Metropolitan Capital Bank & Trust, based in Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver and arranged for First Independence Bank of Detroit, Michigan to assume almost all deposits.
The only office of Metropolitan Capital Bank & Trust will reopen as a branch of First Independence Bank on Monday, February 2, 2026. Customers do not need to change their banking relationship since their deposits remain insured by the FDIC. According to the FDIC, “Depositors of Metropolitan Capital Bank & Trust will automatically become depositors of First Independence Bank. The deposits assumed by First Independence Bank will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.”
Customers can access their funds immediately through checks or ATM and debit cards over the weekend. Loan payments should continue as usual. The FDIC has provided a toll-free number for customer inquiries and published service hours for assistance.
At the end of September 2025, Metropolitan Capital Bank & Trust had $261.1 million in total assets and $212.1 million in total deposits. First Independence Bank will take on most deposits and purchase about $251 million in assets from the failed bank; remaining assets will be handled later by the FDIC.
The FDIC estimates that this bank failure will cost its Deposit Insurance Fund approximately $19.7 million, though this figure may change as assets are sold.
This marks the first bank failure in the United States for 2026.
