About Paxnova Trust
A modern bank, built on principles older than software.
Paxnova Trust Bank, N.A. is a fully-regulated national bank serving individuals, businesses, and institutions. We combine the discipline of a 150-year-old institution with the velocity of a modern software company — without compromising on either.
- Total assets under management
- $28.4B
- Personal & business clients
- 184,200
- High-yield savings APY
- 4.85%
- BauerFinancial safety rating
- A+
Our story
Why we built another bank.
Paxnova Trust was founded in 2002 on a single conviction: the institutions Americans trust with their money should feel as modern as the people who actually use them. For more than two decades we have grown alongside our clients — through three Fed cycles, two recessions, and one global pandemic — without ever forgetting that.
We are a fully-chartered U.S. national bank — supervised by the OCC, insured by the FDIC, and governed by the same capital and liquidity standards as the largest financial institutions in the country. What we have always done differently is everything else.
Every product we offer — from a checking account to a $250M syndicated loan — runs on the same modern core, is reviewed by the same senior team, and is built around the same idea: transparent pricing, plain English, and human service when the moment demands it.
Operating principles
The four ideas we will not compromise on.
Fiduciary by default
On every wealth, advisory, and lending product, our advisors act as fiduciaries — full stop. No hidden incentives, no quotas, no payment for order flow.
Capitalized to outlast cycles
We hold a Common Equity Tier 1 ratio of 14.8% — comfortably above the 7% regulatory minimum. Liquidity coverage exceeds 130% of stressed outflows.
Built like software, run like a bank
Modern engineering and disciplined risk are not at odds. Every release goes through the same change-management process used by our investment-bank counterparts — just shipped in days, not quarters.
Service over scripts
Phone support staffed by named bankers, in your time zone, who can resolve issues without escalation 92% of the time. No interactive voice maze.
Where we've been
A short history.
2002
Founded in New York as Paxnova Trust Bank, N.A. by a group of veteran bankers and an early-internet engineering team. Original mandate: build the first U.S. bank designed natively for online customers.
2008
Through the financial crisis, Paxnova Trust takes no government bailout. We end the year above $4B in deposits and a 13.2% Tier 1 ratio — among the strongest of any bank our size.
2014
Mortgage origination, wealth management, and the first Signature card platform launch. The bank crosses $10B in assets and earns its first Outstanding CRA rating from the OCC.
2020
Paxnova Trust originates $1.8B in PPP loans for small businesses during the pandemic. Mobile-first onboarding launches publicly and adds 90,000 clients in nine months.
2024
Commercial real estate, syndicated finance, and treasury services for $50M+ balance sheets all expand. Total AUM crosses $25B.
2026
Self-directed brokerage, managed portfolios, and multi-currency international accounts go live. Total assets under management reach $28.4B.
Leadership
The team running the bank.
You can email any of us. Names below are real, accountability is real, and the buck stops with the person whose initials are on the file.
Avery Sterling
Chief Executive Officer & Co-founder
Previously VP of Product at Charles Schwab, where she led the launch of Schwab's mobile-first investing platform. CFA charterholder, B.A. Stanford, M.B.A. Wharton.
Mara Khoury
President & Chief Banking Officer
Former Head of Consumer Lending at JPMorgan Chase (2014–2022). Built the bank's digital mortgage origination platform. Chairs the Paxnova Trust Lending Committee.
Dawit Mengistu
Chief Technology Officer & Co-founder
Principal engineer #14 at Stripe. Architect of the original Connect platform ledger. Holds 8 patents in distributed systems. Believes the bug-free ledger is achievable.
Jules Park
Chief Risk Officer
20 years across the OCC and BBVA Compass. Former Senior National Bank Examiner. Translates regulation into engineering specifications so we stay boring in all the right ways.
Riya Banerjee
Head of Wealth Management
Founded Halcyon Capital Advisors, a $14B-AUM RIA acquired by Paxnova Trust in 2026. CFP, ChFC. Authored 'The Quiet Wealth Playbook' (Bloomberg Press, 2023).
