April 28, 2026
Generations Community Bank will be the 155th MDI bank in the United States.
Two branches of Indiana’s first minority depository institutions are opening in Indianapolis. In an effort led by Evansville-based Old National Bank, Generations Community Bank is also the first-of-its-kind collaboration.
According to BizJournal, this Minority Depository Institution (MDI) is a collaboration between communities, corporations, and banks. Generations Community Bank will serve minority, low-income, and underserved communities by providing crucial financial services, addressing historical inequities, and fostering economic opportunities where mainstream banks fall short.
Now that it’s open, Generations will be the 155th MDI bank in the United States.
“Generations Community Bank has a separate board, charter, and CEO,” Rafael Sanchez, chief impact officer and market president for Old National, told the publication. “Generations is a completely separate institution. We’re just helping get it organized and started.”
The bank has been four years in the making, following Old National Chairman and CEO Jim Ryan’s discussion of getting involved in an MDI. After researching MDIs for nearly a year, Ryan decided to move forward with building one in his own community rather than elsewhere.
Financial industry veteran Al London will serve as president and CEO of Generations. So, the bank has been well-received by the community and investors alike. Bank leaders have raised $29 million in startup capital. The original goal was $24 million.
Twelve other banks from Indiana have joined Generations Community Bank as investors, along with Old National. The other banks include Lake City Bank, Community Bank, First Farmers, North Salem Bank, First Financial, and more.
“We’re not here to reinvent banking. We’re here to give the people the tools and resources they need to experience financial success,” London said.
One branch will be located at 2110 N. Illinois Street, a former Indianapolis Power and Light facility just north of downtown Indianapolis. The other branch is opening at 7900 Shelby Street, inside the Arthur Baxter YMCA on Indianapolis’s south side.
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