Varo Bank, National Association
Draper, UT
IDRSSD: 5518023
Total Assets
$376.19M
Latest filing
Total Deposits
$211.42M
Latest filing
Net Interest Margin
7.98%
Profitability
Routing numbers
Primary routing transit numbers associated with this institution.
1 routeView all→
124303201DRAPER, UT
Key People
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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 01/30/2026Established 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
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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 | 358 |
| 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 | 01/30/2026 |
| CERT | 59190 |
| Office of The Comptroller District: | — |
| Office of Thrift Supervision Region | N/A |
Financial Summary
| Total Assets | $376.19M |
| Total Deposits | $211.42M |
| Total Liabilities | $281.52M |
| Total Equity Capital | $94.67M |
| Net Income | $-20,776,000 |
| Net Loans and Leases | $86.92M |
| Assets Per Employee ($Millions) | $1.14M |
| Bank Premises and Fixed Assets | $1.51M |
| Cash and Balances due from Depository Institutions | $219.68M |
| Deposits Held in Domestic Offices | $211.42M |
Key Performance Ratios
| Return on Assets (ROA) | -25.5% |
| Return on Equity (ROE) | -111.96% |
| Net Interest Margin | 7.98% |
| Efficiency Ratio | 123.51% |
| Tier 1 Risk-Based Capital Ratio | 0% |
| Net Loans and Leases to Core Deposits | 0% |
| Credit Loss Provision to Assets | 10.83% |
| Cash Dividends to Net Income (YTD Only) | 0% |
| Equity Capital to Assets | 25.165% |
| Earning Assets to total Assets | 65.54% |
Income and Expense
| Total Interest Income | $4.58M |
| Total Noninterest Income | $34.46M |
| Total Interest Expense | $441.00k |
| Total Noninterest Expense | $50.56M |
| Net Interest Income | $4.14M |
| Pre-tax Net Operating Income | $-20,776,000 |
| Provision for Credit Losses | $8.82M |
| Discontinued Operations (Extraordinary Gains - Net) | $0 |
Additional Financial Info
| Goodwill and Other Intangibles | $0 |
| All Other Assets | — |
| 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 | $70.10M |
| Total Liabilities and Capital | $376.19M |
Securities
| Securities | $32.17M |
| Available-for-sale debt securities | $32.17M |
| Equity securities with readily determinable fair values not held for trading | — |
| 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?
$376.19M as of the latest filing.
How much are Varo Bank, National Association's total deposits?
$211.42M in total deposits.
Where is Varo Bank, National Association located?
Draper, UT.
What is the Net Interest Margin?
7.98%.
How many domestic offices does it operate?
1.
When was it established?
08/01/2020.
What is the Return on Assets (ROA)?
-25.5%.
How much are total loans and leases?
$86.92M (latest filing).
What is the total interest income (latest filing)?
$4.58M.