Foresight Financial Group to Become Region’s Largest Locally Headquartered Bank
Foresight Financial Group announced the consolidation of its six bank charters into one, becoming the region's largest locally headquartered bank in Winnebago County. The consolidated entity will maintain market share dominance in Stephenson County with assets exceeding $1.6 billion as of September 30, 2024. The six banks will retain their unique brand names and local identities while streamlining operations. The consolidation, starting late 2024 and completing in 2025, aims to enhance operational efficiencies, increase lending limits, and provide better access to treasury management and lending services. Customers will continue working with their familiar local bankers while benefiting from improved collective capabilities.
Foresight Financial Group ha annunciato la consolidazione delle sue sei licenze bancarie in una sola, diventando la banca con sede locale più grande della contea di Winnebago. L'entità consolidata manterrà il predominio nel mercato nella contea di Stephenson con attività superiori a $1,6 miliardi al 30 settembre 2024. Le sei banche continueranno a preservare i loro unici nomi e identità locali, mentre snellendo le operazioni. La consolidazione, che inizierebbe alla fine del 2024 e si completasse nel 2025, mira a migliorare l'efficienza operativa, aumentare i limiti di prestito e fornire un miglior accesso ai servizi di gestione della liquidità e di prestito. I clienti continueranno a lavorare con i loro banchieri locali di fiducia, beneficiando nel contempo di capacità collettive migliorate.
Foresight Financial Group anunció la consolidación de sus seis licencias bancarias en una, convirtiéndose en el banco de sede local más grande del condado de Winnebago. La entidad consolidada mantendrá el dominio de cuota de mercado en el condado de Stephenson con activos superiores a $1.6 mil millones a partir del 30 de septiembre de 2024. Los seis bancos conservarán sus nombres de marca únicos e identidades locales mientras optimizan sus operaciones. La consolidación, que comenzará a finales de 2024 y se completará en 2025, tiene como objetivo mejorar la eficiencia operativa, aumentar los límites de préstamos y proporcionar un mejor acceso a la gestión de tesorería y servicios de préstamos. Los clientes seguirán trabajando con sus banqueros locales de confianza mientras se benefician de capacidades colectivas mejoradas.
포레사이트 금융 그룹은 여섯 개의 은행 면허를 하나로 통합하여 윈네바고 카운티에 본사를 둔 지역 최대 은행이 되었다고 발표했습니다. 통합된 기관은 2024년 9월 30일 기준으로 자산이 16억 달러를 초과하는 스테판슨 카운티에서 시장 점유율 우위를 유지할 것입니다. 여섯 개의 은행은 각각의 고유한 브랜드 이름과 지역 정체성을 계속 유지하면서 운영을 간소화할 것입니다. 2024년 말 시작하여 2025년에 완료될 통합은 운영 효율성 향상, 대출 한도 증가, 재무 관리 및 대출 서비스 접근성 향상을 목표로 합니다. 고객들은 개선된 집계 능력의 혜택을 누리면서 익숙한 지역 은행원들과 계속 거래할 것입니다.
Foresight Financial Group a annoncé la consolidation de ses six licences bancaires en une seule, devenant ainsi la plus grande banque localement implantée dans le comté de Winnebago. L'entité consolidée maintiendra sa dominance sur le marché du comté de Stephenson avec des actifs dépassant 1,6 milliard de dollars au 30 septembre 2024. Les six banques conserveront leurs noms de marque uniques et leurs identités locales tout en rationalisant leurs opérations. La consolidation, qui débutera fin 2024 et sera achevée en 2025, vise à améliorer l'efficacité opérationnelle, à augmenter les limites de prêt et à offrir un meilleur accès aux services de gestion de trésorerie et de prêt. Les clients continueront de travailler avec leurs banquiers locaux familiers tout en bénéficiant de capacités collectives améliorées.
