The Federal Deposit Insurance Corporation announced that it was appointed receiver of Nano Banc after the California Department of Financial Protection and Innovation closed the Irvine-based bank. Under a purchase and assumption agreement, Sunwest Bank will assume substantially all deposits and acquire approximately USD 476 million of Nano Banc’s assets. The FDIC will retain the remaining assets for later disposition. Nano Banc reported USD 736 million in assets and USD 686 million in deposits as of June 30, 2026. Depositors automatically become Sunwest Bank customers, retain immediate access to their funds and continue to receive FDIC insurance coverage. Nano Banc’s sole branch will reopen as a Sunwest Bank branch during normal business hours on Sept. 28, 2026. The FDIC preliminarily estimates that the failure will cost the Deposit Insurance Fund approximately USD 114 million, subject to change as retained assets are sold.
2026-09-25Federal Deposit Insurance Corporation
US Federal Deposit Insurance Corporation takes receivership of Nano Banc and transfers deposits and USD 476 million in assets to Sunwest Bank
The Federal Deposit Insurance Corporation took receivership of Nano Banc and agreed to transfer substantially all deposits and approximately USD 476 million in assets to Sunwest Bank. Depositors retain immediate access to insured funds, and the sole branch will reopen as a Sunwest Bank branch on Sept. 28, 2026. The estimated cost to the Deposit Insurance Fund is USD 114 million.