{"id":152532,"date":"2024-01-18T10:46:48","date_gmt":"2024-01-18T15:46:48","guid":{"rendered":"https:\/\/ncrc.org\/?p=152532"},"modified":"2024-01-19T17:15:37","modified_gmt":"2024-01-19T22:15:37","slug":"ncrc-old-national-announce-1-2-billion-addendum-to-increase-community-growth-plan-to-9-5-billion","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-old-national-announce-1-2-billion-addendum-to-increase-community-growth-plan-to-9-5-billion\/","title":{"rendered":"NCRC, Old National Announce $1.2 Billion Addendum To\u00a0Increase Community Growth Plan To $9.5 Billion\u00a0"},"content":{"rendered":"

The National Community Reinvestment Coalition (NCRC) and Old National Bancorp on Thursday announced a $1.2 billion addendum to the bank\u2019s existing $8.3 billion Community Growth Plan. The agreement builds on the bank\u2019s long-standing commitment to supporting historically underserved and economically-disadvantaged individuals, families and communities, and on NCRC\u2019s ongoing work to ensure all bank mergers feature a clear and specific benefit to those living in affected service areas.<\/span><\/p>\n

\u201cOld National\u2019s commitments to under-resourced communities in this agreement are a great example of how the Community Reinvestment Act should work,\u201d said NCRC President and CEO Jesse Van Tol.<\/strong> \u201cEvery single bank merger should come with clearly defined commitments like these, as required by law and regulation. Old National understands how such collaboration with community leaders is in the best interest of everyone, and I hope others in the industry will embrace this truth.\u201d\u00a0<\/span><\/p>\n

The addendum is subject to the closing of Old National\u2019s previously announced partnership with Nashville-based CapStar Financial Holdings, Inc., the holding company for CapStar Bank. <\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cSupporting and strengthening the communities that Old National serves remains a strategic priority and a defining characteristic of our Old National culture,\u201d said Old National CEO Jim Ryan.<\/strong> \u201cWe are excited for this opportunity to expand on our existing partnership with NCRC and increase the positive impact of our Community Growth Plan.\u201d\u00a0<\/span><\/p>\n

Since 2016, NCRC has facilitated 29 <\/span>community benefits agreements<\/span><\/a> with bank groups that committed more than $580 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.<\/span><\/p>\n

“The Metropolitan Milwaukee Fair Housing Council (MMFHC) supports Old National Bank\u2019s\u00a0 (ONB) additional community commitments to the Tennessee market,\u201d said Bethany Sanchez, MMFHC\u2019s Senior Administrator for Fair Lending. \u201cWe look forward to our continued partnership to increase lending and investment that will meet the needs of low- and moderate-income residents in Wisconsin and ONB’s entire market.”<\/span><\/p>\n

These new commitments expand on Old National\u2019s long-standing commitment to support historically underserved and economically disadvantaged individuals, families and communities throughout our 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.\u00a0<\/span><\/p>\n

Specific highlights of the plan include:<\/span>\u00a0<\/span><\/p>\n