Metropolitan Capital Bank & Trust was closed Friday by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. The FDIC entered into a purchase and assumption agreement with First Independence Bank to assume substantially all deposits of the failed institution.
The bank’s sole office will reopen as a branch of First Independence Bank during normal business hours Monday. Depositors will automatically become customers of First Independence Bank, and their deposits will continue to be insured by the FDIC.
Customers have immediate access to their deposits and can write checks or use ATM and debit cards over the weekend. Checks drawn on the bank will continue to be processed, and loan customers should continue making payments as usual.
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 assume substantially all deposits and will purchase approximately $251 million of the failed bank’s assets, with the FDIC retaining remaining assets for later disposition.
The FDIC preliminarily estimates the failure will cost its Deposit Insurance Fund about $19.7 million, though that estimate may change as retained assets are sold. Customers with questions can contact the FDIC toll-free at 1-866-314-1744.
Metropolitan Capital Bank & Trust is the first bank to fail in the nation this year.
