Do you have questions?

Q:  Who is State Bank of Texas?
A:  Founded by the Patel family 22 years ago, State Bank of Texas continues to be a family-owned and operated full service community bank.

 

With $603 million in total assets as of June 30, 2009 , State Bank of Texas is profitable and has reported positive earnings since its first full quarter of operation in 1988.  For the past two years it has been ranked the 8th most profitable bank in the nation in its peer group by the American Bankers Association and has been ranked in the top 20 banks in the nation since 2005.

State Bank of Texas has three additional offices serving the Dallas Metroplex area located at 605 West Airport Freeway in Irving; 517 W. Interstate 30 in Garland; and 500 Beltline Road in Richardson. 

For additional information you can view our website at http://www.statebnk.com/. 

 

Q:  Why was my bank closed?
A:  As a result of non-performing loans, Millennium State Bank’s financial situation deteriorated substantially such that it was determined that it was unable to continue operating as an independent business entity.  At the close of business on Thursday, July 2, 2009, the Texas Department of Banking closed Millennium State Bank of Texas and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  Subsequent to the closure, State Bank of Texas acquired the loans and deposits from the FDIC as Receiver for Millennium State Bank of Texas.
 

Q:  Is my money safe?
A:  Yes!  Your deposits with State Bank of Texas are safe, sound, and readily accessible.  All deposit accounts, which include checking, savings, money market, CDs and Retirement accounts have been transferred to State Bank of Texas, regardless of the amount.  Not only are your deposits safe at State Bank of Texas, they will continue to be insured by the FDIC up to the maximum legal limit.  Please visit http://www.fdic.gov/ for additional information regarding FDIC insurance.

Q:  Do I need to do anything about my Millennium State Bank account(s)?
A:  You do not need to do anything at this time.  You can continue banking with State Bank of Texas exactly as you did as a Millennium State Bank customer.  You can continue to access your money by writing checks, using ATM and debit cards or the Internet.  Checks drawn on the bank will continue to be accepted. Loan customers should also continue to make their payments as usual.

 

Q:  How will this affect my account(s) and the way I do my banking?
A:  Again, at this time this transition will not affect your account(s) or the way you have always done your banking.  Being a part of State Bank of Texas you can expect to have even more convenience and the same great level of service as you have come to expect with Millennium State Bank.  Over time, we will communicate with you with specific information about any changes or added features to your accounts.

Q:  Will my checking account number change?
A:  All account numbers will remain the same at this time. We will communicate with you well in advance with specific information about any changes or added features to your accounts.

Q:  What about my direct deposits/Social Security?
A:  Your current arrangement for direct deposit, including Social Security checks will continue as normal without interruption.

Q:  What about my online banking access?  Can I continue to pay bills online?
A:  Yes.  Please continue to access your online banking and bill paying service through the Millennium State Bank website: www. msboftexas.com. As our banking systems merge, we will provide assistance and advance notice of any changes to access to your accounts online. 

Q:  Can I still bank at my branch bank?
A:  Yes.  Please continue to do your banking at your bank location.  Very soon you will have the convenience of additional branch and ATM locations where you can do your banking.  We will notify you when this occurs.

Q:  Will the hours remain the same?
A:  At this time our hours of operation will remain the same.  We will notify you well in advance with any changes in hours.

Q:  What if I make my deposit through Remote Deposit Capture?  Can I continue to use my scanner? 
A:  Yes, please continue to use your scanner as you normally would. Your deposits will be accepted and processed as they normally would.

Q:  Will there be changes to my CD or IRA?
A:  You will continue to receive your interest payments as you have in the past.  Your rates on your Certificates of Deposit have changed to the current competitive rates for State Bank of Texas as of July 3, 2009.  If you are a Certificate of Deposit customer you will receive a "Notice of Changes to your Certificate(s) of Deposit" via U.S. Mail within 7 days of the transaction. Click here to review our current rates and terms. 

 

Q:  What if I already have other deposit accounts with State Bank of Texas?  How will that effect my FDIC insurance coverage?
A:  The accounts transferred to State Bank of Texas will be separately insured for at least six months after the merger.  This grace period gives you the opportunity to restructure the accounts, if necessary.  If you are a deposit customer you will receive additional information about your deposit accounts in the mail. Please read your letter carefully and contact us with additional questions. 

 

Q:  How do I claim my deposits?
A: You can withdraw some or all of your funds from your deposit accounts without penalty until you enter a new agreement with State Bank of Texas, provided you are not using your deposits to secure a loan.  You have until January 2, 2011 to claim or arrange to continue your account(s) with Texas State Bank. There are several ways that you can claim your account(s). As a deposit customer you will receive a letter which will include procedures for how to claim your deposits in the "Notice to Depositors" via U.S. Mail within 7 days of the transaction.
 

Q:  Will my products remain the same? 
A: Yes, your current products and services will remain the same for the time being.  As we integrate our systems and review the accounts at both banks, some changes may occur in your accounts.   You will be notified at least 30 days in advance of any changes and we will be happy to walk you through any changes that may occur. 

Q:  What about my loans?
A:  All loans have been assumed by State Bank of Texas.  Your payment amount and due date are the same.  You will continue to make payments as you have in the past.  If you are having your payment deducted from your account, it will continue as it as in the past.  You should make your checks payable to State Bank of Texas and send your payments to the same address you have always used. 

Q:  What if I have a loan in process that had not closed or a line of credit not fully funded?
A:  You should contact a bank loan officer for details about your loan. 

Q:  Will the Safe Deposit Box fees change?
A:  No.  Your safe deposit box, fees and annual renewal date will remain the same. You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction. 

Q:  Will my branch bank office be closed?
A:  No.  In fact, we are proud to say it will become the new headquarters for State Bank of Texas.  You will continue to be able to do your banking at this location as you always have, plus having the convenience of additional locations in the Dallas Metroplex area.

Q:  Will Millennium employees lose their jobs?
A:   We are currently evaluating the situation and hope to retain as many employees as possible. 

Q:  What if I have additional questions?
A:  If you have more questions about your account or about this transition, simple call your branch.  A bank representative will be there to answer your questions or you can call us at (972) 252-6000 or (972) 421-8200, or email us at info@statebnk.com.