Illinois Takes Over Bank, First Independence Bank Assumes Operations

IL IDFPR Latest News

Filed January 30th, 2026

Detected February 27th, 2026

Summary

The Illinois Department of Financial and Professional Regulation (IDFPR), in cooperation with the FDIC, took control of Metropolitan Capital Bank & Trust on January 30, 2026, due to unsafe and unsound conditions. First Independence Bank of Detroit will assume operations, ensuring customer deposits are protected.

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What changed

The Illinois Department of Financial and Professional Regulation (IDFPR), in conjunction with the FDIC, has taken possession of Metropolitan Capital Bank & Trust in Chicago, effective January 30, 2026. The bank was closed due to unsafe and unsound conditions and an impaired capital position. First Independence Bank of Detroit has agreed to purchase the bank and will assume its operations immediately, ensuring continuity of services and full protection of customer deposits, which total approximately $261 million in assets.

This action is intended to safeguard depositors and maintain the soundness of the state's financial institutions. Customers of Metropolitan Capital Bank & Trust will experience no interruption in services, with the branch scheduled to reopen as a branch of First Independence Bank on February 2, 2026. Regulated entities, particularly state-chartered banks, should note the swift regulatory action taken to address financial instability and the importance of maintaining sound capital positions.

What to do next

Review recent enforcement actions for state-chartered banks
Ensure capital adequacy and sound operational practices

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Mario Treto, Jr., Secretary

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State of Illinois Announces Steps to Protect Customers and Their Deposits at State-Chartered Bank

News Release – Friday, January 30, 2026 print Email First Independence Bank of Detroit to take over operations of Metropolitan Capital Bank & Trust in Chicago

CHICAGO – The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking, in cooperation with the Federal Deposit Insurance Corporation (FDIC), took possession and control of Metropolitan Capital Bank & Trust in Chicago on Friday, January 30, 2026, at 5 p.m. CST. First Independence Bank of Detroit, Michigan, a minority depository institution, has agreed to purchase the bank. This ensures a seamless and immediate transition of services for customers and full protection of customer deposits.

“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 maintaining a safe and sound banking system is our priority."

“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 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 the time of its closure, Metropolitan Capital Bank & Trust had approximately $261 million in assets. First Independence Bank will immediately operate Metropolitan Capital Bank & Trust as a branch of its own bank. There will be no interruption in services to depositors. The branch will be open during normal business hours on Monday, February 2, 2026.

Metropolitan Capital Bank & Trust first opened on January 25, 2005.

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