Utah Bank Makes History as First Black-Owned Bank in the West
For half a century, Holladay Bank & Trust stood as a familiar landmark in Utah, serving neighbors with the kind of personal touch big banks could never quite match. It was founded back in 1974 by Ronald N. Spratling Jr., who saw something troubling in the financial system at the time. Good, hardworking people were being turned away for loans — not because they weren’t creditworthy, but because they didn’t fit the rigid standards set by larger banks. He wanted to change that. So, with just half the capital regulators asked for, he took a risk, opened his own bank in a trailer, and worked years without pay to make it succeed.
That determination built a community institution. Customers remembered walking in for business and leaving with lollipops for their kids. Others recalled the grand opening ribbon cut from currency or the Saturday hours that made the bank unique. Over the years, Holladay Bank became known as a place where people were recognized by name, small businesses found the help they needed, and customers felt they had a “safe space” in what is often a corporate, impersonal industry.
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Now, fifty years later, Holladay Bank has entered a new chapter — one that is being called historic. It was recently acquired by Redemption Holding Company, transforming it into Redemption Bank, the very first Black-owned bank in the Rocky Mountain West. With this change, the Spratling family’s legacy of community banking will continue, but with expanded resources and a wider vision. Katie Spratling, who has led the bank since 2010, will remain president, ensuring continuity for both staff and customers.
What makes this moment so significant is not only the ownership change, but also the mission behind it. Redemption Bank was founded by Ashley Bell, along with co-founder Dr. Bernice King, daughter of Dr. Martin Luther King Jr. Their goal is bold: to build a modern community bank with a strong digital footprint, one that serves everyone but especially reaches those too often overlooked by mainstream institutions.
Many may wonder why Utah, a state where fewer than 3% of residents are Black, became home to this milestone. The answer lies in Utah’s unique banking laws, its growing economy, and the willingness of local investors and philanthropists — including some of the state’s most prominent families — to rally behind the vision. More than $30 million was raised to ensure Redemption Bank starts strong, building on the $70 million in assets Holladay Bank already managed.
Dr. King described the opening as more than a ribbon cutting. For her, it symbolized legacy — a living continuation of her father’s dream of equality and opportunity. In her words, it showed that Black excellence and Black ownership belong everywhere, not just in certain neighborhoods.
So, a small community bank that once started in a trailer with just a handful of employees has now become part of a much bigger story — one about access, legacy, and the future of banking in America.
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