Cole Hartley
Chief Compliance Officer
Former Acting Director, FinCEN. Designed the bank's BSA/AML program from scratch. Hosts the firm's weekly 'compliance office hours' open to every team.
Imani Ofori
Chief Financial Officer
Ex-Goldman Sachs Financials team. Led IPO advisory engagements totaling $42B in market cap. CPA, Columbia Business School.
Soren Vinje
General Counsel
Previously partner at Sullivan & Cromwell's bank regulatory practice. Advises the board on charter, M&A, and prudential matters. J.D. Yale Law.
Board of directors
- Marcia Whitfield — Chair · former Vice Chair, Federal Reserve Board
- Hideo Tanaka — former Group CFO, Mitsubishi UFJ Financial Group
- Linda Crowe — Senior Partner Emerita, Wachtell, Lipton, Rosen & Katz
- Robert Achebe — former President, Africa, Visa Inc.
- Avery Sterling — CEO, Paxnova Trust Bank
Investor relations
The numbers behind the story.
We publish quarterly results within 30 days of close — including the call deck, transcript, and our full 10-Q. Annual reports, proxy materials, and Pillar 3 disclosures are archived back to charter date.
- Q4 2026 net interest income
- $412M
- Net interest margin
- 3.84%
- Common Equity Tier 1 ratio
- 14.8%
- Efficiency ratio
- 52.1%
- Liquidity coverage ratio
- 131%
- Non-performing loan ratio
- 0.31%
+38% YoY
Sustainability & responsibility
Measured, published, audited.
We publish an annual ESG report under SASB and TCFD frameworks, and disclose our financed emissions quarterly under the PCAF methodology. The most recent report is independently assured by KPMG.
Climate
Operationally carbon neutral since 2025. Committed to net-zero financed emissions by 2050, with interim 2030 targets disclosed against the PCAF framework.
Community
$2.4B committed to community development lending since founding — affordable housing, small business, and CRA-qualified loans in low- to moderate-income census tracts.
Diversity
Pay-equity audited annually by an independent third party. 51% of senior leadership are women or under-represented minorities. Workforce data published in our annual ESG report.
Community impact
$2.4B committed since founding.
Under the Community Reinvestment Act, we're measured on how we serve the neighborhoods where we operate. Our most recent OCC CRA rating is Outstanding.
Affordable housing
$1.4B
Direct construction and permanent financing for 8,400 affordable units.
Small business
$680M
Loans to LMI-owned and minority-owned small businesses through our SBA program.
Financial literacy
$58M
Free curricula reaching 240,000 students through partnerships with NextGen Personal Finance.
Diversity, equity & inclusion
The full picture — published.
An independent firm (PwC) audits our pay equity and workforce composition annually. We publish the data unsanitized — the good and the not-yet-good — because the only way to make progress is to be honest about where we are.
- Women in leadership (VP+)
- 47%
- URM in leadership (VP+)
- 29%
- Pay-equity ratio (women vs. men)
- 1.00 : 1.00
- Pay-equity ratio (URM vs. white)
- 0.99 : 1.00
- Supplier-diversity spend
- $172M (2026)
- Veteran hires
- 11% of new joiners
Newsroom
Press releases, coverage & filings.
Everything we've announced and everything written about Paxnova Trust in the last few months. Media inquiries reach our press team within one business hour at press@paxnovatrust.com.
Paxnova Trust raises Reserve Savings APY to 4.85% as Fed holds rates steady
The new rate takes effect immediately on all Reserve Savings balances, including existing customer balances — with no tiers or caps.
- In the newsMay 4, 2026·Bloomberg
How Paxnova Trust quietly became the country's fastest-growing mid-size bank
A profile of how the 24-year-old bank's mobile-first rebuild has added $9B in deposits in 18 months without acquiring a single competitor.
