The Illinois Department of Financial and Professional Regulation closed Metropolitan Capital Bank & Trust last week and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
The FDIC then entered into a purchase and assumption agreement with First Independence Bank which will assume substantially all deposits of Metropolitan Capital Bank & Trust. Metropolitan Capital Bank & Trust’s sole office will reopen as a branch of First Independence Bank on February 2.
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. Metropolitan Capital Bank & Trust customers will have immediate access to their deposits. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of September 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 also purchase approximately $251 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Customers should contact the FDIC toll-free at 1-866-314-1744 or visit the FDIC’s website with any questions.
The FDIC estimates that the failure will cost its Deposit Insurance Fund (DIF) about $19.7 million. The estimate will change over time as retained assets are sold.
Metropolitan Capital Bank & Trust is the first bank to fail this year.