Director of IF Bancorp (IROQ) fully cashed out as shares convert to $26.40

Rhea-AI Filing Summary

IF Bancorp, Inc. director Joseph A. Cowan reported a disposition of 27,800 shares of common stock back to the company. The Form 4 shows this was a disposition to the issuer, leaving him with zero shares of IF Bancorp common stock after the transaction.

According to a related merger agreement between IF Bancorp, Inc. and ServBanc Holdco, Inc., each issued and outstanding IF Bancorp common share was converted into the right to receive $26.40 in cash. This filing reflects the cash merger closing rather than an open-market sale by the director.

Insights

Bank M&A and insider-transactions analyst

Director’s stake is cashed out in a completed cash merger.

This Form 4 shows director Joseph A. Cowan disposing of 27,800 IF Bancorp common shares in a transaction coded as a disposition to issuer, bringing his reported holdings to zero. The footnote ties this to a completed cash merger.

Under the merger agreement between IF Bancorp, Inc. and ServBanc Holdco, Inc., each IF Bancorp share was converted into the right to receive $26.40 in cash. That indicates shareholders, including this director, are being bought out at a fixed per-share price rather than trading in the open market.

The filing confirms that, post-merger, this director no longer holds IF Bancorp shares and instead receives cash consideration. Further company filings about the merger terms and closing conditions would provide the broader context for how this transaction affects all shareholders.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider COWAN JOSEPH A

Role Director

Type	Security	Shares	Price	Value
Disposition	Common Stock	27,800	$0.00	--

Holdings After Transaction: Common Stock — 0 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COWAN JOSEPH A

(Last) (First) (Middle)

201 EAST CHERRY STREET

(Street)

WATSEKA IL 30970

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IF Bancorp, Inc. [ IROQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/12/2026		D		27,800	D	(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to the Agreement and Plan of Merger, dated as of October 29, 2025, between the Issuer and ServBanc Holdco, Inc., each issued and outstanding share of Issuer common stock was converted into the right to receive $26.40 cash consideration.

	/s/ Joseph A. Cowan	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did IF Bancorp (IROQ) director Joseph A. Cowan report?

Joseph A. Cowan reported disposing of 27,800 shares of IF Bancorp common stock. The Form 4 classifies this as a disposition to the issuer, reducing his reported holdings to zero shares following the transaction, tied to the completion of a cash merger agreement.

Was Joseph A. Cowan’s IF Bancorp (IROQ) transaction an open-market sale?

No, the transaction was not an open-market sale. It is coded as a disposition to the issuer, reflecting shares being cashed out in connection with a merger transaction rather than shares being sold on the open market to other investors.

How many IF Bancorp (IROQ) shares did Joseph A. Cowan hold after the reported transaction?

After the reported transaction, Joseph A. Cowan held zero shares of IF Bancorp common stock. The Form 4 shows 27,800 shares disposed of to the issuer, and total shares following the transaction are listed as 0.0000, indicating a full cash-out of his reported stake.

What cash consideration did IF Bancorp (IROQ) shareholders receive in the ServBanc merger?

Each issued and outstanding share of IF Bancorp common stock was converted into the right to receive $26.40 in cash. This consideration comes from the Agreement and Plan of Merger between IF Bancorp, Inc. and ServBanc Holdco, Inc., as referenced in the filing footnote.

How is the ServBanc Holdco, Inc. merger reflected in Joseph A. Cowan’s Form 4?

The merger is reflected through a disposition-to-issuer entry for 27,800 shares at a price of $0.0000 and a footnote. The footnote explains that every IF Bancorp share was converted into the right to receive $26.40 cash under the merger with ServBanc Holdco, Inc.

Does Joseph A. Cowan’s Form 4 suggest any remaining IF Bancorp (IROQ) equity exposure?

The Form 4 indicates no remaining IF Bancorp equity exposure for Joseph A. Cowan. Total shares following the transaction are reported as zero, and there are no derivative positions listed in the derivative summary, consistent with a full cash-out in the merger.