Bernice King, the daughter of civil rights icon Dr. Martin Luther King Jr., has become an investor in Holladay Bank and Trust, the first commercial bank that will be a Black-owned Minority Depository Institution (MDI).
This move aligns with her father’s vision of promoting financial inclusion and empowerment for the Black community.
Carrying the Torch of Financial Equity
In his famous 1963 “I Have A Dream” speech, Dr. Martin Luther King Jr. shed light on the financial inequities faced by the Black community due to discriminatory practices like redlining and biased lending.
Over six decades later, these challenges persist, making Black ownership in the financial sector a crucial step towards economic justice.
“In my father’s last public address on April 3, 1968, he preached the imperative to accelerate the financial inclusion of Black Americans by supporting mission-driven Black banks—something he called a ‘bank-in movement,'” King said in a statement reported by The Hill.
Redemption Holding Company’s Acquisition
Holladay Bank and Trust, based in Utah, will be acquired by Redemption Holding Company (RHC), a Black-owned investment group.
This acquisition is significant as it adds to the dwindling number of Black-owned banks in the United States. In 1976, there were 50 Black-owned banks, but by 2022, only 16 remained standing.
Investing in Black Communities
Ashley Bell, RHC’s executive chairman and chief executive officer, emphasized the importance of Black banks in enabling the American dream for all Americans.
“Black banks make the American dream possible for all Americans by deploying resources that uniquely address the financial realities of communities that have been systematically excluded, overcharged, and under-capitalized for hundreds of years,” Bell said in a statement to The Hill.
Bernice King joins retired NFL player Dhani Jones as investors in Holladay Bank and will also have seats on the bank’s advisory board.
A Step Towards Intergenerational Wealth Building
King’s investment in Holladay Bank represents a significant stride towards achieving her father’s vision of financial inclusion and intergenerational wealth building for the Black community.
“More than half a century of struggle and incremental progress later, we’re making good on daddy’s call to bank-in by creating new centers of opportunity for people of color, starting with this Black-led bank acquisition. Redemption is just that: delivering families from the cycle of unjust financial exclusion and intergenerational poverty,” King said.
