Indiana welcomed its first de novo bank in two decades in April as Generations Community Bank, Indianapolis, formally cut the ribbon on its headquarters. The grand opening at 2110 N. Illinois St. was held April 23 with dignitaries including Al London, the bank’s CEO; Bob Jones, the bank’s board chair; Indianapolis Mayor Joe Hogsett; and Indianapolis City-County Council President Maggie Lewis.
The twice-historic occasion also marked the opening of the state’s first Minority Depository Institution bank. The FDIC-granted designation is meant to offer safe, fair and affordable financial services to individuals and communities that may otherwise lack access. Bank leaders at the opening frequently rebranded MDI as “mission-driven institution,” emphasizing that the bank is open to the entire community, not individual populations.
The bank offers personal and business checking and savings accounts, certificates of deposit, and a range of lending options including small business loans, automobile loans and a suite of products and services tailored to the needs of its community.
Old National Bank, Evansville, provided GCB with part of its startup funding and paid GCB executives’ salaries before the new bank opened its doors, but moving forward will hold no more than 4.99% of GCB’s voting shares. At April’s grand opening, GCB executives said they had a total of 12 banks among their 67 founding shareholders. Banks interested in community development partnerships that could earn CRA credit – potentially even if GCB’s footprint is not inside your assessment area – are invited to reach out to bank leadership about deposits and loan participations.