Foresight Financial Group gab die Konsolidierung seiner sechs Banklizenzen in eine einzige bekannt und wird damit zur größten lokal ansässigen Bank im Winnebago County. Die konsolidierte Einheit wird ihre Marktanteilsdominanz im Stephenson County mit Vermögenswerten von über 1,6 Milliarden Dollar zum 30. September 2024 aufrechterhalten. Die sechs Banken werden ihre einzigartigen Markennamen und lokalen Identitäten beibehalten, während sie die Abläufe optimieren. Die Konsolidierung, die Ende 2024 beginnt und 2025 abgeschlossen sein soll, zielt darauf ab, die operativen Effizienzen zu verbessern, die Kreditlimits zu erhöhen und einen besseren Zugang zu Treasury-Management- und Kreditdienstleistungen zu bieten. Die Kunden werden weiterhin mit ihren vertrauten lokalen Bankern arbeiten und gleichzeitig von verbesserten kollektiven Fähigkeiten profitieren.
- Assets exceed $1.6 billion, making it the largest local bank in the region
- Consolidation expected to improve operational efficiency and reduce costs
- Increased lending limits for borrowers
- Enhanced treasury management and lending services capabilities
- Potential operational risks during consolidation process
- Integration challenges across six different bank brands
Consolidation of six bank charters creates efficiency, value for customers
WINNEBAGO, Ill., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Foresight Financial Group today announced that, in partnership with each of its six bank brands including German American State Bank, State Bank of Herscher, Lena State Bank, State Bank of Davis, Northwest Bank, and State Bank, that it will be consolidating its six bank charters into one, making it the region’s largest locally headquartered and operated bank in Winnebago County, while maintaining its market share dominance in Stephenson County. Each of the six charters will retain their unique market brand names post consolidation.
This is the next step in the organization’s ongoing work to enhance operational efficiencies across the Foresight family, streamlining processes, eliminating duplication, and standardizing best practices to deliver enhanced value to the customers and communities it serves. In addition, customers will benefit from a significant increase in lending limits for borrowers, increased depth in staffing resources, and an even greater access to cutting edge treasury management, commercial, and agricultural lending services and professionals. This move makes Foresight Financial Group the region’s largest locally headquartered and locally managed bank with assets in excess of
“By streamlining our processes through charter consolidation, we’ll be able to bring offerings to our markets more quickly and reinvest in the products, technologies, and services that best meet the needs of our customers,” said Peter Morrison, CEO of Foresight Financial Group. “As a locally headquartered and managed bank, decisions will still be made by those bankers that have been in our communities for years and who possess the firsthand knowledge of local market conditions that is so vital to customer success.”
“We’ve been focused on creating operational efficiencies across the Foresight family and have already realized significant benefits for our banks and customers,” said Jeff Hultman, President of Foresight Financial Group. “The charter consolidation is the next step in that process, which will reduce workloads on the individual banks, allowing them to focus on the personal connections in their local communities that are central to their success.”
Each of the Foresight Bank brands will maintain their local identities and staff. Our goal is to retain our current talent while making minimal adjustments to positions to fully align all six charters into one; customers will continue to work with the people they know and trust. Each bank will continue to meet the needs of its community and customers with the added benefit of the standards, procedures, policies, and best practices from across the Foresight family.
The charter consolidation will begin in late 2024 and the operational consolidation of the charters will be complete in 2025.
About Foresight Financial
Foresight Financial is a multi-bank holding company located in Northern Illinois, Its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, German-American State Bank, German Valley, Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.
Forward-Looking Statements
When used in this communication, the words "believes," "expects," "likely", "would", and similar expressions are intended to identify forward-looking statements. The Company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company's markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.
| FOR INFORMATION CONTACT: | Peter Q. Morrison CEO 815-847-7500 | Todd J. James CFO 815-847-7500 | ||
FAQ
When will Foresight Financial Group (FGFH) complete its charter consolidation?
What is the total asset value of Foresight Financial Group (FGFH) as of September 2024?
Which banks are being consolidated under Foresight Financial Group (FGFH)?
Will the consolidated banks maintain their original brand names under FGFH?
