The Exterior of Metropolitan Capital Bank & Trust in Chicago

By CGN Staff

On January 30, 2026 MetCap Bank, formally known as Metropolitan Capital Bank & Trust, was ordered shut down by the Illinois Department of Financial and Professional Regulation

According to a statement on the bank's website, following the order from the Illinois body, subsequently, "the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to First Independence Bank, Detroit, MI."

The bank was found to be in an untenable financial position. It is the first bank in the country to be shut down this year and the second in Chicago in the past two years.

Works from a recent exhibition. Photo courtesy Corporate Art Advisory.

Locally MetCap, which was housed in the historic Tree Studios, which were once artist studios, built a reputation among the art community as a champion of local artists. An exhibition program was titled Art Works Chicago, and dozens of local artists–from William Conger to Michiko Itatani–were exhibited in the bank's space over the years in collaboration with area galleries and art advisors. In 2025 the bank celebrated 20 years of its exhibition program with an exhibition that looked back on the artists it showcased. MetCap's website described the purpose of the program, "Several shows each year feature artists in the Chicago nexus, enriching an already unique space with fine artwork. This initiative creates a platform for team members and visitors to meet artists, better understand the art making process, and engage in thoughtful dialogue. The art and unique space gives the bank a very non-traditional feel. This non-traditional approach is at the core of what we do – developing creative solutions to complex financial situations for our clients and partners."

There is no word yet what will happen to any art currently exhibited at the bank, if any, or if there are works that are part of a permanent collection that will be sold as part of any liquidation.

FDIC Bank Closing Information for Metropolitan Capital Bank & Trust