Chicago's Metropolitan Capital Bank & Trust Becomes First US Bank to Fail in 2026
In a shocking turn of events, Illinois regulators have shut down Metropolitan Capital Bank & Trust, marking the first bank failure in the United States this year. The sudden move has sent shockwaves through the city's financial community, with Chicago now having experienced its second bank collapse in just two years.
According to officials, the closure was prompted by concerns over the bank's financial stability. The Illinois Department of Financial and Professional Regulation (IDFPR) deemed Metropolitan Capital's situation "unsafe and unsound" due to an impaired capital position, ultimately leading to its demise. As a result, the Federal Deposit Insurance Corporation (FDIC) has taken control of the bank, brokering the sale of most assets to First Independence Bank in Detroit for $261 million.
Despite the failure, FDIC officials assure customers that all deposits will remain intact and be returned promptly. Loan customers' payments are still due, with no indication they will need to adjust their schedules. "We want to be clear that no depositor will lose any money as a result of this action," said Susana Soriano, acting director of IDFPR's Division of Banking.
Metropolitan Capital's collapse brings the total number of Illinois bank failures since 2000 to seventy-one, including twenty-two in Chicago. The bank had grown to become one of the largest financial institutions in the country, operating across forty-six states and ten countries.
The FDIC has estimated that the failure will result in a cost of $19.7 million to its Deposit Insurance Fund. While this figure may seem significant, it's worth noting that First Independence Bank, which acquired Metropolitan Capital's assets, is well-equipped to continue providing essential banking services to customers.
In related news, Chicago's Pulaski Savings Bank failed nationwide last year, leaving only one bank – Washington Federal Bank for Savings – in the city to fail between 2017 and 2025. The collapse of the latter was linked to a massive embezzlement scheme involving former Alderman Patrick Daley Thompson.
The Metropolitan Capital Bank & Trust's River North office will reopen as a branch of First Independence Bank on Monday, with customers able to access their money immediately and make loan payments without disruption.
In a shocking turn of events, Illinois regulators have shut down Metropolitan Capital Bank & Trust, marking the first bank failure in the United States this year. The sudden move has sent shockwaves through the city's financial community, with Chicago now having experienced its second bank collapse in just two years.
According to officials, the closure was prompted by concerns over the bank's financial stability. The Illinois Department of Financial and Professional Regulation (IDFPR) deemed Metropolitan Capital's situation "unsafe and unsound" due to an impaired capital position, ultimately leading to its demise. As a result, the Federal Deposit Insurance Corporation (FDIC) has taken control of the bank, brokering the sale of most assets to First Independence Bank in Detroit for $261 million.
Despite the failure, FDIC officials assure customers that all deposits will remain intact and be returned promptly. Loan customers' payments are still due, with no indication they will need to adjust their schedules. "We want to be clear that no depositor will lose any money as a result of this action," said Susana Soriano, acting director of IDFPR's Division of Banking.
Metropolitan Capital's collapse brings the total number of Illinois bank failures since 2000 to seventy-one, including twenty-two in Chicago. The bank had grown to become one of the largest financial institutions in the country, operating across forty-six states and ten countries.
The FDIC has estimated that the failure will result in a cost of $19.7 million to its Deposit Insurance Fund. While this figure may seem significant, it's worth noting that First Independence Bank, which acquired Metropolitan Capital's assets, is well-equipped to continue providing essential banking services to customers.
In related news, Chicago's Pulaski Savings Bank failed nationwide last year, leaving only one bank – Washington Federal Bank for Savings – in the city to fail between 2017 and 2025. The collapse of the latter was linked to a massive embezzlement scheme involving former Alderman Patrick Daley Thompson.
The Metropolitan Capital Bank & Trust's River North office will reopen as a branch of First Independence Bank on Monday, with customers able to access their money immediately and make loan payments without disruption.
, it raises concerns about the overall stability of the US banking system 
. With the FDIC stepping in to guarantee deposits, the risks associated with this collapse seem somewhat mitigated 
. However, one can't help but wonder what systemic issues led to Metropolitan Capital's demise in the first place 
. It seems that Illinois has been having a rough patch when it comes to banking failures 
. The fact that First Independence Bank is well-equipped to take over Metropolitan Capital's assets is reassuring 
. Still, I'm left with the feeling that this incident highlights the need for closer regulatory oversight and more stringent financial monitoring 
.
! Can't believe our "stable" banks can just fail like that. What's going on?! 
They're saying deposits are safe but what about the ones who invested?! Those $261 million will come from where?! And another one in Chicago already this year... it's like a domino effect 
! Like, what even is the point of having all these big banks around if they're just gonna shut down like this? And now I'm stuck with First Independence Bank, which is like, so last century 
. At least deposits are safe, but loan customers' payments will still be due? Like, who even checks those numbers anymore? 
This is getting out of hand 
i need some more info on this before i start making any conclusions. where's the proof that Metropolitan Capital was really "unsafe and unsound"? 
i mean whats going on in chicago?!?! 2026 already having a major financial disaster? 
. Like, they were completely destroying this one picnic blanket that someone had left out for them. It was so intense! And then just as quickly, it was all over. They just flew away like nothing happened. Meanwhile, in the world of finance, some bank fails and suddenly everyone's freaking out 
. I guess you could say the pigeons are more stable than Metropolitan Capital Bank & Trust? 
anyway at least our deposits are safe i guess, but 261 million is still a lot of money 
anyway, lets hope this one doesnt happen to them 
Chicago has already had two bank collapses in 2 years?! 
I guess you could say the whole financial system is just a big game of musical chairs... anyone else worried about their savings or loans? 
.
. Can't believe it happened in Chicago this year already. MetCap was supposed to be one of the big ones, but I guess they got complacent 
. Chicago's financial scene is getting sketchy, can't say I'm surprised though 
. River North office reopening as a branch of FI Bank on Monday? Just peachy 
. At least customers won't have to wait long to get their money back 
! The cherry pie at that little bakery in Fish Creek was TO DIE FOR 
. I mean, who knew cherry pie could be so... intense? 
. Like how can this happen to a major financial institution like that? 
. Can we at least get an update on how things will go down from now? 
... I mean, who needs stability when you've got growth, right? 
Twenty-two in two years and they still thought they could handle it? 
At least their customers will get their money back, so that's a plus, I guess