OSWEGO, Ill., March 12, 2026 /PRNewswire/ -- ServBanc Holdco, Inc. ("ServBanc"), the holding company for Servbank, National Association ("Servbank") and IF Bancorp, Inc. ("IF Bancorp") (NASDAQ: IROQ), the holding company for Iroquois Federal Savings and Loan Association ("Iroquois Federal"), jointly announce today the closing of ServBanc's acquisition of IF Bancorp and Iroquois Federal.
ServBanc is led by Stavros Papastavrou, Chairman of the Board, a seasoned financial services executive with decades of industry experience. Mr. Papastavrou provides strategic leadership and oversight as ServBanc and its subsidiary bank, Servbank, continue to focus on sustainable growth and operational excellence. Headquartered in Oswego, Illinois, the completion of this acquisition expands Servbank's financial footprint further in the Illinois market.
"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," said Mr. Papastavrou.
"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," said Servbank CEO, Donald Satiroff.
The long-term strategic plan for Servbank's acquisition of Iroquois Federal includes integration of the established and recognized Servbank subservicing platform, including technology and personnel. In connection with the acquisition, the Servbank board of directors has appointed Walter "Chip" Hasselbring III, as a director to its board, effective as of March 12, 2026. Mr. Hasselbring previously served as the CEO and Chairman of the board of directors for Iroquois Federal.
Former branch offices of Iroquois Federal will continue operating under the name, "Iroquois Federal Savings and Loan Association, a division of Servbank, N.A." until the customer and data conversion is completed, which is anticipated to occur in the fourth quarter of 2026.
Performance Trust Capital Partners, LLC served as financial advisor and Hunton Andrews Kurth LLP served as legal counsel to ServBanc Holdco, Inc. Keefe Bruyette & Woods, Inc., a Stifel Company, served as financial advisor and Luse Gorman, PC served as legal counsel to IF Bancorp, Inc.
About ServBanc Holdco, Inc.
ServBanc is the parent company of Servbank, a national banking association focused on delivering relationship-based banking solutions supported by modern technology and strong regulatory governance. Servbank provides a full suite of deposit, lending, and financial services to individuals, businesses, and institutional clients, with an emphasis on stability, compliance, and long-term value creation. Through its banking platform, Servbank supports strategic growth initiatives while maintaining a disciplined approach to risk management and customer service, aligning innovation with the strength of a regulated financial institution. As of December 31, 2025, ServBanc had, on a consolidated basis, total assets of $995 million, deposits of $600 million, and total equity capital of $210 million.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements regarding the business of ServBanc, IF Bancorp and other matters. Any statements about our expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking statements. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends" "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance and actual results may differ materially from those expressed or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
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SOURCE Servbank
