Old National Bancorp in Evansville, Ind., is playing a leading role in an effort to form a de novo bank in Indianapolis.
Old National is part of a group organizing the proposed Generations Community Bank, which plans to become a minority depository institution and a community development financial institution. Old National is paying for the planned bank’s organizational expenses.
Generations’ top executives are currently on Old National’s payroll. “The employment agreements obligate [the executives] to devote substantially all of their time and attention as ONB employees to organizing and obtaining
regulatory approval for the bank,” the application said.
Bob Jones, who ran Old National from 2004 to 2019, is set to become Generations’ chairman. The other directors – Rafael Sanchez, Daryl Moore and Roland Shelton – are former Old National bankers.
Organizers said in their application that the bank would qualify as an MDI because a majority of its board are minorities and become the community it would serve is “predominantly minority.”
Al London, formerly area manager of business banking at Chase Bank, is set to serve as president and CEO. Veteran banker David Bratton would serve as chief financial officer and chief operating officer.
Organizers are planning to raise $24 million of initial capital.