Redemption Bank Announces New “Bank King Card” to Support Single Mothers
Redemption Bank has announced the launch of the Bank King Card, a purpose-driven program designed to lift single mothers out of poverty. This initiative aims to expand the bank’s community mission while reversing the recent decline of Black-owned financial institutions across the United States.
Direct Impact Through the Redemption Foundation
The Bank King Card fuels the Redemption Foundation through a unique corporate profit-sharing model. Rather than relying on traditional charity, the bank turns everyday banking into sustainable community funding. Through targeted grant programs, the foundation will provide direct, sustained cash assistance to single mothers residing in public housing. The first wave of distributions is scheduled to launch by the end of this year.
How the Program Works
- Zero Cost to Customers: Donations are contributed directly from Redemption Bank’s corporate revenue.
- 100% Protected Deposits: Account holders will never experience a withdrawal from their personal funds or deposits.
- No Hidden Fees: No special “philanthropy fees” are charged to support the program.
“Bank King Card represents a new regenerative banking model that starts with investing in mothers who are a few hopeful dollars away from breaking out of poverty…”
Ashley D. Bell, CEO of Redemption Holding Co.
The Bank King Card combines modern, tech-forward financial services with guaranteed community investment. This unique approach gives everyday consumers the power to choose banking that actively builds equity.
About Redemption Bank
Website: https://www.bankredemption.com/
Redemption Bank, operated by its parent company, Redemption Holding Co., is the first Black-owned bank headquartered in the Rocky Mountain region.
- The History: Originally founded in 1974 as Holladay Bank & Trust, the institution was acquired by Redemption Holding Co. in June of 2025. This historic transaction marked the first time in U.S. history that Black investors purchased a non-minority-owned bank to convert it into a Black-owned Minority Depository Institution (MDI).
- The Leadership: The bank was co-founded by Ashley D. Bell, a former White House policy advisor and SBA regional administrator who serves as CEO, and Dr. Bernice A. King, the daughter of Dr. Martin Luther King Jr., who serves as senior vice president of corporate strategy.
- The Location: The bank is headquartered in Holladay, Utah, right in the Salt Lake City metro area. It is uniquely positioned as the only Black-owned bank serving the vast geography between Houston and Los Angeles.
- The Business Model: Operating with a tech-forward, digital-first structure, Redemption Bank focuses on nationwide commercial lending and advanced digital platforms. The institution specializes in expanding access to capital for historically underserved small businesses and communities of color.
References & Further Reading:
Article Source: “Bank card for mothers, Atlanta Pride theme, stressful zip codes.” FOX 5 Atlanta, 25 June 2026, https://www.fox5atlanta.com/news/bank-co-founded-bernice-king-launches-program-moms.
Header Image: SometimesNever/peopleimages.com/ Adobe Stock #953269468
Inline Image: Bank King Card Announcement Image courtesy of @bankredemption via Instagram. (https://www.instagram.com/p/DZ6N6QPP-J7/)
