Covenant Bank was a $90 million bank headquartered at 7924 Parkway Drive in Leeds. The bank's CEO was Hayes Parnell. Chartered on December 30, 1997, Covenant had one other branch, located at 2603 Moody Parkway in Moody, and planned to expand into other areas as well.
On July 1, 2008, Covenant partnered with Impact Mortgage Group to create a mortgage services division. Impact's founders, Kevin Greene and Gary Eubanks, joined the bank to the division for Covenant.
In 2018 the founders of the new Millennial Bank acquired Covenant Bank from its holding company as the basis for its expansion in the Birmingham area.