Sunwest Bank Acquires Nano Banc in FDIC-Assisted Transaction
The Federal Deposit Insurance Corporation (FDIC) has appointed Sunwest Bank as the acquiring institution for Nano Banc, which was closed by California's Department of Financial Protection and Innovation on September 25. Under an agreement with the FDIC, Sunwest will take over approximately $605 million in deposits and $227 million in loans from Nano Banc. Customers can continue to access their funds through checks, ATMs, or debit cards while loan customers are advised to keep making payments as usual. Sunwest Bank's CEO highlighted the bank’s sixth FDIC-assisted acquisition since its founding in 1969 and emphasized Sunwest’s financial strength and stability. The former Nano Banc will operate under Sunwest Bank starting Monday, September 28th. Customers with questions are directed to contact the FDIC via a toll-free number or website. Sunwest is headquartered in Sandy, Utah, operates across multiple states, and has over $5 billion in assets. It offers commercial banking services including treasury management and real estate lending.
