IF Bancorp in Watseka, Ill., has reached a truce with an activist investor.
The company disclosed in a regulatory filing that it entered into a standstill agreement with funds associated with Joseph Stillwell and Stilwell Partners. The agreement is set to last until March 2026 or the company’s sale, whichever comes first.
IF Bancorp agreed to add Scott Dworschak to its board.
Stilwell will have the opportunity to appoint a second director to the board should IF Bancorp fail to “substantially implement” approved by shareholders at the company’s November 2024 annual meeting.
Stilwell, and its related funds, agreed to stop buying IF Bancorp shares or sell shares that would boost a buyer’s stake above 5%. The investor agreed to refrain from proposing a sale of the company or to solicit proxies in opposition to any of the board’s recommendations or proposals, among other things.