Stilwell launches proxy drive at IF Bancorp

Stilwell Activist Investments and its affiliates are preparing a proxy contest at IF Bancorp, Inc. for the 2025 annual meeting.

Rhea-AI Filing Summary

Stilwell Activist Investments and its affiliates are preparing a proxy contest at IF Bancorp, Inc. for the 2025 annual meeting. Joseph Stilwell and related investment entities plan to file a preliminary proxy statement and a universal proxy card to solicit votes for their own director nominee to the IF Bancorp board.

The filing notes that Stilwell Activist Investments, L.P. directly owns 231,651 shares of IF Bancorp common stock, Stilwell Activist Fund, L.P. directly owns 43,529 shares, and Stilwell Partners, L.P. directly owns 22,219 shares as of August 26, 2025. Through its role as general partner of these funds, Stilwell Value LLC may be deemed to beneficially own a total of 297,399 shares, and Joseph Stilwell may also be deemed to beneficially own this same amount. Two other anticipated participants, Scott J. Dworschak and Douglas P. Hutchison Jr., are reported as not beneficial owners of IF Bancorp securities as of that date.

Insights

Corporate governance and activism analyst

Stilwell is launching an activist campaign at IF Bancorp with a board nominee and a notable share position.

The content describes an activist group led by Joseph Stilwell preparing to solicit proxies to elect its own director nominee to the board of IF Bancorp, Inc. at the 2025 annual meeting. This is framed as a contested governance process, with a preliminary proxy statement and universal proxy card to be filed.

Affiliated funds directly own 231,651, 43,529 and 22,219 shares of common stock, and, through control relationships, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 297,399 shares. This establishes a meaningful, though not controlling, stake that underpins the campaign. The actual impact on IF Bancorp will depend on how many shareholders support the Stilwell nominee once detailed proxy materials and the company’s response are available in future filings.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Stilwell seeking at IF Bancorp, Inc. (IROQ)?

Stilwell Activist Investments and affiliated entities intend to solicit stockholder votes to elect their own highly-qualified director nominee to the board at IF Bancorp, Inc.’s 2025 annual meeting of stockholders.

How many IF Bancorp (IROQ) shares are associated with the Stilwell group?

As of the close of business on August 26, 2025, Stilwell Activist Investments, L.P. directly owns 231,651 shares of IF Bancorp common stock, Stilwell Activist Fund, L.P. directly owns 43,529 shares, and Stilwell Partners, L.P. directly owns 22,219 shares. Through its role as general partner of these funds, Stilwell Value LLC, and in turn Joseph Stilwell, may be deemed to beneficially own 297,399 shares in total.

Who are the participants in the IF Bancorp (IROQ) proxy solicitation by Stilwell?

The anticipated participants are Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., Stilwell Partners, L.P., Stilwell Value LLC, Joseph Stilwell, Scott J. Dworschak, and Douglas P. Hutchison Jr.

Do all Stilwell participants currently own IF Bancorp (IROQ) securities?

No. As of August 26, 2025, Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., and Stilwell Partners, L.P. directly own IF Bancorp common stock, while Messrs. Scott J. Dworschak and Douglas P. Hutchison Jr. are reported as not beneficially owning any securities of IF Bancorp.

Where can IF Bancorp (IROQ) stockholders find Stilwell’s proxy materials?

Stilwell advises all IF Bancorp stockholders to read any proxy materials as they become available, which will be provided without charge by the participants upon request and will also be available at no charge on the SEC’s website at http://www.sec.gov.

What recent filing triggered Stilwell’s proxy move at IF Bancorp (IROQ)?

On August 26, 2025, Stilwell filed Amendment No. 3 to its Schedule 13D, disclosing the delivery of its notice of intent to nominate a highly-qualified director candidate at the 2025 annual meeting of IF Bancorp, Inc.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/27/2025 - 12:15 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

☒ Soliciting Material Under § 240.14a-12

IF BANCORP, INC.

(Name of Registrant as Specified In Its Charter)

Stilwell Activist Investments, L.P.

Stilwell Activist Fund, L.P.

Stilwell Partners, L.P.

Stilwell Value LLC

Joseph Stilwell

Scott J. Dworschak

Douglas P. Hutchison Jr.

(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Joseph Stilwell and certain affiliated entities (collectively, “Stilwell”), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (the “SEC”) to be used to solicit votes for the election of Stilwell’s highly-qualified director nominee at the 2025 annual meeting of stockholders (the “Annual Meeting”) of IF Bancorp, Inc., a Maryland corporation (the “Company”).

On August 26, 2025, Stilwell filed Amendment No. 3 to its Schedule 13D (“Amendment No. 3”) disclosing its delivery of its notice of intent to nominate a highly-qualified director candidate at the Annual Meeting, which was delivered to the Company on August 26, 2025. A copy of Amendment No. 3 is attached hereto as Exhibit 1 and is incorporated herein by reference.

 CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

STILWELL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ANY PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF PROXY MATERIALS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

The participants in the proxy solicitation are currently anticipated to be Stilwell Activist Investments, L.P., a Delaware limited partnership (“Stilwell Activist Investments”), Stilwell Activist Fund, L.P., a Delaware limited partnership (“Stilwell Activist Fund”), Stilwell Partners, L.P., a Delaware limited partnership (“Stilwell Partners”), Stilwell Value LLC, a Delaware limited liability company, Joseph Stilwell, Scott J. Dworschak and Douglas P. Hutchison Jr.

As of the close of business on August 26, 2025, Stilwell Activist Investments directly owns 231,651 shares of Common Stock, par value $0.01 per share, of the Company (the “Common Stock”), including 178,048 shares held in record name. As of the close of business on August 26, 2025, Stilwell Activist Fund directly owns 43,529 shares of Common Stock. As of the close of business on August 26, 2025, Stilwell Partners directly owns 22,219 shares of Common Stock. Stilwell Value LLC, as the general partner of each of Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners, may be deemed to beneficially own the 297,399 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. Mr. Stilwell, as the managing member and sole owner of Stilwell Value LLC, may be deemed to beneficially own the 297,399 shares of Common Stock owned directly by Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Partners. As of the close of business on August 26, 2025, Messrs. Dworschak and Hutchison do not beneficially own any securities of the Company.