Foresight Financial Group adopts $5 million share buyback program

Foresight Financial Group Inc. (OTCQX: FGFH) announced its board of directors approved a share repurchase program authorizing the company to buy back up to $5 million of its common stock. The program remains in effect until June 30, 2027.

The stock repurchase plan does not require the company to acquire any specific number of shares in any period and may be expanded, extended, modified or discontinued at any time, according to the company's statement.

"We are pleased to be offering this program as a source of liquidity to our shareholders and believe that the repurchase of shares at the current market price will create value for our shareholders," said Peter Morrison, the company's chief executive officer.

Foresight adopted a Rule 10b5-1 trading plan in connection with the program. Under this plan, a third-party broker will have authority to repurchase shares on the company's behalf, subject to certain terms and limitations.

The company said repurchases not made under the Rule 10b5-1 plan may be conducted at prices management considers attractive and in the best interests of the company and its shareholders. Factors for consideration include share availability, general market conditions, trading price of the common stock, alternative uses for capital, the company's financial performance and other factors.

Foresight Financial Group operates as a bank holding company headquartered in Winnebago County, Illinois. The company is the parent of Foresight Bank, which operates in Northern Illinois under several divisional names including Northwest Bank of Rockford, State Bank in Freeport, and State Bank of Davis.

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