Foresight Financial Group in Rockford, Ill., has agreed to buy State Bank of Herscher in Herscher, Ill.
The $923 million-asset Foresight did not disclose any terms tied to its purchase of the $135 million-asset State Bank of Herscher.
"This acquisition provides us with a unique opportunity for market diversification by allowing us to expand our operations in Kankakee County," Brent Myers, Foresight's president and chief executive, said in a press release Wednesday. "We plan to maintain the separate charter and identity of the State Bank of Herscher, while expanding the product line currently offered to the bank's customers and improve its efficiency."
Foresight will have nearly $1.1 billion in assets, 14 branches and separately chartered banks once it buys State Bank of Herscher.