Nano Banc was closed by California regulators on Sept. 25, with Sunwest Bank agreeing to assume substantially all of the Irvine-based bank’s deposits and acquire about $476 million of its assets.
Nano Banc had $736 million in assets and $686 million in deposits as of June 30, according to the Federal Deposit Insurance Corp., which was appointed receiver. Nano Banc’s sole branch is scheduled to reopen Sept. 28 as a branch of Sandy, Utah-based Sunwest Bank, ranked No. 14 on the Business Journal’s commercial banks list.
Nano Banc was ranked No. 25.
For more details, read the Oct. 5 edition of the Business Journal.
