Dignitaries, bank officials, government representatives and supporters recently gathered to mark the launch of Redemption Bank, Utah’s first Black-owned bank. (Photo courtesy Redemption Bank)
Utah’s first Black-owned bank is now operating.
Redemption Bank’s digital banking platform recently went live, with the new bank aiming to provide Utahns and small businesses digital access, support and investment. It follows Redemption Holding Co.’s acquisition of Holladay Bank and Trust, completed in June, with Redemption retaining local leadership. Holladay Bank and Trust was established in 1974.
The renamed bank celebrated its launch at 2020 E. Murray Holladay Road, Salt Lake City, with a recent ribbon-cutting event featuring Bernice A. King, who will serve as the bank’s senior vice president for corporate strategy and alliances and as a member of the bank’s advisory board.
Among those who recently gathered to mark the launch of Redemption Bank are (left) Gail Miller, chair of the Larry H. & Gail Miller Family Foundation; Bernice A. King, the bank’s senior vice president for corporate strategy and alliances and a member of the bank’s advisory board; and Ashley Bell, Redemption Holding CEO and board chairman. (Photo courtesy Redemption Bank)
“I know deeply what it means for a nation to respond in times of crisis and how communities come together to realize that what’s needed, sometimes, has never been done,” said King, the youngest child of the Rev. Martin Luther King Jr. and Coretta Scott King. “Redemption will help deliver on my father’s dream of economic equality, and we are honored to be ushering in needed change at such a pivotal time.”
Redemption’s goals include expanded access to financial services, strengthening small businesses and building a more inclusive financial future for Utah and beyond. “The bank aims to open doors for those historically underserved by traditional institutions while strengthening local investment and providing small businesses with tailored solutions to build lasting prosperity,” it says.
The Holladay Bank and Trust transaction marked the first Black-led acquisition of a non-minority-owned bank in U.S. history, making the bank the only Black-owned bank between Houston and Los Angeles.
The bank’s digital enhancements are designed to allow customers to sign up online, open accounts and access services remotely. Those capabilities align the bank with national institutions while keeping decision-making and investment rooted locally, the bank said.
“As Utah’s long-respected Holladay Bank and Trust transitions post-acquisition to Redemption Bank, our bank founders are quickly building a fully tech-enabled, concierge platform focused on supporting entrepreneurs’ ability to become even more economically resilient,” said Ashley Bell, Redemption Holding CEO and board chairman.
Bell’s experience includes serving as White House policy advisor for entrepreneurship and innovation in the Office of American Innovation; Small Business Administration Southeast Region administrator; founder and CEO of fintech startup Ready Life; and executive director of the 20/20 Bipartisan Justice Center, a national organization dedicated to reforming criminal justice. Bell and King co-founded the National Black Bank Foundation, which, since 2020, has directed millions of dollars in deals to Black institutions.
Among those of Holladay Bank’s leadership staying at Redemption is Katie Spratling, president of the bank and daughter of Holladay Bank’s founder. The bank added Bruce Jensen, former CEO of Town & Country Bank in Utah, to serve as Redemption’s CEO.
Redemption also will house a U.S. Small Business Administration office, offering resources and guidance for local business owners.
“The SBA is proud to partner with Redemption Bank in expanding opportunities for Utah’s small businesses,” said William Briggs, SBA deputy administrator. “By embedding SBA support directly inside the bank, we are ensuring that entrepreneurs and local businesses in Salt Lake City and Salt Lake County have easier access to capital, counseling and the tools they need to grow.”
Gail Miller, chair of the Larry H. & Gail Miller Family Foundation, said the foundation’s support of Redemption Bank “directly reinforces our commitment to creating viable pathways toward economic self-reliance for the communities we hold so dear. We hope individuals from all backgrounds will recognize the power of this moment and choose to be part of building something lasting by supporting the bank in meaningful ways.”
Katharine Garff, board chair of Ken Garff Enterprises, said she was eager for her family’s foundation to be part of the trailblazing venture as soon as she learned in 2022 that King was involved.
“Dr. Bernice King is an absolutely captivating presence, whose contributions to building a more equitable society have furthered her parents’ legacy,” Garff said. “I had the honor of hosting her for a 2022 empowerment conversation for our nonprofit, Success in Education, and know that her integrity and genuine compassion for the communities she uplifts reflect her commitment to community improvement and reinvestment.”