Redemption Holding Purchases Holladay Bank, Establishing a Black-Owned Financial Institution
Alterity Capital partner Brandon Comer on Redemption Bank’s origins and sports investments.
In 2025, Redemption Holding Co. made headlines by finalizing a landmark acquisition in Utah, taking control of Holladay Bank & Trust. This move marked a significant milestone as it established the first Black-led investment group to own a bank in a Western U.S. state.
What sets this newly formed financial institution apart is not just its ownership but also its historical significance. Redemption Bank is the first African-American-led bank in American history that is not physically located within an economically vulnerable community. It stands alone in the Rockies, addressing a long-standing geographic gap in what has been termed a Black-banking desert stretching from Houston to Southern California.
Ashley Bell, a lawyer and former White House Policy Advisor during the first Trump administration, currently serves as the executive chairman of Redemption Bank. After years in the White House, Bell has leveraged his government policy experience to partner with civil rights leaders, business executives, and sports figures to launch this digital-first bank.
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General view of the Wasatch Range mountains ahead of the NCAA Men’s Basketball Tournament on March 19, 2024, in Salt Lake City, Utah. (Christian Petersen / Getty Images)
The bank, which boasts approximately $65 million in assets, will primarily focus on commercial lending and establishing a dedicated team for small business loans. “As Utah’s long-respected Holladay Bank and Trust transitions post-acquisition to Redemption Bank, our founders are rapidly building a fully tech-enabled, concierge platform aimed at enhancing entrepreneurs’ economic resilience,” Bell stated in an interview with FOX Business.
Bell further emphasized the favorable business climate in Utah, particularly in Holladay, where they found a bank with a clean balance sheet and a state that boasts the highest average return on assets for banks nationwide. “We are committed to competing in Utah to earn the business of customers from all backgrounds,” he added.
The acquisition of Holladay Bank was initially announced in 2023 but faced delays due to the collapse of Silicon Valley Bank that same year. Among the notable investors in Redemption Bank is former New York Giants and Cincinnati Bengals linebacker Dhani Jones, who also played for the Philadelphia Eagles.
Former NFL linebacker Dhani Jones participates in an NBCUniversal Press Tour in Aug. 2017 during CNBC’s “Adventure Capitalists” session. (Chris Haston/NBCUniversal / Getty Images)
Collin Sexton, currently in his first season with the Charlotte Hornets, is also among the investors. Redemption Holding acquired Holladay with a group of investors that included Ally Financial Inc. and Central Bancorporation.
Brandon Comer, managing partner at Alterity Capital and a founding investor in Redemption Bank, was so convinced of the necessity for this type of banking in Utah that he invested his personal funds. “We used to have over 140 Black-owned banks in the country, and now we are down to 20,” Comer remarked to FOX Business. “Post-George Floyd, Ashley Bell and I came together and said, ‘Look, a lot of corporations see the impact that Black banks can have, and Black banks see the opportunity of partnering with corporations, but there needs to be an intermediary that can bridge the two and really help seize this moment.”
Dr. Bernice A. King, daughter of the late civil rights icon Rev. Martin Luther King Jr., has been appointed as Redemption Bank’s senior vice president for corporate strategy and serves on the company’s advisory board.
Dr. Bernice A. King arrives onstage during the 2026 Martin Luther King, Jr. Beloved Community Commemorative Service at Ebenezer Baptist Church on Jan. 19, 2026 in Atlanta, Georgia. (Paras Griffin / Getty Images)
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Redemption Bank stands as the nation’s 24th Black-owned bank, also known as a Minority Depository Institution (MDI). The last known MDI to launch was Adelphi Bank in 2023, a federal designation for banks and unions owned or directed by minority groups.
Alterity Capital partner Brandon Comer on Redemption Bank’s origins and sports investments.
In 2025, Redemption Holding Co. made headlines by finalizing a landmark acquisition in Utah, taking control of Holladay Bank & Trust. This move marked a significant milestone as it established the first Black-led investment group to own a bank in a Western U.S. state.
What sets this newly formed financial institution apart is not just its ownership but also its historical significance. Redemption Bank is the first African-American-led bank in American history that is not physically located within an economically vulnerable community. It stands alone in the Rockies, addressing a long-standing geographic gap in what has been termed a Black-banking desert stretching from Houston to Southern California.
Ashley Bell, a lawyer and former White House Policy Advisor during the first Trump administration, currently serves as the executive chairman of Redemption Bank. After years in the White House, Bell has leveraged his government policy experience to partner with civil rights leaders, business executives, and sports figures to launch this digital-first bank.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
General view of the Wasatch Range mountains ahead of the NCAA Men’s Basketball Tournament on March 19, 2024, in Salt Lake City, Utah. (Christian Petersen / Getty Images)
The bank, which boasts approximately $65 million in assets, will primarily focus on commercial lending and establishing a dedicated team for small business loans. “As Utah’s long-respected Holladay Bank and Trust transitions post-acquisition to Redemption Bank, our founders are rapidly building a fully tech-enabled, concierge platform aimed at enhancing entrepreneurs’ economic resilience,” Bell stated in an interview with FOX Business.
Bell further emphasized the favorable business climate in Utah, particularly in Holladay, where they found a bank with a clean balance sheet and a state that boasts the highest average return on assets for banks nationwide. “We are committed to competing in Utah to earn the business of customers from all backgrounds,” he added.
The acquisition of Holladay Bank was initially announced in 2023 but faced delays due to the collapse of Silicon Valley Bank that same year. Among the notable investors in Redemption Bank is former New York Giants and Cincinnati Bengals linebacker Dhani Jones, who also played for the Philadelphia Eagles.
Former NFL linebacker Dhani Jones participates in an NBCUniversal Press Tour in Aug. 2017 during CNBC’s “Adventure Capitalists” session. (Chris Haston/NBCUniversal / Getty Images)
Collin Sexton, currently in his first season with the Charlotte Hornets, is also among the investors. Redemption Holding acquired Holladay with a group of investors that included Ally Financial Inc. and Central Bancorporation.
Brandon Comer, managing partner at Alterity Capital and a founding investor in Redemption Bank, was so convinced of the necessity for this type of banking in Utah that he invested his personal funds. “We used to have over 140 Black-owned banks in the country, and now we are down to 20,” Comer remarked to FOX Business. “Post-George Floyd, Ashley Bell and I came together and said, ‘Look, a lot of corporations see the impact that Black banks can have, and Black banks see the opportunity of partnering with corporations, but there needs to be an intermediary that can bridge the two and really help seize this moment.”
Dr. Bernice A. King, daughter of the late civil rights icon Rev. Martin Luther King Jr., has been appointed as Redemption Bank’s senior vice president for corporate strategy and serves on the company’s advisory board.
Dr. Bernice A. King arrives onstage during the 2026 Martin Luther King, Jr. Beloved Community Commemorative Service at Ebenezer Baptist Church on Jan. 19, 2026 in Atlanta, Georgia. (Paras Griffin / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Redemption Bank stands as the nation’s 24th Black-owned bank, also known as a Minority Depository Institution (MDI). The last known MDI to launch was Adelphi Bank in 2023, a federal designation for banks and unions owned or directed by minority groups.
