| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Stock, par value $0.01 per share |
| (b) | Name of Issuer:
IF Bancorp, Inc. |
| (c) | Address of Issuer's Principal Executive Offices:
201 E. CHERRY ST, WATSEKA,
ILLINOIS
, 60970. |
| Item 2. | Identity and Background |
|
| (a) | This is the fifth amendment (the "Fifth Amendment") to the Schedule 13D, which was filed on September 18, 2023 (the "2023 Schedule 13D"), and amended on May 28, 2024 (the "First Amendment"), on November 15, 2024 (the "Second Amendment"), on August 26, 2025 (the "Third Amendment"), and on September 17, 2025 (the "Fourth Amendment"). This Fifth Amendment is being filed jointly by Stilwell Activist Fund, L.P., a Delaware limited partnership ("Stilwell Activist Fund"); Stilwell Activist Investments, L.P., a Delaware limited partnership ("Stilwell Activist Investments"); Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC") and the general partner of Stilwell Activist Fund and Stilwell Activist Investments; and Joseph Stilwell, the managing member and owner of Stilwell Value LLC (collectively, "we" or "us"). The filers of this statement are collectively referred to herein as the "Group." The joint filing agreement of the members of the Group was filed as Exhibit 1 to the 2023 Schedule 13D.
This statement is filed by Joseph Stilwell with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of IF Bancorp, Inc. (the "Issuer") beneficially owned by Joseph Stilwell, including shares of Common Stock held in the names of Stilwell Activist Fund and Stilwell Activist Investments, in Joseph Stilwell's capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Activist Fund and Stilwell Activist Investments. |
| (b) | The business address of Stilwell Activist Fund, Stilwell Activist Investments, and Stilwell Value LLC is 111 Broadway, 12th Floor, New York, New York 10006. The business address of Joseph Stilwell is 200 Calle del Santo Cristo, Segundo Piso, San Juan, Puerto Rico 00901. |
| (c) | The principal employment of Joseph Stilwell is investment management. Stilwell Activist Fund and Stilwell Activist Investments are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value LLC serves as the general partner of Stilwell Activist Fund and Stilwell Activist Investments, and related partnerships. |
| (d) | During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
| (e) | During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws, except as indicated in Schedule B, attached hereto and incorporated herein by reference. |
| (f) | Joseph Stilwell is a citizen of the United States. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | Since we last reported purchases of Common Stock, Stilwell Activist Fund has not expended any monies to acquire shares of Common Stock.
Since we last reported purchases of Common Stock, Stilwell Activist Investments has not expended any monies to acquire shares of Common Stock. |
| Item 4. | Purpose of Transaction |
| | We are filing this Fifth Amendment to report that, following the Issuer's announced sale, members of the Group have sold shares of Common Stock. We are pleased that the Issuer has chosen to sell itself and are supportive of the transaction.
Our purpose in acquiring shares of Common Stock of the Issuer was to profit from the appreciation in the market price of the shares of Common Stock through asserting shareholder rights.
We filed the 2023 Schedule 13D reporting our position on September 18, 2023. On May 28, 2024, we submitted a shareholder proposal under Rule 14a-8 calling for the prompt sale of the Issuer. The proposal was approved by stockholders at the Issuer's 2024 annual meeting of stockholders (the "2024 Annual Meeting"). On May 14, 2025, the Federal Reserve Bank of Chicago notified us that it would not object to our request to buy additional shares of the Issuer up to 19.99%. On August 26, 2025, we served our notice of intent to nominate Scott J. Dworschak for election as a director at the Issuer's 2025 annual meeting of stockholders. On September 16, 2025, we entered into a standstill agreement (the "Standstill Agreement") whereby the Issuer agreed, among other things, to appoint Mr. Dworschak to its board of directors. On September 24, 2025, the Issuer appointed Mr. Dworschak to its board. Pursuant to the terms of the Standstill Agreement, the Issuer further agreed that, if, after March 31, 2026, the Issuer failed to substantially implement the matters approved by stockholders at its 2024 Annual Meeting, we would select at our discretion, and the Issuer's board would appoint, an additional nominee to the board.
On October 30, 2025, the Issuer announced its sale to ServBanc Holdco, Inc.
Subject to the Standstill Agreement, members of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.
Since 2000, members or affiliates of the Group have taken an 'activist position' in 78 other publicly-traded companies. In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares.
Our actions with respect to such publicly-traded companies are described in Schedule A, attached hereto and incorporated herein by reference. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | The members of the Group collectively beneficially own an aggregate of 245,180 shares of Common Stock. The percentages used in this filing are calculated based on 3,351,526 shares of Common Stock outstanding as of December 18, 2025, as reported in the Issuer's Definitive Proxy Statement on Form DEFM14A filed with the Securities and Exchange Commission on December 30, 2025.
Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell may be deemed to beneficially own 245,180 shares of Common Stock, constituting approximately 7.3% of the shares of Common Stock outstanding. |
| (b) | Each of Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell may be deemed to share the power to vote and dispose of 245,180 shares of Common Stock owned in the aggregate by Stilwell Activist Fund and Stilwell Activist Investments.
Because he is the managing member and owner of Stilwell Value LLC, which is the general partner of each of Stilwell Activist Fund and Stilwell Activist Investments, Joseph Stilwell has the power to direct the affairs of each of Stilwell Activist Fund and Stilwell Activist Investments, including the voting and disposition of shares of Common Stock held in the name of each of Stilwell Activist Fund and Stilwell Activist Investments. Therefore, Joseph Stilwell is deemed to share voting and disposition power with each of Stilwell Activist Fund and Stilwell Activist Investments with regard to those shares of Common Stock.
Because he is the managing member and owner of Stilwell Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of each of Stilwell Activist Fund and Stilwell Activist Investments. Therefore, Stilwell Value LLC may be deemed to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by each of Stilwell Activist Fund and Stilwell Activist Investments. |
| (c) | Within the past sixty days, Stilwell Activist Fund sold shares of Common Stock as set forth in Schedule C, attached hereto and incorporated herein by reference. Within the past sixty days, Stilwell Activist Investments has not purchased or sold any shares of Common Stock. Stilwell Value LLC and Joseph Stilwell have not purchased or sold any shares of Common Stock. |
| (d) | No person other than Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC and Joseph Stilwell is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | On September 16, 2025, members of the Group, the Issuer and Scott J. Dworschak entered into the Standstill Agreement pursuant to which the Issuer agreed to, among other things, (i) expand both the board of directors of the Issuer and the Issuer's wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (the "Bank"), by one board seat, (ii) appoint Mr. Dworschak to serve on the boards of directors of the Issuer and the Bank in the class of directors having terms expiring at the Issuer's 2026 Annual Meeting of Stockholders and the Bank's 2026 Annual Meeting of Stockholders, respectively, and (iii) appoint an additional director of the Group's choosing to the boards of directors of the Issuer and the Bank if, after March 31, 2026, the Issuer has failed to substantially implement the matters approved by stockholders of the Issuer at the 2024 Annual Meeting.
In exchange, the members of the Group agreed to, among other things, not (a) solicit proxies in opposition to any recommendations or proposals of the Issuer's board of directors, (b) initiate or solicit shareholder proposals or seek to place any additional representatives on the Issuer's board of directors other than Mr. Dworschak (or any subsequent or replacement director selected by the Group in the event Mr. Dworschak's position as a director of the Issuer or the Bank is terminated during the term of the Standstill Agreement due to his resignation, death, permanent disability or otherwise), (c) oppose any proposal or director nomination submitted by the board of directors to the Issuer's shareholders, (d) vote for any nominee to the Issuer's board of directors other than those nominated or supported by the board of directors, (e) seek to exercise any control or influence over the management of the Issuer or the boards of directors of the Issuer or the Bank, propose or seek to effect a merger or sale of the Issuer or initiate litigation against the Issuer, or (f) acquire any additional shares of the outstanding Common Stock of the Issuer or, without the Issuer's written consent, privately or pursuant to a public tender offer, sell or otherwise dispose of any interest in the Group's shares of Common Stock to any person whom the Group believes, after reasonable inquiry, would be a beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of Common Stock of the Issuer.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Standstill Agreement, which was attached as Exhibit 10 to the Issuer's Form 8-K and filed as Exhibit 5 to the Fourth Amendment.
Other than the Standstill Agreement referenced above, and the Joint Filing Agreement filed as Exhibit 1 to the 2023 Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders' fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies, except for sharing of profits.
See Items 1 and 2 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by reference. |
| Item 7. | Material to be Filed as Exhibits. |
| | Schedule A - Stilwell Activist History
Schedule B - Item 2(e)
Exhibit 1 - Joint Filing Agreement, dated September 18, 2023, filed with the 2023 Schedule 13D.
Exhibit 2 - Proposal, dated May 28, 2024, filed with the First Amendment.
Exhibit 3 - Nominee Agreement, dated August 26, 2025, with Scott J. Dworschak.
Exhibit 4 - Nominee Agreement, dated August 26, 2025, with Douglas P. Hutchison, Jr.
Exhibit 5 - Standstill Agreement, dated September 16, 2025, incorporated by reference to Exhibit 10 to the Issuer's Form 8-K filed with the Securities and Exchange Commission on September 16, 2025. |
