A business banking transition announced today (Friday) -- IROQUOIS FEDERAL, headquartered in Watseka and with operating facilities in seven full-service offices, has been acquired by ServBanc Holdco, Inc. and IF Bancorp Inc.  A merger was approved October 30, 2025.  

ServBanc Holdco and IF Bancorp, the holding company for Iroquois Federal, entered into an agreement whereby ServBanc Holdco and Servbank will acquire IF Bancoprand Iroquois Federal, respectively. A press rlease states Servbank is expanding its franchise into central Illinois.  The transaction has been unanimously approved bythe respective boards of directors and is subject to regulatory approval.  The transaction is expected to close in the first quarter of 2026.

Walter "Chip" Hasselbring III, Chairman and CEO of IF Bancorp and Iroquois Federal said "we recognize the great opportunity this strategic affiliation with Servbank provides for our clients, customers, communitgies and employees while satisfying our responsibilities to current shareholders.  Servbank's mission aligns with our values be creating excellence, the highest quality experience and innovative solutions going forward.  We are excited about the Servbank platform."

Servbank, based in Oswego, Illinois has entered into a definitive agreement with Iroquois Federal for the acquisition. Iroquois Federal shareholders will receive approximately eighty nine point eight million dollars or twenty seven dollars and twenty cents per share, in cash for each share of common stock. 

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