Old National Bancorp announced an addendum to its $8.3 billion Community Growth Plan, originally unveiled in 2022, adding approximately $1.2 billion to a long-standing commitment that continues to support historically underserved and economically-disadvantaged individuals, families and communities throughout its Midwest and Southeast footprint.
The Plan and addendum were developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its members. The addendum is subject to the closing of Old National’s previously announced partnership with Nashville-based CapStar Financial Holdings, Inc., the holding company for CapStar Bank.
These new commitments expand on Old National’s long-standing pledge to support historically underserved and economically disadvantaged individuals, families and communities throughout its footprint by extending these services into CapStar-served communities in Tennessee. These commitments include additional quantitative goals for mortgage lending, small business lending, community development lending and investments, philanthropic activities, and racial equity commitments.
“Supporting and strengthening the communities that Old National serves is a strategic priority and a defining characteristic of our Old National culture,” said Old National CEO Jim Ryan. “We are excited for this opportunity to expand on our existing partnership with NCRC and increase the positive impact of our Community Growth Plan.”
“Old National’s commitments to under-resourced communities in this addendum are a great example of how the Community Reinvestment Act should work,” said NCRC President and CEO Jesse Van Tol. “Every single bank merger should come with clearly defined goals like these. Old National understands how such collaboration with community leaders is in the best interest of everyone.”
Specific highlights of the Plan include:
Old National is one of the largest banks headquartered in the Midwest, with strong commercial banking capabilities, a robust retail footprint, a significant wealth platform, and, upon the closing of the CapStar partnership, nearly $55 billion of total assets and a presence in seven of the largest Midwestern MSAs.
Old National retains an ongoing commitment to work with the NCRC and other local community groups to identify additional opportunities to support the financially disadvantaged and communities of color, including through its supplier diversity and apprenticeship programs, as well as its talent acquisition and retention efforts.