The Federal Reserve Board announced that a 2021 written agreement involving Nano Banc and its two parent companies was terminated effective Oct. 21, 2026.
Nano Banc is a state-chartered member bank in Irvine, California. The other parties were its parent companies, Allegiant United Holdings, LLC and Nano Financial Holdings, Inc., and the Federal Reserve Bank of San Francisco. The agreement is dated Feb. 24, 2021, and the Board announced its execution on March 4 that year.
The agreement required Nano Banc to prepare plans to strengthen board supervision and governance, improve internal processes, and address capital, liquidity, earnings and audit functions. It also called for quarterly progress reports to the San Francisco Fed.
Some actions required the San Francisco Fed’s prior written approval, including certain dividends, holding-company debt and stock redemptions. Approval was also required for agreements to buy or sell loans or other bank assets if their combined value would exceed 5% of the bank’s total assets at the end of the previous quarter.
A targeted examination by the San Francisco Fed preceded a separate cease-and-desist order that took effect Jan. 18, 2022. The order cited additional safety-and-soundness concerns, including unsecured loans to Nano Financial shareholders. It also said Nano Banc lacked a permanent CEO and CFO and had too few board members. The order stated that it did not supersede the 2021 agreement.
Federal Reserve records show the separate 2022 order ended March 20, 2025. The Board’s Nov. 5 notice gave no reason for terminating the 2021 agreement and did not assess Nano Banc’s current financial condition.
