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      For Your Small Business May 14, 2026

      Generations Community Bank is Indiana’s First-ever MDI: A History of Minority Depository Institutions

      Generations Community Bank opens in Indianapolis as Indiana’s first Minority Depository Institution

      Access to safe, fair and affordable financial services is a foundational component of strong communities and lasting economic opportunity. Minority Depository Institutions (MDIs), such as Indianapolis' new Generations Community Bank, play a critical role in expanding that access, particularly in communities that have historically faced barriers to traditional banking and credit.

      Their mission-driven focus closely aligns with the goals of the Community Reinvestment Act (CRA): supporting economic vitality, increasing access to credit and strengthening low- and moderate-income communities.

      What is a Minority Depository Institution?

      A Minority Depository Institution is a federally insured bank or credit union that either is at least 51% owned by minority individuals or has a majority-minority board of directors and primarily serves a minority community. The MDI designation was formally established by the federal government in 1989 and is overseen by regulators including the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve and the Office of the Comptroller of the Currency.

      MDIs are recognized not simply for their ownership structure, but for how they serve their communities. Many provide banking and lending solutions tailored to the needs of minority- and low- to moderate-income individuals, families and small businesses. These are groups that often face limited access to credit and financial advice.

      A brief history of MDIs in the U.S.

      MDIs emerged in response to long-standing gaps in access to financial services. In the late 19th and early 20th centuries, minority-owned banks were created to serve communities excluded from the mainstream financial system, helping individuals save safely, finance homes, and start businesses.

      Despite widespread consolidation across the banking industry, MDIs have remained mission focused. Federal policy has consistently emphasized the importance of preserving and promoting MDIs, recognizing them as anchor institutions that support local entrepreneurship, neighborhood stability and wealth-building which are key outcomes also emphasized through CRA.

      Today, there are approximately 150 Minority Depository Institutions operating nationwide, serving communities across more than 40 states. While they represent a small portion of U.S. banks, their impact is significant. Research indicates communities with an MDI presence often experience stronger access to credit, greater support for small businesses, and improved pathways to long-term financial stability.

      Generations Community Bank: A milestone for Indiana

      In April 2026, Generations Community Bank opened in Indianapolis as Indiana’s first Minority Depository Institution, marking a historic milestone for the state. Generations was established to help address persistent gaps in access to capital by focusing on underrepresented individuals, families and small businesses, while remaining open to all.

      As a mission-driven, FDIC-insured community bank, Generations offers personal and small-business banking products designed to support economic mobility, from helping entrepreneurs grow businesses to assisting families with homeownership and savings goals.

      Old National Bank’s CRA-aligned commitment

      Old National Bank played a leading role in helping bring Generations Community Bank to life, supporting regulatory approval, providing initial funding, and contributing leadership expertise. Importantly, Generations operates as an independent bank, reinforcing ONB’s longstanding belief that collaboration is essential to strengthening communities.

      “Old National Bank is proud to serve as a partner and source of initial funding for Generations Community Bank,” said Jim Ryan, Chairman and CEO of Old National Bank. “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.”

      By supporting the creation of Indiana’s first MDI, Old National is advancing shared CRA objectives by promoting financial inclusion, encouraging community reinvestment and helping build sustainable economic growth that benefits current and future generations.

      To learn more about Generations Community Bank click here.

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