US EditionRedemption Bank becomes the first Black-owned bank in the Rockies
- Redemption Holding Company finalized its purchase of Holladay Bank & Trust, a Utah community bank, on Juneteenth 2023, establishing Redemption Bank as the first Black-owned bank in the Rocky Mountain region and marking a significant milestone in Black banking.
- The deal delayed due to Silicon Valley Bank's March 2023 collapse, underscoring a challenging regulatory environment, but proceeded backed by a group of Black investors including CEO Ashley Bell.
- Redemption Bank, which holds approximately $65 million in assets, plans to prioritize commercial and small business lending and aims to introduce a fully digital platform nationwide by late 2025.
- Ashley Bell emphasized that inclusion should never be viewed as a concession, while Brantley highlighted that advancing technology, fostering inclusivity, and creating meaningful impact are goals that the bank pursues simultaneously, reflecting its commitment to both innovation and community engagement.
- Redemption Bank seeks to increase financial resources for communities of color and serves as a model for scaling Black-owned banks beyond traditional local markets by leveraging a technology-driven banking platform.
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Redemption Bank Becomes the First Black-Owned Bank in the ...
·New York, United States
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Associated Press News+22 Reposted by 22 other sources
Redemption Bank becomes the first Black-owned bank in the Rockies
Redemption Holding Company has just acquired the Utah-based Holladay Bank & Trust, becoming the first bank to be owned by a Black-led investment group in the Western U.S.
·United States
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Total News Sources29
Leaning Left6Leaning Right2Center13Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 29%
C 62%
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