SALT LAKE CITY — Redemption Bank, one of the few Black-owned banks in the United States, launched a debit card program on Friday, June 19, 2026, designed to direct funding toward nonprofit groups supporting single mothers living in government-subsidized housing, according to the Associated Press. The Bank King Card program was introduced on Juneteenth, with the bank saying donations tied to new card accounts will be distributed through a foundation supporting families in need.
Redemption Bank, based in Holladay, Utah, said the program is intended to connect everyday banking activity with charitable contributions. The bank said it will make fixed-amount donations based on the number of new Bank King Card accounts opened, rather than the amount customers spend using the card. The donation amounts will be determined by the bank’s board of directors, according to the company.
The initiative is focused on providing financial support through organizations that offer direct-cash assistance, according to Redemption Bank. Nonprofit groups will be able to apply for grants through a foundation created to help distribute funds, the bank said. Details on the number of families expected to receive assistance were not immediately available.
Ashley Bell, chair and chief executive of Redemption Holding Co., said the program was designed around supporting mothers facing financial challenges. “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,” Bell said, according to the Associated Press.
The program follows broader efforts by some organizations to study direct cash assistance as a tool for supporting low-income families. The Urban Institute and the Jeremiah Program reported in 2026 that households led by single mothers often face economic and caregiving challenges, according to the Associated Press. Other initiatives, including the Ohio Mother’s Trust and Michigan’s Rx Kids program, have provided direct payments to families through separate models.
Supporters of direct cash programs say recipients can use funds for needs such as food, housing costs and childcare. Chastity Lord, president and chief executive of the Jeremiah Program, said direct payments can provide families with flexibility in managing expenses. “It provides dignity,” Lord said, according to the Associated Press.
The Bank King Card launch also coincided with the one-year anniversary of Redemption Holding Co.’s acquisition of Holladay Bank & Trust, which the company said marked a milestone for its ownership structure. Bernice A. King, a co-founder and senior vice president of Redemption Bank, said the initiative was intended to support economic opportunity for families.
As of Sunday, June 21, 2026, Redemption Bank had begun offering the debit card program, while the foundation process and distribution of funds through nonprofit partners remained underway, according to the bank. Details about future participation levels and the amount of assistance provided to families remain unclear.
