IF Bancorp, Inc. 8-K

What Happened

• IF Bancorp, Inc. (IROQ) announced on March 12, 2026 that, under the Merger Agreement, Merger Sub merged into IF Bancorp and IF Bancorp then merged into ServBanc, with ServBanc as the surviving entity. Each IF Bancorp common share (including vested restricted stock) was converted into the right to receive $26.40 in cash based on the agreement’s tangible common equity calculation.
• Separately, IF Bancorp’s bank subsidiary, Iroquois Federal Savings and Loan Association, merged into Servbank, National Association (a ServBanc subsidiary).

Key Details

• Cash consideration: $26.40 per IF Bancorp common share paid at closing (March 12, 2026).
• Contingent payment fund: ServBanc funded $5,004,650 with Computershare under a Contingent Payment Agreement (dated March 9, 2026); if certain loan participation recoveries occur, shareholders may receive a pro rata supplemental payment of up to approximately $1.51 per share (net of estimated fees).
• Corporate changes: IF Bancorp’s directors and executive officers ceased their IF Bancorp roles at closing; Walter H. Hasselbring III (former IF Bancorp CEO) was appointed a director of Servbank. IF Bancorp’s Articles of Incorporation and Bylaws ceased to be in effect.
• Listing and reporting: IF Bancorp requested Nasdaq suspend trading and remove its listing prior to market open on March 13, 2026; Nasdaq filed Form 25 to deregister the common stock, and ServBanc intends to file Form 15 to suspend IF Bancorp’s SEC reporting obligations.

Why It Matters

• For IF Bancorp shareholders, the merger converts equity into a fixed cash payment ($26.40/share) plus a potential additional contingent distribution (up to ~ $1.51/share if conditions are met). Restricted shares vested and were paid the same consideration.
• The company’s stock is being delisted and reporting will be suspended, meaning former public-company disclosures and trading for IF Bancorp common stock will end; shareholders should monitor communications from ServBanc and the paying agent (Computershare) for payment timing and contingent payment details.
• Leadership and structural changes (bank merger, governance changes) signal integration into ServBanc’s operations; investors should review the merger documents and the prior Contingent Payment 8-K for full terms and any conditions affecting additional payments.