Sunwest Bank

So California's Nanobank fails.

The, uh, Sunwest Bank acquired most of the assets, deposits, and loans from the long-troubled bank.

Nano is the sixth US bank to collapse in 2026.

So Irvine, California-based Nanobank failed on Friday, this was actually a couple weeks ago, uh, meaning 2026 is outpacing every other year this decade in terms of bank collapses with six.

Uh, Sandy, Utah-based Sunwest Bank agreed to assume most of Nano's assets through a deal with the FDIC, which became the failed bank's receiver after the California Department of Financial Protection and Innovation closed Nano on Friday.

Uh, Nano's single branch is reopening Monday as a Sunwest location.

California's DFPI n- uh, cited Nano's deteriorating financial condition as well as a multi-year pattern of executive mismanagement and regulatory violations among reasons for its closure.

So the first big news here, California's Nanobank fails, becoming the sixth bank failure in 2026.

So Sunwest Bank acquires most of the assets, deposits and loans from the long-troubled bank.

Nano is the sixth US bank to collapse in 2026.

Uh, Irvine, California-based Nanobank failed Friday, meaning 2026 is outpacing every other year this decade in terms of bank collapses with six.

Uh, Sandy, Utah-based Sunwest Bank agreed to assume most of Nano's assets through a deal with the FDIC, which became the failed bank's receiver after the California Department of Financial Protection and Innovation closed Nano on Friday.

Uh, Nano's single b- uh, branch is reopening Monday as a Sunwest location.

California's DFPI cited Nano's deteriorating financial condition, as well as a multi-year pattern of executive mismanagement and regulatory violations among reasons for its closure.

marking the sixth bank failure of the year for those keeping count.

So Nano Bank, it looks like it was taken over, acquired by SunWest Bank, by the way, as part of this deal.

So that's interesting, seeing a bit more bank failures all of a sudden.

And then the big name banks on Wall Street coming under pressure.

We had a bank failure on Friday.

SunWest Bank assumes all deposits and certain assets of Nano Bank of Irvine, California.

Nano Bank of Irvine, California was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver.

The FDIC entered into a purchase assumption agreement with SunWest Bank of Sandy, Utah, to assume substantially all deposits and acquire certain assets of Nano Bank.

As of June 30th, 2026, NanoBank reported total assets of $736 million and total deposits of $686 million.

SunWest agreed to assume substantially all deposits at the time of closing.

was closed today by California DFPI, which appointed FDIC as a receiver.

SunWest Bank, will assume substantially all deposits and acquire certain assets of the failed institution.

So obviously a smaller institution went under the radar, but this is one of many of the banks that have had issues over the last several months and years, but they're very hush hush.

They take place on Friday, not to spook depositors, come Monday morning, Depositors at Nano Bank will receive an email saying that your funds are safe, everything is good, and you will now be banking with SunWest Bank as your new institution.

You'll get updated and everything of that nature.

But all that good news, all that happy-go-lucky news.

Because if you know something is coming or anticipated to come, why not put a dollar down on whatever your local credit union might be or whatever your local bank where you bank at might be.

Like, you know, say if you're banking at whatever your local bank, if you're in a small town somewhere and it happens to appear on one of these betting apps, put down a single dollar put down a single dollar that your bank will fail by 2027 or something small odds of hitting but if it was to hit that one dollar could turn into say 10 20 000 and it might even surpass the losses that a person would probably have if the bank was to go under under and not brought into receivership by the fdic or transfer to a bigger bank so um Yeah, this is a different way of looking at things, but this is reality, people.