Martin Luther King Jr.’s Daughter Helps Open Utah’s First Black-Owned Bank

October 16, 2025

Redemption Bank, the first Black-owned bank in the western United States, recently broke ground in Holladay, Utah, with Bernice A. King, daughter of Martin Luther King Jr. , serving as senior vice president for corporate partnerships and community impact.

Who is affected

Black entrepreneurs and business owners seeking loans
Small businesses and budding entrepreneurs
Communities in the western United States, particularly in Utah
Residents across the "Black-banking desert" from California to Texas
People experiencing wealth gaps and financial literacy challenges

What action is being taken

Redemption Bank is opening as the first Black-owned bank in the western United States
Bernice A. King is serving as the bank's senior vice president for corporate partnerships and community impact
The bank is operating as a Minority Depository Institution (MDI) to serve underrepresented communities
Redemption Bank is working to extend resources and opportunities to people looking to grow their small businesses
The bank is focusing on addressing gaps in homeownership, wealth creation, and financial literacy

Why it matters

Black-owned businesses face significantly higher loan rejection rates (39%) compared to white-owned businesses (18%)
The bank serves the "Black-banking desert" stretching from California to Texas
It continues Martin Luther King Jr.'s legacy of economic justice alongside racial justice
It represents only the 24th Minority Depository Institution in the nation
It provides financial resources to traditionally underserved entrepreneurs while benefiting the broader community

What's next

No explicit next steps stated in the article

Read full article from source: The San Diego Voice & Viewpoint