Foresight Financial Group Finalizes Legal Consolidation, Unifies Community Banks as Foresight Bank

Rhea-AI Summary

Foresight Financial Group (FGFH) has successfully consolidated its six community banks under a single charter, now operating as Foresight Bank. The unified entity, with $1.6 billion in total assets, brings together German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher. Each location will maintain its original name as a division of Foresight Bank.

The consolidation aims to enhance operational efficiency and service delivery while maintaining local decision-making. Customers will gain access to all 12 Foresight Bank branches following system updates scheduled for August and October 2025. The company remains the only locally headquartered and managed bank in Winnebago County, Illinois.

Positive

• Consolidation creates a stronger unified institution with $1.6 billion in total assets
• Enhanced operational efficiency through streamlined services
• Expanded customer access to 12 branches across all locations
• Maintains local decision-making and community relationships

Negative

• Potential temporary disruption during system updates in August and October 2025
• Integration challenges during transition period

WINNEBAGO, Ill., May 01, 2025 (GLOBE NEWSWIRE) -- Foresight Financial Group is proud to announce the successful legal consolidation of its six community banks—German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher—into a single charter under the new name Foresight Bank. Each location will continue to operate under its familiar name, now proudly as a division of Foresight Bank. This unification marks an important milestone in strengthening the organization’s ability to deliver streamlined services, greater operational efficiency, and enhanced tools across all markets.

“Bringing our six banks together under one charter as Foresight Bank allows us to better serve our customers and communities,” said Peter Q. Morrison, CEO of Foresight Bank. “This unification strengthens our ability to provide consistent tools, expanded access, and the local service our customers rely on—while positioning us to grow together in meaningful, lasting ways.”

This consolidation builds on a long-standing legacy of shared values, local decision-making, and deep community relationships. With a unified structure, Foresight Bank brings together the strength and scale of a $1.6 billion total asset institution—while remaining the only locally headquartered and managed bank in Winnebago County. Customers will continue to receive the same trusted service from their local teams, with even more to come—including the ability to bank at any of our 12 Foresight Bank branches beginning this fall, following scheduled system updates in August and October. This change positions the organization to better support individuals, businesses, and communities—today and into the future.

About Foresight Financial Group, Inc.
Foresight Financial Group, Inc. is a locally owned bank holding company headquartered in Winnebago County, Illinois, with total assets of $1.63 billion as of December 31, 2024. Foresight Financial is the parent company of Foresight Bank, which was formed through the legal consolidation of six long-standing community banks: German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.

Each location continues to serve its community under its familiar name as a division of Foresight Bank—delivering local service backed by the strength and resources of a unified organization. Foresight Financial Group’s common stock is traded on the OTCQX Marketplace under the symbol “FGFH.”

Contact:
Foresight Financial Group, Inc.
809 Cannell-Puri Ct., Suite #5
P.O. Box 339
Winnebago, IL 61088
Office: 815-847-7500
www.foresightfg.com

FAQ

What is the new total asset size of Foresight Bank (FGFH) after consolidation?

Following the consolidation, Foresight Bank has total assets of $1.63 billion as of December 31, 2024.

How many branches will Foresight Bank (FGFH) operate after the consolidation?

Foresight Bank will operate 12 branches across all locations, with customers gaining access to all branches following system updates in fall 2025.

Which banks were consolidated into Foresight Bank (FGFH)?

Six banks were consolidated: German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.

When will customers be able to access all Foresight Bank (FGFH) branches?

Customers will gain access to all 12 Foresight Bank branches in fall 2025, following scheduled system updates in August and October.

Will the consolidated banks maintain their original names under Foresight Bank (FGFH)?

Yes, each location will continue to operate under its familiar name as a division of Foresight Bank.