Trailblazing Moment: Black Investors Rewrite History with Acquisition of Utah’s White-Owned Bank

Black Investors Rewrite History: “History-Making Moment: Black Investors, Led by Dr. Bernice A. King, Acquire Utah’s Holladay Bank & Trust”
A groundbreaking move is underway as a group of Black investors, spearheaded by Dr. Bernice A. King and Ashley D. Bell, sets a historic precedent by acquiring Holladay Bank & Trust, a traditionally white-owned institution near Salt Lake City, Utah.

Once the deal is sealed, this acquisition will mark the first instance of Black American investors purchasing a bank that was previously under white ownership. Remarkably, it will also stand as the sole Black-owned bank west of Texas and the lone one in the expansive Mountain West region.

The dynamic team of investors, which includes former NFL player Dhani Jones, is executing the purchase through their Atlanta-based Redemption Holding Company. Jones, along with King (daughter of the late Martin Luther King Jr.) and Bell (former White House Policy Advisor), will contribute their expertise to the company’s advisory board.

Established in 1974 and formerly led by women, the bank has been a fixture in Salt Lake City, Utah—a region known for having one of the lowest Black populations in the country. Upon receiving regulatory approval, the investors intend to rebrand the institution as Redemption Bank, focusing on enhancing online banking services and providing small business loans, particularly in underserved communities.

Ashley D. Bell shared, “Black banks make the American dream possible for all Americans by deploying resources that uniquely address the financial realities of communities that have been systematically excluded, overcharged, and under-capitalized for hundreds of years.”

Dr. Bernice A. King emphasized the historical significance of the endeavour, saying, “Redemption is just that: delivering families from the cycle of unjust financial exclusion and intergenerational poverty.”

This acquisition elevates the number of Black-owned banks in the United States to 17, representing less than 1% of all FDIC-insured banks. CNBC notes that between 1888 and 1934, there were as many as 134 banks nationwide owned and operated by African Americans, underscoring the historic legacy being revived through ventures like Redemption Bank.

Credit: BlackBusiness