Our Story
Over the last century, Evolve Bank & Trust has grown into a trusted banking partner for communities across Eastern Arkansas and Western Tennessee.
It has played a vital role in supporting small businesses, empowering homebuyers, and collaborating with fintech companies to drive innovation. Backed by the strength and security of a 100-year-old financial institution, Evolve continues to deliver best-in-class service. This commitment fuels growth, fosters progress, and strengthens the financial future of the communities it serves.
Early 20th Century
In 1925, First State Bank, which eventually became Evolve Bank & Trust was founded in Parkin, Arkansas. In the early 20th century, Parkin was a bustling small, rural town that relied on two large lumber operations and a railroad connecting it to surrounding areas. It was one of those lumber yards that brought a key figure in Evolve’s story to Parkin. In 1912, Agnes Hamill Park and her family moved from Michigan to Parkin to help operate the Lansing Wheelbarrow Company’s local office.
A little more than a decade after moving to Parkin, Park (no connection to the name of Parkin) had become one of the community’s most beloved citizens and was instrumental in gathering initial investors in First State Bank.
1925
First State Bank was officially founded on June 5, 1925, in Parkin, Arkansas, and quickly grew to become the leading financial institution in Cross County. The new bank was organized with $50,000 in total resources, $36,960 of that being deposits. The bank’s original leadership included Ed Hamilton as President, F. G. McCrary as Vice President, and F. R. Utley as Cashier, with all three also serving as directors. Additional board members included R. L. Block, H. L. Coldren, Dave Block, and Mrs. Agnes Hamill Park.
In the early days, the Bank focused on serving local businesses, Parkin’s growing sawmill industries, and the community’s residents – especially farmers. According to Cross County historian Robert W. Chowning, “No other financial institution has contributed more to the sound and steady development of agriculture in the eastern part of Cross County.”
1930s-1940s
Over those first few decades, the Bank survived Parkin’s Flood of 1927, the Great Depression, and World War II. During the 1930s and 1940s, the Bank became a vital part of Eastern Arkansas’s rural economy, helping farmers with loans for equipment and supplies as industry waned and the need for agricultural production grew. Deferred loan payments and financial management assistance also helped promote more economic stability for the Bank’s customers. Evolve also provided essential capital for farming improvements in Cross County, helping to develop generations of farming communities.
1950s - 1960s
In July of 1950, the Bank moved from its original location to just a few blocks down on Main Street. The new, modern building on Main Street across from the post office was a “distinctly styled” building and hailed as one of the most attractive bank buildings in Eastern Arkansas. Tragedy struck Parkin’s Main Street in 1951 when a devastating fire broke out in a nearby hardware store. The fire caused most of the south side of Main Street to burn, including the movie theater, several general stores, and the new bank, leaving behind nothing except the vault.
Rebuilding efforts began quickly, and the institution emerged stronger than ever – proof of the community’s determination and the Bank’s commitment to serving it. 1954 brought the most profitable year yet for the bank, with total deposits reaching $1,326,477 – nearly 40 times what they were back in 1925.
Late 20th Century
Parkin was in its heyday, enjoying growth and opportunity like never before, even serving as a hotspot for musical performances from the likes of B.B. King, Carl Perkins, and Elvis Presley. Throughout these years of growth and change, Evolve remained a cornerstone in Cross County.
Throughout the second half of the 20th century, the Bank continued to play a vital role in Eastern Arkansas, supporting agriculture, small businesses, and families across the region. The Bank expanded its services and expanded its footprint, adding branches in nearby Earle and Marion (Crittenden County), always evolving to meet the changing needs of the banking industry while maintaining a strong commitment to innovation and customer service.
2005
In 2005, a group of investors led by Scot Lenoir bought First State Bank, incorporated Trust powers, and changed the Bank’s name to Evolve Bank & Trust. Initially, Evolve focused on premiere business and personal banking. Quickly growing, and adding branches in Eastern Arkansas and into Memphis, Tennessee, Evolve added Mortgage lending, SBA, Trust, and Physicians Capital divisions.
Soon, Evolve recognized the growing role of digital banking and began positioning itself as a forward-thinking institution. While continuing to serve traditional banking customers, the bank started expanding its capabilities in financial technology. This shift allowed Evolve to become a major player in the fintech space, providing Banking-as-a-Service (BaaS) solutions to emerging financial technology companies.
2017
In 2017, a new chapter began when Evolve embraced the Open Banking movement, offering API-driven banking solutions to fintech partners. This enabled companies to integrate Evolve’s banking services into their own platforms, providing customers with seamless banking experiences. Evolve’s services expanded to include payment processing, compliance management, and lending solutions, making it a trusted partner for fintech startups and established companies alike.
Evolve’s dedication to innovation led to its emergence as a key banking partner in the fintech ecosystem. The bank developed strong relationships with companies offering digital wallets, neobanking solutions, and other financial products that require secure and compliant banking infrastructure. Its Open Banking and payment processing solutions positioned Evolve at the forefront of the digital banking revolution.
Today
Today, Evolve Bank & Trust honors its history while embracing the future, proudly serving 8 communities across Arkansas and Western Tennessee, as well as being recognized as a national leader in financial innovation. As we bridge the gap between traditional banking and fintech solutions, Evolve remains dedicated to our communities and customers, building on the legacy of stability and exceptional service that has carried Evolve through the past 100 years.