A failed California bank that was closed Sept. 25 is estimated to cost the federal bank deposit insurance fund about $114 million, the insurance fund said agency. The bank reopened Sept. 28 as a branch of a Utah bank as a California branch.
The Federal Deposit Insurance Corp. (FDIC) said the deposits and most assets of the failed bank, Nano Banc of Irvine, Calif., would be assumed by Sunwest Bank, based in Sandy, Utah. Sunwest, through a purchase and assumption agreement, took on all the assets of the failed Nano bank and acquire certain assets.
In a release, the FDIC said Sunwest would purchase approximately $476 million of the failed bank’s assets. The FDIC said it will retain the remaining assets for later disposition.
The agency said as of June 30, 2026, Nano Banc reported total assets of $736 million and total deposits of $686 million.
The FDIC gave no reason for Nano Banc’s failure.
Sunwest Bank Assumes All Deposits and Certain Assets of Nano Banc, Irvine, California
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