April 6, 2026 • 29 mins
Reverend Dr. Bernice King, daughter of Civil Rights icon Dr. Martin Luther King Jr., joins BIN Senior National anchor Andrea Coleman on this month's edition of "Leading While Black" to discuss Redemption Bank, the first Black-owned bank to be located in the western region of the United States.
Dr. King serves as the Senior VP of Corporate Strategy for Redemption Bank and is also a member of the advisory board.
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Dr. King serves as the Senior VP of Corporate Strategy for Redemption Bank and is also a member of the advisory board.
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Speaker 1 (00:00):
Coming up on Leading Wile Black.
Speaker 2 (00:02):
A lot of people when they think about my father's legacy,
they predominantly focus on racial justice. They don't realize that
there was an arm of the Southern Christian Leadership Conference
that focused on economic justice.
Speaker 1 (00:20):
A daughter of the civil rights movement is helping forge
new economic opportunities for Black Americans and others in a
historic and pioneering way from.
Speaker 3 (00:29):
The private sector to public life. These are the people
making a difference in the Black community.
Speaker 1 (00:34):
They are Leading Wild Black.
Speaker 4 (00:36):
On the Black Information Network.
Speaker 1 (00:39):
Hello, and welcome to this month's Leading Wile Black, the
Black Information Networks monthly program dedicated to showcasing black leaders
working to advance the well being of Black Americans. I'm
Andrea Coleman. Last year, Redemption Bank, a black owned holding company,
acquired a bank in Holiday, Utah. The acquisition was historic
as it created the first black back owned bank to
(01:00):
be located in the entire western region of the United States.
And our conversation today, we're here from Ashley Bell, the
former White House policy advisor during President Trump's first term
who serves as a company CEO and chairman of the board.
The Reverend doctor Bernice King, youngest daughter of the late
civil rights leaders doctor Martin Luther King Junior, and Coretta
Scott King, who serves as senior vice president of corporate
(01:22):
Strategy and is an advisory board member, and Brendan Comer,
one of the bank's bounding investors. Together they help us
understand how Redemption Bank, with sixty five million dollars in assets,
moves the needle forward for Black advancement and progress.
Speaker 4 (01:37):
So as we get under way, if you will, for
our listeners, please tell us more about Redemption Bank. What
is it all about?
Speaker 3 (01:43):
Redemption Bank is historic in nature. It is the first
time in American history that we've had African American civil
rights leaders, entrepreneurs, activists, and professionals come together to really,
in a great act of self determination to purchase a
bank that is was not African American owned and was
(02:03):
located in Utah. It's the first acquisition of what you
would consider a white owned bank by black professionals and
investors in American history. And in that we've set the
course for a new path of access to capital, one
that allows us to leverage not only the talent and
(02:26):
the wealth inside the Black community, but also deliverage the
talent and wealth of others outside of our community who
are allied with our mission and vision of creating a
or equitable country by allowing everyone to have access to
the American dream. We fundamentally, you know, I've seen in
our country and the credit is like water. Where it flows,
(02:48):
opportunity grows, and we see redemption as a new speakert
of hope and opportunity to allow that water to reach
places and spaces that historically have been marginalized.
Speaker 4 (02:58):
Yeah, that's really tremendous what brought you all together, Like
when you say Utah, for many of us, we may
not quite know where that is on the American map.
I grew up actually in a small town in Texas,
so I know the stretch that you all are covering
and where it is. But for our listeners who may
not understand just a dearth of black owned businesses in
(03:19):
that area and stretch of the country. Put it in perspective.
For us, I mean, this really is kind of like uh,
charting new territory.
Speaker 3 (03:27):
It's definitely entrepreneurial and pioneeristic in nature. You know, doctor
King and I in Atlanta, and Brandon's from here in Indiana,
so you know, we can understand you know, Utah was
not an not Bengo car to places. We thought we
would probably start a business alone a bank at some point,
but you know, the location of the bank is more
(03:48):
relevant because of the vision for the bank. You know,
our vision is to be Black Bank two point zero,
the next generation of black owned bank, meaning that you
have the opportunity to reach everyone where they are. And
Utah is the best state for banks in the country.
So we went there very strategically. When you look at
(04:08):
unsecured lending in itself, you know, we did our research
and it was not lost on us that, you know,
American Express headquarters is in Utah, that most of your
student loan companies were with thousands of our people are
paying student loans. Those companies are based out of Utah.
Goldman Sachs second biggest office outside of New York cities
(04:30):
in Utah. And when you look at you know, all
those all that wealth accumulating, the questions why and so
we understood that from a regulatory perspective for everyday listeners,
that just means that that place is really friendly to
banks and to lending, and that's what we need. We
need that flexibility and that friendliness in order to create
(04:51):
ways of which we can reach at least the last
and left behind. But also, you know, our aim is
really entrepreneurs. So when we talk about why we're doing
in this, our goal is to reach the people who
are taking your risk every day in our communities on
other people. So, you know, it's it's sort of capital
One is has their slogan of you know what's in
your wallet for us is who are you banking on?
(05:13):
Who do you wake up every day banking on? It's
going to help make your community better? Is it teachers?
Is it preachers? Is it? Is it union workers? Is
it the local uh uh? You know repair shop? Is
it a local restaurant that gets has your best food?
Whoever that is who's taking a risk. You know, we
want to take a risk on them. And so we're
building redemption for people who are building enterprises that are
(05:36):
creating jobs and are promoting the real equity in our
community by creating wealth. And they need us to be
as available and as flexible as possible. And you talk
provises us that opportunity that's tremendous.
Speaker 4 (05:48):
And you're saying that, you know, brings up an important topic,
especially right now this past year has been extremely challenging
for a lot of Black Americans and others, but in
particular Black women and people who have found themselves now
displaced out of the job market and are almost being
forced to find a pivot because the job market is
(06:10):
shrinking at such a large rate. What resources does Redemption
Bank offer for anyone who's looking to make a pivot,
who is exploring entrepreneurship and maybe actually a little cautious
because it takes such capital and investment and assistance to
get started and actually be able to survive.
