Friday, July 3, 2009
Dallas-based Millennium Bank taken over by Fed
Not to worry -- there was no actual money in there to begin with.
I guess someone must have been counting.
When the economy took a turn towards the dumper, Dallas-based Millennium State Bank of Texas lost mega-fistfulls of money from its investments in -- among other things -- commercial real estate.
On Thursday (July 2), the Federal Deposit Insurance Corporation decided to make a stab at stopping the bleeding by taking over Millennium and then immediately selling it to the State Bank of Texas. That organization will now decide how to handle existing bank employees.
posted by JM
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