Irvine’s Nano Banc, a new bank that’s been one of the fastest growers headquartered in Orange County, has received a “cease and desist” order from California’s Department of Financial Protection and Innovation.
The bank allegedly violated a February order from the department requiring it to provide 30 days advance notice before appointing any new directors or executives.
The bank placed two executives on administrative paid leave, named a new chief executive and chairman and replaced six directors with five new ones, said the order, which didn’t identify any of the executives or directors.
The order said the bank should “cease operating without a chief executive officer and chief risk officer who have received the non-objection of the commissioner.”
A Nano Banc spokesperson said the bank is still able to continue to operate.
Nano Banc was founded in 2018 by President Mark Troncale, Chief Executive Mark Rebal and Anthony Gressak, who had previously worked
at California Republic Bank.
The bank’s website doesn’t mention the new executives nor the cease and desist order. For more details, see the Business Journal’s Jan. 3 print edition.