OSWEGO, Ill. & WATSEKA, Ill., October 31, 2025 — ServBanc Holdco, Inc. (“ServBanc Holdco”), the holding company for Servbank, National Association (“Servbank”) and IF Bancorp, Inc. (NASDAQ: IROQ) (“IF Bancorp”), the holding company for Iroquois Federal Savings and Loan Association (“Iroquois Federal”), today jointly announced that they have entered into a definitive agreement whereby ServBanc Holdco and Servbank will acquire IF Bancorp and Iroquois Federal, respectively. Servbank is a banking institution with Illinois roots and a national reach. With this transaction, Servbank is strategically expanding its franchise into central Illinois.
IF Bancorp’s shareholders will receive approximately $89.8 million, or $27.20 per share, in cash for each share of IF Bancorp common stock, subject to certain potential adjustments described in the definitive agreement. The transaction has been unanimously approved by the boards of directors of both ServBanc Holdco and IF Bancorp and is subject to regulatory approval, IF Bancorp shareholder approval and other conditions set forth in the definitive agreement. The transaction is expected to close in the first quarter of 2026.
Stavros Papastavrou, Chairman of ServBanc Holdco and Servbank commented, “The combination of two storied franchises in Servbank and Iroquois Federal presents compelling opportunities for our communities, customers, employees and shareholders. On behalf of our entire team, we are excited to welcome the Iroquois colleagues to the Servbank family.”
Donald Satiroff, Chief Executive Officer of Servbank further stated, “We are extremely excited to work alongside the Iroquois team and to be part of Iroquois’ continued success in the communities that it serves. We intend to honor Iroquois’ emphasis on providing exceptional levels of service to its customers, strengthening Iroquois’ current relationships, and developing new ones.”
Walter H. “Chip” Hasselbring, III, Chairman and Chief Executive Officer of IF Bancorp and Iroquois Federal, commented, “We recognize the great opportunity this strategic affiliation with Servbank provides for our clients, customers, communities and employees while satisfying our responsibilities to current shareholders. Servbank’s mission aligns with our values by creating excellence, the highest quality experience and innovative solutions going forward.” Hasselbring continues “the technology of banking today requires investment in systems to bring this quality service. We are excited about the Servbank platform.”
Further, given the announcement of this transaction with ServBanc Holdco, IF Bancorp today announced the indefinite postponement of its 2025 annual shareholder meeting. IF Bancorp does not anticipate convening its 2025 annual shareholder meeting if the merger is completed as currently contemplated.
Performance Trust Capital Partners, LLC served as financial advisor and Hunton Andrews Kurth LLP served as legal counsel to ServBanc Holdco, Inc. Keefe Bruyette & Woods, Inc., a Stifel Company, served as financial advisor and Luse Gorman, PC served as legal counsel to IF Bancorp, Inc.