Building Black Wealth: Indiana’s first Black-led bank opens in Indianapolis

A long-overdue investment in Black wealth took a visible step forward April 23, as Generations Community Bank marked its ribbon cutting in Indianapolis.

Positioned to become Indiana’s first Black-led, minority depository institution, the bank arrives at a critical moment when access to capital, homeownership, and business funding continues to lag for Black families across the state. Local data tied to the bank’s formation shows the gap clearly: white families in central Indiana hold nearly eight times the wealth of Black families.

Generations Community Bank is being built to change that.

The bank will be led by Al London, a banking executive and longtime community-focused leader, who has positioned the institution around expanding access. Whether that’s helping first-time homebuyers navigate the process, supporting small business owners, or providing financial education that too often isn’t accessible in underserved communities.

As a minority depository institution, or MDI- meaning it is majority minority-led or specifically serves communities of color-the bank is part of a national network of mission-driven institutions designed to close gaps traditional banks have historically left behind.

What makes this effort stand out is who helped bring it to life.

Old National Bank stepped in early, not just as a financial backer, but as a partner willing to help build something that didn’t exist in Indiana. The bank provided initial capital and support after recognizing the absence of a minority-focused institution in the state, choosing to invest locally rather than look elsewhere.

That decision matters, especially now.

At a time when diversity and equity efforts are facing political push-back at the federal level, this kind of private sector leadership sends a different message: that closing wealth gaps still requires intentional action, and institutions that are willing to stand on it.

Leadership behind the bank reflects that same commitment. Bob Jones, former CEO of Old National Bank and a longtime figure in Indiana’s business community, serves as board chair, will help guide the bank’s direction.

For those leading the effort, the goal isn’t just access—it’s ownership.

Generations is built around the idea that real change comes when more Black families become homeowners, more entrepreneurs can secure capital, and more dollars circulate within the community.

In a state that has never had a minority depository institution, this opening is more than symbolic. It’s a step toward building something many communities have been asking for and waiting on for generations.