On Friday, January 30, 2026, banking regulators took decisive action to close Metropolitan Capital Bank & Trust, a Chicago-based financial institution. The Illinois Department of Financial and Professional Regulation initiated the closure, marking another significant event in the banking sector's ongoing challenges. The Federal Deposit Insurance Corporation (FDIC) was immediately appointed as receiver, ensuring the protection of depositors and maintaining stability in the financial system.
This closure follows standard regulatory protocols where no public advance notice is provided. Such measures prevent bank runs and maintain orderly transitions. In this case, the FDIC efficiently arranged for First Independence Bank, headquartered in Detroit, Michigan, to assume substantially all deposit accounts and assets of the failed institution. It's important to note that the holding company that owned shares of Metropolitan Capital Bank & Trust was not part of this transaction, as the intervention specifically targeted the bank subsidiary.
What This Means for Depositors
If you held accounts at Metropolitan Capital Bank & Trust, your deposits remain safe and accessible. The full balance of all deposit accounts—excluding certain brokered deposits—has been transferred to First Independence Bank. This transfer occurred seamlessly and without any action required on your part.
Customers can continue using their existing checks and ATM/Debit cards without interruption. All direct deposits, including payroll checks and Social Security benefits, will continue processing normally. The transition is designed to be invisible to the average customer, with no disruption to daily banking activities.
The FDIC's Electronic Deposit Insurance Estimator (EDIE) tool remains available for customers who wish to calculate their specific insurance coverage. This online resource helps depositors understand how their accounts are protected under FDIC insurance limits. Additionally, the FDIC provides comprehensive "Facts for Depositors" documentation explaining the agency's role in bank failures and how customer funds are safeguarded.
Loan Customers: Your Obligations Remain Unchanged
For borrowers with mortgages, personal loans, or business lines of credit through Metropolitan Capital Bank & Trust, the terms of your loan agreements remain exactly the same. You should continue making all payments, including escrow payments for property taxes and insurance, according to your existing schedule.
The interest rates, payment amounts, and maturity dates on your loans have not changed as a result of this acquisition. First Independence Bank now services these loans, but all contractual obligations remain in full effect. If your loan was in the process of being originated or you maintained a line of credit, you should contact your assigned loan officer directly for guidance on next steps.
In situations where escrow payments are involved, if you receive any notification that property taxes or insurance premiums were not paid, immediately contact your loan officer to resolve the issue. The FDIC has also established a process for obtaining lien releases for customers who have paid off their loans in full. Detailed information about this process is available through the FDIC's official channels.
For borrowers whose loans were retained by the FDIC rather than transferred to First Independence Bank, a dedicated FDIC Information and Support Center has been established to address questions and concerns. The FDIC's "Borrower's Guide to an FDIC Insured Bank Failure" provides an overview of how loans are processed during bank closures, while "Facts for Borrowers" offers general information about the agency's role.
Protection Against Fraud and Scams
In the wake of any bank failure, fraudulent actors often attempt to exploit customer confusion. The FDIC has issued strong warnings to be vigilant against potential scams. You will never receive legitimate communication from the FDIC requesting private personal information such as Social Security numbers, account passwords, or banking credentials.
Be extremely cautious of any individuals or entities claiming to represent Metropolitan Capital Bank & Trust, First Independence Bank, or the FDIC who contact you requesting sensitive information. Legitimate communications will come through official channels only. The FDIC encourages customers to use the Failed Bank Customer Service Center (FBCSC), a secure web portal, for all correspondence regarding the closure. This ensures your information remains protected.
Branch Operations and Account Access
All former Metropolitan Capital Bank & Trust locations will reopen during regular business hours as branches of First Independence Bank. This physical continuity ensures customers can access in-person services at familiar locations.
All transferred deposits are immediately available and will be separately insured from any accounts you may already hold at First Independence Bank. This means if you were already a First Independence Bank customer, your deposits from Metropolitan Capital Bank & Trust receive independent FDIC insurance coverage, maximizing your protection.
The transition excludes Cede & Co. deposits, which are handled differently under securities industry regulations. For the vast majority of retail and business customers, however, the transfer is complete and seamless.
Creditors and Outstanding Claims
Businesses and individuals who provided services to Metropolitan Capital Bank & Trust on or before January 30, 2026, and have not received payment may be eligible to file a claim against the failed institution. The FDIC has established a claims process for creditors, with detailed information available in the "Filing Claims" section of their official communications.
The "Facts for Creditors" documentation explains the FDIC's role in processing claims and the priority of payments during bank resolutions. Creditors should act promptly to preserve their rights and submit proper documentation to support their claims.
Understanding the Broader Context
Bank failures, while disruptive, are managed through well-established regulatory frameworks designed to protect the public and maintain confidence in the banking system. The FDIC's role as receiver is critical to this process, ensuring orderly liquidation or acquisition while minimizing impact on depositors and the economy.
The acquisition by First Independence Bank represents a strategic expansion for the Detroit-based institution, which now extends its footprint into the Chicago market. This type of transaction often strengthens the acquiring bank while preserving banking services for the affected community.
Resources and Next Steps
Customers with questions should first consult the official FDIC website for failed bank information. The Failed Bank Customer Service Center provides secure communication channels. For immediate banking needs, visit any former Metropolitan Capital Bank & Trust branch now operating as First Independence Bank.
The FDIC maintains comprehensive resources including deposit insurance calculators, guides for borrowers and creditors, and detailed FAQs. These tools empower customers to understand their rights and navigate the transition confidently.
This orderly resolution demonstrates the effectiveness of the U.S. banking regulatory system in protecting depositors and maintaining financial stability during institutional failures. Customers of the former Metropolitan Capital Bank & Trust can bank with confidence knowing their deposits are safe and services continue uninterrupted.