SALT LAKE CITY — A momentous milestone has been achieved in Utah and the United States as Redemption Holding Company successfully acquired Holladay Bank and Trust on June 9, 2025.
This historic deal signifies the first Black-led acquisition of a non-minority-owned bank in U.S. history, positioning the newly named Redemption Bank as the only Black-owned financial institution headquartered in the Mountain West.
The transaction paves the way for the establishment of the nation’s 24th Black-owned bank and the first of its kind located outside an economically vulnerable community, breaking new ground in the Rockies and Mountain West region.
Remarkably, Redemption Bank will serve as a vital resource in the vast desert of minority-owned banks that stretches between Houston and Los Angeles.
The successful acquisition was made possible through the support of a diverse group of early-stage Utah investors who collectively contributed nearly $30 million to facilitate the significant transaction.
Utah Governor Spencer Cox praised the collaborative effort, noting, “This milestone reflects the power of partnership, vision, and a shared belief that access to capital can transform lives.”
Among the notable early investors are Ally Financial Inc., Central Bancorporation, Rick Durham and Christena Huntsman Durham, and various foundations, including the George S. and Dolores Doré Eccles Foundation and the Robert H. & Katharine B. Garff Foundation.
Prominent figures from the Utah community, including the Huntsman Family Foundation and several members of the Huntsman family, also joined in recognizing the potential of this transformative venture.
Adding to the initiative, Utah Jazz point guard Collin Sexton stepped in as an investor, demonstrating growing support from a new generation of leaders committed to enhancing capital access.
Katharine Garff, Board Chair of Ken Garff Enterprises, expressed her eagerness to support the groundbreaking venture upon learning in 2022 of Dr. Bernice King’s involvement with Redemption.
Dr. King, the youngest daughter of Dr. Martin Luther King, Jr., will serve on Redemption’s advisory board while also holding the position of senior vice president for corporate strategy and alliances.
“Dr. Bernice King is an absolutely captivating presence, whose contributions to building a more equitable society have furthered her parents’ legacy,” Garff stated.
The launch of Redemption Bank is more than just the inception of a new financial institution; it represents a critical step toward expanding access to financial services for various individuals and communities in Salt Lake City and beyond.
The bank aims to create opportunities for those who have historically faced barriers in traditional financial systems, focusing on offering business loans to a broader demographic and increasing minority representation in banking.
“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,” remarked Dr. 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.”
This vision is echoed by early investors who acknowledge the significant impact that financial inclusion can have.
“At Ally, we are dedicated to advancing financial inclusivity and investing in organizations that foster meaningful impact within their communities,” Hope Mehlman, chief legal and corporate affairs officer at Ally Financial said.
“The acquisition of Holladay Bank and Trust by Redemption Holding Company marks an important milestone that supports underrepresented groups and broadens access to capital, resonating with our mission to be a financial ally to all.”
Gail Miller, chair of the Larry H. & Gail Miller Family Foundation, emphasized that the investment reflects a long-standing commitment to self-reliance and opportunity access.
“Our financial support of Redemption Bank directly reinforces our commitment to creating viable pathways toward economic self-reliance for the communities we hold so dear,” Miller explained.
She expressed hope that individuals from all backgrounds would see the significance of this moment and choose to support the bank meaningfully.
Lisa Eccles, president and COO of the George S. and Dolores Doré Eccles Foundation, stated that Redemption’s mission will uplift customers and promote opportunity in alignment with the Eccles family legacy.
“For nearly two centuries, Utah has been a place of opportunity for those who sought it out – that is our family’s story, and now it will also be the Redemption Bank story. We are delighted to be a part of it,” Eccles added.
“I have great belief for the future success of Redemption Bank—the only African-American Minority Depository Institution headquartered in the Mountain West,” stated David Huntsman, President of the Huntsman Foundation.
He, along with his family members, expressed admiration for the scalable platform of Redemption Bank to provide tailored financial solutions to underbanked customers while establishing a strong local presence both in Utah and nationally.
“We have always supported furthering education and access to opportunity for those striving within both our local and national communities.
Redemption Bank’s mission to emphasize wealth building through financial education aligns perfectly with our parents’ vision and our continued family goals for our partnerships.”
Other investors underscored Redemption Bank’s alignment with their mission-driven priorities.
“Part of Redemption’s mission is to show ‘grace and mercy’ to Black business owners who have historically faced discrimination when seeking access to capital.
The Sorenson Impact Foundation is proud to invest in the creation of a financial services institution with potential impact that far exceeds our investment,” stated Jim Sorenson, chairman and founder of the Sorenson Impact Foundation.
“I am proud to be an investor in a bank dedicated to wealth building, financial education, and small business support,” said Dinesh Patel, managing director of Patel Family Investments.
Ashley Bell, founder and executive chairman of Redemption Holding Company, commended Utah’s business and civic leaders for supporting this ambitious, values-based vision for the future.
“Redemption Bank will create an unparalleled hub for Black investment in the Rockies, reinforcing our commitment to providing pathways to economic prosperity and the pursuit of the American Dream,” Bell emphasized.
Bruce Jensen, the newly appointed CEO of Redemption Bank, highlighted the region’s growth as a catalyst for the bank’s long-term objectives.
“Salt Lake City boasts one of the nation’s fastest-growing populations, and we are thrilled to join the ranks of lenders eager to help the Mountain West capitalize on a vibrant tech sector and an influx of young talent,” Jensen said.
The boards of directors for Redemption Holding Company and the acquired bank include leaders from various sectors.
These include Gary Brantley, CIO of the National Football League; Cordell Carter, consultant and executive director of the Aspen Institute Socrates Program; and Tamira Chapman, entrepreneur and attorney, among others.
Nelson Mullins Riley & Scarborough LLP provided legal counsel to Redemption Holding Company, while Performance Trust Capital Partners, LLC served as financial advisor throughout the acquisition process.
The launch of Redemption Bank signifies a crucial step forward for entrepreneurs and communities throughout Salt Lake City and the Mountain West.
Positioned as the only Black-owned bank in the region, Redemption is dedicated to broadening access to capital, strengthening small businesses, and fostering a more inclusive future in finance.
Redemption Holding Company officially took control of Holladay Bank and Trust on June 10, 2025, with the FDIC designating the acquired bank as a minority depository institution on June 16.
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