer was arrested in Memphis on October 23. He faces charges of attempted production of child pornography and transfer of obscene material to a minor.
Blake Ballin, an attorney representing Hartheimer, confirmed on Saturday that Evolve Bank had terminated the CEO. "Bob’s family is aware of the charges," Ballin stated in an email. "His family loves and supports him and requests privacy during this difficult period in their lives. We have no further comment at this time."
Hartheimer's Brief Tenure as CEO
Hartheimer's appointment as CEO in August marked a significant leadership change for Evolve Bank. He had taken over from Scott Stafford, who retired after serving since 2004. At the time of his hiring, Evolve Bank highlighted Hartheimer's extensive experience.
His background included serving as a director for the Federal Deposit Insurance Corporation’s Division of Resolutions. He also had years of experience as a regulatory consultant for financial technology companies. Evolve Bank had publicly stated that his appointment was a "structural change" aimed at rebuilding trust.
Leadership Transition
Hartheimer was brought in to replace long-serving CEO Scott Stafford in August 2025. His appointment was framed as a move to stabilize the bank and restore confidence after a series of challenges.
On his LinkedIn profile, Hartheimer wrote, "Over the past four decades, I’ve led, turned around, and advised institutions across the financial landscape." His role was intended to guide the bank through a period of recovery and renewed commitment to its stakeholders.
Recent Challenges for Evolve Bank
Evolve Bank & Trust has faced a series of significant challenges in the past year, even before Hartheimer's arrest. These issues have impacted the bank's reputation and financial stability.
Last year, the bank became entangled in the bankruptcy of financial technology startup Synapse. Synapse, which acted as a middleman for fintech apps like Yotta, managed user funds across various banks, including Evolve. This arrangement led to severe accounting problems, with up to $96 million in deposits going missing. Thousands of Americans lost access to their funds as a result.
Financial Impact
- Synapse Bankruptcy: Up to $96 million in missing deposits.
- Net Losses: Reported for the first three quarters of 2025.
In 2024, Evolve also suffered a cyberattack. Hackers breached the bank's systems, obtaining customer information, and subsequently demanded a ransom. Evolve Bank stated that it did not pay the ransom, and the compromised data was eventually posted online.
Financially, the bank has experienced setbacks. After being profitable since 2003, Evolve reported net losses for each of the first three quarters of 2025. This data is on file with the Federal Financial Institutions Examination Council, indicating a period of significant financial strain for the institution, which was founded in 1925.
Looking Ahead for Evolve Bank
The abrupt departure of its CEO amid serious criminal charges adds another layer of complexity to Evolve Bank's ongoing efforts to stabilize its operations and regain trust. The bank has not yet responded to requests for comment regarding Hartheimer's firing or its future leadership plans.
The institution now faces the task of finding new leadership while simultaneously addressing the fallout from the Synapse bankruptcy, the cyberattack, and its recent financial losses. The path forward for Evolve Bank & Trust appears challenging, requiring a robust strategy to restore confidence among its customers, employees, regulators, and investors.
