GREENVILLE, S.C. – Nelson Mullins represented Redemption Holding Company (RHC), which announced on February 28, 2023 – the last day of Black History Month – its agreement to purchase Utah-based Holladay Bank and Trust, and according to the company, the first time in which an existing commercial bank would become one of the country’s 17 Black-owned Minority Depository Institutions through acquisition.
Attorneys Neil Grayson, Brian Russ, Ben Barnhill, and Mateo Hoyos, and paralegal Mary Campbell composed the deal team assisting the client in this transaction.
According to a company press release, RHC it will become the only Black-owned bank serving the Mountain West pending federal regulatory approval; this would reverse a half-century of Black bank closures and contractions. According to the FDIC, in 2020, there were only 18 Black-owned banks still operating; two years later, just 16 remained. Read more
