First U.S. Bank Failure of the Year as Metropolitan Capital Bank Closes
Metropolitan Capital Bank & Trust was closed by Illinois state regulators on Friday, with the Federal Deposit Insurance Corporation stepping in as receiver and arranging a purchase and assumption agreement with First Independence Bank to safeguard deposits.
Key takeaways
- Metropolitan Capital Bank & Trust has been closed by state regulators
- First Independence Bank will assume nearly all deposits
- All deposits remain fully insured by the FDIC
- The failure is the first U.S. bank collapse of the year
The FDIC announced that it entered into a purchase and assumption agreement with First Independence Bank, under which First Independence Bank will assume substantially all of the failed bank’s deposits.
Branch to reopen under new ownership
Metropolitan Capital Bank & Trust’s sole office is scheduled to reopen as a branch of First Independence Bank during normal business hours on Monday, February 2, 2026. Depositors of Metropolitan Capital Bank & Trust will automatically become customers of First Independence Bank, with no action required to maintain access to their accounts.
The FDIC confirmed that all assumed deposits will continue to be insured, and customers do not need to change their existing banking relationships.
Customers maintain full access to deposits
According to the FDIC, customers will have immediate access to their funds. Over the weekend, deposits can be accessed through checks, ATM withdrawals, and debit card transactions. Checks drawn on the bank will continue to be processed normally.
Loan customers are advised to continue making payments as usual, with no changes to loan terms or servicing instructions at this time.
Financial details of the failure
As of September 30, 2025, Metropolitan Capital Bank & Trust reported $261.1 million in total assets and $212.1 million in total deposits. Under the agreement, First Independence Bank will assume substantially all deposits and purchase approximately $251 million in assets from the failed institution.
The agency preliminarily estimates that the failure will cost its Deposit Insurance Fund approximately $19.7 million, though that figure may change as retained assets are sold.
First U.S. bank failure of the year
The FDIC confirmed that Metropolitan Capital Bank & Trust is the first bank to fail in the United States this year, marking an early stress event in the banking sector amid a period of heightened financial uncertainty.
Customers with questions are encouraged to contact the FDIC directly through its toll-free support line or via the agency’s official website.
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