Speaker 3 (06:29):
You know, this is something that we've all talked about,
doctor King, and I've talked about Brandon. You may want
to jump in here and maybe take a look at
how we address that through our guaranteed lending programs.
Speaker 5 (06:39):
No, absolutely, And as you hit on wealth accumulation at
the heart of it, right, I think, as we think
about the fact that the income gap has continued to shrink,
but the wealth gap has continued to widen, we know
that entrepreneurship is certainly one of the greatest ways in
which our communities accumulate wealth, and that's not lost our
(07:00):
so as we focus on entrepreneurs it was paramount that
we have a full in house SBA program, one of
the only nbas in the country to have such, and
with that is not only a focus on making sure
that the entrepreneurs have the capital to not only start
a business or to grow and expand it, but to
(07:21):
have a technical assistance to ensure that they can survive.
We lose a number of our companies every time there's
an economic downturn, so making sure that they're a adequately capitalized
and then also connecting them with the opportunity you know,
is truly essential. So you know, from a service standpoint,
we ensure that we understand what the businesses need when
ensure that they have access to capital that they need
(07:44):
in order to grow and to expand to create jobs
within the community. But then it also creates a network
amongst the redemption family that expands their access to opportunities
to help them grow revenue. Because we have so many
tremendous black owned businesses in the country and a lot
of them just fail to scale, and it's both at
(08:06):
opportunity and capital. There are typically the prohibitors of those,
so we try to ensure that we eliminate those barriers
within the redemption formal.
Speaker 4 (08:15):
That's really good. If we keep talking about you being
located in Utah, but you're a digital first institution, what
does that mean and how might that expand your reach
for people who are outside the area that we've mentioned before.
Speaker 5 (08:28):
Yeah, from a technology standpoint, I think people bank and
they view how they access capital opportunity very differently. And
so when we think about being digitally for people want
to be able to have ease of access through their
mobile or you know, or online, and so it's a
increasing that tech stack to make sure that we're providing
(08:51):
as great if not a greater experience you know, to customers,
but then also thinking about the way in which they
process payments and making sure that we have partnerships that
are digitally for it and aren't just you know, aren't
just relying upon the historic you know, systems, if you will,
and which people interact and in which they engage in commerce,
(09:13):
but that we have the infrastructure and the relationships on
a go forward basis that will provide that eas of
efficiency and execution.
Speaker 2 (09:23):
Doctor King, I want to bring you in. I just
wanted to just for the listener's sake, that anybody can
download their app and they can open an account because
people ask me all the time, cannot open an account
with your bank even though it's in utilize that. Yeah,
you can open an account because we do have that
digital access.
Speaker 1 (09:42):
On If you're just joining us, you are listening to
Leading While Black, the Black Information Networks monthly program spotlighting
Black leaders in the various bills and industries of America.
I'm Andrea Coleman. This month, we're looking at Redemption Bank,
a new Minority Depository Institution or MDI that has opened
the first black owned bank in the Rocky Mountain region
of America. As we continue our conversation with Ashley Bell,
(10:05):
it's founding CEO and chairman of the board, doctor Bernice King,
it's senior vice president of corporate Strategy, and Brandon Comer,
a founding investor in the venture, we explore the unique
hope and perspective black owned financial institutions offer our community.
Speaker 4 (10:20):
Doctor King, I read an article you are quoted as
saying this represents and reflects a kind of economic equality
your father dreamed of. Expound on that for us a
little bit, if you will.
Speaker 2 (10:31):
A lot of people when they think about my father's legacy,
they predominantly focus on racial justice. They don't realize that
there was an arm of the Southern Christian Leadership Conference
and focused on economic justice, which entailed access and equity.
(10:52):
And on the night that he was assassinated, in fact,
he called for the people there Memphis, because there wasn't
a black banking Memphis at the time, to move their
accounts to the Black bank in Memphis, so essentially called
for a banking. When they were working through operational bread basket,
(11:13):
that economic arm, they often challenged corporations who were doing
business in the African American community, black community to open
accounts in the black community because again, providing that access
and that opportunity to the black community was critical to
my father and his work. He was focused on fighting
(11:37):
against what he called the triple He was of poverty, racism,
and militarism, and he wanted to make sure that there
was an economic playing field for African Americans, not just
to be able to coming to a launch counter or
city of launch counter, but that you can afford it,
which means you have to have certain opportunities to capital.
(12:00):
You know, he didn't just want us to rent homes.
He wanted us to be able to own homes because
he understood the importance of building well and so thank
you for asking that question because a lot of people
don't know the connection with my father. My grandfather, Martin
Luther King Senior, actually was one of the I won't
(12:23):
say initial board members, but he was an early board
member of one of the African American banks that still
stands today, Citizens Trust Bank here in Atlanta, one of
the strong board members and stockholders, and passed on some
of their stock to his grandchildren. So this has been
a part of our life, and you know, fighting for
(12:44):
economic equity and ensuring that all people can share in
the wealth of the earth, and certainly being able to
have be a part of the bank does that has
a serious commitment to that is a reflection of the
continuation of my father's and mother's I would say legacy,
that's right.
Speaker 4 (13:02):
But let me also ask, and I'm not certain who
would best be the one to respond or you all can,
but when looking at the black community and the restrictions
that one we've overcome and now seems to be on
the verge of revisiting in some way, why are institutions
like Redemption Bank critical that we have as we look
for pathways forward?
Speaker 2 (13:23):
Well, I can start off and let them speak further.
You know, when you think about everything that has been
going on, the banks have been the only institutions that
haven't been hit that way. The MBIs. I think we
all know the importance and I say all, I think
people across the board in this country understand the importance
(13:46):
of having banks that are community centric. You know, most
of the black banks in the country are community centric.
They're focused on, you know, ensuring there's access and not
just access that there's also financial tools available to educate
the community as well. And so it's very important now
(14:07):
because we have an opportunity to really make a difference,
especially with our bank being the only one that houses
SBA and doing those loans and being sensitive to where
we are as a nation and getting that opportunity to
be able to finance, you know, your business and do well.
