HOLLADAY, Utah \u2014 It is legendary: the daughter of Martin Luther King Jr. helping break ground on not only Utah\u2019s first Black-owned bank, but the first Black-owned bank to open in the western U.S.<\/p>\n\n\n\n
Redemption Bank is the only Black bank in the history of the country that’s not physically located within an economically underserved community, and it’s also currently the only one located in the Black-banking desert that stretches from California to Texas.<\/p>\n\n\n\n
\u201cIt\u2019s very personal because most people, when they think of my father, they only think about him as being a civil rights leader, but my father talked about the importance of economic justice along with racial justice. In fact, he called them inseparable twins,\u201d said Bernice A. King, the youngest child of Martin Luther King Jr. \u201cSo, this is an opportunity for me to continue part of that legacy.\u201d<\/p>\n\n\n\n
King will serve as Redemption\u2019s senior vice president for corporate partnerships and community impact.<\/p>\n\n\n\n
The building is unassuming, sitting on East Murray Holladay Road. If it looks familiar, that\u2019s because it\u2019s been a mainstay in Holladay for more than 40 years, formerly known as Holladay Bank.<\/p>\n\n\n\n
And while Salt Lake has a Black population under 3 percent, Redemption\u2019s founder and executive chairman says Utah is the perfect location for a bank of its kind.<\/p>\n\n\n\n
\u201cThere\u2019s really no better state in America to do business than Utah, so if you\u2019re an investor of any background, you\u2019re looking for a place to do business, you want to go where the regulations are great for what you want to do \u2014 which Utah has the best return on assets for banks \u2014 it\u2019s amazing,\u201d said Ashley Bell. \u201cAnd then you stay because of the people. I think our journey to purchase Holladay Bank and Trust has really been highlighted by the amazing investors and collaborators that we found locally.\u201d<\/p>\n\n\n\n
The bank is what\u2019s called a Minority Depository Institution, MDI for short. MDIs were formed in the 1800s when Black people couldn\u2019t get loans from traditional banks, so they formed their own banks.<\/p>\n\n\n\n
Redemption is only the 24th MDI in the nation.<\/p>\n\n\n\n
\u201cWhile Redemption is a Black-owned bank, it\u2019s certainly not only for Black people,\u201d said Brandon Comer, a managing partner with Alterity Capital. \u201cI think the Black community will certainly benefit from its presence, but I think the community at large will benefit from its presence.\u201d<\/p>\n\n\n\n
Comer is one of the bank\u2019s investors and says mission-driven enterprises like Redemption shouldn\u2019t be viewed purely through a philanthropic lens. He says their goal is to do well and do good at the same time, focusing on helping small businesses and budding entrepreneurs get their start.<\/p>\n\n\n\n