The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, together with the Federal Deposit Insurance Corporation (FDIC), has taken control of Metropolitan Capital Bank & Trust in Chicago as of January 30, 2026. The action was taken at 5 p.m. CST on Friday after regulators determined the bank faced unsafe and unsound conditions and had an impaired capital position.
First Independence Bank, based in Detroit, Michigan, will acquire Metropolitan Capital Bank & Trust. First Independence Bank is a minority depository institution and will immediately operate the acquired bank as a branch under its own name. According to officials, this move ensures that customer deposits remain fully protected and that there will be no disruption to banking services.
“Safeguarding the soundness of Illinois’ state-chartered financial institutions is central to IDFPR’s mission,” said Mario Treto, Jr., Secretary of IDFPR. “While we do not take such actions lightly, acting decisively to protect depositors and maintain a safe and sound banking system is our priority.”
Susana Soriano, Acting Director of IDFPR’s Division of Banking, stated: “We want to be clear that no depositor will lose any money as a result of this action. Metropolitan Capital Bank & Trust was closed today due to unsafe and unsound conditions and an impaired capital position. First Independence Bank is well-positioned to continue essential banking services for Metropolitan Capital Bank & Trust customers.”
At closure, Metropolitan Capital Bank & Trust held about $261 million in assets. The new branch under First Independence Bank will open during regular business hours on Monday, February 2, 2026.
Metropolitan Capital Bank & Trust began operations on January 25, 2005.
