First Independence Bank in Detroit has acquired substantially all of the deposits and assets by entering into a purchase and assumption agreement with the Federal Deposit Insurance Corp. (FDIC) as receiver of Metropolitan Capital Bank & Trust in Chicago.
The Illinois Department of Financial and Professional Regulation closed Metropolitan Capital Bank & Trust on Friday. According to the FDIC, as of Sept. 30, 2025, Metropolitan Capital Bank & Trust had total assets of $261.1 million and total deposits of $212.1 million.
Metropolitan Capital Bank & Trust is the first bank to fail in the nation this year.
Metropolitan Capital Bank & Trust’s sole office will reopen as a branch of First Independence Bank during its normal business hours on Feb. 2, 2026. Depositors of Metropolitan Capital Bank & Trust will automatically become depositors of First Independence Bank.
First Independence Bank agreed to assume substantially all deposits at the time of closing. It will also purchase approximately $251 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Customers of Metropolitan Capital Bank & Trust will have immediate access to their deposits. Over the weekend, they can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
“We are excited about the opportunity to serve the existing customers of Metropolitan Capital Bank & Trust,” says Kenneth Kelly, chairman and CEO of First Independence Bank. “Our goal is to provide our new team members with the opportunity to further their goals of impacting their existing relationships and future new customers directly.
“This is consistent with our values of keeping the customer at the center of our circle of life. The Chicago area is one of the critical financial centers in the U.S. and we are grateful to have the opportunity to compete directly in this market.”
The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $19.7 million. The estimate will change over time as retained assets are sold.
First Independence Bank is one of the largest community-focused, mission-driven, commercial banks in the United States. In addition to its Detroit headquarters, the bank has two locations in Minneapolis.
The bank offers a variety of banking services from managing accounts to personal loans, mortgages, consumer education, and investments. Established in 1970, First Independence Bank is a member of FDIC and Equal Housing Lender.
Original article: https://www.dbusiness.com/daily-news/first-independence-bank-in-detroit-acquires-nearly-all-assets-of-chicago-bank-2/
