Ashley D. Bell and Dr. Bernice A. King Team Up to Acquire a Bank in Utah

A new Black-owned financial institution may soon emerge west of Texas, as reported by The Sacramento Observer. Redemption Holding Co. (RHC), led by former White House Policy Advisor Ashley D. Bell, is seeking to acquire Holladay Bank & Trust in Holladay, UT.

If the plan is approved, the Utah financial institution will be rebranded as Redemption Bank and become the only Minority Depository Institution serving underserved populations west of Texas. Bell, also the CEO of Black-owned fintech startup Ready Life, aims to provide financial services to underserved communities and help them on the path to homeownership.

Dr. Bernice A. King, CEO of the King Center and daughter of Dr. Martin Luther King Jr., will support RHC’s efforts by joining the bank’s advisory board as the senior vice president for impact banking, along with venture capitalist Dhani Jones. King’s decision to support the endeavor is inspired by her father’s call for Black Americans to deposit money into Black-owned financial institutions.

Investors, including New York Community Bank and billionaire Ryan Smith, are also backing the push to make Holladay Bank & Trust Black-owned. Bell expressed optimism about the endeavor, emphasizing the historical significance of a group of Black investors acquiring a non-Black, white-owned bank in Salt Lake City. If successful, this initiative could pave the way for new centers of opportunity for people of color in the financial sector.


More from this stream


“Pendle (PENDLE) Experiences 90% TVL Increase on Nexo Exchange”

Nexo, a leading regulated digital assets institution, has announced the listing of Pendle’s native token, PENDLE, on its platform. This strategic move comes as Pendle experiences a remarkable surge...

New 3,055 TEU containerships named by Wan Hai

Wan Hai Lines Ltd. has hosted ship naming ceremonies for Wan Hai 372 and Wan Hai 376 with a charity-giving ceremony at Japan Marine United Corporation’s ARIAKE Shipyard. Wan Hai 372 and Wan Hai 376...

‘New Update for ChatGPT GPT-4 Generating Excitement among Users’

OpenAI has recently made ChatGPT available to users without requiring an account. It’s a big upgrade, making the chatbot even more accessible. However, I explained that...

‘New Investment Cycle of Tekedia Capital Sparks the Start of the March to Unicorns on Monday’

The next edition of Tekedia Capital Syndicate investment cycle begins...

‘Pectra Hard Fork Introduces Social Recovery Feature to Enhance Security’

With the introduction of the innovative social recovery feature, Ethereum users can bid farewell to the anxiety associated with safeguarding their seed phrases. Spearheaded by Ethereum core developer...

‘New Director of Acquisitions and Estates appointed at Popeyes UK’

The appointment is part of the brand’s plans to expand its presence in the UK. Popeyes UK has appointed Peter Gibson as Director of Acquisitions and Estates, following the announcement of plans to...