State Bank

What State Bank does

State Bank is a community bank headquartered in Freeport, Illinois, serving individuals, small and mid-sized businesses, agricultural customers, and wealth management clients across northwestern Illinois. Founded in 1999 and operating as a division of Foresight Bank under the holding company Foresight Financial Group, Inc. (total assets of $1.67 billion as of December 31, 2025, OTCQX: FGFH), the bank was formed through the legal consolidation of six community banks: German American State Bank, Northwest Bank of Rockford, State Bank Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.

Its core product set spans personal deposit accounts (checking, savings, money market, CDs, IRAs), consumer loans (vehicle, HELOC, home equity, personal), business banking (business and commercial checking, business savings, commercial money market, SBA and partner-based loans), dedicated agricultural lending (ag real estate, operating lines, equipment, livestock, grain inventory, plus FSA/USDA/Farmer Mac/Illinois Ag Invest partner programs), and wealth services delivered through trust administration, Cetera Investment Services brokerage, and Atlatl Advisers investment management. The underlying technology stack is largely vendor-provided: Apiture and FundsXpress for consumer and commercial digital banking, FIS for the wealth portal, Fiserv for remote deposit capture, MeridianLink for online account opening, and Elan Financial Services for credit card issuance. Mobile and online channels offer biometric login, mobile deposit, card controls, bill pay, and external transfers; the bank also operates a 24-hour telebank line and a broad ATM network.

The business model is relationship-driven community banking with multiple revenue streams: net interest income from consumer, commercial, and agricultural loans; deposit account and transaction fees (maintenance, per-item, wire, paper statement); fee share from Cetera and Atlatl referrals; and trust administration fees. Customer acquisition relies on local presence, personal referrals, and community engagement, including the employee-established State Bank Foundation (2011), which has granted over $130,000 to local non-profits and was named Not-For-Profit of the Year by the Freeport Chamber of Commerce in 2018. Pricing is largely tiered and account-based rather than publicly disclosed, with promotional offerings such as a 1.99% APR HELOC and 50% safe deposit box discounts for Prestige Plus Club members age 50 and over.

Name

State Bank

Legal name

State Bank

Website

https://statebankfreeport.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

State Bank is a community bank in Freeport, Illinois, operating as a division of Foresight Bank (parent Foresight Financial Group). It provides personal, business, agricultural, and wealth management services to individuals, SMBs, and farms across northwestern Illinois through branches, ATMs, and vendor-powered digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Real Estate (Commercial Property, REITs) (FSABACAH), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking services
• Agricultural lending
• Commercial lending
• Wealth management
• Retail deposit accounts

Headquarters

HQ city

Freeport

HQ country

United States

HQ region

North America

Offices33 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Revenue generated from interest on loans including personal loans, mortgages, home equity loans, business loans, and agricultural loans. This is the primary revenue stream for the community bank.
2. Deposit Account Fees: Fees from business and personal deposit accounts including monthly maintenance fees (waived with minimum balances), paper statement fees, per-item fees for transactions exceeding free allowances, and wire transfer fees.
3. Brokerage Services Revenue: Full array of brokerage services provided through Cetera Investment Services, LLC including mutual funds, stocks, bonds, brokered CDs, annuities, and tax-favored investments.
4. Investment Management Fees: Wealth management and investment advisory services provided through partnership with Atlatl Advisers, including financial planning, estate planning, and retirement plan services.
5. Trust Services: Trust administration services including living trusts, investment management agency accounts, custodial accounts, estate settlement, and guardianship services.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

State Bank is a community bank that offers personal and business checking and savings accounts, consumer and commercial loans (including specialized agricultural lending), debit and credit cards, digital and mobile banking, and wealth management and trust services. It also provides brokerage services through Cetera and investment advisory services through Atlatl Advisers, complemented by cash management, remote deposit capture, and merchant card processing for business customers.

Product overview

State Bank is a community bank serving Freeport, Illinois, and surrounding areas since 1999, operating as a division of Foresight Bank under Foresight Financial Group. The bank's product portfolio is organized into three main segments: Personal Banking (Digital Banking, Mobile Banking, checking, savings, money market accounts, CDs, IRAs, personal loans, debit cards, credit cards), Business Banking (Business Checking, Business Savings, Commercial Money Market, Business Loans, Ag Loans, Cash Management, Business Digital Banking), and Wealth Management (Trust Services, Investment Services via Atlatl partnership, Brokerage Services via Cetera). Additional offerings include Safe Deposit Boxes, Wire Transfers, Prestige Plus Club senior program, Financial Calculators, Education Center, Identity Theft Security resources, Easy Switch Kit, and the State Bank Foundation community giving program. The bank emphasizes digital banking capabilities including online and mobile banking, mobile deposit, bill pay, eStatements, and external transfers.

