Bank / Credit Union

Nano Banc seized by FDIC, acquired by Sunwest Bank

Photo: Neal - stock.adobe.com

September 28, 2026

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Sunwest Bank has acquired Nano Banc with assistance from the Federal Deposit Insurance Corporation, according to a press release.

This follows a seizure of Nano Bank by the California Department of Financial Protection and Innovation, according to a California issued press release.

The department seized Nano Banc and appointed FDIC as a receiver due to an alleged, "failure to comply with DFPI's latest enforcement order related to its deteriorating financial condition financial condition, as well as a mulit-year pattern of executive mismanagement and regulatory violations."

In March 2026, Nano Banc reported a net loss of $75.3 million. DFPI ordered the bank to increase its capital or merge with another institution, but the bank did not comply.

Sunwest Bank has acquired Nano Banc's deposits of $605 million and loans of $227 million. All Nano Banc customers will have access to deposits, ATMs and other banking services.

"We are honored to once again to be selected by the FDIC as the acquiring institution of an FDIC-assisted acquisition, marking the sixth time Sunwest Bank has completed such a transaction," Carson Lappetito, president and CEO of Sunwest Bank, said in the release. "This opportunity reflects the financial strength, disciplined management, and stability that have defined Sunwest Bank for more than five decades. We are excited to welcome Nano Banc's customers to Sunwest and show them the high-touch service, advanced technology and sophistication we offer to our clients."