First Bank Failure of 2026: Metropolitan Capital Bank & Trust Closed; First Independence Bank Takes Over Deposits

Washington, D.C., Metropolitan Capital Bank & Trust in Chicago, Illinois, was officially closed today by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corporation (FDIC) has been appointed as the receiver and announced that First Independence Bank of Detroit, Michigan, will take over substantially all deposits and certain assets of the closed bank.

The closure marks the first bank failure in the United States in 2026. Depositors of Metropolitan Capital Bank & Trust will automatically become customers of First Independence Bank when the branch reopens at its current location on Monday, February 2, 2026, during regular banking hours.

The FDIC has confirmed that all deposits assumed by First Independence Bank remain fully insured. Customers can continue accessing their funds without interruption. Over the weekend, account holders can use checks, ATM cards, or debit cards to manage their accounts. Loan repayments should continue as usual under the same terms.

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 has agreed to purchase approximately $251 million of the bank’s assets, while the FDIC will retain remaining assets for later disposition.

The FDIC estimates that this closure will cost its Deposit Insurance Fund (DIF) around $19.7 million, though this figure may adjust as remaining assets are sold. Customers with questions can contact the FDIC at 1-866-314-1744 or visit the FDIC website for additional guidance.

This seamless transition aims to ensure minimal disruption for depositors and maintain stability in the banking system.