But we also want to come alongside and provide some
(14:28):
of those other financial resources so that people not only
get the access to the capital to build their businesses,
but they also have those financial tools that are necessary
to be, as you said earlier, to scale and also
to be successful.
Speaker 4 (14:40):
So yeah, that's very good.
Speaker 5 (14:42):
Yeah, No, I think doctor King answered that perfectly. You know,
when you think about when you are experiencing a potential
hardship and you sit across the table from someone who
has a shared perspective or someone who's not looking to
say a quick note, but try to figure out how
to get to Yes, you know who wants to see
(15:03):
you succeed. And that doesn't mean that the bank takes
on additional risk. It just means that they do the
extra work to help you get to the point where
you're an institution and your a viable entity that they
can bet on. And it's a double bottom line perspective
because it's not just about financial returns to redemption. It's
about what is our impact to the community. You know,
(15:24):
how are we utilizing our capital to help people grow?
And so I think when you just work with an
institution that shares your values and that's something that you know,
Ashley says all the time. You know, are you banking
your values? You know soins we talk to, you know,
your listeners who truly care about, you know, the black community.
Are you working with financial institutions that share that same
(15:47):
level of care? And how are you ensuring that your
dollars are being put to work even as you're not
working to further enhance the entities that you care most about.
Speaker 3 (15:58):
And I think that just to bring that a you know,
it starts with doctor King's father's speech about the bank
end movement. The reason behind that was that we understood
that we were not at our strongest by having our
money in banks that did not have our interest. And
still to this day, if you are black in America
and you're on social media, every one of us, at
(16:20):
least once a year for the last ten years has
had something on our timeline showing us telling us that
there's a bank that we know by name that has
been put under federal consent to career, have been fined
for discriminating against black business owners and black people trying
to get access to affordable housing and mortgages. You see it.
You know it still exists. It is still prevalent in
today's society. And what has been shown its consistent, is
(16:44):
that the average bank gives approved loans in the forties
for black people and black banks approved loans for black
people in the eighties it is twice as high. And
the reason is that, you know, we're all the banks.
You have the same technically, so we're using the same rules.
The one thing you know is that when you're going
to a black bank, that you're not going to be
denied access to capital because of your race. And you
(17:06):
also have to look on the flip side of that
is that if you are supporting a bank that is
historically denied access to your own people, then you know
that you are actually funding the very oppression that we're
looking to get ourselves out from under. So this gives
us as an opportunity one to support each other by
putting your deposits in a black bank where it's redemption
or anybody else, and by putting your deposits in the bank.
(17:29):
And if you're an ally listening to this and you're
not black and you want to be supported by putting
your money in a black bank that's eligible to be
leveraged to support that growth and this in the world,
we've seen the end of what many will call the
Black Lives Matter era, which you know, I think many
would say was the gallatry von Martin and could be
punctuated with the last selection. When we look back at
(17:51):
that era and ask ourselves, as we did as we
look back at the sixties, what did we gain? What
was some of the big opportunities for us to move
the conversation and the progress of the people forward. You know,
we had a lot of people make a lot of promises,
and those promises weren't kept, and we realized that the
only thing that will matter will be the institutions that
(18:13):
we built during that time. And then we can look
back on decades later and say, those institutions stood the
test of time, and our interests are more important than
the popularity that America seems to have with our last
martyrs and is popularity. George Floyd faded, so did DEI,
and so did all the resources that were dedicated to
black folks. And so this gives us a chance to
(18:35):
look back at that and say, look, we started redemption
in the middle of a movement, and it'll outlast that time.
It'll be something we can look at as a growing
concern positively in the black community, providing opportunity for generations
to come.
Speaker 1 (18:47):
Thank you for tuning in this Easter Sunday. This is
the Black Information Networks Leading While Black. Our monthly program
shines a light on black leaders working to advance the
well being of the black community. I'm Andrea Coleman. This month,
Bell Reverend doctor Bernice King and Brandon Comber are our
focus as they're leading a historic new banking venture in
the Western United States. While physically located in Utah, Redemption
(19:10):
Bank provides services for people around the world. Here's more
on how we can help this new black owned institution thrive.
Speaker 4 (19:17):
Mister Comber, you had mentioned that at one time there
were one hundred and forty black owned or black led
banks in America and that has dwindled down now to
a close to twenty. What do people who want to
see Redemption Bank succeed need to do to ensure your success?
Speaker 5 (19:34):
Yeah, I think people who want to see the bank
succeed need to want, as Ashley mentioned, great a depository
relationship with the bank not as critical. Those are the
dollars that we're able to then use and lend out
to the entrepreneurs to and not just within the black community,
but beyond. I think we are a great black owned
bank that certainly is intentional about service in the black community.
(19:57):
Our efforts certainly go well beyond that. So creating a
depository relationship and then b as you start that business,
as you grow that business, consider Redemption for your credit
needs and not just because we'll give you a great
market rate, but because you'll have a partner. And I
think Black Americans have typically used financial institutions not as
(20:21):
true partners, meaning you don't just go when you need
the loan, you actually go, You build the relationship, and
you grow with that financial institution, so as you have
additional needs, we know we can be there, we can
support you. And then also one of the things I
think we've sort of demystified is the fact that we
can actually service these larger corporations as well. That's something
(20:44):
we were very intentional about from the onset as we
started doing work with NBBF and our syndicated loans. When
we did with the Atlanta Hawks, we took ten black
banks and financed their player development facility, making it the
first professional sports facility in the country finance with all
black capital. We showed that as financial institutions, we could
(21:04):
punch way above our weight class. So we're not just
servicing small businesses and the small entrepreneurs, but we're also
a great option for middle market businesses and those entities
who will do business that they normally do or just
want to change the universe entities that they do it with.
So it's also a reach out to larger corporations to
(21:27):
say we're a great option for you as well. If
you want to hit your double bottom line and execute
business the way you normally do, but have an impact
on community, they consider working with Redemption.
Speaker 4 (21:39):
That absolutely.
