June 20, 2025
Redemption Bank is the first Black-owned bank within in the expansive “Black-banking desert” stretching from Houston to Los Angeles.
Redemption Holding Co. has successfully finalized its acquisition of Holladay Bank & Trust, a Utah-based institution. The institution is now the first Black-owned bank in the region.
The newly established Redemption Bank is now the first institution of its kind to be owned by a Black-led investment group in the Western United States. Also, the first Black-owned bank situated within the “Black-banking desert.” The “Black-banking desert” stretches from Houston to Los Angeles. Redemption Bank’s geography also makes it the first Black bank not located within an economically vulnerable community. Furthermore, the institution is the inaugural one in the Rocky Mountains.
The acquisition, initially announced in 2023, faced delays. Many were due to the economic instability caused by the collapse of Silicon Valley Bank. Despite these hurdles, Ashley Bell, CEO and chairman of Redemption Holding, expressed gratitude for the transaction’s completion, according to the Associated Press.
“This process has undoubtedly taken longer than any of us anticipated,” Bell stated
Headquartered in Salt Lake City, a city with a Black population of less than 3%, Redemption Bank intends to focus on commercial lending. Additionality will specialize in facilitating small business loans. With approximately $65 million in assets, the bank is poised to launch a fully digital platform by late summer.
Bell expressed excitement about operating in the new market.
“We are committed to competing in Utah to earn the business of customers from all backgrounds,” Bell said.
The Redemption Bank leadership team includes Dr. Bernice A. King. King is the youngest daughter of the late Rev. Martin Luther King Jr. She is expected to serve as Redemption Bank’s senior vice president for corporate strategy and sit on its advisory board. This aligns with the broader mission of Minority Depository Institutions (MDIs), which is to provide financial services to Black Americans who are often denied access by mainstream banks. Redemption Bank became the 24th Black-owned bank in the nation, following the establishment of the last MDI, Adelphi Bank, in 2023. MDIs have historically played a crucial role in fostering economic opportunities within underserved communities.
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