The Federal Deposit Insurance Corp. (FDIC) said Metropolitan Capital Bank & Trust, a Chicago-based single-branch lender, became the first US bank to fail this year after regulators shut it down on Friday and appointed the FDIC as receiver.
First Independence Bank will assume substantially all deposits of the failed Metropolitan Capital Bank & Trust and acquire about $251 million in assets. The former Metropolitan Capital branch will reopen on February 2 as a First Independence Bank location.
Customers retain FDIC coverage automatically and can access funds immediately via checks, debit cards, and ATMs while continuing to make regular loan payments. The FDIC expects the failure to cost its Deposit Insurance Fund roughly $19.7 million.
The closure follows a period of minimal bank failures, with two small institutions failing in 2025.