Modern Banking and Local Heritage

In a world where mobile banking is the norm, many young individuals have little experience with traditional bank branches.

“Once a quarter, my mom takes me to the Holiday Bank for things like ordering new checks,” Amott, a former executive at PreSavation Utah, recalled in an email. “I didn’t mind these visits—mainly because the teller always gave me a lollipop before we left.”

Holladay Bank & Trust, established in Holladay fifty years ago, was acquired by Redemption Bank in June, making it the first black-owned bank in the Rockies.

Bank founder Ronald N. Splatling Jr. and his daughter Katie, who has been the president since 2010, are committed to community-focused services, valuing the heritage that comes with new ownership.

“We were the most unique bank of all time, and I believe we still are,” said Ronald Splatling Jr.

Prior to founding Holladay Bank & Trust, Ronald Jr. served on the National Bank’s Advisory Board, where he frequently encountered loan applications from “good people” in a “trustworthy” community that were regrettably turned down.

“In many cases, these were small loans,” he explained. The bank had strict requirements, stating they wouldn’t accept applications that fell outside certain minimums for different types of loans.

Ronald Jr. wanted to attract clientele that other banks overlooked. “I was aiming for people who needed help but couldn’t find it elsewhere,” he said.

Taking a Chance

Ronald N. Splatling Sr., the founder’s father, owned one of the area’s largest businesses, Holiday Lumber, and attempted to open a bank in the 1960s.

In 1972, Ronald Jr. approached W. Smoot Brimhall, then the head of the state financial institution, seeking approval to start Holladay Bank. He initially needed between $500,000 and $1 million in capital.

Brimhall, a community banker who was sympathetic to Ronald Jr.’s vision, eventually supported the proposal despite regulatory challenges, advising him that if he showed losses in the first year, he’d have to raise additional funds.

“He told me, ‘I’m sticking my neck out for you,’” Ronald Jr. recalled. “My staff thought we should stick to a million dollars, so please show me you can do it.”

For the first five years, Ronald Jr. worked without a salary, taking on many roles himself. “I was president, lender, lawyer, and HR officer all rolled into one,” he said.

Ronald Jr. noted that the early board and his father supported the bank largely because they were part of the local community, and he believed this local connection made the bank stand out.

While potential investors were skeptical and some suggested he abandon the venture, Ronald Jr. adapted by reducing his investment request from $25,000 to $500, making it more accessible.

A Humble Beginning

Holiday Bank, later renamed Holladay Bank & Trust, opened in March 1974. The Salt Lake Tribune described its early home as “temporary lodging”—essentially a trailer measuring 12 feet by 50 feet. Ronald Jr. claimed it was “very long and very efficient.”

Jan Rasmussen, whose mother was the first bookkeeper, remembers the story of working in the trailer. “It was just a regular trailer where the bank operated,” she said.

Some of the older clients still reminisce about those initial days in the trailer, according to Traci Flynn, the bank’s senior loan officer.

While they worked from trailers for several months, a permanent location was established: a 5,000-square-foot building designed by local architect Ken Stevenson.

Brimhall, who initially supported the bank, participated in the ribbon-cutting ceremony for the new building, as reported by Murray Eagle at the time. Katie Splatling recalled that the ribbons were made from currency, an idea from her father, adding a unique touch to the opening.

Inside, the building boasts open spaces with large windows and soft, yellow lighting. Amott noted the architecture reflects a mid-century style that was characteristic of the times. A mural by local artist Nan Conant features Ronald Jr. and highlights moments from Holladay’s history.

By the end of its first year, the bank was operating with a small profit, thanks to word-of-mouth referrals from locals. Ronald Jr. acknowledged he played a key role in promoting the bank within the community.

In 1975, the bank exceeded $6 million in assets, according to the Tribune. By 1982, that figure had more than doubled to over $14 million.

Building Community Connections

Understanding that having a local presence wasn’t enough, Ronald Jr. focused on cultivating loyal customers.

Initially, he offered some of the highest interest rates in the area on savings accounts and IRAs—7.5% during that time—while also keeping the bank open on Saturdays, which was unorthodox for the era.

“We were the only bank open in this part of Salt Lake County on Saturdays,” Ronald Jr. said. “Most big banks closed by 3 p.m. during the week.”

In a 1978 Tribune article, he mentioned receiving pressure from a competitor—the “Big Boys”—to close on weekends.

The bank also became known for its community involvement, hosting events like barbecues and family portraits. Rasmussen shared that her father used to play piano at the bank’s Christmas parties.

Growth and Challenges

Ronald Splatling Jr. celebrated the bank’s achievements with longtime employees, including Katie, who was elevated to president in 2010. His other daughters also played key roles within the bank.

During the 2008 recession, while nine other local banks struggled due to poorly managed loans, “we were the only ones to survive,” Ronald Jr. remarked, as many closed or merged under federal oversight.

Katie noted that women played a significant role in the bank’s board prior to its acquisition in June, including Larae Orlian, the first president of women’s banks in Colorado.

Flynn emphasized Katie’s unique approach to banking, saying, “She’s not your typical hard banker. You could hear her laughter from across the lobby, it’s infectious.”

Flynn also mentioned how supportive the bank environment felt, particularly for the team. It was a welcoming space to work, especially in a male-dominated industry.

She noted the same sense of safety extended to customers. For instance, she recounted a time when operations officer Pam Attterback concernedly alerted a caller about a potential issue with their check.

“You just don’t find that kind of care everywhere,” Flynn said.

While Holladay Bank handles larger loans for construction and real estate, Flynn expressed that the most fulfilling aspect of her job is assisting small businesses, sharing a story about a loan she granted to a struggling entrepreneur.

During the pandemic, Holladay Bank was quick to approve loans under the Paycheck Protection Program, emphasizing its commitment to supporting local businesses.

From 2020 to 2021, the bank issued a total of 123 PPP loans, amounting to $7.25 million, all of which were repaid, with no signs of fraudulent activity.

Currently, the bank’s loan delinquency rate has consistently remained below 1%, reflecting its robust performance.

The acquisition by Redemption Bank signals further investment and growth opportunities for Holladay Bank & Trust, including the implementation of technology that had been set aside for strategic reasons.

Under the new ownership, both Katie Splatling and the rest of the Holladay Bank team will continue their work.

Both Ronald Jr. and Katie are looking forward to the future and are optimistic about the vision brought by Redemption Bank’s co-founder, Ashley Bell.

“Ashley’s vision for this bank aligns with my dad’s, albeit with a different perspective,” Katie Splatling said.