ServBanc Holdco Completes Acquisition of IF Bancorp

Acquisition expands Servbank's footprint in Illinois market

Mar. 12, 2026 at 11:39pm

ServBanc Holdco, Inc., the parent company of Servbank, National Association, has completed its acquisition of IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association. The deal expands Servbank's financial footprint in the Illinois market and combines the community-focused approaches of the two organizations.

Why it matters

The acquisition allows Servbank to grow its presence in Illinois by combining with a community bank that has deep local roots and a customer-centric philosophy. It represents a strategic move to expand Servbank's reach while preserving the relationship-driven approach that has defined Iroquois Federal.

The details

Under the terms of the deal, Servbank will integrate Iroquois Federal's established operations, including its technology and personnel. Former Iroquois Federal branch offices will continue operating under the Iroquois Federal name until the customer and data conversion is completed in Q4 2026. Servbank CEO Donald Satiroff said the acquisition is about 'people - our customers, our employees, and the communities that rely on us'.

  • The acquisition closed on March 12, 2026.
  • The customer and data conversion is anticipated to be completed in Q4 2026.

The players

ServBanc Holdco, Inc.

The parent company of Servbank, National Association, a national banking association focused on relationship-based banking solutions.

IF Bancorp, Inc.

The holding company for Iroquois Federal Savings and Loan Association, a community bank with deep local roots and a customer-focused approach.

Stavros Papastavrou

The Chairman of the Board of ServBanc Holdco, Inc., a seasoned financial services executive with decades of industry experience.

Donald Satiroff

The CEO of Servbank, National Association.

Walter "Chip" Hasselbring III

The former CEO and Chairman of the board of directors for Iroquois Federal, who has been appointed to the Servbank board of directors.

Got photos? Submit your photos here. ›

What they’re saying

“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.”

— Stavros Papastavrou, Chairman of the Board, ServBanc Holdco, Inc.

“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.”

— Donald Satiroff, CEO, Servbank N.A.

What’s next

The customer and data conversion is anticipated to be completed in the fourth quarter of 2026, at which point the former Iroquois Federal branch offices will be fully integrated into the Servbank platform.

The takeaway

This acquisition demonstrates how community-focused banks can strategically partner to expand their reach and strengthen their commitment to local markets, while preserving the relationship-driven approach that has defined their success.