Ashley Bell Leads Creation of First Black-Owned Bank in the West With Launch of Redemption Bank

Historic Launch of Redemption Bank in Utah

Ashley Bell, a lawyer and entrepreneur, has led the launch of Redemption Bank, the first Black-owned bank in the Western U.S. The bank is based in Salt Lake City, Utah, and follows the acquisition of the 51-year-old Holladay Bank & Trust.

This is the first time a Black-led investment group has taken over a bank in the region. It also marks the first Black-owned bank in U.S. history to open outside an economically distressed community.

A New Era for Black Banking in the West

The move ends a long gap in Black-owned banking across the West. Between Houston and Los Angeles, no such institution existed—until now.

Redemption Bank will serve small businesses, especially through commercial lending and a digital banking platform. With $65 million in assets, the bank aims to build a future where Black entrepreneurs have stronger financial support.

Ashley Bell’s Vision for Inclusive Banking

Ashley Bell is the CEO and chairman of Redemption Holding Company, which led the acquisition. He believes Utah offers a strong environment for growth.

“We found an exceptional business climate in Utah,” Bell said. “We’re committed to serving people from all backgrounds.”

The bank plans to go fully digital by the end of summer, making it easier for small businesses across the country to access loans.

Delays and Determination

The process to acquire the bank started in 2023. However, the collapse of Silicon Valley Bank caused delays. Bell credited federal regulators and banking leaders for helping the deal move forward in 2025.

“This process took longer than expected,” Bell admitted. “But we’re grateful for the support that helped bring everything together.”

Bernice A. King Joins the Team

Adding historical weight to the moment, Bernice A. King, daughter of Rev. Dr. Martin Luther King Jr., will join as senior vice president for corporate strategy and sit on the advisory board.

Her leadership reflects the deeper mission behind the bank—to uplift Black communities and continue the legacy of economic empowerment.

A Look Back at Black-Owned Banks in the U.S.

Redemption Bank is now one of only 24 Black-owned banks in the country. These banks are officially called Minority Depository Institutions or MDIs.

Black-owned banks began in the 1800s. They were created to give Black Americans access to credit and financial tools that other banks denied them.

Carrying the Legacy Forward

The Civil Rights Movement helped grow these institutions, and today’s leaders continue to expand on that foundation. Congress recognized MDIs officially in the late 1980s.

Redemption Holding Company bought the bank with help from major backers like Ally Financial Inc. and Central Bancorporation. The team sees this new launch as a major step toward financial equality in underserved regions.