Published On: Wed, Mar 1st, 2023

As Black-Owned Banks Steadily Fade Away, Investors Step In to Form One

Black-owned banks are disappearing. But a group of investors led by a former Trump administration policy adviser and a daughter of the late Rev. Martin Luther King Jr. is creating one.

Working through a public-benefit corporation called Redemption Holding Co., the group said Tuesday that it plans to buy a Utah bank named Holladay Bank & Trust. It expects to call the new bank Redemption Bank.

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