Differentiator

Problem solved

Functional benefit

Brands

• Foresight Bank Wealth Management: Trust and wealth management services offered through the bank
• Foresight Prestige Plus Program
• State Bank Foundation

Quantifiable outcome

• Over $130,000 granted to area non-profit organizations since 2011
• +1 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability1 record

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Cetera Investment Services, LLCcoreChannel Partner/ Reseller/ DistributorForesight Bank provides a full array of brokerage services through Cetera Investment Services, LLC, an independent registered broker/dealer and member of FINRA, SIPC, and Chicago Stock Exchange. Services offered at Foresight Bank office in Freeport, IL including mutual funds, stocks, bonds, brokered CDs, annuities, tax-favored investments, and 529 College Savings Plans.
• Atlatl AdviserscoreStrategic or Co-development PartnerPartnership with Atlatl expands investment management and financial planning resources for customers. Provides access to asset management, alternative investments, financial planning, estate planning, tax planning, insurance planning, retirement plan services, and business consulting.
• Farm Service Agency (FSA)coreStrategic or Co-development PartnerFSA Loan program partner providing flexible lending options for agricultural customers. FSA Guaranteed Loans help producers obtain favorable terms including long-term fixed rates and favorable loan structure.
• USDAcoreStrategic or Co-development PartnerUSDA Loan program partner offering flexible agricultural lending options for farmers and agribusinesses.
• Farmer MaccoreStrategic or Co-development PartnerFarmer Mac Loan program partner providing additional agricultural financing options and capital market access for rural lending.
• Small Business Administration (SBA)coreStrategic or Co-development PartnerSBA Loan program partner offering flexible lending options for small business customers with favorable terms for qualifying borrowers.
• DCEO (Illinois Department of Commerce and Economic Opportunity)minorStrategic or Co-development PartnerDCEO Loan program partner providing state-level economic development lending options for business customers in Illinois.
• Northwestern Illinois Community Development CorporationminorStrategic or Co-development PartnerPartner loan program providing community development lending options for businesses in northwestern Illinois.
• Illinois Treasurer's Office - Ag Invest ProgramcoreStrategic or Co-development PartnerIllinois Ag Invest Program Loans offered through partnership with Illinois Treasurer's Office. These below-market fixed-rate loans can be used for equipment purchases, lines of credit, land purchases, and construction costs.
• GreenState Credit UnioncoreOthersState Bank acquired GreenState Credit Union's agriculture loan portfolio in February 2023, expanding agricultural lending capabilities and market presence.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Busey Bank: Illinois-headquartered community bank operating across the state. Comparable as a regional/community bank serving similar retail, business, and ag customers in Illinois, though at substantially larger scale.
• Midland States Bank: Midwest regional bank with significant Illinois presence across retail, commercial, and ag lending. Comparable customer segments and community-bank heritage, but at much larger scale.
• Byline Bancorp: Chicago-based community banking franchise serving small businesses and consumers in the Chicago metro and broader Illinois. Comparable in small-business and consumer lending focus.

Direct peers

• Morton Community Bank: Central Illinois community bank with strong ag lending franchise. Comparable in targeting agricultural borrowers and small businesses, with similar partnership-style government loan programs.
• Blackhawk Bank: Wisconsin/Illinois community bank with retail, business, and ag lending. Comparable community-bank relationship model and small-business banking focus.
• Prospect Bank: Illinois community bank with multi-county footprint serving retail and small-business customers. Comparable as a community banking competitor in rural/small-town Illinois.
• Heartland Bank and Trust Company: Community bank headquartered in Bloomington, Illinois serving central and northern Illinois. Directly comparable in customer mix (retail, business, ag lending), product set, and community-bank relationship model.
• German American State Bank: Now a division of Foresight Bank (alongside State Bank, Freeport). Direct sibling/community peer serving overlapping northwestern Illinois markets with similar community-bank model.
• State Bank of Herscher: Now a division of Foresight Bank. Direct sibling peer offering personal/business banking in Illinois under the same holding company umbrella.
• Town & Country Bank: Central Illinois community bank offering personal, business, and ag banking. Closely comparable in product set, customer segments, and community-bank relationship model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/state-bank-freeport-il-

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Bank