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MarketScreener: First Merchants : celebrates opening of new Avondale Meadows banking center

MarketScreener, March 4, 2021, First Merchants: celebrates opening of new Avondale Meadows banking center 

First Merchants executives, local community leaders and Indianapolis Mayor Joe Hogsett are celebrating the opening of First Merchants’ newest banking center located in the city’s Avondale Meadows neighborhood. The banking center, housed at the intersection of East 38th Street and Meadows Drive, continues First Merchants’ investment in underserved communities and provides needed financial opportunities for local residents and businesses.

In June 2020, First Merchants announced a $1.4 billion community investment plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners. The commitment, which extends through 2025, includes mortgage, small business and community development investments and lending. Philanthropic funding is a primary focus as well and will be funneled to low- and moderate-income communities across First Merchants’ regional market areas in Indiana, Ohio, Illinois and Michigan.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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