“I want to express my heartfelt appreciation for Jim Ryan, Rafael Sanchez, Roland Shelton, the ONB family and the Generations Community Bank Board of Directors for their unwavering support,” London added. “We truly appreciate the support we have received from other Indiana community banks who made the decision to join us on this historic journey.” De Novo The time from those initial discussions with Old National’s CEO Council to GCB’s anticipated opening will be roughly the 2.5 years it takes the average MDI to get off the ground. It was delayed by the change in presidential administration, but the Indiana Department of Financial Institutions approved the bank’s charter application on July 10, and the FDIC followed suit on Aug. 21. The final piece is to complete the bank’s initial capital raise. While Old National provided the first significant round of funding and GCB’s top executives are currently on the bank’s payroll, it will not own GCB. London could not disclose the names of additional investors but said they do have many well-known community and business leaders in the bank’s ownership group with the intention of Old National not holding more than 4.99% of Generations’ voting shares moving forward. Evan Hoffmeyer Vice President – Communications Indiana Bankers Association EHoffmeyer@indiana.bank Evan is responsible for all the IBA’s print and digital communications. He earned a bachelor’s degree from the University of the Ozarks, a master’s degree from Ball State University, the Certified Association Executive designation from the American Society of Association Executives and graduated from the IBA Leadership Development Program. Without naming specific institutions, Sanchez confirmed several community banks have signed up as investors with more expressing an interest and running through their approval processes. Assuming it is approved for MDI status, investment can count toward a bank’s Community Reinvestment Act rating even if the community the MDI serves is not in the investing bank’s assessment area. “We are excited that we have already obtained commitments from other local banks, as we think this is a great opportunity for many banks to collaborate and partner together for the betterment of our community,” London said. 1 The last Indiana de novo, according to an ABA analysis of FDIC data, was in 2008 when First Security Bank of Owensboro (KY) Inc. created Warrick Interim Bank as an intermediary as part of its acquisition of Warrick Loan and Savings Association, Boonville. (The combined institution was acquired by German American Bank, Jasper, in 2018.) Prior to that was Evansville Commerce Bank in 2006, which was acquired by Indiana Members Credit Union in 2020. 2 “Minority Depository Institutions Program: FDIC Definition of Minority Depository Institution.” Federal Deposit Insurance Corporation. https://bit.ly/FDIC-MDI 3 Owners must be U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership. Qualifying minority populations include Asian or Pacific Islander, Native American or Alaskan Native American, Hispanic American, Black or African American, and Multi-racial. Women-owned or -managed institutions were not included in the statutory definition. 4 The National Bankers Association is a trade association representing MDIs and “mission-driven banks that serve underserved and low- to moderate-income communities.” https://www.nationalbankers.org/about-us 5 “The State of MDIs 2024.” National Bankers Association. https://bit.ly/NBA-MDI2024 6 Old National Bank’s CEO Council is a 12-month program that invites roughly a dozen mid-level employees to make an impact on the organization through tackling unique business opportunities that may normally be considered above their position, all under the direct guidance of bank c-suite executives, including CEO Jim Ryan. This gives them a chance to gain and demonstrate executive‑level skills, accelerating their career advancement and allowing the bank to cultivate its next generation of senior-level talent. https://bit.ly/CEOcouncil_23-24 7 “At the Intersection of Opportunity and Need.” Dan Brown, Chris Lewis & Avery Weisel. American Bankers Association. https://bit.ly/ABA-MDI September/October 2025 15
RkJQdWJsaXNoZXIy MTg3NDExNQ==