ServBanc Holdco, Inc. ("ServBanc Holdco"), the holding company for Servbank, National Association ("Servbank") and IF Bancorp, Inc. (NASDAQ:IROQ) ("IF Bancorp"), the holding company for Iroquois Federal Savings and Loan Association ("Iroquois Federal"), today jointly announced that they have entered into a definitive agreement whereby ServBanc Holdco and Servbank will acquire IF Bancorp and Iroquois Federal, respectively. 

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 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.