ServBanc Holdco, Inc. closed its acquisition of IF Bancorp, Inc. on March 12, 2026, paying $27.20 in cash per share for a total consideration of approximately $89.8 million. The deal also includes a contingent payment agreement that could add up to $1.51 per share, depending on the performance of certain loan participations.
Iroquois Federal Savings and Loan Association, the subsidiary of IF Bancorp, was founded in 1883 and is therefore 143 years old as of 2026. The acquisition adds Iroquois Federal’s seven Illinois branches and $619 million in loans to ServBanc’s portfolio, while the Iroquois Federal brand will be retained as a division during the integration process.
The transaction expands ServBanc’s footprint in Illinois, giving the bank a stronger presence in a key regional market and adding significant deposit and loan balances. ServBanc plans to integrate Iroquois Federal’s technology and personnel into its subservicing platform, with full customer and data conversion expected by the fourth quarter of 2026.
Financially, ServBanc reported total assets of $995 million, deposits of $600 million, and equity capital of $210 million as of December 31, 2025. IF Bancorp’s Q2 2026 results showed a decline in revenue and free cash flow compared with the prior quarter, although year‑over‑year revenue growth remained positive. The purchase price represents roughly 1.02 times IF Bancorp’s tangible book value, indicating a modest premium for the acquisition.
Stavros Papastavrou, Chairman of ServBanc Holdco, said, "This acquisition represents a strategic step forward as Servbank continues to grow its presence. We are excited to collaborate with the Iroquois team, whose deep community roots and customer‑focused approach align closely with our own. Together, we will build on that foundation to support our communities and strengthen the organization for the future." Donald Satiroff, CEO of ServBanc, added, "At its core, this acquisition is about people – our customers, our employees, and the communities that rely on us. By coming together, we are strengthening our ability to serve while preserving the relationship‑driven, community‑focused approach that has always defined Iroquois Federal. We look forward to growing with the Iroquois Federal team, entrenching our commitment to the communities, and providing best‑in‑class service to our customers."
The acquisition also results in the delisting of IF Bancorp from Nasdaq and the appointment of former IF Bancorp CEO Walter "Chip" Hasselbring III to ServBanc’s board of directors. Integration of Iroquois Federal’s operations is scheduled to be completed by the end of 2026, positioning ServBanc to leverage the combined assets and customer base for future growth.
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