Millennium Bank, which will mark its 25th anniversary in June, has grown from its start as a single-office community bank in Ooltewah in 1999 into a multistate bank with nine offices and more than $500 million in deposits across the Chattanooga and northern Florida markets.
Under the primary ownership since 2010 of Chattanooga businessman Byron Defoor, Millennium Bank has grown in the Chattanooga area over the past decade and acquired a community bank in Lake City, Florida, four years ago to become a regional banking powerhouse. But Millennium Bank CEO Mike Haskew, who previously worked for 25 years with a number of regional banks, said Millennium Bank has maintained its local and community focus with local decision making.
"We're locally owned and operated, and we make our lending and our credit decisions at the bank," Haskew said in an interview. "I can walk down the hall and assemble our management loan committee or get on the phone or email as needed. So our turnaround time and the customer service experience is superior in a lot of ways, particularly compared with those banks that have to go out of town for credit decisions."
The bank has promoted itself as a provider of a simpler and more personal banking experience for the past five years. While Millennium provides an array of mobile and online banking options, Haskew said the bank tries to maintain the personal touch and aid for customers.
"When you come to us and talk about a lending opportunity, you're talking about a market we are very familiar with," Haskew said. "All of us in senior management have been residents of this area in Chattanooga or in the Lake City and Ocala region of Florida for many years. You have a real opportunity to talk with someone directly who can be a decision maker. When you call us on the telephone, a live person will answer, and that makes a bigger difference every day. We still feel like our personal touch is something that sets us apart."
The bank began as Community Bank & Trust in 1999 but was renamed Millennium Bank in 2016 after Defoor acquired majority ownership in the bank in 2010 and suggested the new name as a forward-looking and long-lasting brand to differentiate the growing bank from other financial institutions in town. Defoor went on to buy Columbia Bank & Trust in Lake City, which Millennium Bank acquired and rebranded in 2020.
Defoor founded Grace Healthcare, which manages skilled nursing, assisted living and rehabilitation facilities across the U.S., and is a developer with his brother, Ken Defoor, in the West Village portion of downtown Chattanooga, which includes the Westin hotel and numerous restaurants and retail shops.
Defoor acquired a majority interest in the former Community Bank & Trust in 2010 and helped recapitalize and propel the growth of the bank since under its Millennium brand. He is also is a major shareholder of the Bank of Commerce in Sarasota, Florida, and First Columbia Bank in Lake City, Florida.
A quarter century of growth
— 1999: Community Trust & Banking Co. opens in Ooltewah.
— 2010: Chattanooga businessman Byron Defoor acquires controlling interest in the bank.
— 2010: Mike Haskew joins the bank and becomes CEO after working in the industry for 25 years.
— 2016: Bank is renamed as Millennium Bank.
— 2020: Millennium Bank acquires Columbia Bank in Lake City, Florida.
Millennium Bank is the 13th largest bank in deposit size among the 29 commercial banks operating in metropolitan Chattanooga, according to the Federal Deposit Insurance Corp. Although deposits shrank at Millennium and most other banks in the 12-month period ended June 30 after the flood of pandemic money stopped flowing and borrowing activity increased, Millennium Bank has still more than doubled in size in the past four years. The bank doubled its deposits in 2020 by buying the former Columbia Bank & Trust.
Haskew said Millennium isn't looking to buy any other banks at this time, nor is it looking to merge or sell to another bank even in the consolidating banking industry.
"We have plenty of opportunities in the market we are in right now, and we're not looking to either acquire another bank or be acquired by someone else," Haskew said. "We're in a position, at least at this stage, to be masters of our fate."
In 2022, Millennium Bank earned nearly $6.9 million, its most profitable year yet, according to filings with the FDIC.
Haskew said the bank had an 11% growth in loans in 2023 and comparable profits to the previous year.
"We've had a very good run to date, and I think there are more good things to happen in the future," he said, adding that "2023 was a really good year for us, and I think we're positioned to see some great things in 2024."
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Haskew said the addition of the Florida banks more than doubled deposits for Millennium Bank and brought a strong community bank in the Aluchua, Columbia and Marion counties of North Florida.
"It was really as seamless of a merger as you are going to see when you consider all of the heavy lifting that is involved, and our customer retention was very positive," Haskew said. "Along the I-75 corridor, there is always an opportunity for growth."
Contact Dave Flessner at dflessner@timesfreepress.com or 423-757-6340.
Staff photo by Matt Hamilton / Millennium Bank CEO Mike Haskew is seen Dec. 20 in the James Building in Chattanooga. The bank will celebrate its 25th anniversary in June.