Nano Banc customers retain immediate access to their accounts via existing debit cards, checks, and ATMs. The transition ensures continuity for loan payments, and all former Nano Banc branches are scheduled to reopen under the Sunwest Bank banner on Monday, September 28. This move marks the sixth time Sunwest Bank has acted as an acquiring institution in an FDIC-assisted transaction.
Sunwest Bank Absorbs Nano Banc Following Regulatory Closure
Irvine-based Nano Banc ceased operations Friday, September 25, after the Department of Financial Protection and Innovation shuttered the institution. The Federal Deposit Insurance Corporation immediately appointed Sunwest Bank as the acquiring partner, securing roughly $605 million in deposits and $227 million in loans for the Utah-headquartered firm.
Carson Lappetito, President and CEO of Sunwest Bank, described the acquisition as a testament to the bank’s five-decade stability and disciplined management. Sunwest, which manages over $5.0 billion in assets, operates across several states, including California and Arizona. Clients seeking further information regarding account transitions can reach the FDIC support line at 1-866-314-1744.
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