MEMPHIS, Tenn.--(BUSINESS WIRE)--Evolve Bank & Trust (“Evolve”) today announced Ankura has reached a milestone in its reconciliation process, which will allow Evolve to move forward in its efforts to return funds to Synapse Brokerage end users impacted by the Synapse bankruptcy.
“Evolve has been deeply committed to the reconciliation of Synapse Brokerage end-user funds since we identified significant irregularities in end-user balances reported by Synapse,” said Scot Lenoir, Founder, Evolve Bank and Trust. “First and foremost, we are grateful to the end users for their patience and understanding as we worked through millions of transactional records in the reconciliation process.” We are grateful for the invaluable expertise of Ankura, who has been instrumental in this complex process. We also extend our sincere thanks to Bankruptcy Judge Martin Barash and Bankruptcy Trustee Jelena McWilliams for their unwavering support and dedication to this process, and to B. Riley for their partnership in collecting the data necessary to perform this reconciliation.”
Evolve is now preparing to return funds held at Evolve to Synapse Brokerage end users. On October 23, 2024, Evolve will launch a resource center at reconciliationbyevolve.com to provide more information on the reconciliation and the anticipated timeline for returning funds held at Evolve to Synapse Brokerage end users.
To facilitate the return of funds held at Evolve to end users, Evolve has hired Rust Consulting, an Exela Technologies brand, to serve as the administrator to disburse funds to end users of Synapse Brokerage that the Bank has held since the Synapse bankruptcy. On October 23, 2024, more information on how Rust will distribute funds will be available at reconciliationbyevolve.com and an email will be sent to end users.
End users with a balance at Evolve will be asked to select a payment method election on November 4, 2024, and payments will begin shortly thereafter.
About Evolve Bank & Trust:
Evolve Bank & Trust, a technology focused financial services organization, offers specialized solutions in Open Banking, Personal and Business Banking, Mortgage, SBA Lending, Physicians Capital, and Trust. Evolve has been voted to a Top Workplace USA and has been named in Inc. Magazine’s 5000 List of the fastest growing private companies.
