Foresight Financial Group in Winnebago, Ill., has consolidated six banks under a single charter.
The $1.6 billion-asset company said in a press release that it formed Foresight Bank by collapsing the charters of the former German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.
The consolidation “allows us to better serve our customers and communities,” Peter Morrison, Foresight’s CEO, said in the release. “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.”
System updates are set to occur in August and October.