- EarningsApr 28, 2026·Paxnova Trust Investor Relations
Q1 2026 results — Net interest income $412M, up 38% year-over-year
CET1 capital ratio 14.8%, efficiency ratio 52.1%, and non-performing loan ratio held steady at 0.31%. Call deck and 10-Q available.
- AwardApr 17, 2026·American Banker
Paxnova Trust named 'Best Mid-Size Bank' in 2026 American Banker Tech Awards
Editors cited the bank's open-banking API, real-time wire tracking, and the speed of its mortgage close — median 19 days end-to-end.
- Press releaseApr 9, 2026·Paxnova Trust Newsroom
Paxnova Trust launches multi-currency Global Accounts in 30+ currencies
Personal and business clients can now hold, send, and receive balances in EUR, GBP, JPY, SGD, HKD, AUD, CAD, and 25 more — under a single login.
- In the newsMar 24, 2026·The Wall Street Journal
Inside Paxnova Trust's bet on tax-loss harvesting for the mass market
Daily TLH was once a perk reserved for $5M+ accounts. Paxnova Trust just made it free for any managed portfolio above $50,000.
- Press releaseMar 11, 2026·Paxnova Trust Newsroom
Paxnova Trust commits an additional $400M to affordable housing through 2030
Bringing the bank's total community development commitment to $2.4B, with a new focus on workforce housing in Texas, North Carolina, and Arizona.
- AwardMar 4, 2026·J.D. Power
Paxnova Trust mobile app rated #1 among U.S. direct banks for the third consecutive year
Highest scores in account opening, transaction clarity, and customer service responsiveness — overall satisfaction score 873/1000.
- In the newsFeb 20, 2026·Reuters
Paxnova Trust opens commercial flagship in San Francisco, hiring 80
The Embarcadero office expands the bank's CRE, syndicated finance, and treasury teams to serve a growing West Coast client roster.
- FilingFeb 6, 2026·Paxnova Trust Investor Relations
2025 Annual Report (10-K) and Proxy Statement filed with the SEC
Full-year results, executive compensation, audit-committee report, and 2026 director slate. PDFs and XBRL exhibits available for download.
- Press releaseJan 15, 2026·Paxnova Trust Newsroom
Paxnova Trust deploys real-time fraud screening across the entire card network
Sub-30-millisecond risk decisioning, on-device biometric step-up, and a new in-app fraud claim flow reduce average resolution time to under 4 hours.
- In the newsJan 7, 2026·American Banker
Paxnova Trust adds 90,000 net new clients in December — its single biggest month
Mobile-first onboarding cuts median account-opening time to 4 minutes, with 91% of applications approved instantly.
Upcoming events
Jun 4, 2026
Q2 2026 earnings call
8:30 AM ET — webcast and dial-in at ir.paxnovatrust.com.
Jul 9, 2026
Annual Shareholder Meeting
Virtual, 11:00 AM ET. Proxy materials available in the IR portal.
Sep 18, 2026
2026 Investor Day
New York Stock Exchange — capital allocation plan, AI roadmap, and the international expansion update.
Media contacts
Corporate & consumer: press@paxnovatrust.com
Investor relations: ir@paxnovatrust.com
After-hours: +1 (212) 555-0188 (rotating duty officer)
Careers
Build the bank of the next decade.
We're hiring across engineering, design, banking, risk, compliance, customer experience, and finance. Our offers compete with top-tier tech companies and are benchmarked publicly.
Real ownership
Equity in every offer letter from intern through senior leader. Vesting accelerates if we're acquired.
Remote-first, hub-friendly
Anywhere in the U.S. with hubs in New York, San Francisco, Austin, and London. Quarterly company-paid offsites.
Career runway
Two promotion cycles per year, transparent leveling rubric, and a $5,000 annual learning budget per employee.
Recognition
- J.D. Power #1 Direct Bank — 2025, 2026
- American Banker "Best Mid-Size Bank" — 2026
- Forbes World's Best Banks — 2026
- BauerFinancial A+ Safety Rating (16 consecutive quarters)