Redemption Holding Co. has completed its acquisition of Utah-based Holladay Bank & Trust, making it the first time a bank has been owned by a Black-led investment group in the Western U.S.
The newly formed Redemption Bank will be the first Black-owned bank in U.S. history not physically located within an economically vulnerable community, the first in the Rockies, and the only one located in the Black-banking desert that stretches from Houston to Los Angeles.
The bank, with roughly $65 million in assets, will focus primarily on doing commercial lending and creating a dedicated team for small business loans.
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 a