New banker in town

The new majority owner of Sarasota-based Bank of Commerce, if a $10 million deal for fresh capital is approved, brings a passion for fast cars and rock and roll to town.

Chattanooga, Tenn.- based entrepreneur Byron DeFoor has also been building up a portfolio of banks in the Southeast that struggled with capital and nonperforming loan issues in the recession. In addition to the pending deal for Bank of Commerce, announced Sept. 22, DeFoor holds a majority interest in Ooltewah, Tenn.-based Millennium Bank and Gastonia, N.C.-based Alliance Bank & Trust.

The banks are small: Alliance had $147.5 million in assets through June 30; Millennium, which serves the Greater Chattanooga region, had $156 million; and Bank of Commerce had $209 million. All were under regulatory consent orders to raise capital.