The Illinois Department of Financial and Professional Regulation has closed Chicago’s Metropolitan Capital Bank & Trust, marking the first bank failure in the United States this year.
The closure has been attributed to unsafe and unsound conditions and an impaired capital position. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver and has entered into a purchase and assumption agreement with Detroit, Michigan-based First Independence Bank.
Established in 2005, Metropolitan Capital provided commercial banking, private banking, investment banking, wealth consulting, and trust services. As of September 30, 2025, the bank had $261.1 million in assets and $212.1 million in deposits.
First Independence Bank will take on most of the deposits and about $251 million of the failed Chicago bank’s assets, while the FDIC will keep the rest for later sale. The FDIC estimates that the failure will cost its Deposit Insurance Fund about $19.7 million.
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