Nano Banc, a one-branch bank in Irvine, California, was closed on September 25, 2026, and Sunwest Bank agreed to assume substantially all of its deposits. The bank held $686 million in deposits and $736 million in assets as of June 30, 2026. The Federal Deposit Insurance Corporation was named receiver, and its announcement says Nano Banc’s depositors automatically became Sunwest Bank depositors.
What the FDIC said happened to Nano Banc on September 25
The California Department of Financial Protection and Innovation closed the bank and appointed the FDIC as receiver, according to the FDIC’s September 25 press release. The release is titled “Sunwest Bank Assumes All Deposits and Certain Assets of Nano Banc, Irvine, California,” and its operative sentence is narrower than the headline: “Sunwest Bank agreed to assume substantially all deposits at the time of closing.”
That wording matters for the arithmetic. The $686 million figure is the bank’s total deposits as of June 30, a date nearly three months before the closing. The bulletin does not state how many dollars Sunwest took on at the moment of closing, so the safest reading is the one the FDIC gives: substantially all of the deposits moved, and the June 30 total is the benchmark for the size of that transfer.
Sunwest Bank took over the Irvine branch and a slice of the assets
Sunwest Bank, based in Sandy, Utah, bought approximately $476 million of Nano Banc’s $736 million in assets. The bank’s only branch reopened as a Sunwest Bank branch on Monday, September 28, during normal business hours.
The weekend gap between Friday’s closing and Monday’s reopening was bridged with ordinary payment tools. According to the release, customers could reach their deposits over the weekend by writing checks or using ATM or debit cards. The FDIC listed a customer hotline, 1-866-314-1744, with extended hours through Monday and weekday hours of 8 a.m. to 4 p.m. Pacific time afterward. The release says deposits assumed by Sunwest continue to be protected by FDIC insurance, and that no customer action is needed.
The $114 million estimated cost to the Deposit Insurance Fund
The FDIC’s preliminary estimate is that the failure will cost the Deposit Insurance Fund $114 million. That is the FDIC’s estimate of what the failure will cost the insurance fund, not a loss to depositors, and the bulletin labels it preliminary, so the final number may differ…