California regulators seize Nano Banc and appoint FDIC as receiver
The California Department of Financial Protection and Innovation (DFPI) seized Nano Banc and appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver. The moves come after Irvine, Calif.-based Nano Banc failed to comply with DFPI’s latest enforcement order related to its deteriorating financial condition. It also follows a multi-year pattern of executive mismanagement and regulatory violations. In seizing the bank, DFPI said it is taking action to protect consumers and...
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