Servbank, National Association entered into a definitive agreement to acquire IF Bancorp, Inc. (NasdaqCM:IROQ) for $91.1 million on October 29, 2025. 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.
The transaction is subject to approval of board of directors of ServBanc and IF Bancorp, regulatory approvals, the approval of IF Bancorp shareholder, expiration of applicable waiting periods, accuracy of specified representations and warranties of each party, the performance in all material respects by each party of its obligations under the Merger Agreement, the absence of any injunctions or other legal restraints and other conditions set forth in the definitive agreement. The transaction has been unanimously approved by both board of directors and is expected to close in the first quarter of 2026.
Upon termination of the Merger Agreement under certain circumstances, IF Bancorp will be obligated to pay either (i) a termination fee of $2.69 million plus up to $0.89 million of costs incurred in connection with the Merger, or (ii) the expenses incurred by ServBanc in connection with the Merger, up to $0.4 million. Under the Merger Agreement, one current director of IF Bancorp will be appointed to the board of directors of Servbank effective as of the closing of the Bank Merger.
Performance Trust Capital Partners, LLC served as financial advisor and Peter G. Weinstock and Beth A. Whitaker of Hunton Andrews Kurth LLP served as legal advisor to ServBanc. Keefe Bruyette & Woods, Inc. served as financial advisor and Larry Spacassi of Luse Gorman, PC served as legal counsel to IF Bancorp.
IF Bancorp, Inc. operates as a savings and loan holding company for Iroquois Federal Savings and Loan Association (Iroquois Federal). The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of Iroquois Federal. Iroquois Federal operates as a federally chartered savings association. Its business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in a range of loans. It offers a range of deposit accounts, including savings accounts, certificates of deposit, money market accounts, and commercial and personal checking accounts, among others. It also offers alternative delivery channels, including automated teller machines, online banking and bill pay, and mobile banking with mobile deposit and bill pay. It conducts its operations in seven full-service banking offices, and a loan production and wealth management office in Missouri.
