- The acquisition of Holladay Bank and Trust marks the first Black-owned bank in the Mountain West
- Bernice King and a group of Utah investors, including Collin Sexton, championed and backed the deal.
- King says the newly named Redemption Bank will help deliver on her father's dream of economic equality.
In an effort championed by the family of the Rev. Martin Luther King, Redemption Holding Company just completed its purchase of Utah-based Holladay Bank and Trust in a transaction that marks the first Black-led acquisition of a non-minority owned bank in U.S. history.
Renamed Redemption Bank, the sale establishes the nation’s 24th Black-owned financial institution and is the first to be located outside an economically vulnerable community, according to the bank. Redemption Bank is also the first of its kind to be headquartered in the Mountain West region and includes the involvement of Bernice King — the youngest daughter of the Rev. Martin Luther King Jr. — who will serve on Redemption’s advisory board and as senior vice president for corporate strategy and alliances.
“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,” Bernice King said in a press release. “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.”
Utah investors back acquisition
Redemption Bank reports the acquisition was made possible in large part by a diverse group of early-stage Utah investors, who collectively contributed almost $30 million to bring the historic deal to fruition.
Those Utah investors include Ally Financial Inc., Central Bancorporation, Rick Durham and Christena Huntsman Durham, the George S. and Dolores Doré Eccles Foundation, the Robert H. & Katharine B. Garff Foundation, the Huntsman Family Foundation, Peter and Brynn Huntsman, the Larry H. & Gail Miller Family Foundation, Patel Family Investments, the Sorenson Impact Foundation and the James Lee Sorenson Family Foundation.
Utah Jazz point guard Collin Sexton also joined the effort as an investor, backed by TribeAngels and Coinlete, reflecting growing support from a new generation of leaders committed to expanding access to capital, according to a press release.
Gail Miller, chair of the Larry H. & Gail Miller Family Foundation, said the investment reflects a long-standing commitment to self-reliance and access to opportunity.
“Our financial support of Redemption Bank directly reinforces our commitment to creating viable pathways toward economic self-reliance for the communities we hold so dear,” Miller said in a press statement. “We hope individuals from all backgrounds will recognize the power of this moment and choose to be part of building something lasting by supporting the bank in meaningful ways.”
Working with small businesses nationwide
Ashley Bell, CEO and chairman of Redemption Holding, told The Associated Press the company will launch a fully digital platform at the end of summer, enabling it to service small businesses across the country. The company will remain headquartered in Salt Lake City, a city with a Black population of under 3%.
“We found an exceptional business environment in Utah, specifically in Holladay, along with a bank that has a clean balance sheet and a state with the highest average return on assets for banks in the country,” Bell said. “We are committed to competing in Utah to earn the business of customers from all backgrounds.”
The boards of directors for Redemption Holding Company and the acquired bank include leaders across sectors: Gary Brantley, CIO of the National Football League; Cordell Carter consultant and executive director of the Aspen Institute Socrates Program; Tamira Chapman, entrepreneur and attorney; Derrick Mitchell, partner in Holland & Knight; Sean Prendergast, CFO of Major League Soccer; Dr. Garfield Johnson, partner in Texas ENT Specialists; Byron Russell, Utah entrepreneur and Founder, BR LLC, and Leonard Springs, retired banker and corporate executive.
“This milestone reflects the power of partnership, vision and a shared belief that access to capital can transform lives,” said Utah Gov. Spencer Cox. “We’re grateful for the leaders who saw the potential and made it happen.”