ServBanc Holdco in Oswego, Ill., has agreed to buy IF Bancorp in Watseka, Ill.
The holding company for the $932.3 million-asset ServBank said in a press release that it will pay $89.8 million in cash for the parent of the $887.7 million-asset Iroquois Federal Savings and Loan Association. The deal is expected to close in the first quarter.
The acquisition “presents compelling opportunities for our communities, customers, employees and shareholders,” Stavros Papastavrou, ServBanc’s chairman, said in the release.