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**Chicago-Based Metropolitan Capital Bank Shut Down by Illinois Regulators**
The Illinois Department of Financial and Professional Regulation has officially closed Metropolitan Capital Bank & Trust, a Chicago-based financial institution, citing unsafe and unsound conditions along with an impaired capital position. This marks the first bank failure in the United States in 2026.
The Federal Deposit Insurance Corporation (FDIC) has been appointed as receiver and has arranged a purchase and assumption agreement with First Independence Bank, a Detroit, Michigan-based institution.
Metropolitan Capital Bank & Trust was founded in 2005 and offered a range of services, including commercial and private banking, investment banking, wealth consulting, and trust services. As of September 30, 2025, the bank reported holding $261.1 million in assets and $212.1 million in deposits.
Following the agreement, First Independence Bank will assume most of Metropolitan Capital’s deposits and approximately $251 million in assets. The FDIC will retain the remaining assets for subsequent sale. The estimated cost of the bank failure to the FDIC’s Deposit Insurance Fund is approximately $19.7 million.
In other news, Connect CRE is currently accepting nominations for its annual Top Broker Awards. Now in its ninth year, the awards recognize leading investment sales and leasing brokers for their achievements over the past year.
For more information and to submit a nomination, visit Connect CRE’s awards page.
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