Oct 7, 2026 · 23 min · 13 segments
Bank News: Nano Bank becomes the 6th bank failure of 2026. Valley National Bank to purchase Bluevine for approximately $340M. Peoples Bancorp is cleared by the Fed to complete their purchase of…
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.
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.
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.
Uh, the regulator in March issued an order requiring Nano to increase its tangible shareholders' equity ratio to at least 9.5%, or else voluntarily liquidate, sell or merge with another institution.
Uh, Nanobank failed to successfully take any of the available actions, the NDF, uh, PI said, noting the lender's shareholder equity had fallen below a statutory minimum of 3%, giving it an unsafe and unsound designation.
Uh, the March order came after Nano reported a net loss of 75.3 million, the DFPI said, but the bank's missteps long predated that.
Uh, the DFPI said it saw significant risk management weaknesses and violations of law as early as 2020, including repeated unauthorized changes to the board and C-suite and executive self-dealing.
Um, and it, it al- and again, I'll also say this, it also appeared that the bank just had a lot of bad loans.
If, if there's one way to sink a bank faster than any other, it's have a bunch of bad loans.
If anybody has watched any of the other, uh, episode-- I've, I've done episodes covering every other, you know, bank failure this year.
I'm kind of trying to wait to see if maybe a little bit more information will come out first, uh, before, uh, covering this particular bank failure.
You know, relatively smaller bank, meaning under, under a billion dollars in asset size.
Uh, long history of problems, history of problems dating back four, five, six years.
So again, just, uh, you know, again, fitting, fitting the motif of what we're seeing.
I'm gonna ha- and, and just a couple of minutes here, I'm gonna have another article on another bank that's having some issues that, eh, maybe they become the next one.
But there's, there's a couple other banks I'm going to mention that are also having some other issues out there.
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.
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.
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.
Uh, the regulator in March issued an order requiring Nano to increase its tangible shareholders' equity ratio to at least 9.5%, or else voluntarily liquidate, sell or merge with another institution.
Uh, Nanobank failed to successfully take any of the available actions, the NDF, uh, PI said, noting the lender's shareholder equity had fallen below a statutory minimum of 3%, giving it an unsafe and unsound designation.
Uh, the March order came after Nano reported a net loss of 75.3 million, the DFPI said, but the bank's missteps long predated that.
Uh, the DFPI said it saw significant risk management weaknesses and violations of law as early as 2020, including repeated unauthorized changes to the board and C-suite and executive self-dealing.
Um, and it, it al- and again, I'll also say this, it also appeared that the bank just had a lot of bad loans.
If, if there's one way to sink a bank faster than any other, it's have a bunch of bad loans.
If anybody has watched any of the other, uh, episode-- I've, I've done episodes covering every other, you know, bank failure this year.
I'm kind of trying to wait to see if maybe a little bit more information will come out first, uh, before, uh, covering this particular bank failure.
You know, relatively smaller bank, meaning under, under a billion dollars in asset size.
Uh, long history of problems, history of problems dating back four, five, six years.
So again, just, uh, you know, again, fitting, fitting the motif of what we're seeing.
I'm gonna ha- and, and just a couple of minutes here, I'm gonna have another article on another bank that's having some issues that, eh, maybe they become the next one.
But there's, there's a couple other banks I'm going to mention that are also having some other issues out there.
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