The Bankers Helping Bankers Fund has made its first investment, committing funds to RiskScout, a regtech company that specializes in compliance automation. RiskScout said in a press release that it plans to use the funds to accelerate growth, expand its products and invest in partnerships to better serve community banks. The amount of the investment and the fund’s stake in RiskScout were not disclosed. The BHB Fund is managed by Latitude38 Venture

The founder of Frank faces four criminal charges from the Department of Justice tied to claims of “falsely and dramatically inflating” the fintech's client numbers prior to its 2021 sale to JPMorgan Chase for $175 million. The DoJ said in a press release that Charlie Javice was arrested on Monday. The release said Javice, Frank’s CEO, stood to gain more than $45 million from the alleged fraud. Javice was charged

South Plains Financial in Lubbock, Texas, sold its insurance agency to Alliant Insurance Services. The $3.9 billion-asset South Financial said in a press release that it sold Windmark Insurance Agency on April 1. The price wasn’t disclosed. “Windmark has been a terrific business for us since its inception in 1997,” Curtis Griffith, South Plains’ chairman and CEO, said in the release. “That said, we knew we were at the point

Deposits at small and midsize U.S. banks are inching back up. Excluding the nation’s 25 biggest banks, deposits rose roughly $5.9 billion on a seasonally adjusted basis during the week that ended March 22, according to data collected by the Federal Reserve. That represents a 0.1% increase from the prior week. Deposits had fallen by about 3.7% over the previous two weeks. The Fed data also found that borrowings have

The Federal Deposit Insurance Corp. will look to sell about $60 billion of former Signature Bank loans this summer. The agency said in a press release that the portfolio largely consists of commercial real estate loans, commercial loans and a smaller pool of mortgages. The CRE loans include a concentration of multifamily properties, mostly located in New York City. The FDIC said it plans to contact state and local government

SoFi Technologies in San Francisco has bought Wyndham Capital Mortgage. SoFi said in a press release that it paid cash for the fintech mortgage company. The price wasn’t disclosed. The deal is expected to be accretive within six months. SoFi said the acquisition will allow it to broaden its suite of mortgage products, enhance unit economics and take ownership of “an intelligent and scalable platform.” “Several macro- and socioeconomic factors

Montana’s Credit Unions has its next CEO lined up. The association said in a press release that Gerry Singleton will also become its president. He will succeed Tracie Kenyon, who has led the association for nearly 22 years. Singleton has spent almost 25 years as the vice president of credit union system relations at CUNA Mutual Group. “When you have an exceptional organization as I feel we do, it attracts

HBT Financial in Bloomington, Ill., has set the stage for its next CEO. The $4.3 billion-asset company said in a press release that J. Lance Carter will also become its president on May 24. Carter, president and CEO of HBT’s bank, will succeed Fred Drake. Drake will remain chairman of HBT and its bank. “In recent years, Lance has demonstrated the capability to lead HBT into the future,” Drake said