Sunwest Bank takes over failed Nano Banc in FDIC-assisted deal

California regulators closed Irvine-based Nano Banc on September 25 and the FDIC handed the franchise to Sunwest Bank, which assumed roughly $605 million of deposits and $227 million of loans. Customers keep immediate access to their money, and branches reopen under the Sunwest name on Monday. It is the sixth FDIC-assisted acquisition for Sunwest, a privately held bank with more than $5 billion in assets.

Why it matters: Another regional bank failure resolved over a weekend shows the FDIC's playbook is still leaning on well-capitalized private acquirers to absorb troubled lenders.