Bronstein, Gewirtz & Grossman LLC has filed a class action lawsuit against ServBanc Holdco, as successor to IF Bancorp, alleging that a proxy statement for IF Bancorp's merger with ServBanc Holdco contained false and misleading statements. The complaint claims the proxy overstated the value and likelihood of shareholder consideration, including a purported $27.20 per-share merger price and a special dividend tied to tangible common equity thresholds, while failing to disclose that a required $13.99 million loan renewal and associated reserve made it unlikely those thresholds would be met. As a result, the actual merger consideration was expected to be reduced to approximately $26.40 per share, and any additional contingent payment was uncertain. Shareholders who held shares as of February 3, 2026, have until June 29, 2026, to seek lead plaintiff appointment.
IF Bancorp IncClass action lawsuit alleges false proxy statements in merger, reducing expected consideration.
Named as successor in class action lawsuit over merger proxy misstatements.