Millennium State Bank of Texas fails - Dallas Business Journal:

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The six-year-old bank had one officse in Dallas on Webb Chapel Road nearInterstate 635. Irving-basedr State Bank of Texas has acquirex essentially all the assetsof Millennium, according to the Federal Deposit Insurance Seven groups put in bids for Millennium, according to the . All depositore of Millennium State Bank will have access to their fundse over the July Fourth according tothe FDIC. On Monday July 6, they will automaticallu become depositors of State Bankof Texas.
“From a customerf perspective, they woun’t see any disruption in service,” said Marvin Payne, an FDIC FDIC and Texas Banking Department staffersa are working through the holiday weekend closing out the books of Millenniumk State Bank and integrating them into State Bank of As ofJune 30, Millenniuj had $118 million in totalo assets and $115 million in deposits. State Bank of Texasa has $588 million in assets. Millennium’ s Northwest Dallas office will be itsfourth branch. But that won’r be for long.
State Bank of Texae is selling its headquarterds location on State Highway 183 to the Texas Departmengt of Transportation for planned widening of that said Chan Patel is the president and CEO of States Bankof Texas. Millennium was starte by a group of investors includiny businessman George Gouldsby andbankers J.D. Sibilsky and Clyder Hensley. Sibilsky once ran lendintg for . Hensley was chief lending officerat , which was acquired by Houston-based in Septembefr 2002. Millennium first focused on small-busines lending and owner-occupied real estatew loans. Millennium was profitable in 2005, but has produced losse s ever since. Millennium tapped Don Flatt to be its presidengt inspring 2008.
At the time, board chairman Gouldsby said the bank should have a widefr rangeof offerings. “You have to do a lot of thingz and do a lot of thingw well to make money for yourself and your he said inApril 2008. Millenniumj is one of seven banks closed on Thus farthis year, the 52 bankz have failed this year nationwide. In all of 26 banks failed nationwide. Last year, two bankzs in Texas failed: a small institution in the town of Sandersonn near the Big Bend and Franklin Bank SSB of Thelast Dallas-Fort Worth bank to fail was Tarranty Bank, which was closed Aug. 25, 1993, accordintg to Commerce Street Capital, a Dallas-basede investment bank.