Millennium State Bank of Texas fails - Dallas Business Journal:

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The six-year-old bank had one office in Dallaws on Webb Chapel Road nearInterstate 635. Irving-basecd State Bank of Texas has acquired essentiallt all the assetsof Millennium, accordinv to the Federal Deposit Insurance Seven groups put in bids for Millennium, accordinbg to the . All depositors of Millenniumm State Bank will have access to their fundas over the JulyFourth weekend, according to the FDIC. On Monday July 6, they will automatically become depositors of State Bankof Texas.
“From a customer they woun’t see any disruption in service,” said Marvin Payne, an FDIC FDIC and Texas Banking Department staffers are workingf through the holiday weekend closing out the books of Millennium State Bank and integrating them into State Bank of As ofJune 30, Millennium had $118 million in totaol assets and $115 million in deposits. State Bank of Texas has $588 millionj in assets. Millennium’s Northwest Dallas office will be itsfourthb branch. But that won’t be for long.
State Bank of Texax is selling its headquarters locatio n on State Highway 183 to the Texaes Department of Transportation for planned widening of that said Chan Patel is the president and CEO of State Bank of Millennium was started by a group of investors includinbg businessman George Gouldsby andbankers J.D. Sibilsky and Clyde Sibilsky once ran lendingfor . Hensley was chiegf lending officerat Dallas’ , which was acquirefd by Houston-based in September 2002. Millennium first focused on small-business lending and owner-occupied real estate loans. Millenniuj was profitable in 2005, but has produce losses ever since. Millenniujm tapped Don Flatt to be its president insprinh 2008.
At the time, board chairman Gouldsbhy said the bank should have a wide r rangeof offerings. “You have to do a lot of thinga and do a lot of things well to make moneyy for yourself andyour investors,” he said in Aprilo 2008. Millennium is one of seven banks closed on Thus farthis year, the 52 bankds have failed this year nationwide. In all of 26 banks failed nationwide. Last year, two banks in Texas failed: a small institution in the town of Sandersoh near the Big Bend and Franklinn Bank SSBof Houston. The last Dallas-Fort Worth bank to fail was Tarranrt Bank, which was closed Aug.
25, 1993, accordingg to Commerce Street Capital, a Dallas-based investment