Speaker 2 (21:41):
Just as one who is bank black most of my
adult life, there's a tendency to walk away when something
bad happens or negative happens, and I think it's important
that people share with us, you know, whatever it is
that they are disappointed in, and grow with us. I mean,
(22:02):
I think the word he used just a minute ago
was grow. I've made a declaration that I'm going to
support and that means I'm going to go with you
through the seasons that are difficult and share whatever it
is I need to share so that the bank has
an opportunity to improve whatever that is that you are
speaking about. So I do want to say that from
(22:24):
a practical standpoint, because what happens once we have a
bad experience, we just walk away, and you know, especially
in the black community, we do that very quickly. So
I'm going to say stick with Redemption because we are
at the heart and soul committed, you know, to your
growth and hope that you can be committed to our
(22:44):
growth as well.
Speaker 4 (22:46):
Yeah, that's very good. I know we're getting close to
our hart stop. So I want to give each of
you an opportunity if there's anything more that you'd like
to add. I would like to talk if I could,
for just a moment to doctor King before you get
off the phone, just a little bit about your presence
as a nationally recognized an internationally recognizable rights leader of today.
(23:08):
Why your presence with this institution carries or could carry
a lot of hope for others. So I don't know
how we divvy up the last minutes of our time together,
but if you could, I guess anybody who has anything
more to add please do than Doctor King, if you
would close us out with an understanding of what you're
(23:28):
hoping your presence and your participation and Redemption Bank will
offer to people who are looking and wanting it to succeed.
Speaker 6 (23:36):
Well, I think it's important for us to have examples
that we can adjust to the times, and that we
can strategically as the people, pull together our resources and
continuously find ways to not only survive, but to thrive.
We live in a world where the Black community no
longer in the heart of black economic space still, you know,
(23:59):
doesn't particularly reside anymore right off market. With the King
Junior Drive, we see people moving all over the place
and moving the suburbs, and they're chasing jobs anywhere that
can find the opportunity. And because of that, even more so,
a digital presence is needed to pull together the entire economic.
Speaker 3 (24:17):
Strength of a people. So for us to be able
to leverage the games that we've seen by having more
African Americans go to college and become professionals and start
businesses and create wealth. For us to keep up as
a people with the ever expanding marketplace, we need systems
by which we can pool our resources.
Speaker 6 (24:37):
And there's no better way to do that than a
bank and a bank that is being able to reach
you no matter where you are.
Speaker 3 (24:44):
You can go into your Apple store or your Google
your Android store right now, and you can download the app,
and you can open an account. You can get a
redemption bank card, you can depolish your money and join
in a nationwide movement of people who understand this moment
is critical, the moment that we can show the world
that we can come together leverage our resources provide economic
(25:08):
opportunity for entrepreneurs who or the lifeline of America as
well as our community people who are coming up with
the next best idea.
Speaker 6 (25:15):
Whether you're a gig economy, gen xer or millennial, and
you're coming up with an idea and you're looking for
somebody to partner with you, what better place to look
than writing your own community. This is our way of
tying together the diaspora all across this country, being able
to say this is an institution. They could be a
platform by which we all chase our dreams together, and
(25:36):
we can do so in a way that we know
as ethical, that we know is out of abundance, and
with our allies as well, who truly believe that supporting
our community is more than just lip service for people
being willing to invest their time, their treasure or talent
and to the future of what we know is possible,
and that is a country where everybody who has a
(25:56):
good idea should be able to find funding for that
good idea. We haven't gotten it yet, but redemption puts
us on the path forward.
Speaker 4 (26:03):
I love that, mister Comer.
Speaker 5 (26:05):
Another thing is that allieship doesn't have to be purely philanthropic.
I think the fact that this is a commercial enterprise,
the fact that you had a group of black leaders
build a financial institution that has support from what some
might have not thought traditional allies who believed in the vision,
(26:28):
who believed in the leadership and said I want to
be a part of this because of the impact it has,
but also because it's a good business decision, and I
think as we continue to think about how we grow
and scale our companies, to Ashley's point.
Speaker 3 (26:43):
This is a great model.
Speaker 5 (26:45):
This shows that in a time where there's so much divisiveness,
that this is something that people can rally behind, that
we can truly bring together people from all walks of life,
from different socio economic backgrounds. We had investors who are
extremely wealthy to those who just said I want to
put in a small check because I want to be
(27:05):
a part of this movement, and also because I believe
it will be successful. So I think this truly is
a beacon of open a time where people are looking
for something that this country can come together and hopefully
the results in the impact that we have as well
as returns that we provide for all of those who
believe their redemption will in fact truly be a part
of this country's redemptive story.
Speaker 4 (27:27):
I love that, and Doctor King, we'll close out with you.
Speaker 3 (27:30):
You know.
Speaker 2 (27:31):
I'm thinking about a couple of things. One, this truly
is a story of redemption. Back in the seventies, the
leader of the Latter day Saints Church made a statement
that there was nothing redeemable about black people. And you
fast forward Redemption Bank. As investors that are from the
(27:52):
Latter Day Saints Church. You can't make this up. So
it signals to me that what we are doing is
its purposeful, it's divine, it's needed, and more importantly, it
reflects the Blood community. My father talked about the dream
of sitting together at the table of brotherhood, sisterhood, the
(28:12):
opportunity for people from all walks of life to grow
together in this banking world, to show the world that
we can have institutions that happen to be black, homeed,
that do well, do good, and can provide the same
opportunities as other banks, but also has a grounding in
(28:33):
ensuring that we do our best to help people do
well in this world. And then all of us, you know,
come up together. So I'm honored to be a part
of it. And I hope people will join us in
whatever way they can as we continue to provide other opportunities.
I'm here predominantly because I believe God placed me here
(28:56):
because I believe in the vision of Ashley Bell and
what he brought to the table, and really the heart
and soul of a commitment to overcoming this wealth gap
and giving people real opportunities to feel their dreams, to
do things with their families that maybe they've never been
able to do. So thank you for the opportunity for
(29:19):
us to have this conversation.
Speaker 5 (29:20):
With you to day.
Speaker 1 (29:21):
Well that does it for this month's Leading While Black.
We thank doctor Bernie is King, mister Ashley Bell, and
mister Brandon Comer for speaking with us for this month's program.
