Redemption Bank Opens New Chapter in U.S. Banking
A major milestone has been reached in American banking. Redemption Holding Company has purchased Holladay Bank and Trust in Utah. This deal creates Redemption Bank, the first Black-owned bank in the Mountain West region.
The move also marks the first Black-led acquisition of a non-minority-owned bank in U.S. history. The new institution becomes the 24th Black-owned bank in the country. It will operate from Salt Lake City, a city with less than 3% Black population.
Bernice King Honors Her Father’s Legacy Through Finance
Bernice King, daughter of Dr. Martin Luther King Jr., played a key role in the deal. She now serves as Redemption Bank’s senior vice president for corporate strategy and alliances.
“Redemption will help deliver on my father’s dream of economic equality,” she said. “We are honored to usher in needed change.”
King sees this as more than just a business move. She sees it as a powerful step toward closing the racial wealth gap and creating new paths for financial inclusion.
Local Investors Power $30 Million Deal
The acquisition was made possible by over $30 million in investments from Utah-based individuals and organizations. Support came from Ally Financial, the Larry H. & Gail Miller Family Foundation, and many others.
Utah Jazz star Collin Sexton also invested, showing strong interest from younger Black leaders. The wide range of backers reflects growing support for fair access to capital.
Gail Miller said, “Our support for Redemption Bank is about creating lasting paths to self-reliance and opportunity.”
Redemption Bank Will Serve Small Businesses Nationwide
Ashley Bell, CEO of Redemption Holding Company, announced that Redemption Bank will launch a digital platform later this summer. This will allow the bank to serve small businesses across the country.
“We plan to compete for customers of all backgrounds,” Bell said. “Utah offers a strong banking environment and a clean balance sheet.”
Bell and King believe that supporting underserved businesses is key to building stronger communities. They hope the bank will attract customers from many regions, not just Utah.
Board Includes Influential Black and Industry Leaders
The bank’s board features high-level professionals across sectors. Members include Gary Brantley, CIO of the NFL, and Derrick Mitchell, partner at Holland & Knight.
Other members include entrepreneurs, CFOs, doctors, and community advocates. Their goal is to ensure that Redemption Bank grows with both vision and heart.
Utah Gov. Spencer Cox praised the effort, saying, “This shows how shared vision and partnership can change lives.”
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