An investor group led by one of Martin Luther King Jr.’s children and a former Trump Administration official has bought and rebranded Holladay Bank and Trust in Salt Lake City.
Redemption Bank was created when the group acquired the $65 million-asset Holladay. The $68 bank is now a minority depository institution (MDI).
Ashley Bell, a former White House policy advisor and Small Business Administration regional administrator, is the executive chairman and CEO. Bernice King will serve as the bank’s senior vice president of corporate strategy and alliances.
Bell and King also co-founded the National Black Bank Foundation. Dhani Jones, a former professional football player, is an investor.
Bell told The Associated Press that the bank will launch a fully digital platform at the end of summer; it will remain headquartered in Salt Lake City.