In June 2025, Redemption Holding Co. completed a historic Utah acquisition, taking control of Holladay Bank & Trust and becoming the first black-led investment group to own a bank in a Western US been

While the newly formed financial institution is notable for its ownership, it also has the distinction of being the first African-American-led bank in American history that is not physically located within an economically vulnerable community. Redemption Bank is also located only in the Rockies and helps fill a geographic void in what has long been considered a black banking dessert that stretches from Houston to Southern California.

Ashley Bell is an attorney who practiced as a White House Policy advisor during the first Trump administration and is currently the executive chairman of Redemption Bank. After years in the White House, Bell decided to take his government policy experience west, partnering with civil rights leaders, business executives and sports figures to launch the first digital bank.

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General view of the Wasatch Range Mountains before the NCAA Men’s Basketball Tournament on March 19, 2024 in Salt Lake City, Utah. (Christian Petersen/Getty Images)

At launch, the bank had an estimated $65 million in assets and plans to prioritize commercial lending while building a dedicated small business lending team.

“As Utah’s respected Holladay Bank and Trust makes the post-acquisition transition to Redemption Bank, our
The bank’s founders are rapidly building an all-tech concierge platform focused on providing support
the ability of employers to be even more financially resilient,” Bell said in a statement sent to FOX Business.

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Bell added, “We found an exceptional business environment in Utah, specifically 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. We are committed to competing in Utah to win the business of customers from all backgrounds.”

Bell also noted that the 2023 acquisition of Holladay Bank was delayed due to regulatory fallout from the Silicon Valley Bank collapse

“This milestone reflects the power of partnership, vision and the shared belief that access to capital can transform lives,” Utah Governor Spencer Cox said in a statement. “We are grateful to the leaders who saw the potential and made it happen.”

ancient New York Giants and Cincinnati Bengals linebacker Dhani Jones is also an investor in Redemption Bank. Jones also played for the Philadelphia Eagles.

Former NFL linebacker Dhani Jones participates in an NBCUniversal Press Tour in August 2017 during CNBC’s “Adventure Capitalists” session. (Chris Haston/NBCUniversal/Getty Images)

Collin Sexton, who is in his first season with the Charlotte Hornetsis also an investor, backed by TribeAngels and Coinlete. Sexton spent three years in Utah during his time with the Utah Jazz.

The group of investors involved in the Holladay acquisition included Central Bancorporation and Ally Financial Inc.

Brandon Comer, managing partner of Alterity Capital and founding investor of Redemption Bank, believed so strongly in the need for this type of banking in Utah that he dedicated his personal funds to it.

“We used to have over 140 black-owned banks in the country and (now) we’re down to 20,” Comer told FOX Business. “Post-George Floyd, Ashley Bell and I got together and said, ‘Look, a lot of corporations see the impact that black banks can have, and black banks see an opportunity to partner with corporations, but there needs to be an intermediary that helps bring the two together and really help take advantage of this moment.’

Dr. Bernice A. King, daughter of the late civil rights icon Rev. Martin Luther King Jr., was named senior vice president of corporate strategy for Redemption Bank and serves on the company’s advisory board.

Dr. Bernice A. King arrives on stage during Martin Luther King Jr.’s Beloved Community Memorial Service. of 2026 at Ebenezer Baptist Church on January 19, 2026 in Atlanta, Georgia. (Paras Griffin/Getty Images)

“I know deeply what it means for a nation to respond in times of crisis and how communities reach out
together to realize that what is needed, sometimes, has never been done,” King said in a statement. “Redemption will help fulfill my father’s dream of economic equality, and we are honored to give rise to the need
change at such a crucial time.”

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Redemption Bank becomes the nation’s 24th black-owned bank, a group designated as minority depository institutions. MDI’s most recent launch occurred in 2023 with the creation of Adelphi Bank.