Redemption Bank Becomes The First Black-Owned Bank West Of Texas
The Redemption Holding Company, a Black-led investment group, has completed its acquisition of Utah-based Holladay Bank and Trust, a woman-led bank that’s operated one brand in Salt Lake City since 1974.
The acquisition marks the first time a bank has been owned by a Black-led investment group in the Rockies and Mountain West and also the first time Black investors have acquired a white-owned bank.
The first Black-owned bank west of Texas
The newly formed Redemption Bank will also be the first Black-owned financial institution to be located outside of an economically vulnerable community and the only Black-owned bank serving the vast desert of minority-owned banks between Houston and Los Angeles, according to a press release.
The company will be the 24th Black-owned bank in the nation, which are known as Minority Depository Institutions (MDIs). The last MDI was Adelphi Bank in 2023, according to the Associated Press.
The bank, which has approximately $65 million in assets, will focus primarily on commercial lending and establish a dedicated team for small business loans. “This milestone reflects the power of partnership, vision, and a shared belief that access to capital can transform lives,” said Utah Governor Spencer Cox.
Backed By Dr Bernice A King
Ashley Bell, CEO and chairman of Redemption Holding, told The Associated Press that the company plans to launch a fully digital platform by the end of summer, which will allow it to serve small businesses nationwide.
Dr Bernice A. King, the youngest child of the Rev. Martin Luther King Jr., is set to serve as Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.
Read: Dr. Bernice A. King And Ashley D. Bell Join Forces To Make Homeownership More Accessible
Katharine Garff, Board Chair of Ken Garff Enterprises, said she was eager for her family’s foundation to be part of the venture when she learned in 2022 that Dr. Bernice King would be part of the process. “Dr. Bernice King is an absolutely captivating presence, whose contributions to building a more equitable society have furthered her parents’ legacy,” Garff said.
“I know deeply what it means for a nation to respond in times of crisis and how communities come together to realize that what’s needed, sometimes, has never been done,” Dr. King said.
Image: The Redemption Holding Company
