FDIC Receivership: Millenium State Bank Closed by Government Regulators

	July 2, 2009: Millennium State Bank of Texas, Dallas, TX was closed by the Texas Department of Banking. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2009, Millennium State Bank of Texas had total assets of approximately $118 million and total deposits of $115 million. The FDIC entered into a purchase and assumption agreement with State Bank of Texas, Irving, Texas, to assume all of the deposits of Millennium State Bank of Texas. All deposit accounts have been transferred to State Bank of Texas and are available immediately. On Monday, July 6, 2009, the former Millennium State Bank of Texas location reopened as a branch of State Bank of Texas. Transferred deposits will be separately insured from any accounts you may already have at State Bank of Texas for six months after the failure of Millennium State Bank of Texas. All interest accrued through Thursday, July 2, 2009, will be paid at your same rate; however State Bank of Texas will be reviewing rates. State Bank of Texas 605 W. Airport Freeway Irving, TX 75060 972.252.6000 http://www.statebnk.com State Bank of Texas agreed to purchase essentially all of the failed banks assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $47 million. For additional information and assistance contact the FDIC at: 1-800-451-1093; or go to: http://www.fdic.gov/bank/individual/failed/millennium.html
2009 FDIC Insured Failed Banks




Millennium State Bank of Texas 11950 Webb Chapel Road Dallas, TX 75234 http://www.msboftexas.com
Established on 8/20/2003 as Millennium State Bank of Texas
Assets: $118 million
Deposits: $115 million


Cost to FDIC: $47 million

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Millennium State Bank of Texas and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Millennium State Bank of Texas
1601 Bryan Street
Dallas, Texas 75201
Attention: Claims Department
1-800-568-9161

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search

History: Established on 8/20/2003 as Millennium State Bank of Texas