Generations Community Bank, Indiana’s First Minority Depository Institution, Opens In Indianapolis With $29M In Backing

A new bank has opened in Indianapolis that will center on underserved communities.

Generations Community Bank, an effort led by Evansville, IN-based Old National Bank, has opened its doors in Indianapolis, specifically in the Indy Health District, at 2110 N. Illinois St., after four years. According to BizVoice Magazine, the startup bank aims to close longstanding gaps in access to capital for minority, low-income, and underserved communities. Its offerings will include small-business lending, home financing, and community-focused development designed to support financial stability and wealth.

“At Generations Community Bank, we want to listen to our customers, explain things, educate and collaborate, so the people we’re serving have the resources they haven’t had before. That’s how we plan to stay proximate to the communities we serve,” Generations Community Bank President and CEO Al London told the outlet.

The bank marks Indiana’s first Minority Depository Institution (MDI), giving it access to distinct federal funding opportunities, training, and technical services, according to Axios. As an MDI, Generations Community Bank is at least 51% minority-owned or serves a majority-minority community, with a board that is at least 51% minority, per the Indianapolis Reporter.

Generations Community Bank has raised $29 million in startup funding from 67 investors, including more than a dozen banks, the outlet reports.

In addition to Old National, several other banks investing in the bank’s vision include Lake City Bank, Community First Bank, First Farmers (Converse), North Salem Bank, 1st Source Bank, First Financial, Greenfield Banking Company, Merchants Bank, and Centier Bank, among others, per BizVoice Magazine.

“Having 12 other banks investing in this says a lot about the banking community in Indiana,” London said, according to the outlet. “For those banks to have this vision … that deserves a lot of public praise.”

Rafael Sanchez, chief impact officer and Indianapolis market president for Old National and a Generations board member, commented:

“We’re not creating a competitor; we’re creating a partner. We’re treading on new ground. I never in my wildest dream thought there would be 13 banks involved. The fact that so many came rushing to be a part of this is reflective of the DNA of Hoosiers and Hoosier-minded people. There’s a real spirit of collaboration. We said for this initiative, we’re all going to work together. It’s that important.”

The bank is already preparing to expand to its next location, which will be within the Arthur Baxter YMCA, 7900 Shelby St., Indianapolis, IN.

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The post Generations Community Bank, Indiana’s First Minority Depository Institution, Opens In Indianapolis With $29M In Backing appeared first on AfroTech.