ServBanc Holdco Completes IF Bancorp Acquisition, Boosting Assets by $995M
ServBanc Holdco completed its acquisition of IF Bancorp and Iroquois Federal, integrating the target's branches into Servbank and appointing Walter 'Chip' Hasselbring III to its board. This purchase boosts Servbank's Illinois presence, adding $995 million assets, $600 million deposits and $210 million equity, setting customer-data conversion for Q4 2026.
1. Acquisition Completion
On March 12, 2026, ServBanc Holdco finalized its purchase of IF Bancorp, Inc. and its subsidiary Iroquois Federal Savings and Loan Association. The transaction brings all Iroquois Federal branches under Servbank, National Association, marking a significant consolidation in the Illinois banking market.
2. Strategic Expansion
The deal expands Servbank's presence in northern Illinois by adding multiple community branches with established customer relationships. Management expects the combined network to strengthen local market share and enhance relationship-based banking services across the region.
3. Integration and Leadership Changes
Servbank plans to convert customer and data systems by Q4 2026, operating former Iroquois Federal branches under a division name until then. In conjunction with the closing, Walter 'Chip' Hasselbring III, former Iroquois Federal CEO, was appointed to the ServBanc board to guide integration efforts.
4. Financial Profile Impact
As of December 31, 2025, ServBanc reported $995 million in total assets, $600 million in deposits and $210 million in equity. The acquisition is expected to bolster these figures further, supporting the bank's disciplined growth and risk-management strategies.