California regulators closed Irvine-based Nano Banc and appointed the FDIC receiver. Nano had about $736 million in assets and $686 million in deposits at the end of June. Sunwest Bank assumed substantially all deposits and bought about $476 million of assets. The FDIC estimates the failure will cost its Deposit Insurance Fund about $114 million.
https://content.govdelivery.com/accounts/USFDIC/bulletins/42c8901
Sunwest takes over Nano
Sunwest has now been selected by the FDIC to acquire Nano’s assets and deposits. Banking Dive reports this is the sixth FDIC-assisted acquisition involving Sunwest.
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