Old National promotes Sanchez to new executive position

Indianapolis, Indiana – Rafael Sanchez has been selected for the newly-created position of chief impact officer in Evansville-based Old National Bancorp, the bank announced Tuesday.

Sanchez, who also serves as the bank’s Indianapolis market president, is tasked with focusing on the financial advancement of underrepresented communities.

After serving as president and chief executive officer of Indianapolis Power & Light Co., now AES Indiana, Sanchez joined Old National in 2018 as private banking president.

Sanchez will be active in government relations activities in the central Indiana region, as part of his new role, the bank said.

“Rafael’s broad range of experience and strong reputation as a servant-leader make him the ideal person for this important role,” Old National CEO Jim Ryan said in written remarks. “His passion and energy coupled with his unique skills and experience will help drive the advancement of underrepresented communities.”

Among other concessions, the appointment comes seven months after Old National settled allegations of redlining against Black residents in Indianapolis by agreeing to pay more than $27 million in loans to qualified Black applicants.

In October, The Indiana Lawyer reported the bank was sued by the Fair Housing Center of Central Indiana for making disproportionally fewer mortgages to Black residents, closing branches in predominately Black neighborhoods, and providing Black residents with less information during the mortgage application process.

Old National denied any wrongdoing in the settlement agreement.