ServBanc Holdco cleared the final regulatory hurdle for its acquisition of IF Bancorp (NASDAQ:IROQ) on Wednesday, paving the way for a first-quarter merger that will significantly expand Servbank’s footprint into central Illinois.
The companies announced they have received all requisite approvals from federal and state regulators to combine their holding companies and subsidiary banks.
The all-cash transaction, valued at approximately $89.8 million, was first announced in late 2025.
Under the terms of the agreement, shareholders of IF Bancorp—the parent of Iroquois Federal Savings and Loan Association—will receive $27.20 per share in cash.
The price represents a premium over IF Bancorp’s trading levels prior to the deal's announcement and roughly 1.02 times the bank’s tangible book value.
The deal is now subject only to customary closing conditions and a final vote by IF Bancorp’s shareholders.
A special meeting for investors is scheduled for February 3, 2026.
If approved, the merger will unite two institutions with nearly $1.8 billion in combined assets.
Servbank, headquartered in Oswego, Illinois, currently manages approximately $932 million in assets, while Watseka-based Iroquois Federal brings roughly $862 million and seven full-service banking offices to the partnership.