Winnebago, Ill.-based Foresight Financial Group, Inc., is selling one of its six bank subsidiaries, State Bank of Herscher, to investor and entrepreneur Greg Kidd.  [Continue]

Lena, Ill.-based Citizens State Bank is buying Savanna, Ill.-based First Savanna Savings Bank. [Continue]

Industrial production fell by 0.2 percent in June but grew at a 6.1 percent annual clip during the second quarter, according to a Federal Reserve study. [Continue]

Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.  The fines included a $100 million penalty from the Consumer Financial Protection Bureau and $125 million civil fine from the Office of the Comptroller of the Currency.  According to regulators, the $2.5 trillion Bank of … Read more

The U.S. economy expanded modestly over the last two months, despite slowing demand and recession fears, according to the Fed’s Beige Book. [Continue]

The introduction of interstate bank branching during the 1990s harmed small businesses and community banks, according to an FDIC working paper. [Continue]

Nearly all executives expect a recession to strike within the next 18 months, according to a recent IntraFi study. [Continue]

The Independent Bankers Association of Texas and FedFis are launching the fintech venture capital group Bankers Helping Bankers Fund.  [Continue]

The National Federation of Independent Business’s small business optimism index remained below average for the sixth straight month in June as owners continue to grapple with inflation and labor shortages. [Continue]