Organizers of a proposed de novo bank in Indianapolis are one step closer to opening.
The Federal Deposit Insurance Corp. gave conditional approval to the group behind Generations Community Bank.
The group must raise $24 million in initial capital before the proposed minority depository institution can open. Generations would also be a community development financial institution.
Old National Bancorp in Evansville, Ind., is playing a leading role in the effort, serving as part of the organizing group and paying the organizational expenses.
Generations’ top executives have been 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, would become Generations’ chairman. 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 members are minorities and the community it would serve is “predominantly minority.”
Al London, formerly area manager of business banking at Chase Bank, would serve as president and CEO. Veteran banker David Bratton would serve as chief financial officer and chief operating officer.
The FDIC has approved four de novo banks this year.