Minority Depository Institution Generations represents a second landmark for the state as it is also on track to be Indiana’s first Minority Depository Institution bank. MDIs are an official classification by the Federal Deposit Insurance Corporation2 for federally insured depository institutions that either (1) have 51% or more of its voting stock owned by minority individuals or (2) have a board of directors that is majority minority and serves a community that is predominantly minority.3 While there are not currently any MDI banks in Indiana, there were 152 across the country holding a combined $371 billion in assets as of March 31, 2025, including 10 in the FDIC’s Chicago region, which governs Indiana. 5 0 0 2 1 2 source: IBA analysis of FDIC data Longer-term trends among MDIs reflect the broader industry in terms of merger and acquisition activity and a lack of de novos, but since the pandemic, MDIs have been on a steady pace of growth from the number of institutions and branches to overall assets and deposits. A recent report from the National Bankers Association4 found that MDI assets grew 90% from 2014 to 2024, and 43% since the 2019/pre-pandemic era.5 MDIs are also expanding geographically, jumping from 32 states and territories in 2022-23 to 43 by year-end 2024. source: IBA analysis of FDIC data source: ABA analysis of FDIC data September/October 2025 11
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