US regulators have abruptly shut down a bank in Illinois 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 as the receiver and has entered into a purchase and assumption agreement with First Independence Bank, which will assume “substantially all” deposits.
“Metropolitan Capital Bank & Trust’s sole office will reopen as a branch of First Independence Bank during its normal business hours on Monday, February 2, 2026.
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 is based in Chicago, holding about $260 million in assets.
The FDIC has not stated 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 retained assets are sold.
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