One of the very few Black-owned banks in the country is unveiling a new debit card with a mission: helping single mothers who rely on government-subsidized housing find a path out of poverty.
Redemption Bank is launching the Bank King Card beginning Friday, timed to coincide with Juneteenth. For every new account opened, the Utah-based bank will donate to nonprofits that channel funds directly to families struggling to make ends meet.
Ashley Bell, chair and Chief Executive of Redemption Holding Co., described the vision behind the card: “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, and opening up America’s vaults of opportunity that have been closed to too many for too long.”
A 2026 report from the Urban Institute and the Jeremiah Program found that households headed by single mothers face widespread economic and caregiving challenges.
Redemption Bank says it will make fixed-amount contributions based on the number of new Bank King Card accounts opened. The specific donation amount will be set each year by the bank’s board of directors and will not be tied to how much cardholders spend. Nonprofits offering direct cash services would apply for grants through a specially created foundation designed to ensure the money reaches those most in need.
Bell pointed to the power of guaranteed income programs: “What we’ve seen is these guaranteed income programs have been a jolt out of poverty for women around the country, including many women of color.”
Chastity Lord, president and chief executive of the Jeremiah Program — an organization focused on improving economic mobility for single mothers — said that cash given directly to mothers and children is overwhelmingly used for essential goods and services. But she said the impact goes well beyond basic necessities.
“It provides dignity,” Lord said. “It ensures summer learning, not leaving kids at home. It increases nutrition. It allows the mom to make powerful decisions that benefit their children and their families instead of making decisions to just get by.”
A pilot program through the Ohio Mother’s Trust provided $500 per month for one year to 32 single mothers in the Columbus, Ohio area. For Juanita Amakor of Columbus, that money helped her catch up on bills and keep up with rent.
“It’s the breathing room it gives you, knowing there is something extra coming in. It relieves a lot of anxiety,” said Amakor, 36, who has a 7-year-old daughter. “This help goes a long way, even if it was for something as little as being able to take my child to the grocery store, to the clothing store.”
In Michigan, a program called Rx Kids gives pregnant women a one-time payment of $1,500, followed by $500 each month during the child’s first months of life. The initial $1,500 can go toward food, prenatal care, rent, cribs, or other necessities, while the monthly $500 can be used for formula, diapers, or childcare.
Kinea Wright and her family in Flint benefited from Rx Kids, using the funds to cover bills, diapers for her newborn daughter, and other expenses — particularly after her husband was hurt in a forklift accident at work.
“Initially, (the money) was put up for a rainy day,” said Wright, 46. “I didn’t know the rainy day would come sooner than we thought. It was a blessing in disguise.”
Redemption Holding Co. completed its purchase of Utah-based Holladay Bank & Trust one year ago, becoming the first bank in the Western United States to be owned by a Black-led investment group. At that time, Redemption Bank held roughly $65 million in assets, with a primary focus on commercial lending and small business loans.
Bernice A. King, the youngest child of the Rev. Martin Luther King Jr., is a co-founder and senior vice president of the bank. She offered her perspective on the new card’s purpose.
“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. It creates a practical opportunity for people to align their financial choices with their values while supporting mothers, children and families working toward long-term stability.”
A Bank King Card credit card is also expected to be introduced at a later date, with interest rates capped at 12%.
The Bank King Card launch falls on Juneteenth, which also marks the one-year anniversary of Redemption’s acquisition of Holladay Bank & Trust. Juneteenth — a combination of “June” and “nineteenth” — marks the day in 1865 when enslaved people in Galveston, Texas, learned of their freedom, two years after President Abraham Lincoln issued the Emancipation Proclamation. In 2021, President Joe Biden signed legislation making Juneteenth a federal holiday.