If you liked to learn more about Redemption Bank or
open an account with them, check them out at Redemption
bank dot com. And thank you for joining us for
Leading while Black. I'm Andrea Coleman. This is a Black
Information Network Home, a Black News First
Coming up on Leading Wile Black.
Speaker 2 (00:02):
A lot of people when they think about my father's legacy,
they predominantly focus on racial justice. They don't realize that
there was an arm of the Southern Christian Leadership Conference
that focused on economic justice.
Speaker 1 (00:20):
A daughter of the civil rights movement is helping forge
new economic opportunities for Black Americans and others in a
historic and pioneering way from.
Speaker 3 (00:29):
The private sector to public life. These are the people
making a difference in the Black community.
Speaker 1 (00:34):
They are Leading Wild Black.
Speaker 4 (00:36):
On the Black Information Network.
Speaker 1 (00:39):
Hello, and welcome to this month's Leading Wile Black, the
Black Information Networks monthly program dedicated to showcasing black leaders
working to advance the well being of Black Americans. I'm
Andrea Coleman. Last year, Redemption Bank, a black owned holding company,
acquired a bank in Holiday, Utah. The acquisition was historic
as it created the first black back owned bank to
(01:00):
be located in the entire western region of the United States.
And our conversation today, we're here from Ashley Bell, the
former White House policy advisor during President Trump's first term
who serves as a company CEO and chairman of the board.
The Reverend doctor Bernice King, youngest daughter of the late
civil rights leaders doctor Martin Luther King Junior, and Coretta
Scott King, who serves as senior vice president of corporate
(01:22):
Strategy and is an advisory board member, and Brendan Comer,
one of the bank's bounding investors. Together they help us
understand how Redemption Bank, with sixty five million dollars in assets,
moves the needle forward for Black advancement and progress.
Speaker 4 (01:37):
So as we get under way, if you will, for
our listeners, please tell us more about Redemption Bank. What
is it all about?
Speaker 3 (01:43):
Redemption Bank is historic in nature. It is the first
time in American history that we've had African American civil
rights leaders, entrepreneurs, activists, and professionals come together to really,
in a great act of self determination to purchase a
bank that is was not African American owned and was
(02:03):
located in Utah. It's the first acquisition of what you
would consider a white owned bank by black professionals and
investors in American history. And in that we've set the
course for a new path of access to capital, one
that allows us to leverage not only the talent and
(02:26):
the wealth inside the Black community, but also deliverage the
talent and wealth of others outside of our community who
are allied with our mission and vision of creating a
or equitable country by allowing everyone to have access to
the American dream. We fundamentally, you know, I've seen in
our country and the credit is like water. Where it flows,
(02:48):
opportunity grows, and we see redemption as a new speakert
of hope and opportunity to allow that water to reach
places and spaces that historically have been marginalized.
Speaker 4 (02:58):
Yeah, that's really tremendous what brought you all together, Like
when you say Utah, for many of us, we may
not quite know where that is on the American map.
I grew up actually in a small town in Texas,
so I know the stretch that you all are covering
and where it is. But for our listeners who may
not understand just a dearth of black owned businesses in
(03:19):
that area and stretch of the country. Put it in perspective.
For us, I mean, this really is kind of like uh,
charting new territory.
Speaker 3 (03:27):
It's definitely entrepreneurial and pioneeristic in nature. You know, doctor
King and I in Atlanta, and Brandon's from here in Indiana,
so you know, we can understand you know, Utah was
not an not Bengo car to places. We thought we
would probably start a business alone a bank at some point,
but you know, the location of the bank is more
(03:48):
relevant because of the vision for the bank. You know,
our vision is to be Black Bank two point zero,
the next generation of black owned bank, meaning that you
have the opportunity to reach everyone where they are. And
Utah is the best state for banks in the country.
So we went there very strategically. When you look at
(04:08):
unsecured lending in itself, you know, we did our research
and it was not lost on us that, you know,
American Express headquarters is in Utah, that most of your
student loan companies were with thousands of our people are
paying student loans. Those companies are based out of Utah.
Goldman Sachs second biggest office outside of New York cities
(04:30):
in Utah. And when you look at you know, all
those all that wealth accumulating, the questions why and so
we understood that from a regulatory perspective for everyday listeners,
that just means that that place is really friendly to
banks and to lending, and that's what we need. We
need that flexibility and that friendliness in order to create
(04:51):
ways of which we can reach at least the last
and left behind. But also, you know, our aim is
really entrepreneurs. So when we talk about why we're doing
in this, our goal is to reach the people who
are taking your risk every day in our communities on
other people. So, you know, it's it's sort of capital
One is has their slogan of you know what's in
your wallet for us is who are you banking on?
(05:13):
Who do you wake up every day banking on? It's
going to help make your community better? Is it teachers?
Is it preachers? Is it? Is it union workers? Is
it the local uh uh? You know repair shop? Is
it a local restaurant that gets has your best food?
Whoever that is who's taking a risk. You know, we
want to take a risk on them. And so we're
building redemption for people who are building enterprises that are
(05:36):
creating jobs and are promoting the real equity in our
community by creating wealth. And they need us to be
as available and as flexible as possible. And you talk
provises us that opportunity that's tremendous.
Speaker 4 (05:48):
And you're saying that, you know, brings up an important topic,
especially right now this past year has been extremely challenging
for a lot of Black Americans and others, but in
particular Black women and people who have found themselves now
displaced out of the job market and are almost being
forced to find a pivot because the job market is
(06:10):
shrinking at such a large rate. What resources does Redemption
Bank offer for anyone who's looking to make a pivot,
who is exploring entrepreneurship and maybe actually a little cautious
because it takes such capital and investment and assistance to
get started and actually be able to survive.
Speaker 3 (06:29):
You know, this is something that we've all talked about,
doctor King, and I've talked about Brandon. You may want
to jump in here and maybe take a look at
how we address that through our guaranteed lending programs.
