Varo Bank, National Association
Draper, UT
IDRSSD: 5518023
Total Assets
$275.53M
Latest filing
Total Deposits
$159.70M
Latest filing
Net Interest Margin
9.25%
Profitability
Locations
Main office and branches. Select to view on the map.
Main Office
Varo Bank, National Association
11781 S Lone Peak Pkwy
Draper, UT 84020
Full Service - Brick and Mortar
Updated 11/14/2025Established 08/01/2020FDIC Certificate 614637
Branches (0)
Page 1 of 1| Name | Address | City / State | ||
|---|---|---|---|---|
| No branch data available. | ||||
| Varo Bank, National Association (Main) | 11781 S Lone Peak Pkwy | Draper, UT | ||
Quarterly Trends
Tooltip shows Quarter only. Download buttons export the chart only (CSV/PNG with white background).
Total Assets vs Total Liabilities
Loans & Leases vs Deposits
Interest Income vs Expense
Net Interest Income
Noninterest Expense vs Income
Net Income
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Institution Profile
| Institution Class | Commercial bank, national (federal) charter, Fed member, and supervised by the OCC |
| Primary Regulator | OCC |
| Established Date | 08/01/2020 |
| Community Bank | Yes |
| Ownership Type | Not Mutual |
| ZIP | 84020 |
| State and County Number | 49035 |
| Subchapter S Corporations | No |
| Trust Powers | N/A |
| Federal Reserve ID Number | 12 |
| Numeric code | 3 |
| Insured by FDIC | Institutions that are currently open and insured by the FDIC |
| Federal Reserve District | San Francisco |
| Core Based Statistical Area Name | Salt Lake City, UT |
Operational Info
| Number of Employees | 372 |
| Domestic Offices | 1 |
| Foreign Offices | 0 |
| US Offices | 0 |
| Directly owned by another bank (CERT) | No |
| Last Structure Change Effective Date | 08/31/2022 |
| Date of Deposit Insurance | 08/01/2020 |
| Primary Insurance Agency | DIF |
| Website | www.varomoney.com |
| Data Updated | 11/14/2025 |
| CERT | 59190 |
| Office of The Comptroller District: | — |
| Office of Thrift Supervision Region | N/A |
Financial Summary
| Total Assets | $275.53M |
| Total Deposits | $159.70M |
| Total Liabilities | $221.74M |
| Total Equity Capital | $53.79M |
| Net Income | $-25,634,000 |
| Net Loans and Leases | $80.38M |
| Assets Per Employee ($Millions) | $0.77M |
| Bank Premises and Fixed Assets | $1.73M |
| Cash and Balances due from Depository Institutions | $107.31M |
| Deposits Held in Domestic Offices | $159.70M |
Key Performance Ratios
| Return on Assets (ROA) | -36.79% |
| Return on Equity (ROE) | -166.35% |
| Net Interest Margin | 9.25% |
| Efficiency Ratio | 144.86% |
| Tier 1 Risk-Based Capital Ratio | 0% |
| Net Loans and Leases to Core Deposits | 0% |
| Credit Loss Provision to Assets | 10.38% |
| Cash Dividends to Net Income (YTD Only) | 0% |
| Equity Capital to Assets | 19.521% |
| Earning Assets to total Assets | 61.16% |
Income and Expense
| Total Interest Income | $4.40M |
| Total Noninterest Income | $32.39M |
| Total Interest Expense | $388.00k |
| Total Noninterest Expense | $54.81M |
| Net Interest Income | $4.02M |
| Pre-tax Net Operating Income | $-25,634,000 |
| Provision for Credit Losses | $7.23M |
| Discontinued Operations (Extraordinary Gains - Net) | $0 |
Additional Financial Info
| Goodwill and Other Intangibles | $0 |
| All Other Assets | $0 |
| Other Real Estate Owned | $0 |
| Other borrowed funds | $0 |
| Federal Funds Sold & Reverse Repurchase Agreement | $0 |
| Federal Funds Purchased and Repurchased Agreement | $0 |
| All Other Liabilities | $62.04M |
| Total Liabilities and Capital | $275.53M |
Securities
| Securities | $42.95M |
| Available-for-sale debt securities | $42.95M |
| Equity securities with readily determinable fair values not held for trading | $0 |
| Held-to-maturity securities | $0 |
| Subordinated Debt | $0 |
| Trading Account Assets | $0 |
| Trading Liabilities | $0 |
Frequently Asked Questions
What are the total assets of Varo Bank, National Association?
$275.53M as of the latest filing.
How much are Varo Bank, National Association's total deposits?
$159.70M in total deposits.
Where is Varo Bank, National Association located?
Draper, UT.
What is the Net Interest Margin?
9.25%.
How many domestic offices does it operate?
1.
When was it established?
08/01/2020.
What is the Return on Assets (ROA)?
-36.79%.
How much are total loans and leases?
$80.38M (latest filing).
What is the total interest income (latest filing)?
$4.40M.