On October 29, 2025, IF Bancorp, Inc., Watseka, Illinois, and ServBanc, Holdco, Inc., Oswego, Illinois, entered into a merger agreement pursuant to which IF Bancorp will merge with and into ServBanc in an all-cash transaction valued at approximately $89.8 million, subject to certain potential adjustments described in the agreement.

IF Bancorp is the holding company for Iroquois Federal Savings and Loan Association, and has approximately $862.3 million in assets. Iroquois Federal conducts its operations from seven banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois and a loan production office in Osage Beach, Missouri.

ServBanc is the holding company for Servbank, National Association, and has approximately $932.1 million in assets. Servbank conducts its operations from its headquarters in Oswego, Illinois.

Luse Gorman is serving as legal counsel to IF Bancorp in the transaction. The Luse Gorman team consists of Larry Spaccasi, Zac Davis and Tom Hutton.

Luse Gorman has acted as counsel on more than 100 bank and M&A transactions during the past seven years and on more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.