Chicago-based Metropolitan Capital Bank & Trust was closed on Jan. 30 by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. This marks the first bank failure of 2026.
The FDIC entered into an agreement with Detroit-based First Independence Bank, which will assume substantially all deposits of Metropolitan Capital Bank & Trust. The shuttered bank’s sole office reopened today as a branch of First Independence Bank.
Metropolitan Capital was founded in 2005 and focused on commercial banking, investment banking, private banking and wealth consulting services. As of Sept. 30, 2025, Metropolitan Capital Bank & Trust reported total assets of $261.1 million and total deposits of $212.1 million.
First Independence Bank agreed to purchase approximately $251 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
The FDIC preliminarily estimated the bank’s failure will cost its Deposit Insurance Fund (DIF) about $19.7 million.
