Indianapolis, Ind. (December 17, 2021) - Today, Old National Bank (ONB) and the Fair Housing Center of Central Indiana (FHCCI) entered into a partnership agreement that will strengthen underserved communities in Marion County, Indiana, with a particular focus on majority-Black neighborhoods.
"At the center of our culture is the belief that Old National is only as strong as the communities we serve, and over the past 187 years we have worked to demonstrate this commitment through strategic partnerships, community service and charitable giving," said Old National Chairman and CEO Jim Ryan. "We are deeply honored to serve our Indianapolis community and, over the past three years, have provided more than $1.7 million in grants and sponsorships to local community partners with a focus on strengthening underserved and low-income neighborhoods. Our partnership with the FHCCI furthers this commitment by focusing attention on the banking and borrowing needs of Marion County residents in majority-minority and underserved neighborhoods."
Through this three-year partnership with the FHCCI, Old National will:
- Open a loan production office on the East side of Indianapolis and in the International Marketplace on the West side. Both will ultimately transition into full-service banking centers.
- Expand existing down payment assistance efforts to include $1.1 million in loan subsidy funds to borrowers in Marion County's Majority-Black census tracts.
Originate $7.5 million in loans for the development of new multi-family housing, located in underserved neighborhoods, that will be affordable to households earning less than 60% of the area median income.
- Extend $1.3 million in grant awards to Marion County-based non-profit organizations and Community Development Corporations (CDCs) that are focused on neighborhood stabilization, homebuyer education and overcoming obstacles to homeownership.
- Commit $350,000 to FHCCI in support of home ownership and fair lending education programs designed to increase the number of qualified loan applications from minority borrowers in Marion County.
- Pledge $300,000 to a targeted advertising and outreach campaign to increase awareness of Old National's products and down-payment assistance program in an effort to increase homeownership in majority-minority census tracts, in addition to making a $125,000 contribution in support of the FHCCI and its mission.
A history of serving the Indianapolis Community
The services provided in this partnership with the FHCCI add another layer to Old National's longstanding commitment to Marion County and the greater Indianapolis community. In addition to the Bank's partnership with the FHCCI, Old National is proud to serve as a community partner to more than 70 local organizations, including:
- Mid-States Minority Supplier Development Council partnership. Provides unique, flexible financing solutions and business development resources to Mid-States MSDC-certified Minority Business Enterprises within Indiana.
- Goodwill Industries of Central and Southern Indiana - 38th & Sheridan: Community Collaboration with Cook Medical. Extended a $50,000 grant to their new manufacturing facility with a goal to create 100+ jobs in an area specifically chosen due to the high percentage of Black residents.
- ONB Mid-North Promise Program. Serves the Mid-North neighborhoods of Indianapolis with more than 10,000 residents, the majority of which are Black, 18 and older, and live-in rented homes or apartments.
- Martindale Brightwood Community Development Corporation (MBCDC). Sponsors an Affordable Housing Program ("AHP") grant through the Federal Home Loan Bank of Indianapolis to support MBCDC's new transitional housing development. In addition, the Bank provides ongoing partnership through the provision of financial literacy courses and first-time homebuyer courses for MBCDC's residents.
- Indianapolis Neighborhood Housing Partnership (INHP). Provided funding support to the INHP through community sponsorship initiatives that promote and sustain their first-time home-buyer programs. ONB team members have also served as volunteers by teaching first-time homebuyer education classes for INHP clients. INHP serves a diverse population including minority borrowers.
- Near East Area Renewal (NEAR).Provided Foundation grants and community sponsorships for NEAR, which spurs the renewal of local neighborhoods.
- Martin Luther King Community Center (MLK Center). Pledged a $20,000 renovation grant to the MLK Center, which focuses on quality multi-generational programs that build community, invest in youth, empower families, advocate for neighbors, and provide a peaceful space to connect. Additionally, Old National will provide financial literacy and first-time homebuyer courses to support the MLK Center's mission.
"Old National's commitment to Marion County - which is part of an overall approach to community outreach and engagement that included investing $6.8 million within our footprint in 2020 through sponsorships and grants - truly speaks for itself," said Jim Ryan. "We're excited to be working alongside the FHCCI to further our commitment to the great City of Indianapolis and to continue our service to the entire community by providing solutions and support to a long-standing community issue."
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $24 billion in assets, it ranks among the top 100 banking companies in the U.S. and hasbeen recognized as a World's Most Ethical Company by the Ethisphere Institute for 10 consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call TheONB Way. Today, Old National's footprint includes Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment, and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.
Old National Bancorp published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 17 December 2021 20:28:06 UTC.