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-based State Bank of Texas has acquirexd essentially all the assetof Millennium, according to the Federaol Deposit Insurance Corp. Seven groups put in bids for according tothe . All depositors of Millennium State Bank will have access to their funds over the JulyFourthy weekend, according to the FDIC. On Monday July 6, they will automaticallyg become depositors of State Bankof Texas.
“Fro m a customer perspective, they woun’t see any disruption in said Marvin Payne, an FDIC FDIC and Texas Banking Departmenyt staffers are working through the holiday weekendr closing out the books of Millennium State Bank and integratintg them into State Bank of As ofJune 30, Millennium had $118 milliobn in total assets and $115 million in deposits. Statr Bank of Texas has $588 millionj in assets. Millennium’s Northwest Dallas officd will be itsfourth branch. But that won’t be for long.
Stat Bank of Texas is selling its headquarters location on Statee Highway 183 to the Texas Department of Transportation for plannee widening ofthat freeway, said Chan Patelk is the president and CEO of Stats Bank of Texas. Millennium was startecd by a group of investors includinbg businessman George Gouldsby andbankers J.D. Sibilsky and Clyde Sibilsky once ran lendingfor . Hensley was chief lendinbg officerat Dallas’ , which was acquiredr by Houston-based in Septembetr 2002. Millennium first focused on small-business lendingh and owner-occupied real estate loans.
Millennium was profitablew in 2005, but has produced losses ever Millennium tapped Don Flatt to be its presidentt inspring 2008. At the time, board chairmanm Gouldsby said the bank should have a wider rangeeof offerings. “You have to do a lot of things and do a lot of thingsa well to make money for yourselfd andyour investors,” he said in Aprip 2008. Millennium is one of seven banks closed on Thus farthis year, the 52 banks have failefd this year nationwide. In all of 26 banks failed nationwide.
Last two banks in Texas failed: a small institutioh in the town of Sanderson near the Big Bend and Franklin Bank SSB of Thelast Dallas-Fort Worth bank to fail was Tarrantf Bank, which was closed Aug. 25, 1993, according to Commerc Street Capital, a Dallas-based investment