If the deal gets federal regulatory approval, it would become the only Black-owned bank in the Intermountain West.
Redemption Holding Company, a Delaware-based, public-benefit corporation started by a group of prominent Black investors, announced this week plans to acquire Utah’sIf the deal gets federal regulatory approval, it'll mark the first time in U.S. history that Black investors acquire a nonminority-owned bank and convert it into a Black-owned bank,As of December 2022, 21 Black banks remain in the U.S.
He said among the strengths of Black-owned banks is they understand the financial disparities impacting Black Americans.In 2019, the median wealth of Black households — not accounting for defined-benefit pensions — in the U.S. was $24,100, compared to $189,100 for white households, per a
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