Speaker 5 (06:39):
No, absolutely, And as you hit on wealth accumulation at
the heart of it, right, I think, as we think
about the fact that the income gap has continued to shrink,
but the wealth gap has continued to widen, we know
that entrepreneurship is certainly one of the greatest ways in
which our communities accumulate wealth, and that's not lost our
(07:00):
so as we focus on entrepreneurs it was paramount that
we have a full in house SBA program, one of
the only nbas in the country to have such, and
with that is not only a focus on making sure
that the entrepreneurs have the capital to not only start
a business or to grow and expand it, but to
(07:21):
have a technical assistance to ensure that they can survive.
We lose a number of our companies every time there's
an economic downturn, so making sure that they're a adequately capitalized
and then also connecting them with the opportunity you know,
is truly essential. So you know, from a service standpoint,
we ensure that we understand what the businesses need when
ensure that they have access to capital that they need
(07:44):
in order to grow and to expand to create jobs
within the community. But then it also creates a network
amongst the redemption family that expands their access to opportunities
to help them grow revenue. Because we have so many
tremendous black owned businesses in the country and a lot
of them just fail to scale, and it's both at
(08:06):
opportunity and capital. There are typically the prohibitors of those,
so we try to ensure that we eliminate those barriers
within the redemption formal.
Speaker 4 (08:15):
That's really good. If we keep talking about you being
located in Utah, but you're a digital first institution, what
does that mean and how might that expand your reach
for people who are outside the area that we've mentioned before.
Speaker 5 (08:28):
Yeah, from a technology standpoint, I think people bank and
they view how they access capital opportunity very differently. And
so when we think about being digitally for people want
to be able to have ease of access through their
mobile or you know, or online, and so it's a
increasing that tech stack to make sure that we're providing
(08:51):
as great if not a greater experience you know, to customers,
but then also thinking about the way in which they
process payments and making sure that we have partnerships that
are digitally for it and aren't just you know, aren't
just relying upon the historic you know, systems, if you will,
and which people interact and in which they engage in commerce,
(09:13):
but that we have the infrastructure and the relationships on
a go forward basis that will provide that eas of
efficiency and execution.
Speaker 2 (09:23):
Doctor King, I want to bring you in. I just
wanted to just for the listener's sake, that anybody can
download their app and they can open an account because
people ask me all the time, cannot open an account
with your bank even though it's in utilize that. Yeah,
you can open an account because we do have that
digital access.
Speaker 1 (09:42):
On If you're just joining us, you are listening to
Leading While Black, the Black Information Networks monthly program spotlighting
Black leaders in the various bills and industries of America.
I'm Andrea Coleman. This month, we're looking at Redemption Bank,
a new Minority Depository Institution or MDI that has opened
the first black owned bank in the Rocky Mountain region
of America. As we continue our conversation with Ashley Bell,
(10:05):
it's founding CEO and chairman of the board, doctor Bernice King,
it's senior vice president of corporate Strategy, and Brandon Comer,
a founding investor in the venture, we explore the unique
hope and perspective black owned financial institutions offer our community.
Speaker 4 (10:20):
Doctor King, I read an article you are quoted as
saying this represents and reflects a kind of economic equality
your father dreamed of. Expound on that for us a
little bit, if you will.
Speaker 2 (10:31):
A lot of people when they think about my father's legacy,
they predominantly focus on racial justice. They don't realize that
there was an arm of the Southern Christian Leadership Conference
and focused on economic justice, which entailed access and equity.
(10:52):
And on the night that he was assassinated, in fact,
he called for the people there Memphis, because there wasn't
a black banking Memphis at the time, to move their
accounts to the Black bank in Memphis, so essentially called
for a banking. When they were working through operational bread basket,
(11:13):
that economic arm, they often challenged corporations who were doing
business in the African American community, black community to open
accounts in the black community because again, providing that access
and that opportunity to the black community was critical to
my father and his work. He was focused on fighting
(11:37):
against what he called the triple He was of poverty, racism,
and militarism, and he wanted to make sure that there
was an economic playing field for African Americans, not just
to be able to coming to a launch counter or
city of launch counter, but that you can afford it,
which means you have to have certain opportunities to capital.
(12:00):
You know, he didn't just want us to rent homes.
He wanted us to be able to own homes because
he understood the importance of building well and so thank
you for asking that question because a lot of people
don't know the connection with my father. My grandfather, Martin
Luther King Senior, actually was one of the I won't
(12:23):
say initial board members, but he was an early board
member of one of the African American banks that still
stands today, Citizens Trust Bank here in Atlanta, one of
the strong board members and stockholders, and passed on some
of their stock to his grandchildren. So this has been
a part of our life, and you know, fighting for
(12:44):
economic equity and ensuring that all people can share in
the wealth of the earth, and certainly being able to
have be a part of the bank does that has
a serious commitment to that is a reflection of the
continuation of my father's and mother's I would say legacy,
that's right.
Speaker 4 (13:02):
But let me also ask, and I'm not certain who
would best be the one to respond or you all can,
but when looking at the black community and the restrictions
that one we've overcome and now seems to be on
the verge of revisiting in some way, why are institutions
like Redemption Bank critical that we have as we look
for pathways forward?
Speaker 2 (13:23):
Well, I can start off and let them speak further.
You know, when you think about everything that has been
going on, the banks have been the only institutions that
haven't been hit that way. The MBIs. I think we
all know the importance and I say all, I think
people across the board in this country understand the importance
(13:46):
of having banks that are community centric. You know, most
of the black banks in the country are community centric.
They're focused on, you know, ensuring there's access and not
just access that there's also financial tools available to educate
the community as well. And so it's very important now
(14:07):
because we have an opportunity to really make a difference,
especially with our bank being the only one that houses
SBA and doing those loans and being sensitive to where
we are as a nation and getting that opportunity to
be able to finance, you know, your business and do well.
But we also want to come alongside and provide some
(14:28):
of those other financial resources so that people not only
get the access to the capital to build their businesses,
but they also have those financial tools that are necessary
to be, as you said earlier, to scale and also
to be successful.
Speaker 4 (14:40):
So yeah, that's very good.
