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

June 24, 2025

Redemption Holding Co. has acquired Holladay Bank & Trust in Utah, establishing Redemption Bank as the first Black-owned bank in the Western U.S. and the first in history not located within an economically vulnerable community. With approximately $65 million in assets, the bank will focus on commercial lending and small business loans, while planning to launch a digital platform later this summer.

Who is affected

Small businesses across the country
Customers in Utah and the Western U.S.
Communities in the "Black-banking desert" between Houston and Los Angeles
Residents in economically vulnerable communities
Minority groups who traditionally use Minority Depository Institutions (MDIs)

What action is being taken

Redemption Holding Co. is completing the acquisition of Holladay Bank & Trust
The company is establishing a dedicated team for small business loans
Redemption Bank is focusing primarily on commercial lending
The company is preparing to launch a fully digital platform at the end of summer
Bernice A. King is joining as senior vice president for corporate strategy and advisory board member

Why it matters

This is the first Black-led bank in the Western U.S. and the first in the Rockies
It's the first Black-owned bank in U.S. history not physically located within an economically vulnerable community
It fills a gap in the "Black-banking desert" stretching from Houston to Los Angeles
It represents only the 24th Black-owned bank in the nation
It continues the tradition of MDIs that began in the 19th century to provide financial services to underserved communities

What's next

The company will launch a fully digital platform at the end of summer
Bernice A. King is expected to serve as the bank's senior vice president for corporate strategy and on the advisory board

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