SCHEDULE: Stilwell Group Exits IF Bancorp After Successful Merger Push

Activist investor Stilwell Group has sold its entire stake in IF Bancorp, Inc. following the company's announced merger, which the group actively advocated for.

Summary

• Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Value LLC, and Joseph Stilwell (the "Group") have sold all their shares in IF Bancorp, Inc. (the "Issuer").
• The sale was a direct result of the Issuer's announced merger with ServBanc Holdco, Inc., which the Group supported.
• The Group's original investment purpose was to profit from share price appreciation by asserting shareholder rights.
• Key activist actions included filing a Schedule 13D on September 18, 2023, and submitting a shareholder proposal on May 28, 2024, calling for the prompt sale of the Issuer, which was approved by stockholders.
• The Group also received Federal Reserve approval on May 14, 2025, to increase its stake up to 19.99% and nominated Scott J. Dworschak for the board on August 26, 2025.
• A standstill agreement on September 16, 2025, led to Mr. Dworschak's appointment to the board on September 24, 2025.
• IF Bancorp, Inc. announced its sale to ServBanc Holdco, Inc. on October 30, 2025.
• As of March 12, 2026, the Group ceased to beneficially own more than 5% of IF Bancorp's common stock.
• Stilwell Activist Fund sold 13,529 shares at $26.40 per share for a total of $357,165.60.
• Stilwell Activist Investments sold 231,651 shares at $26.40 per share for a total of $6,115,586.40.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this as a highly positive outcome for the activist investor, having successfully achieved their stated goal of prompting a sale and exiting their position profitably. The resolution of the SEC issue for Stilwell Value LLC also clears a past negative.

Positives

• The Group successfully advocated for the sale of IF Bancorp, Inc., which they believe is in the best interests of all shareholders.
• The shareholder proposal calling for the prompt sale of the Issuer was approved by stockholders at the 2024 annual meeting.
• The Group secured board representation with the appointment of Scott J. Dworschak to IF Bancorp's board of directors.
• The Group successfully exited its position, realizing profits from the appreciation in the market price of the shares.

Negatives

• Stilwell Value LLC was subject to an SEC administrative cease and desist order and a $75,000 civil monetary penalty for failing to timely file beneficial ownership reports.

Future Outlook

The filing indicates that the Group is pleased with the announced merger and believes it is in the best interests of all shareholders, suggesting a positive resolution to their activist campaign. The Group has now fully exited its position in IF Bancorp.

Management Comments

• We are pleased that the Issuer has chosen to sell itself and are supportive of the merger.
• We believe this outcome is in the best interests of all shareholders.

Industry Context

StockSavvy.ai notes that this filing exemplifies a successful activist investor campaign in the financial services sector, particularly within community banking. The Stilwell Group's history of advocating for sales or strategic changes in 78 other publicly-traded companies, often community banks, highlights a common strategy to unlock shareholder value in undervalued institutions. The successful push for a merger and subsequent exit aligns with a trend of consolidation in the banking industry, driven by factors such as regulatory burdens, technology investments, and the pursuit of scale.

Comparison to Industry Standards

• The Stilwell Group's track record of 78 activist positions since 2000, leading to sales, mergers, or value-maximizing steps, positions them as a highly effective activist investor, comparable to firms like Ancora Holdings or Driver Management in their focus on regional banks.
• The successful approval of a shareholder proposal for a prompt sale and subsequent board appointment of a nominee (Scott J. Dworschak) demonstrates a high level of influence, often seen with prominent activist funds achieving their objectives in smaller-cap companies.
• The sale price of $26.40 per share for IF Bancorp, Inc. would need to be benchmarked against the company's book value and recent trading multiples of comparable bank acquisitions to fully assess its value maximization relative to industry standards. Without specific details on the acquisition premium, a direct comparison is limited, but the Group's satisfaction suggests a favorable outcome.

Management Changes

Corporate Governance

Legal Proceedings

• Stilwell Value LLC consented to an SEC administrative cease and desist order on September 25, 2024, for failing to timely file certain beneficial ownership reports (violations of Section 13(d)(1) and 13(d)(2) of the Securities Exchange Act of 1934 and rules 13d-1 and 13d-2).
• A $75,000 civil monetary penalty was imposed on Stilwell Value LLC, which has since satisfied its obligations under the order.

Stakeholder Impact

• Shareholders: The Group believes the merger outcome is in the best interests of all shareholders, suggesting a favorable return on investment for those holding shares through the merger.
• Management/Board: The activist campaign led to significant strategic changes, including a board appointment and ultimately the sale of the company, indicating a shift in control and direction.

Key Dates

Keywords

IF Bancorp, Stilwell Activist Fund, Stilwell Activist Investments, Joseph Stilwell, Shareholder Activism, Merger, Bank Acquisition, Corporate Governance, Schedule 13D, SEC Filing, Financial Services