ServBanc Holdco to purchase IF Bancorp for $27.20 per share in cash

Acquisition Agreement: ServBanc Holdco and IF Bancorp have agreed on a definitive transaction where ServBanc Holdco and Servbank will acquire IF Bancorp and Iroquois Federal, respectively, expanding Servbank's presence in central Illinois.

Financial Details: IF Bancorp shareholders will receive approximately $89.8 million, or $27.20 per share, in cash, with the transaction subject to regulatory and shareholder approvals, and expected to close in the first quarter of 2026.

Board Approval: The boards of directors for both ServBanc Holdco and IF Bancorp have unanimously approved the transaction, which includes certain conditions outlined in the definitive agreement.

Postponement of Shareholder Meeting: Following the merger announcement, IF Bancorp has indefinitely postponed its 2025 annual shareholder meeting, which may not occur if the merger proceeds as planned.