First black-owned bank opening in Utah

April 4, 2023 8:09 AM

Published April 4, 2023 8:21 AM

UTAH (CNN, KYMA/KECY) - Utah is set to get its first black-owned bank.

Redemption holding company is buying Holladay Bank and Trust.

Redemption is led by former White House Policy Adviser Ashley Bell.

The holding company's leadership team also includes Martin Luther King's daughter Bernice King and former NFL player Dhani Jones.

The deal marks the first time an existing bank has ever become a black-owned bank.

According to Redemption, there are only 16 black-owned banks in the US down from 50 in 1976.

The deal won't be finalized until it receives approval from federal regulators.

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