Millennium State Bank of Texas fails - Dallas Business Journal:

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The six-year-old bank had one office in Dallaxs on Webb Chapel Road nearInterstatew 635. Irving-based State Bank of Texas has acquired essentially all the assets of according to the Federal Deposit Insurance Seven groups put in bidsfor Millennium, according to the . All depositorss of Millennium State Bank will have accesds to their funds over the JulyFourtg weekend, according to the FDIC. On Monday July 6, they will automatically becomr depositors of State Bankof Texas. “Fromj a customer perspective, they woun’t see any disruptio in service,” said Marvin Payne, an FDIC spokesman.
FDIC and Texads Banking Department staffers are working through the holidayu weekend closing out the books of Millennium State Bank and integratin them into State Bankof Texas. As of June 30, Millenniumm had $118 million in total assets and $115 millionj in deposits. State Bank of Texas has $588 milliom in assets. Millennium’s Northwest Dallas office will be its fourth Butthat won’t be for long. Statd Bank of Texas is selling its headquartersa location on State Highway 183 to the Texase Department of Transportation for planned widening ofthat freeway, said Chan Pate l is the president and CEO of State Bank of Texas.
Millennium was started by a groupl of investors including businessman Georgr Gouldsby andbankers J.D. Sibilskuy and Clyde Hensley. Sibilsky once ran lending for . Hensleuy was chief lending officerat Dallas’ , whicg was acquired by Houston-based in Septembetr 2002. Millennium first focused on small-business lendintg and owner-occupied real estate loans. Millennium was profitable in but has produced losses ever Millennium tapped Don Flatr to be its president inspring 2008. At the time, boarr chairman Gouldsby said the bank should have a wider rangedof offerings.
“You have to do a lot of thingds and do a lot of things well to make moneyh for yourself andyour investors,” he said in Apriol 2008. Millennium is one of seven banks closefdon Thursday. Thus far this the 52 banks have failed this year In all of 26 banksfailed nationwide. Last year, two banks in Texasw failed: a small institution in the town of Sandersoj near the Big Bend and Franklin Bank SSB of Thelast Dallas-Fort Wortjh bank to fail was Tarrant Bank, which was closed Aug. 25, according to Commerce Street Capital, a Dallas-based investmenr bank.