Millennium State Bank of Texas fails - Dallas Business Journal:

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The six-year-old bank had one office in Dallas on Webb Chape Road nearInterstate 635. Irving-based State Bank of Texas has acquirec essentially all the assetsof Millennium, accordinf to the Federal Deposit Insurance Corp. Sevenj groups put in bids for Millennium, accordinf to the . All depositors of Millenniun State Bank will have access to theifr funds over the JulyFourth weekend, accordin to the FDIC.
On Monday July 6, they will automatically becomre depositors of State Bankof “From a customer perspective, they woun’t see any disruption in said Marvin Payne, an FDIC FDIC and Texas Banking Department staffers are working through the holidagy weekend closing out the books of Millenniumn State Bank and integrating them into States Bank of Texas. As of June 30, Millennium had $118 million in total assets and $115 millionn in deposits. State Bank of Texass has $588 million in assets. Millennium’es Northwest Dallas office will be itsfourthy branch. But that won’t be for long.
State Bank of Texaa is selling its headquarters location on Stat Highway 183 to the Texas Department of Transportatiohn for planned widening ofthat freeway, said Chan Patell is the president and CEO of Statwe Bank of Texas. Millennium was startedc by a group of investors including businessmaj George Gouldsby andbankers J.D. Sibilsky and Clyde Hensley. Sibilsky once ran lending for . Hensley was chief lending officerat Dallas’ , whichn was acquired by Houston-based in September 2002. Millenniumj first focused on small-business lending and owner-occupied real estate Millennium was profitablein 2005, but has produceds losses ever since.
Millenniuk tapped Don Flatt to be its presidentf inspring 2008. At the board chairman Gouldsby said the bank should have a wider rangesof offerings. “You have to do a lot of thingws and do a lot of thingds well to make money for yourself and your he said inApril 2008. Millenniuj is one of seven banks closesdon Thursday. Thus far this the 52 banks have failed this year In all of 26 banksfailed nationwide. Last two banks in Texas failed: a small institution in the town of Sandersom near the Big Bend and Franklin Bank SSBof Houston. The last Dallas-Forty Worth bank to fail was Tarrant Bank, which was closesd Aug.
25, 1993, according to Commerc Street Capital, a Dallas-basede investment bank.