Varo Bank, National Association is a national bank headquartered in Draper, Utah, in business for about 6 years. At the end of Q2 2026 it reported $337.8M in total assets and $209.8M in deposits, with 1 office.
Based on its Q2 2026 filing, Varo Bank, National Association scores 76/100, which we describe as strong. That is higher than 64% of 2,650 banks with $100 million – $1 billion. Among 45 banks headquartered in Utah, it ranks 20th. Its strongest component is capital cushion (100/100; 18.46%), and its lowest is earnings (0/100; -25.68%).
TellerScore · Q2 2026
Scorecard
The TellerScore is our own summary of the figures this institution reports publicly; it is not issued or endorsed by any government agency. It is not a prediction, and deposits within insurance limits are protected either way.
9 quarters
Health trend
The score has been essentially flat from Q2 2025 to Q2 2026 (76 → 76).
Show as table
| Quarter | TellerScore |
|---|---|
| Q2 2024 | 80 |
| Q3 2024 | 80 |
| Q4 2024 | 76 |
| Q1 2025 | 75 |
| Q2 2025 | 76 |
| Q3 2025 | 73 |
| Q4 2025 | 74 |
| Q1 2026 | 75 |
| Q2 2026 | 76 |
Show as table
| Quarter | Tier 1 leverage ratio |
|---|---|
| Q2 2024 | 20.90% |
| Q3 2024 | 18.66% |
| Q4 2024 | 14.50% |
| Q1 2025 | 23.08% |
| Q2 2025 | 20.60% |
| Q3 2025 | 16.67% |
| Q4 2025 | 32.32% |
| Q1 2026 | 23.62% |
| Q2 2026 | 18.46% |
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| Quarter | Noncurrent loans |
|---|---|
| Q2 2024 | 0.00% |
| Q3 2024 | 0.00% |
| Q4 2024 | 0.31% |
| Q1 2025 | 0.58% |
| Q2 2025 | 0.50% |
| Q3 2025 | 0.80% |
| Q4 2025 | 0.76% |
| Q1 2026 | 0.53% |
| Q2 2026 | 0.42% |
Show as table
| Quarter | Return on assets |
|---|---|
| Q2 2024 | -11.95% |
| Q3 2024 | -13.04% |
| Q4 2024 | -13.68% |
| Q1 2025 | -24.96% |
| Q2 2025 | -25.08% |
| Q3 2025 | -27.83% |
| Q4 2025 | -26.42% |
| Q1 2026 | -24.68% |
| Q2 2026 | -25.68% |
| Quarter | Score | Assets | Capital | Problem loans | ROA | Loans/deposits |
|---|---|---|---|---|---|---|
| Q2 2026 | 76 | $337.8M | 18.46% | 0.42% | -25.68% | 41.6% |
| Q1 2026 | 75 | $374.3M | 23.62% | 0.53% | -24.68% | 41.4% |
| Q4 2025 | 74 | $376.2M | 32.32% | 0.76% | -26.42% | 41.1% |
| Q3 2025 | 73 | $275.5M | 16.67% | 0.80% | -27.83% | 50.3% |
| Q2 2025 | 76 | $281.9M | 20.60% | 0.50% | -25.08% | 48.4% |
| Q1 2025 | 75 | $355.3M | 23.08% | 0.58% | -24.96% | 37.4% |
| Q4 2024 | 76 | $447.6M | 14.50% | 0.31% | -13.68% | 21.4% |
| Q3 2024 | 80 | $427.2M | 18.66% | 0.00% | -13.04% | 22.2% |
| Q2 2024 | 80 | $480.4M | 20.90% | 0.00% | -11.95% | 18.5% |
2,650 peers · $100 million – $1 billion
How it compares with peers
Percentile against banks of similar size nationwide (100th = best among peers; for ratios where lower is better, the scale is flipped).
Similar-size banks in Utah
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Milestone BankBank Salt Lake City, UT | 53 out of 100, Below average | $342.2M | 15.0% | 5.32% | vs |
| Brighton BankBank Salt Lake City, UT | 78 out of 100, Strong | $321.6M | 11.7% | 0.49% | vs |
| Continental BankBank Salt Lake City, UT | 80 out of 100, Strong | $181.8M | 16.2% | 0.98% | vs |
| First Electronic BankBank Salt Lake City, UT | 91 out of 100, Very strong | $502.9M | 46.8% | 0.01% | vs |
| Utah Independent BankBank Salina, UT | 79 out of 100, Strong | $170.9M | 16.3% | 1.82% | vs |
| B2 Bank National AssociationBank Holladay, UT | 57 out of 100, Moderate | $114.6M | 13.7% | 2.07% | vs |
Deposit insurance
Is my money safe at Varo Bank, National Association?
Yes. Varo Bank, National Association is an FDIC-insured institution (FDIC certificate #59190). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
An estimated 1.7% of deposits ($3.6M) are above the $250,000 FDIC insurance limit, below the peer median of 24%. Insured balances are protected regardless of the score.
The tier 1 leverage ratio is 18.46%, well above the 5% level regulators use as the "well capitalized" benchmark for this measure. Its total risk-based capital ratio is 0.00% (benchmark: 10%).
1 location
Branches
Varo Bank, National Association lists 1 office in 1 city. Most locations:
- Draper, UT (1)
Identity & history
Profile
- Legal name
- Varo Bank, National Association
- Type
- National bank
- FDIC certificate #
- 59190
- RSSD ID
- 5518023
- Primary regulator
- OCC
- Holding company
- Varo Money Inc
- Established
- August 1, 2020
- Headquarters
- 11781 S Lone Peak Pkwy, Draper, UT 84020
- Website
- www.varomoney.com
- Employees
- 270
Quick answers
Varo Bank, National Association: common questions
Is Varo Bank, National Association FDIC insured?
Yes. Varo Bank, National Association is an FDIC-insured institution (FDIC certificate #59190). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
What is Varo Bank, National Association's TellerScore?
76 out of 100 (Strong), based on its Q2 2026 publicly reported figures. The TellerScore is our own summary and is not issued by any government agency.
Has Varo Bank, National Association ever failed?
There is no failure record for FDIC certificate #59190 in the FDIC failed bank list.
How many branches does Varo Bank, National Association have?
1 office as of the latest FDIC data.
Nearby
Highest-scoring banks and credit unions with branches near Draper
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Uintah Credit UnionCredit union Vernal, UT | 100 out of 100, Very strong | $3.9M | 21.3% | 0.00% | vs |
| Optum Bank, Inc.Bank Draper, UT | 93 out of 100, Very strong | $21.4B | 13.2% | 0.21% | vs |
| Norfolk Fire Department Federal Credit UnionCredit union Norfolk, VA | 93 out of 100, Very strong | $26.8M | 20.1% | 0.41% | vs |
| Beckstrand and Associates Credit UnionCredit union Salt Lake City, UT | 93 out of 100, Very strong | $166K | 99.9% | — | vs |
| Wiremen'S Credit UnionCredit union Parma, OH | 92 out of 100, Very strong | $40.6M | 17.0% | 0.11% | vs |
| Operating Engineers Local Union #3 Federal Credit UnionCredit union Livermore, CA | 92 out of 100, Very strong | $1.7B | 15.5% | 0.60% | vs |