Fed issues enforcement action against Allegiant United Holdings

The Federal Reserve Board on Jan. 18 issued a cease and desist order against Irvine, Calif.-based Allegiant United Holdings LLC, Nano Financial Holdings Inc. and Nano Banc.

The regulator said Allegiant United Holdings and Nano Financial Holdings are registered bank holding companies that own and control Nano Banc, which is currently operating without a permanent CEO, CFO and a sufficient number of board members. In the enforcement action, the Fed ordered the entities to propose qualified officers to fill such positions.

The regulator also announced it has terminated enforcement actions against Brunsville, Iowa-based Iowa Prairie Bank and Edgewater, N.J.-based Mariner's Bancorp, each of which have been recently acquired.

The Fed and Iowa Prairie Bank previously entered into a written agreement concerning board oversight of the bank's operations, its credit risk management and asset improvement, among others. In the case of Mariner's Bancorp, the Fed had ordered the company not to pay any dividends, incur or guarantee debt or redeem any shares of its stock without Fed approval.