Nano Banc fails with $686m of deposits and a projected $114m insurance-fund cost
California regulators closed Nano Banc of Irvine on Friday and appointed the Federal Deposit Insurance Corporation receiver. Sunwest Bank agreed to assume substantially all deposits and buy about $476m of assets.
The bank reported $736m of assets and $686m of deposits at June 30. The FDIC will retain the remaining assets and estimates a $114m cost to the Deposit Insurance Fund. That estimate can change.
Nano Banc customers automatically became Sunwest customers and retained immediate access to their money. The sole branch is due to reopen Monday, while checks, ATM and debit-card transactions continue and borrowers keep making loan payments as usual.
