U.S. regulators abruptly closed an Illinois bank in the first bank failure of 2026.
The Federal Deposit Insurance Corporation (FDIC) says the Illinois Department of Financial and Professional Regulation (IDFPR) has closed Metropolitan Capital Bank & Trust.
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The FDIC has been appointed receiver and has entered into a purchase and acquisition agreement with First Independence Bank, which will assume “substantially all” of the deposits.
“The single branch of Metropolitan Capital Bank & Trust will reopen during normal business hours on Monday, February 2, 2026 as a branch of First Independence Bank.
Depositors of Metropolitan Capital Bank & Trust automatically become depositors of First Independence Bank. The deposits acquired by First Independence Bank remain insured by the FDIC, so there is no need for customers to change their banking relationship.”
Metropolitan Capital Bank & Trust is based in Chicago and has approximately $260 million in assets.
The FDIC has not explained why the bank failed.
Preliminary estimates show the failure will cost the agency’s Deposit Insurance Fund (DIF) about $19.7 million.
The estimate will likely change over time as the retained assets are sold.
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