Addressing Evolve’s Misleading Press Release

We are aware of the recent press release issued by Evolve Bank & Trust, which we believe contains several inaccuracies and misrepresentations regarding the court hearing and Judge Barash’s ruling. It is important to clarify the facts and set the record straight.

First, Judge Barash’s ruling did not validate Evolve’s position as claimed in its press release. To the contrary, the Court ordered both parties to meet and confer to resolve depositors inability to access their funds currently in the custody of Evolve, clearly stating that he has made “no judgment as to who is to blame.” These crucial details were omitted from Evolve’s statement. The purpose of ordering the parties to meet and confer, as stated by Judge Barash, was to provide an opportunity for “Evolve to be persuaded to move money and start processing backlogged transactions.”

The continuation of the account freeze by Evolve, despite the restoration of Dashboard access on Monday, May 13, 2024, is unsupportable. Freezing the funds has been unnecessary and punitive, causing significant harm to depositors who rely on access to their funds for essential needs.

The upcoming meet and confer is an opportunity for the parties to resolve any technical or other issues Evolve purports to have that prevent Evolve not providing depositors with access to their funds — not to assign blame. Our primary concern is ensuring that depositors regain access to their funds promptly and urge Evolve to focus its efforts on working towards a resolution with us.

To those depositors who spoke at yesterday’s hearing, please know that Synapse hears you and we remain operational solely to fight for your interests. Depositors need access to their funds, and we will continue to advocate for their rights and well-being.