Indiana’s first Minority Depository Institution bank to help drive economic mobility for all Hoosiers
INDIANAPOLIS, IND. – Generations Community Bank, Indiana’s first Minority Depository Institution (MDI) bank, celebrated the launch of two banking centers in Indianapolis with a grand opening at its headquarters at 2110 N. Illinois Street. The event took place Thursday, April 23 at 10 a.m. ET, with appearances by:
- Joe Hogsett, Mayor of Indianapolis
- Al London, Generations Community Bank CEO
- Jim Ryan, Old National Bank Chairman & CEO
- Rafael Sanchez, Old National Chief Impact Officer, Indianapolis Market President and Generations Board Member
- Maggie Lewis, Indianapolis City-County Council President
- Bob Jones, Generations Community Bank Board Chair
- Jamal L. Smith, IU Health District Executive Director
- Tammy Baker & Phil Votaw, Near North Development Corp. Partners
- Neil Wilcox & Nicole Valentin-Smith, FISERV
The first of its kind in Indiana, Generations Community Bank is a local, full-service FDIC-insured bank that is mission-driven and will aim to support the entire community, with a special focus on the needs of underrepresented businesses and the underserved communities in Indianapolis. Open to all clients, the bank offers personal and business checking and savings accounts, certificates of deposit, and a range of lending options — including small business loans, and automobile loans — along with other products and services tailored to the needs of its communities.
“Our Generations Community Bank team is humbled and honored to introduce the first MDI bank in Indiana history to the great community of Indianapolis,” said Generations CEO Al London. “We look forward to doing our part to drive economic development, economic mobility, and job creation by helping individuals and families achieve homeownership, build wealth and achieve their financial dreams for generations to come.”
The federal government established the MDI designation in 1989 to offer safe, fair and affordable financial services to individuals and communities who may otherwise lack access. Led by Chief Impact Officer Rafael Sanchez, Old National Bank took a lead role in helping to launch Generations Community Bank, including working to gain regulatory approval and raise capital for the venture.
“Old National Bank is proud to serve as a partner and source of initial funding for Generations Community Bank,” said Old National Chairman & CEO Jim Ryan. “As the largest bank headquartered in the Hoosier state, we are thrilled to support Generations’ mission to drive economic growth and upward mobility for traditionally underserved individuals, families, and communities.”
With two branches in Indianapolis – at 2110 N. Illinois Street, and inside the Baxter YMCA at 7900 Shelby Street – Generations Community Bank will operate as a for-profit institution and not a subsidiary of any other financial institution. In addition to Old National Bank, 12 other financial institutions and 55 additional investors contributed to the bank’s initial capital funding.
Mission-driven to address financial inequity
Generations Community Bank will provide underrepresented businesses with tailored financial solutions, enabling entrepreneurs from diverse backgrounds to reduce reliance on personal savings and credit cards as they establish and grow their businesses. By supporting entrepreneurship and business growth, Generations Community Bank will contribute to economic vitality, job creation and wealth generation at the local level.
“Generations Community Bank is a true community bank with a mission to create economic mobility and viability for all Hoosiers,” Sanchez says. “Generations’ FDIC-insured financial products and services are specifically designed to address the challenges faced by underrepresented businesses and underserved individuals.”
For additional information on Generations Community Bank visit mygc.bank.
ABOUT GENERATIONS COMMUNITY BANK
Generations Community Bank is a state-chartered community bank headquartered in Indianapolis, Indiana. Founded in 2026 and designated as a Minority Depository Institution (MDI) by the FDIC, the bank provides consumer and small-business banking services to all Indiana communities with a heightened focus on communities that have been historically overlooked and underserved. Generations Community Bank is committed to facilitating economic growth, upward mobility, and wealth-building in these communities for generations to come. Member FDIC. For more information visit mygc.bank.
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