IROQ News & Events

IF Bancorp announced that its shareholders approved their pending merger with ServBanc Holdco at its special shareholders' meeting held Tuesday. Subject to the satisfaction of customary closing conditions, the parties expect to close the merger on March 12, 2026.

ServBanc and IF Bancorp announced that they have received all requisite regulatory approvals to complete their pending merger and the merger of their subsidiary banks. ServBanc Holdco and IF Bancorp expect to complete the proposed transaction in the first quarter of 2026, subject to the satisfaction of customary closing conditions, including the receipt of IF Bancorp shareholder approval. IF Bancorp is scheduled to hold a special shareholders' meeting on February 3 to vote on the transaction.

ServBanc Holdco and IF Bancorp 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 $89.8M, 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. 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.

Stilwell Activist Investments, L.P., one of the largest stockholders of IF Bancorp, issued a statement in connection with the company's upcoming annual meeting of stockholders scheduled to be held on November 25, at which stockholders will vote on a number of matters, including Stilwell's non-binding proposal requesting a sale of the company, submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended: "Based on chronic underperformance and the likelihood of continued underperformance, we intend to vote FOR the Proposal, at the upcoming Annual Meeting. Proposal: RESOLVED, that the stockholders of IF Bancorp hereby recommend that the Board of Directors take all necessary steps to promptly effectuate a sale of the Company. As set forth in our Supporting Statement included in IROQ's proxy statement filed with the Securities and Exchange Commission on October 16, we believe that the returns on the Company's assets have been subpar for many years and that IROQ stockholders would be best served if the Company and its assets were sold at the earliest opportunity for the highest price available. Although our proposal is non-binding, we believe it provides a referendum for IROQ stockholders to express their views on the status quo and that it would be incumbent upon the Board of Directors to seriously consider such views if a majority of stockholders support this Proposal at the Annual Meeting."