A major financial milestone just made its way to the West.
Redemption Holding Co., a Black-led investment group, has officially acquired Holladay Bank & Trust in Utah, a groundbreaking move making them the first Black-led group to own a bank in the region, AP reports. The newly named Redemption Bank is carving out space in an area where Black-owned financial institutions have long been absent.
Redemption Bank becomes the first Black-owned bank in U.S. history located outside of an economically distressed community, and the only one in a vast stretch between Houston and Los Angeles. It joins a short but mighty list of Minority Depository Institutions (MDIs) — becoming the 24th in the country. The last Black-owned MDI, Adelphi Bank, opened its doors in 2023.
Backed by $65 million in assets, Redemption Bank is gearing up to serve small businesses and commercial clients, with plans to launch a fully digital banking platform by the end of summer. Though its headquarters remain in Salt Lake City — a city where Black residents make up less than 3% of the population — CEO Ashley Bell sees strength in that.
“We found a great business environment here with strong returns and a clean balance sheet,” Bell told The Associated Press. “We’re ready to earn the business of people from all walks of life.”
And this isn’t just about numbers — it’s about leadership. Alongside Bernice A. King, who will serve as Senior Vice President for Corporate Strategy and advisory board member, the founding team includes a lineup of powerhouse leaders: Tamira Chapman, CEO of Storehouse in a Box; singer and entrepreneur Mario; and TV personality Shannon Lanier, among others. Together, they bring a blend of business, culture, and community advocacy to Redemption’s mission.
Redemption Bank is proof that Black leadership in banking isn’t just long overdue, it’s here.
Cover photo: Redemption Bank Makes History as First Black-Owned Bank in the West / Photo Credit: Ashley Bell