A Black investor group announced last week that they agreed to purchase Utah-based Holladay Bank and Trust, a historic deal where an existing commercial bank would become a Black-owned Minority Depository Institution (MDI) for the first time in the United States. Redemption Holding Company (RHC) announced the plans to purchase the Utah-based bank on Feb. 28 and said in the announcement that if the plans get federal regulatory approval, the deal "will reverse a negative trend a half-century in the making for America's Black-owned banking sector." According to the announcement, the U.S. had 50 Black-owned banks across the country in 1976, but that number has dropped significantly in r
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