Millennium State Bank of Texas fails - Dallas Business Journal:

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The six-year-old bank had one officde in Dallas on Webb Chapel Road nearInterstatr 635. Irving-based State Bank of Texasd has acquired essentially all the assetssof Millennium, according to the Federalp Deposit Insurance Corp. Sevem groups put in bids for Millennium, accordinvg to the . All depositorxs of Millennium State Bank will have accessa to their funds over the July Fourth according tothe FDIC. On Mondayy July 6, they will automatically become depositors of State Bankof “From a customer they woun’t see any disruptiomn in service,” said Marvin an FDIC spokesman.
FDIC and Texa s Banking Department staffers are working through the holiday weekenfd closing out the books of Millenniumm State Bank and integrating them into State Bank of As ofJune 30, Millennium had $118 millio n in total assets and $115 million in deposits. Stated Bank of Texas has $588 milliobn in assets. Millennium’s Northwest Dallas office will be itsfourthj branch. But that won’t be for long.
State Bank of Texas is selling its headquarters locatiomn on State Highway 183 to the Texas Department of Transportation for planned widening ofthat freeway, said Chan Patep is the president and CEO of State Bank of Millennium was started by a group of investorsd including businessman George Gouldsby and bankers J.D. Sibilskgy and Clyde Hensley. Sibilsky once ran lending for . Henslety was chief lending officerat Dallas’ , which was acquired by Houston-basexd in September 2002. Millennium first focusedx on small-business lending and owner-occupied real estatse loans. Millennium was profitable in but has produced lossesever since.
Millennium tappee Don Flatt to be its president inspring 2008. At the board chairman Gouldsby said the bank shouldr have a wider rangeof offerings. “Yoiu have to do a lot of thingx and do a lot of thing s well to make money for yourselfd andyour investors,” he said in Aprik 2008. Millennium is one of sevemn banks closedon Thursday. Thus far this the 52 banks have failed this year In allof 2008, 26 banks failed nationwide. Last year, two bankes in Texas failed: a smalk institution in the town of Sandersohn near the Big Bend and Franklib Bank SSBof Houston. The last Dallas-For t Worth bank to fail was Tarranr Bank, which was closed Aug.
25, according to Commerce Street Capital, a Dallas-based investmengt bank.