Redemption Bank Makes History as West Of Texas’ First Black-Owned Bank

The Redemption Holding Company, a Black-led investment group, has acquired Utah-based Holladay Bank and Trust, a woman-led bank founded in Salt Lake City, renaming it Redemption Bank.

This landmark deal makes Redemption Bank the first Black-owned bank in the Mountain West and marks the first time a Black-led group has acquired a non-minority-owned bank in U.S. history.

Redemption Bank is Mountain West’s Only Black-owned Bank

The transaction is expected to establish the nation’s 24th Black-owned financial institution. It will be the first in U.S. history to be located outside an economically vulnerable community. 

Furthermore, it will be the first in the Rockies and Mountain West, and the only Black-owned bank serving the vast desert of minority-owned banks between Houston and Los Angeles. 

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Ashley Bell, founder and executive chairman of Redemption Holding Company, praised Utah’s business and civic leaders for supporting an ambitious, values-based vision for the future.

“Redemption Bank will create an unparalleled hub for Black investment in the Rockies, reinforcing our commitment to providing pathways to economic prosperity and the pursuit of the American Dream,” said Bell. “We are excited that the Utah business community has embraced Redemption’s vision of ensuring that financial access to capital and economic opportunity will expand, not contract.”

An Acquisition Made Possible By a Diverse Group of Investors

The acquisition was made possible by a diverse group of early-stage Utah investors.

“This milestone reflects the power of partnership, vision and a shared belief that access to capital can transform lives,” said Utah Governor Spencer Cox. “We’re grateful for the leaders who saw the potential and made it happen.”

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Katharine Garff, Board Chair of Ken Garff Enterprises, was thrilled to have her family’s foundation join the groundbreaking venture. She became interested when she learned in 2022 that Dr. Bernice King, the youngest daughter of Dr. Martin Luther King, Jr., was involved. Dr. King will serve on Redemption’s advisory board and as senior vice president for corporate strategy and alliances.

“Dr. Bernice King is an absolutely captivating presence, whose contributions to building a more equitable society have furthered her parents’ legacy,” said Garff. “I had the honor of hosting her for a 2022 empowerment conversation for our nonprofit, Success in Education, and know that her integrity and genuine compassion for the communities she uplifts reflect her commitment to community improvement and reinvestment.”

“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. “Redemption will help deliver on my father’s dream of Economic Equality, and we are honored to be ushering in needed change at such a pivotal time.”

Other notable Utah investors include Central Bancorporation and Utah Jazz point guard Collin Sexton, whom TribeAngels and Coinlete backed.

Main Image: Dr. Bernice King and Ashley Bell. Image Credit: The Redemption Holding Company