Speaker 5 (14:42):
Yeah, No, I think doctor King answered that perfectly. You know,
when you think about when you are experiencing a potential
hardship and you sit across the table from someone who
has a shared perspective or someone who's not looking to
say a quick note, but try to figure out how
to get to Yes, you know who wants to see
(15:03):
you succeed. And that doesn't mean that the bank takes
on additional risk. It just means that they do the
extra work to help you get to the point where
you're an institution and your a viable entity that they
can bet on. And it's a double bottom line perspective
because it's not just about financial returns to redemption. It's
about what is our impact to the community. You know,
(15:24):
how are we utilizing our capital to help people grow?
And so I think when you just work with an
institution that shares your values and that's something that you know,
Ashley says all the time. You know, are you banking
your values? You know soins we talk to, you know,
your listeners who truly care about, you know, the black community.
Are you working with financial institutions that share that same
(15:47):
level of care? And how are you ensuring that your
dollars are being put to work even as you're not
working to further enhance the entities that you care most about.
Speaker 3 (15:58):
And I think that just to bring that a you know,
it starts with doctor King's father's speech about the bank
end movement. The reason behind that was that we understood
that we were not at our strongest by having our
money in banks that did not have our interest. And
still to this day, if you are black in America
and you're on social media, every one of us, at
(16:20):
least once a year for the last ten years has
had something on our timeline showing us telling us that
there's a bank that we know by name that has
been put under federal consent to career, have been fined
for discriminating against black business owners and black people trying
to get access to affordable housing and mortgages. You see it.
You know it still exists. It is still prevalent in
today's society. And what has been shown its consistent, is
(16:44):
that the average bank gives approved loans in the forties
for black people and black banks approved loans for black
people in the eighties it is twice as high. And
the reason is that, you know, we're all the banks.
You have the same technically, so we're using the same rules.
The one thing you know is that when you're going
to a black bank, that you're not going to be
denied access to capital because of your race. And you
(17:06):
also have to look on the flip side of that
is that if you are supporting a bank that is
historically denied access to your own people, then you know
that you are actually funding the very oppression that we're
looking to get ourselves out from under. So this gives
us as an opportunity one to support each other by
putting your deposits in a black bank where it's redemption
or anybody else, and by putting your deposits in the bank.
(17:29):
And if you're an ally listening to this and you're
not black and you want to be supported by putting
your money in a black bank that's eligible to be
leveraged to support that growth and this in the world,
we've seen the end of what many will call the
Black Lives Matter era, which you know, I think many
would say was the gallatry von Martin and could be
punctuated with the last selection. When we look back at
(17:51):
that era and ask ourselves, as we did as we
look back at the sixties, what did we gain? What
was some of the big opportunities for us to move
the conversation and the progress of the people forward. You know,
we had a lot of people make a lot of promises,
and those promises weren't kept, and we realized that the
only thing that will matter will be the institutions that
(18:13):
we built during that time. And then we can look
back on decades later and say, those institutions stood the
test of time, and our interests are more important than
the popularity that America seems to have with our last
martyrs and is popularity. George Floyd faded, so did DEI,
and so did all the resources that were dedicated to
black folks. And so this gives us a chance to
(18:35):
look back at that and say, look, we started redemption
in the middle of a movement, and it'll outlast that time.
It'll be something we can look at as a growing
concern positively in the black community, providing opportunity for generations
to come.
Speaker 1 (18:47):
Thank you for tuning in this Easter Sunday. This is
the Black Information Networks Leading While Black. Our monthly program
shines a light on black leaders working to advance the
well being of the black community. I'm Andrea Coleman. This month,
Bell Reverend doctor Bernice King and Brandon Comber are our
focus as they're leading a historic new banking venture in
the Western United States. While physically located in Utah, Redemption
(19:10):
Bank provides services for people around the world. Here's more
on how we can help this new black owned institution thrive.
Speaker 4 (19:17):
Mister Comber, you had mentioned that at one time there
were one hundred and forty black owned or black led
banks in America and that has dwindled down now to
a close to twenty. What do people who want to
see Redemption Bank succeed need to do to ensure your success?
Speaker 5 (19:34):
Yeah, I think people who want to see the bank
succeed need to want, as Ashley mentioned, great a depository
relationship with the bank not as critical. Those are the
dollars that we're able to then use and lend out
to the entrepreneurs to and not just within the black community,
but beyond. I think we are a great black owned
bank that certainly is intentional about service in the black community.
(19:57):
Our efforts certainly go well beyond that. So creating a
depository relationship and then b as you start that business,
as you grow that business, consider Redemption for your credit
needs and not just because we'll give you a great
market rate, but because you'll have a partner. And I
think Black Americans have typically used financial institutions not as
(20:21):
true partners, meaning you don't just go when you need
the loan, you actually go, You build the relationship, and
you grow with that financial institution, so as you have
additional needs, we know we can be there, we can
support you. And then also one of the things I
think we've sort of demystified is the fact that we
can actually service these larger corporations as well. That's something
(20:44):
we were very intentional about from the onset as we
started doing work with NBBF and our syndicated loans. When
we did with the Atlanta Hawks, we took ten black
banks and financed their player development facility, making it the
first professional sports facility in the country finance with all
black capital. We showed that as financial institutions, we could
(21:04):
punch way above our weight class. So we're not just
servicing small businesses and the small entrepreneurs, but we're also
a great option for middle market businesses and those entities
who will do business that they normally do or just
want to change the universe entities that they do it with.
So it's also a reach out to larger corporations to
(21:27):
say we're a great option for you as well. If
you want to hit your double bottom line and execute
business the way you normally do, but have an impact
on community, they consider working with Redemption.
Speaker 4 (21:39):
That absolutely.
Speaker 2 (21:41):
Just as one who is bank black most of my
adult life, there's a tendency to walk away when something
bad happens or negative happens, and I think it's important
that people share with us, you know, whatever it is
that they are disappointed in, and grow with us. I mean,
(22:02):
I think the word he used just a minute ago
was grow. I've made a declaration that I'm going to
support and that means I'm going to go with you
through the seasons that are difficult and share whatever it
is I need to share so that the bank has
an opportunity to improve whatever that is that you are
speaking about. So I do want to say that from
(22:24):
a practical standpoint, because what happens once we have a
bad experience, we just walk away, and you know, especially
in the black community, we do that very quickly. So
I'm going to say stick with Redemption because we are
at the heart and soul committed, you know, to your
growth and hope that you can be committed to our
(22:44):
growth as well.
