Foresight Financial : Enters Into Agreement to Sell State Bank of Herscher

FORESIGHT FINANCIAL GROUP ENTERS INTO AGREEMENT TO SELL STATE BANK OF HERSCHER

Winnebago Ill., [July 20, 2022] - Foresight Financial Group, Inc. of Winnebago, Ill, has entered into an agreement to sell one of its six bank subsidiaries, State Bank of Herscher, to entrepreneur and investor Greg Kidd. Mr. Kidd is CEO of the venture capital firm Hard Yaka, and a former senior analyst for payments at the Federal Reserve Board of Governors and advisor to bank and non-bank financial institutions. No other banks of the Foresight Financial Group (State Bank of Davis; State Bank; Northwest Bank of Rockford; Lena State Bank; and German American State Bank) are involved in the transaction.

According to Foresight Financial Group President/Chief Executive Officer Rex Entsminger, "We've embarked on a multi-year strategic plan to actively grow Foresight's revenues and shareholder returns and were not actively seeking to divest any of our banks. This opportunity was brought to us by Mr. Kidd after significant independent research on his part that indicated State Bank of Herscher would be an ideal fit for his mission. He was interested in the State Bank of Herscher as he had been looking for a community bank with a strong community presence and reputation located close to a major metropolitan area."

"We at Foresight have built our reputation on enhancing shareholder value while our community banks strive to be the preferred local banks for our families, friends, and neighbors," Entsminger continued. "The Foresight Financial Group Board of Directors was delighted that the strength and performance of the State Bank of Herscher met Mr. Kidd's needs. The Board was also pleased with the offer from Mr. Kidd which included an attractive premium to book value that allows our company to enhance our organization as a result of this sale. It's a real win-win for everyone involved."

"I appreciate the vital role small banks play in their communities. With this purchase, I plan to maintain and enhance the existing banking franchise and serve the bank's existing customers and community, while strengthening the bank's business by adding a business line that will drive FinTech innovation," said Kidd. "I look forward to working with the bank's regulators on the proposal and serving the local community in the coming years."

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

Foresight Financial Group, Inc. Board (OTCQX: FGFH) is headquartered in northern Illinois and had assets totaling $1.432 billion as of June 30, 2022. Foresight common stock is listed on the "OTCQX" Marketplace under the trading symbol "FGFH."