September 29, 2026 — California regulators closed Nano Banc of Irvine on Friday, September 25, and appointed the Federal Deposit Insurance Corporation as receiver. The FDIC says Sunwest Bank of Sandy, Utah, agreed to assume substantially all deposits and purchase some of Nano Banc’s assets. The event concerns one bank; the FDIC release does not present it as a broader banking-system failure.
What happened to deposits and the branch?
According to the FDIC’s September 25 notice, Nano Banc depositors automatically became Sunwest Bank depositors. The FDIC said the assumed deposits remained insured and customers had immediate access to their money. It expected Nano Banc’s sole branch to reopen as a Sunwest branch during normal business hours on Monday, September 28. Customers seeking account-specific details should use the FDIC’s official bank-closing information rather than rely on general coverage.
Sunwest Bank separately confirmed the acquisition on September 25. It said the transaction transferred about $605 million in deposits and $227 million in loans. Those transaction figures are distinct from Nano Banc’s June 30 balance-sheet totals.
What the figures show
Nano Banc reported $736 million in assets and $686 million in deposits as of June 30, 2026, according to the FDIC. Sunwest agreed to purchase approximately $476 million of assets at closing; the FDIC retained the rest for later disposition. The agency preliminarily estimated a roughly $114 million cost to the Deposit Insurance Fund. That is an early estimate, which the FDIC said may change as it sells retained assets.
The FDIC did not specify the cause of Nano Banc’s closure in its September 25 announcement, so the transaction and the cost estimate should not be treated as proof of a particular cause. Its notice says loan customers should keep making payments as usual. For background on how federal deposit coverage works, see AskNovus’s FDIC deposit insurance guide.
Sources
Featured image: bank sign photograph by POURIA via Unsplash. It does not depict Nano Banc or Sunwest Bank.
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