Chattanooga-based Millennium Bancshares plans to acquire First Columbia Bancorp. First Columbia is based in Lake City, Florida, and has branch locations in Gainesville and Ocala.
The proposed transaction would create one community bank headquartered in Chattanooga under the Millennium Bank brand.
Based on financial data collected Dec. 31, 2019, the combined company would have assets of approximately $411 million, deposits of $360 million, gross loans of $317 million and operate 10 branches in the Chattanooga, Lake City, Gainesville and Ocala areas.
The transaction will add approximately $182 million in deposits to Millennium Bank’s existing deposit market share.
Millennium has five branches throughout Tennessee that offer personal banking, business banking and home loans and mortgages.
The deal is expected to close by June 1, pending regulatory approval and other customary closing conditions.
More about Millennium Bank
Source: Millennium Bancshares