Metropolitan Capital Bank & Trust in Chicago became the first bank failure of 2026.
The $261 million-asset bank was closed by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corp. entered into a purchase-and-assumption agreement to sell substantially all of the bank’s $212.1 million of deposits to First Independence Bank in Detroit.
The $699.6 million-asset First Independence also bought about $251 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
The failure is expected to cost the Deposit Insurance Fund about $19.7 million.