The Illinois Department of Financial and Professional Regulation closed Metropolitan Capital Bank & Trust in Chicago on Jan. 30. .IDFPR appointed the FDIC as receiver, which then entered into a purchase-and-assumption agreement with Detroit-based First Independence Bank to assume the deposits of the failed bank.Metropolitan Capital was the first bank to fail this year. As of Sept. 30, Metropolitan Capital had $261 million in assets, $251 million of which were acquired by First Independence Bank. The FDIC retained the other $10 million for later disposition. Metropolitan Capital also had $212 million in deposits and one branch, which reopened as a First Independence Bank office on Feb. 2. “No depositor will lose any money as a result of this action,” said IDFPR Division of Banking Acting Director Susana Soriano. “Metropolitan Capital Bank & Trust was closed today due to unsafe and unsound conditions and an impaired capital position.” The failure is estimated to have cost the FDIC Deposit Insurance Fund $19.7 million. The deposits assumed by First Independence continue to be insured by the FDIC. Metropolitan Capital opened in 2005 and had clients in 46 states and 10 countries, according to its website. The bank also had a physical presence in Chicago and New York.