Speaker 4 (22:46):
Yeah, that's very good. I know we're getting close to
our hart stop. So I want to give each of
you an opportunity if there's anything more that you'd like
to add. I would like to talk if I could,
for just a moment to doctor King before you get
off the phone, just a little bit about your presence
as a nationally recognized an internationally recognizable rights leader of today.
(23:08):
Why your presence with this institution carries or could carry
a lot of hope for others. So I don't know
how we divvy up the last minutes of our time together,
but if you could, I guess anybody who has anything
more to add please do than Doctor King, if you
would close us out with an understanding of what you're
(23:28):
hoping your presence and your participation and Redemption Bank will
offer to people who are looking and wanting it to succeed.
Speaker 6 (23:36):
Well, I think it's important for us to have examples
that we can adjust to the times, and that we
can strategically as the people, pull together our resources and
continuously find ways to not only survive, but to thrive.
We live in a world where the Black community no
longer in the heart of black economic space still, you know,
(23:59):
doesn't particularly reside anymore right off market. With the King
Junior Drive, we see people moving all over the place
and moving the suburbs, and they're chasing jobs anywhere that
can find the opportunity. And because of that, even more so,
a digital presence is needed to pull together the entire economic.
Speaker 3 (24:17):
Strength of a people. So for us to be able
to leverage the games that we've seen by having more
African Americans go to college and become professionals and start
businesses and create wealth. For us to keep up as
a people with the ever expanding marketplace, we need systems
by which we can pool our resources.
Speaker 6 (24:37):
And there's no better way to do that than a
bank and a bank that is being able to reach
you no matter where you are.
Speaker 3 (24:44):
You can go into your Apple store or your Google
your Android store right now, and you can download the app,
and you can open an account. You can get a
redemption bank card, you can depolish your money and join
in a nationwide movement of people who understand this moment
is critical, the moment that we can show the world
that we can come together leverage our resources provide economic
(25:08):
opportunity for entrepreneurs who or the lifeline of America as
well as our community people who are coming up with
the next best idea.
Speaker 6 (25:15):
Whether you're a gig economy, gen xer or millennial, and
you're coming up with an idea and you're looking for
somebody to partner with you, what better place to look
than writing your own community. This is our way of
tying together the diaspora all across this country, being able
to say this is an institution. They could be a
platform by which we all chase our dreams together, and
(25:36):
we can do so in a way that we know
as ethical, that we know is out of abundance, and
with our allies as well, who truly believe that supporting
our community is more than just lip service for people
being willing to invest their time, their treasure or talent
and to the future of what we know is possible,
and that is a country where everybody who has a
(25:56):
good idea should be able to find funding for that
good idea. We haven't gotten it yet, but redemption puts
us on the path forward.
Speaker 4 (26:03):
I love that, mister Comer.
Speaker 5 (26:05):
Another thing is that allieship doesn't have to be purely philanthropic.
I think the fact that this is a commercial enterprise,
the fact that you had a group of black leaders
build a financial institution that has support from what some
might have not thought traditional allies who believed in the vision,
(26:28):
who believed in the leadership and said I want to
be a part of this because of the impact it has,
but also because it's a good business decision, and I
think as we continue to think about how we grow
and scale our companies, to Ashley's point.
Speaker 3 (26:43):
This is a great model.
Speaker 5 (26:45):
This shows that in a time where there's so much divisiveness,
that this is something that people can rally behind, that
we can truly bring together people from all walks of life,
from different socio economic backgrounds. We had investors who are
extremely wealthy to those who just said I want to
put in a small check because I want to be
(27:05):
a part of this movement, and also because I believe
it will be successful. So I think this truly is
a beacon of open a time where people are looking
for something that this country can come together and hopefully
the results in the impact that we have as well
as returns that we provide for all of those who
believe their redemption will in fact truly be a part
of this country's redemptive story.
Speaker 4 (27:27):
I love that, and Doctor King, we'll close out with you.
Speaker 3 (27:30):
You know.
Speaker 2 (27:31):
I'm thinking about a couple of things. One, this truly
is a story of redemption. Back in the seventies, the
leader of the Latter day Saints Church made a statement
that there was nothing redeemable about black people. And you
fast forward Redemption Bank. As investors that are from the
(27:52):
Latter Day Saints Church. You can't make this up. So
it signals to me that what we are doing is
its purposeful, it's divine, it's needed, and more importantly, it
reflects the Blood community. My father talked about the dream
of sitting together at the table of brotherhood, sisterhood, the
(28:12):
opportunity for people from all walks of life to grow
together in this banking world, to show the world that
we can have institutions that happen to be black, homeed,
that do well, do good, and can provide the same
opportunities as other banks, but also has a grounding in
(28:33):
ensuring that we do our best to help people do
well in this world. And then all of us, you know,
come up together. So I'm honored to be a part
of it. And I hope people will join us in
whatever way they can as we continue to provide other opportunities.
I'm here predominantly because I believe God placed me here
(28:56):
because I believe in the vision of Ashley Bell and
what he brought to the table, and really the heart
and soul of a commitment to overcoming this wealth gap
and giving people real opportunities to feel their dreams, to
do things with their families that maybe they've never been
able to do. So thank you for the opportunity for
(29:19):
us to have this conversation.
Speaker 5 (29:20):
With you to day.
Speaker 1 (29:21):
Well that does it for this month's Leading While Black.
We thank doctor Bernie is King, mister Ashley Bell, and
mister Brandon Comer for speaking with us for this month's program.
If you liked to learn more about Redemption Bank or
open an account with them, check them out at Redemption
bank dot com. And thank you for joining us for
Leading while Black. I'm Andrea Coleman. This is a Black
Information Network Home, a Black News First
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Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by Audiochuck Media Company.