IF Bancorp, Inc. (IROQ)

IF Bancorp, Inc. was the savings and loan holding company for Iroquois Federal Savings and Loan Association, headquartered in Watseka, Illinois. The association was founded in 1883 and operated as a community-oriented institution serving individuals and businesses in east-central Illinois and nearby areas. IF Bancorp completed its public offering in 2011, when Iroquois Federal converted from a mutual savings institution to stock form, and its common stock traded on the Nasdaq Capital Market under the symbol IROQ.

The bank accepted deposits through savings accounts, certificates of deposit, money market accounts, checking accounts and individual retirement accounts. Its lending included one- to four-family residential mortgages, multi-family and commercial real estate loans including farm loans, commercial business loans, home equity lines of credit, construction and land development loans, and consumer loans such as automobile loans. Through related offerings it also sold insurance and investment products and provided online, mobile and treasury services.

Iroquois Federal operated a network of full-service offices in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais and Champaign, Illinois, together with a loan production and wealth management office in Osage Beach, Missouri. As a small publicly traded thrift holding company, IF Bancorp operated with modest asset size and faced the cost of public company compliance alongside competition from larger regional and national banks.

On October 29, 2025, IF Bancorp entered into a merger agreement with ServBanc Holdco, Inc., an Arizona corporation and the holding company for Servbank, National Association. The agreement provided for IF Bancorp shareholders to receive cash for their shares, with the price based on a tangible common equity calculation set out in the agreement.

The merger closed on March 12, 2026, effective at 6:01 p.m. Central time. Each share of IF Bancorp common stock was converted into the right to receive $26.40 in cash, and restricted stock awards vested in full and received the same amount. ServBanc also funded a contingent payment fund of about $5.0 million held by Computershare Trust Company, N.A.; if a specified loan participation interest of IF Bancorp is repaid above its unreserved amount, former holders may receive up to roughly $1.51 per share in additional payments, net of expenses.

Following the merger, IF Bancorp merged into ServBanc, and Iroquois Federal Savings and Loan Association was later combined into Servbank, National Association. IF Bancorp notified Nasdaq on March 12, 2026 to suspend trading and remove the shares from listing before the market opened on March 13, and a Form 25 was filed to deregister the stock. ServBanc, as successor, intended to file a Form 15 to suspend IF Bancorp's SEC reporting obligations. IF Bancorp's directors and executive officers left their posts at the effective time, and its chief executive officer, Walter H. Hasselbring III, was appointed a director of Servbank.