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Stilwell Group Pressures IF Bancorp (IROQ) Board, Citing Failure to Act on Shareholder-Approved Bank Sale

Summary

Stilwell Activist Investments criticized IF Bancorp’s board for ignoring last year’s shareholder-approved proposal to sell the bank, accusing it of incompetence and inaction. To push for change, the group announced it will nominate Scott J. Dworschak to replace long-serving director Alan D. Martin at the upcoming annual meeting, stressing that it is time for board refreshment and accountability.

Dear Fellow IROQ Owners,

At last year’s annual meeting, you – the owners of the company – sent a loud and unmistakable message to its board of directors: PROMPTLY SELL THE BANK. The precatory proposal calling for IROQ’s sale was approved by shareholders.

And what has the board done since then? Nothing that we can see.

Is the board willfully ignoring the owners or are they simply incapable of following instructions? Are they oblivious or just incompetent, or both? Maybe they’re “working on it,” but don’t you think a competent board could have managed a sale by now?

At this year’s annual meeting, we are running a highly qualified nominee to replace director Alan D. Martin, the bank’s former President and CEO who has served with the company since 1973 – over 50 years – that’s before I was born!

It’s time to let go.

We look forward to communicating with you in the upcoming weeks in connection with our nomination of Scott J. Dworschak for election to the board at this year’s annual meeting.

Respectfully,

Megan Parisi

(787) 985-2194

mparisi@stilwellgroup.com

Source:

https://www.sec.gov/Archives/edgar/data/1113303/000092189525002570/dfan14a10318025_09112025.htm

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