The FDIC has closed two banks this year, not one. The first was Metropolitan Capital Bank & Trust of Chicago, whose $212.1 million in deposits moved to First Independence Bank of Detroit in January. The second, Community Bank and Trust – West Georgia of LaGrange, closed in May, and the FDIC’s 2026 failure list shows nothing since.
The Chicago failure and the $212.1 million
The Illinois Department of Financial and Professional Regulation closed Metropolitan Capital on January 30 and named the FDIC receiver, the FDIC said. The bank had $261.1 million in assets and $212.1 million in deposits as of September 30, 2025.
First Independence Bank, based in Detroit, agreed to buy about $251 million of the assets and take over substantially all the deposits. The FDIC kept the rest for later sale. In the agency’s words, “Depositors of Metropolitan Capital Bank & Trust will automatically become depositors of First Independence Bank.”
The bank’s only office reopened as a First Independence branch on Monday, February 2, in normal hours. Over the weekend, depositors could write checks and use ATM or debit cards, and checks drawn on the bank kept clearing. Borrowers were told to keep making loan payments as usual.
The FDIC put the preliminary cost to its Deposit Insurance Fund at about $19.7 million and said the figure will change as retained assets are sold. That estimate is what the FDIC expects the failure to cost the insurance fund.
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The FDIC said loan customers should keep making payments as usual, and that the bank’s depositors could use checks, ATM cards and debit cards through the weekend.
The Georgia failure in May
The Georgia Department of Banking and Finance closed Community Bank and Trust – West Georgia on May 1, and Anchor Bank of Palm Beach Gardens, Florida, agreed to assume its insured deposits and certain assets, the FDIC announced. The bank had $288 million in assets and $268 million in deposits at the end of 2025.
The FDIC release called it “the second bank to fail in the nation this year.” Its three branches reopened as Anchor Bank branches on Monday, May 4. The agency said the deposits Anchor assumed would stay insured, so customers had no need to change their banking relationship.
The Georgia release adds a detail the Chicago release does not. About $27 million of the deposits were above the insurance limit, and the FDIC said uninsured depositors may later receive an advance dividend, depending on what the receiver recovers from selling assets. Anyone with more than $250,000 in the account was told to call the FDIC to schedule an appointment.
The estimated cost to the insurance fund was about $97 million, nearly five times the Chicago figure. Deposits were $212.1 million in Chicago and $268 million in Georgia. In both cases the buyer reopened the failed bank’s branches.
Together the two banks held about $549.1 million in assets and $480.1 million in deposits. The FDIC put the combined preliminary cost to its insurance fund at about $116.7 million. Each estimate is a preliminary figure that the agency says will move as the receiver sells whatever the buyers did not take.
The pattern in both cases was the same. A state regulator closed the bank on a Friday, the FDIC took over as receiver, and a healthy bank agreed to assume the deposits. Both closings were ordered by state regulators, in Illinois and Georgia, not by the FDIC itself. By Monday morning the failed bank’s offices were open under the buyer’s name.
The gap between the two failures was four months, from January 30 to May 1. Georgia’s release described its bank as the second to fail in the nation this year, which is the count the FDIC’s own list still shows. No third closing has been added to it.
What a failure means for a depositor’s account
Deposit insurance covers $250,000 per depositor, per insured bank, for each account ownership category, according to the FDIC. In both 2026 failures, insured money stayed available and the checkbook and debit card kept working through the weekend.
The FDIC runs a toll-free line at 1-866-314-1744 for customers of a failed bank. For Metropolitan Capital, hours ran into Monday evening and then 9 a.m. to 5 p.m. Central. Georgia customers had the same line, open until 9 p.m. Eastern on closing night. The agency also points depositors to its “Are My Deposits Insured?” tool for checking coverage across accounts.
The FDIC’s list shows no failure after the May closure, so the year’s count stands at two. A depositor who sees a headline about a failed bank can confirm its status on the agency’s page, or by calling the toll-free line, before moving any money.
For balances above the limit, the Georgia case shows the process. The FDIC asked customers with more than $250,000 to call for an appointment, and it opened a web page called “Is My Account Fully Insured?” on the following Monday. Roughly 10 percent of that bank’s deposits, $27 million of $268 million, sat above the line.
Would a bank takeover delay a Social Security deposit?
Both 2026 failures kept accounts open, but the weekend of a takeover is when a deposit that lands late is hardest to chase. A beneficiary who sees a missing Social Security payment during a bank transition has to decide fast who to call and what to write down.
The Social Security Check Protection Kit includes a first-24-hours plan for a late or missing payment, and the 2026 payment calendar that shows when each deposit is due. That turns a missing deposit into a set of steps instead of a guess.
Get the first-24-hours plan for a missing deposit in this protection kit →
More Financial Reading
- 21 Ways to Stretch a $2,087 Social Security Check
- 15 Places to Find Your Share of the $4.25 Billion States Give Back
- 21 Ways Retirees Can Raise $1,000 Fast Without a Job
This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
