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