Redemption Holding Company and Allies Complete Acquisition of Holladay Bank and Trust

Redemption Holding Company, Central Bancorporation, and Ally Financial Inc. have acquired Holladay Bank and Trust. Ashley D. Bell will serve as executive chairman and CEO, while Dr. Bernice A. King and Coretta Scott King will serve as senior vice president. Performance Trust Capital Partners and Parsons, Behle & Latimer PC advised on the acquisition. The deal was completed on June 19, 2025.

Redemption Holding Company (RHC), Central Bancorporation, and Ally Financial Inc. (NYSE:ALLY) have completed the acquisition of Holladay Bank and Trust. The deal, announced in February 2023 and finalized on June 19, 2025, marks a significant milestone in the financial landscape, particularly for the Black community. Ashley D. Bell, former White House Policy Advisor and Regional Administrator, will serve as the executive chairman and CEO of the newly formed Redemption Bank. Dr. Bernice A. King and Coretta Scott King will serve as the bank's senior vice president [2].

The acquisition is notable for several reasons. Firstly, it is the first time a bank has been owned by a Black-led investment group in the Western U.S. Redemption Bank will be the first Black-owned bank in U.S. history not physically located within an economically vulnerable community, the first in the Rockies, and the only one located in the Black-banking desert that stretches from Houston to Los Angeles [1].

The newly formed bank will focus on commercial lending and small business loans. Redemption Holding plans to launch a fully digital platform by the end of summer, enabling it to service small businesses across the country [1]. The bank will remain headquartered in Salt Lake City, a city with a Black population of under 3%.

The acquisition was initially announced in 2023 but faced delays due to the collapse of Silicon Valley Bank. The process was facilitated by the diligence of the staff at the FDIC, the leadership of the American Bankers Association, and the renewed sense of urgency from the new administration [1].

Redemption Bank will be the 24th Black-owned bank in the nation, known as a Minority Depository Institution (MDI). MDIs began in the 19th century when Black Americans faced discrimination in mainstream banks and organized their own financial institutions. The Civil Rights Movement further spurred the creation of MDIs as Black people experienced a financial boom and built stronger communities [1].

The acquisition was advised by Performance Trust Capital Partners, LLC, and the legal team led by Neil Grayson, Ben Barnhill, Mateo Hoyos, and Mary Campbell of Nelson Mullins Riley & Scarborough LLP, along with Parsons, Behle & Latimer PC advising Holladay Bank and Trust [2].

References:
[1] https://apnews.com/article/redemption-holding-black-owned-bank-holladay-ab7d5747a46de26ecdc0f8b796e84ef9
[2] https://www.marketscreener.com/quote/stock/ALLY-FINANCIAL-INC-16252989/news/Redemption-Holding-Company-Central-Bancorporation-and-Ally-Financial-Inc-completed-the-acquisition-50286088/