Question 1

What is Millennium Bank (Tennessee)?

Accepted Answer

Millennium Bank (Tennessee) is a community-oriented commercial bank serving the greater Chattanooga, Tennessee area and expanding into Florida markets. Headquartered in Ooltewah, Tennessee, the bank operates 14 offices (10 domestic) with approximately $515 million in assets and 83 employees.

Founded in 1999 by approximately 50 local businesspeople and investors, the bank specializes in construction and development lending, small business lending, and financing for the senior housing and senior care industry, including independent living, assisted living, skilled nursing, and memory care facilities.

Question 2

When was Millennium Bank (Tennessee) founded?

Accepted Answer

Millennium Bank was established on June 21, 1999, in the Chattanooga suburb of Ooltewah, Tennessee. The bank was founded with initial invested capital of approximately $7 million by a group of local businesspeople and investors who recognized the need for a community bank to serve the growing areas of eastern Hamilton County.

The institution originally operated under the name Community Trust & Banking Company. On April 8, 2016, the bank underwent a rebranding, changing its name to Millennium Bank and simultaneously relocating its main office to 6392 Artesian Circle in Ooltewah.

In a significant expansion move, Millennium Bank acquired Columbia Bank of Lake City, Florida, on June 1, 2020, extending its footprint beyond Tennessee into the Florida markets of Lake City, Gainesville, and Ocala.

Question 3

Where is Millennium Bank (Tennessee) headquartered?

Accepted Answer

Millennium Bank (Tennessee) is headquartered in Ooltewah, Tennessee, a suburb located in Hamilton County in the greater Chattanooga metropolitan area.

Question 4

Where does Millennium Bank (Tennessee) operate?

Accepted Answer

Millennium Bank operates 14 locations across Tennessee and Florida. In Tennessee, the bank maintains five banking locations throughout the Chattanooga metropolitan area, focusing on eastern Hamilton County and surrounding communities.

Following the 2020 acquisition of Columbia Bank, Millennium Bank expanded into Florida with four branch locations serving Lake City, Gainesville, and Ocala. This geographic expansion allows the bank to serve a broader market while maintaining its community banking approach.

The bank operates within the Chattanooga, Tennessee-Georgia metropolitan statistical area and has established a presence in north-central Florida's growing markets.

Question 5

What services does Millennium Bank (Tennessee) offer?

Accepted Answer

Millennium Bank provides comprehensive personal and business banking services. Personal banking offerings include checking accounts, savings accounts, money market accounts, certificates of deposit with flexible terms, IRAs, and health savings accounts.

The bank specializes in several lending niches: construction and development loans, small business lending, commercial real estate financing, and specialized lending to the senior housing and senior care industry. This includes financing for independent living facilities, assisted living communities, skilled nursing facilities, and memory care centers.

Business services include business deposit accounts, business credit cards, commercial loans, and cash management solutions. Digital banking capabilities feature online banking, mobile banking with mobile deposit functionality, wire transfer services, and electronic payment options.

The bank operates under the routing number 064208518 for ACH and wire transfers, facilitating efficient electronic transactions for business and personal customers.

Question 6

What makes Millennium Bank (Tennessee) unique?

Accepted Answer

Millennium Bank's specialization in senior housing and senior care industry lending distinguishes it from typical community banks. This niche expertise allows the bank to serve an important and growing sector of the healthcare and real estate industries with specialized knowledge and tailored financial solutions.

The bank remains locally owned and operated more than 25 years after its founding, with a commitment to personalized, community-oriented banking. The institution's core values emphasize integrity, customer-centric service, and work-life balance for employees, creating an environment that supports both customer relationships and employee well-being.

Millennium Bank's successful growth from $7 million in initial capital to over $200 million in assets (now exceeding $500 million) demonstrates effective execution of its community banking model. The strategic acquisition of Columbia Bank in 2020 showcased the institution's ability to expand thoughtfully into markets with similar banking philosophies and community values.

Question 7

What type of financial institution is Millennium Bank (Tennessee)?

Accepted Answer

Millennium Bank (Tennessee) is a commercial bank operating under a state charter as a Federal Deposit Insurance Corporation (FDIC) non-member institution. The bank is chartered by the state of Tennessee and supervised by the FDIC rather than the Federal Reserve.

The bank operates as a subsidiary of Millennium Bancshares Inc., a bank holding company. Additionally, Millennium Bank is structured as a Subchapter S Corporation for tax purposes, which provides certain tax advantages that can benefit the bank's shareholders and operations.

As a community bank with commercial lending specialization, Millennium Bank focuses on business relationships and specialized lending niches while maintaining the personalized service characteristic of community banking institutions.

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About Millennium Bank (Tennessee) in the United States