HOLLADAY, Utah — A Black-owned U.S. bank has launched a new debit card program designed to generate funding for direct cash assistance to single mothers living in government-subsidized housing, with supporters saying the initiative aims to help families achieve greater housing and financial stability.
Redemption Bank began offering the Bank King Card on Friday, coinciding with the Juneteenth holiday, according to the bank. Under the program, the bank will make donations tied to new card account openings, with funds directed through nonprofit organizations that provide direct financial assistance to families in need. The bank said the donations will be distributed through a foundation established to help ensure the money reaches eligible recipients.
“Bank King Card represents a new regenerative banking model that starts with investing in mothers who are a few hopeful dollars away from breaking out of poverty,” Ashley Bell, chairman and chief executive of Redemption Holding Co., said in a statement released by the bank.
The initiative comes amid ongoing concerns about economic hardship among single-parent households. A 2026 report by the Urban Institute and the Jeremiah Program found that households led by single mothers continue to face significant financial and caregiving challenges, according to the organizations.
Redemption Bank said donation amounts will be set annually by its board of directors and will not be linked to card spending. Nonprofits seeking to distribute the funds will be able to apply for grants through the foundation overseeing the program.
Supporters of direct-cash assistance programs point to existing initiatives in several U.S. states. Programs such as Ohio Mother’s Trust and Michigan’s Rx Kids have provided regular payments to mothers and families, with recipients reporting that the money helped cover housing costs, food, childcare and other necessities. Advocates say such assistance can reduce financial stress and improve household stability.
The card’s launch also marks the first anniversary of Redemption Holding Co.’s acquisition of Utah-based Holladay Bank & Trust. The transaction made the institution the first bank in the western United States to be owned by a Black-led investment group, according to the company.
Bernice A. King, a co-founder and senior vice president of the bank, said the program is intended to connect banking services with broader community support efforts.
“Economic opportunity must be practical, accessible and rooted in the needs of families,” King said. “Bank King Card is an innovative way to support that work.”
The debit card is now available, while a credit card version is expected to be introduced at a later date, according to Redemption Bank.
