Redemption Bank: Makes History as First Black-Owned Bank in the Rockies

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For the first time in American history, a Black-owned bank has opened its doors outside an economically vulnerable community. Redemption Bank, formed through the acquisition of Utah-based Holladay Bank & Trust, is now the first Black-owned bank in the Rocky Mountain region — and the only one located in the vast “Black-banking desert” that stretches from Houston to Los Angeles.

With roughly $65 million in assets, the bank will focus primarily on 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 bank 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 earn the business of customers from all backgrounds”.

The Significance: A Bank Built for the Future, Not Just Survival

Historically, Black-owned banks — known as Minority Depository Institutions (MDIs) — have been concentrated in economically distressed communities. They were born out of necessity in the 19th century, when Black Americans who could not get loans from mainstream banks organized their own financial institutions. The Civil Rights Movement spurred the creation of more MDIs as Black people experienced a financial boom and began to build stronger communities. In the late 1980s, Congress officially created MDIs through the Financial Institutions Reform, Recovery, and Enforcement Act.

But Redemption Bank is different. It’s the first Black-owned bank in U.S. history not physically located within an economically vulnerable community.

The acquisition also represents a significant milestone for Black banking. Redemption Holding purchased Holladay with a group of investors that included Ally Financial Inc. and Central Bancorporation. Bernice A. King, the youngest child of the Rev. Martin Luther King Jr., is expected to serve as Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.

The company will be the 24th Black-owned bank in the nation. The last created MDI was Adelphi Bank in 2023.

Why It Matters to the People

1. Expanding Access to Capital

Black-owned businesses have historically faced significant barriers to accessing capital. Only 3% of Black women entrepreneurs receive outside funding, and Black-owned businesses are less likely to survive beyond five years than white-owned businesses. Redemption Bank’s focus on commercial lending and small business loans — combined with its digital platform — could help close that gap.

2. A Blueprint for Black Banking

The bank’s location in Salt Lake City — a city with a Black population of under 3% — is a deliberate statement. It challenges the assumption that Black financial institutions can only survive in communities with large Black populations. “We found an exceptional business environment in Utah,” Bell said. That’s a blueprint other Black investors could follow.

3. Intergenerational Wealth Building

Bernice A. King’s involvement ties the bank to the legacy of the Civil Rights Movement. Her presence signals that Redemption Bank is not just about profits — it’s about continuing the fight for economic justice that her father championed.

National Black Business Month: A Moment of Momentum

August is National Black Business Month, and Redemption Bank’s launch is one of several milestones marking the occasion:

Invest Fest 2026 kicked off today in Atlanta, bringing together thousands of entrepreneurs, executives, investors, and innovators for three days of education, networking, and inspiration. Serena Williams, Steve Harvey, La La Anthony, and Jim Jones are among the featured speakers. Founded by Earn Your Leisure creators Rashad Bilal and Troy Millings, the conference has evolved into one of the country’s most influential celebrations of Black business, investing, and financial empowerment.
Black Rock Coffee Bar opened its 200th location today in Denver, marking a milestone for the Arizona-based boutique coffee chain. The company has grown from a 100-square-foot coffee stand in Oregon in 2008 to over 200 locations across seven states, with a goal of reaching 1,000 stores nationwide by 2035.
R.D. Talley Books, the first Black-owned bookstore on the Las Vegas Strip, celebrated its grand reopening at a new location inside Fashion Show Mall after losing its original lease. Owner Roderick Talley launched the business through pop-up shops and online retail before establishing a brick-and-mortar location. New data from UNLV shows Black or African American-owned small businesses in Nevada increased by at least 35.4% between 2019 and 2022.
The She Did That. x Shopify Black Business Month Experience in New York City spotlighted 13 Black women-owned businesses in the beauty, fashion, jewelry, home, wellness, and specialty food sectors. Shopify hosted a founders’ workshop and a panel discussion examining the opportunities and challenges of building and sustaining a business in today’s entrepreneurial landscape.
The Louisville Urban League opened a new Entrepreneur Plaza as part of National Black Business Month celebrations.

The Bottom Line

Redemption Bank’s launch is more than a milestone — it’s a statement. It says Black financial institutions can compete anywhere. It says Black entrepreneurs deserve access to capital, regardless of where they live. And it says the legacy of the Civil Rights Movement is alive and well — not just in the streets, but in the boardroom.

As Ashley Bell put it: “We are committed to earn the business of customers from all backgrounds”.

Sources

Barchart: “Redemption Bank becomes the first Black-owned bank in the Rockies” (August 7, 2026)

Rolling Out: “5 reasons to attend Invest Fest 2026 in Atlanta, including Serena Williams” (August 5, 2026)

Business Insider: “Black Rock Coffee Bar Celebrates Surpassing 200 Locations with Opening in Denver” (August 5, 2026)

FOX5 Vegas: “First Black-owned bookstore on the Las Vegas Strip celebrates grand opening at new location” (August 2, 2026)

Black Enterprise: “She Did That. Celebrates Black Business Month With NYC Marketplace For Black Women Founders” (August 6, 2026)

National Urban League: “Louisville Urban League Opens Entrepreneur Plaza” (August 4, 2026)

The People’s Weekly — urban Intel from a holistic social approach.

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