Nano Banc in Irvine, Calif., made changes to several high-profile posts.
The $1.1 billion-asset business bank said in a press release that it had named R. Scott Racusin as its CEO and Mary Lynn Lenz as its chairman. Steven Buster was named vice chairman.
“I believe in Nano Banc’s potential to deliver a premier community banking experience for customers and shareholders alike,” Racusin said in the release. “The past is behind us, and the future looks bright as the new board and I aggressively focus on forging a new future.”
The Federal Reserve hit Nano with a cease-and-desist order in January tied to the bank’s inability to comply with previous enforcement actions. The Fed ordered the bank to change its compliance policies and procedures with a focus on oversight of loans to bank executives and gaps in its leadership team.
Nano ran afoul of the state’s order late last year, when it replaced several directors and appointed new leadership without notifying the state. That led to a C&D order on Dec. 15.