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Redemption Bank becomes the first Black-owned bank in the Rockies

SALT LAKE COUNTY, UTAH, JUN 19 – Redemption Bank, the 24th Black-owned bank in the U.S., completed its acquisition of Holladay Bank & Trust to increase capital access for people of color and support small business lending.

  • Redemption Holding Company finalized its purchase of Holladay Bank & Trust, a Utah community bank, on Juneteenth 2023, establishing Redemption Bank as the first Black-owned bank in the Rocky Mountain region and marking a significant milestone in Black banking.
  • The deal delayed due to Silicon Valley Bank's March 2023 collapse, underscoring a challenging regulatory environment, but proceeded backed by a group of Black investors including CEO Ashley Bell.
  • Redemption Bank, which holds approximately $65 million in assets, plans to prioritize commercial and small business lending and aims to introduce a fully digital platform nationwide by late 2025.
  • Ashley Bell emphasized that inclusion should never be viewed as a concession, while Brantley highlighted that advancing technology, fostering inclusivity, and creating meaningful impact are goals that the bank pursues simultaneously, reflecting its commitment to both innovation and community engagement.
  • Redemption Bank seeks to increase financial resources for communities of color and serves as a model for scaling Black-owned banks beyond traditional local markets by leveraging a technology-driven banking platform.
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29 Articles

bankingdive.combankingdive.com
Center

Black-owned Redemption acquires Utah bank

Holding company CEO Ashley Bell said he envisions Redemption establishing locations outside Utah that would be similar to Capital One cafes. “We will lean into expansion,” Bell said.

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Pittsburgh Post-GazettePittsburgh Post-Gazette
Center

Redemption Bank becomes the first Black-owned bank in the West

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...

·Pittsburgh, United States
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U.S. NewsU.S. News
Lean Left

Redemption Bank Becomes the First Black-Owned Bank in the ...

·New York, United States
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Associated Press NewsAssociated Press News
+22 Reposted by 22 other sources
Lean Left

Redemption Bank becomes the first Black-owned bank in the Rockies

Redemption Holding Company has just acquired the Utah-based Holladay Bank & Trust, becoming the first bank to be owned by a Black-led investment group in the Western U.S.

·United States
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AfroTechAfroTech

With $65M In Assets, Redemption Bank Becomes First Black-Owned In The West

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kalkinemedia.comkalkinemedia.com

Black-led Redemption Holding Company completes historic acquisition of Utah-based Holladay Bank and Trust

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The Independent broke the news in London, United Kingdom on Thursday, June 19, 2025.
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