Varo Bank, National Association
Draper, Utah, Salt Lake County
$338M in total assets, the 2,338th largest of 4,309 US banks and 38th of 45 headquartered in Utah.
- FDIC certificate
- 59190
- Established
- 2020
- Owned by
- Varo Money Inc
- Primary regulator
- OCC
- Website
- www.varomoney.com
At a glance
Compared with 12 banks headquartered in Utah with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $338M | 42% | $423M | |
| Loans | $97M | 17% | $251M | |
| Deposits | $210M | 33% | $284M | |
| Return on assets | -28.25% | 2% | 1.35% | |
| Net interest margin | 7.26% | 75% | 5.27% | |
| Efficiency ratio | 131.1% | 98% | 60.4% | |
| Equity to assets | 20.39% | 83% | 15.24% | |
| Loans to deposits | 46% | 8% | 88% |
Growth
Total assets grew 6.4% a year over the last 5 years.
Where they operate
1 branch in 1 county.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Salt Lake County, UT | $210M | 0.0% | 37 of 57 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 1 branch since 2016 (0 to 1). 1 opened, 0 acquired, 0 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 0 | |||
| 2020 | Opened Draper | 1 | 0 | +1 | 1 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Consumer | 99% | 15% | |
| Construction and land | 0% | 10% | |
| Farmland | 0% | 2% | |
| 1-4 family residential | 0% | 16% | |
| Multifamily | 0% | 2% | |
| Commercial real estate | 0% | 24% | |
| Business (C&I) | 0% | 25% | |
| Agricultural | 0% | 1% | |
| Other | 1% | 4% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Noninterest-bearing | 56% | 24% | |
| Other interest-bearing | 44% | 44% | |
| Time deposits | 0% | 32% |
Brokered deposits are 0.0% of deposits (peers 17.5%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.42% | 0.74% |
| Net charge-offs, annualized | 29.60% | 0.19% |
| Reserves to loans | 9.98% | 1.33% |
| Leverage ratio | 18.46% | 15.37% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Utah
Largest competitors in Salt Lake County, UT
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/varo