UPDATE 6/25/2024: I have some additional information, but it is not complete.
Funding is by either wire or check.
Early withdrawal penalty is 6 months of interest on the amount being withdrawn.
Interest is compounded daily and credited quarterly. Interest can be paid out quarterly without penalty.
There is no online application – opening a CD is done by phone and e-mail (utilizing e-documents).
This is an incomplete post.
The 12-month CD (6.00% APY) offered by California-based Nano Banc has sparked a lot of interest, with the inquiries tying up Nano Banc’s phone. While I have basic information, my questions about how to open the 12-month CD, including funding, early withdrawal penalty, maturing funds, and beneficiaries won’t be answered until this afternoon. Please check back later in the day for complete information.
The12-month CD landing page states,
12 month CD is equal to 5.83% Interest Rate and 6.00% Annual Percentage Yield (APY) only available on proven new funds from an outside financial institution with a minimum deposit of $10,000. Interest will compound daily and be payable quarterly.
For those not familiar with Nano Bank, the FDIC website states the bank was established in 2007 as Commerce Bank of Temecula Valley. According to a May 2018 Business Wire press release,
MURRIETA, Calif.--(BUSINESS WIRE)--Nano Financial Holdings, Inc. (“Nano”), a new bank holding company, is pleased to announce the completion of its acquisition of Commerce Bank of Temecula Valley (“CBTV”) for $23.3 million. Effective May 1, 2018, the bank has been renamed Nano Banc. Headquartered in Murrieta, California, in the Temecula Valley, Nano Banc will provide commercial banking services throughout Southern California.
The FDIC website provides the following financial data:
Assets: Q1 2024 – $968.3M
Q1 2023 – $947.6M
Loans: Q1 2024 – $697.8M
Q1 2023 – $720.4M
Deposits: Q1 2024 – $828.0M
Q1 2023 – $749.6M
Equity Capital: Q1 2024 – $125.3M
Q1 2023 – $122.3M
Darlene,
According to Investopedia
https://www.investopedia.com/articles/economics/09/financial-regulatory-body.asp
"Most national banks must be members of the Federal Reserve System; however, they are regulated by the Office of the Comptroller of the Currency (OCC). The Federal Reserve supervises and regulates many large banking institutions because it is the federal regulator for bank holding companies (BHCs)."
As Nano Financial Holdings, Inc. is the bank holding company for Nano Banc, it is supervised and regulated by the Federal Reserve.
DepositAccounts.com shows the primary regulator for Nano Banc as FED. Most banks are regulated by the OCC. In your more detailed post to follow, could you explain the difference and if this is important for the investor. I also noticed the Weiss ratings for this bank have been C and D. Bauer gives them 3 stars.