Bank Fails

Banks fail. It happens. There's an almost-candidate for mayor who cost taxpayers something like $150 million and he's paid no political price for it.

This one turns out amusing for different reasons:

• State regulators closed Metropolitan Capital Bank & Trust on Friday, marking the first bank failure in the United States in 2026 and Chicago’s second in as many years.

  The Illinois Department of Financial and Professional Regulation ordered the River North-based bank’s closure due to concerns over its financial stability.

And who bought it?

• The Federal Deposit Insurance Corporation was named receiver and brokered the sale of most of the bank’s $261 million in assets to First Independence Bank in Detroit, including all deposits.

A bank....from Detroit. 

We had no idea anything associated with Detroit was financially viable. 

Interesting, to say the least.