IF Bancorp Announces Resignation of President and Appointment of New Leadership

IF Bancorp, Inc. (NASDAQ: IROQ) recently disclosed in an 8-K filing with the Securities and Exchange Commission that Walter H. Hasselbring, III has resigned from his position as President of the Company and Iroquois Federal Savings and Loan Association.

The Boards of Directors of IF Bancorp and the Association have appointed Thomas J. Chamberlain, the current Chief Lending Officer of the Association and Senior Executive Vice President of both entities, as the new President. Despite resigning as President, Mr. Hasselbring will retain his role as Chief Executive Officer and continue overseeing strategic initiatives, while Mr. Chamberlain will manage day-to-day operations. The transition was amicable, with no reported disagreements between Mr. Hasselbring and the Company.

Mr. Chamberlain, a seasoned professional with extensive experience, has been with the Association since 2004 and has held various leadership positions. He brings a solid educational background, having earned an MBA from Eastern Illinois University and a bachelor’s degree from the University of Illinois. Mr. Chamberlain will now lead IF Bancorp and the Association through this leadership transition.

In a parallel motion, the Company announced the results of its Annual Meeting of Stockholders held on November 25, 2024. Among the matters voted on were the election of directors, the ratification of the appointment of FORVIS MAZARS, LLP as the independent registered public accounting firm, and the approval of executive compensation and a non-binding stockholder proposal recommending the sale of the Company.

Additionally, IF Bancorp revealed in a subsequent press release that Walter H. Hasselbring, III has been unanimously elected as the Chair of the Board, succeeding Gary Martin, who retired due to reaching the age limit established in the bylaws. In line with corporate governance guidelines, Joseph A. Cowan was appointed as the Lead Independent Director to ensure effective oversight and independence of the Boards.

According to the Boards, combining the Chair and Chief Executive Officer roles and appointing a Lead Independent Director and a new President will provide sufficient strength and consistency in leadership for both management and the Boards.

This news comes as part of a series of significant changes within IF Bancorp as the Company continues to progress and navigate strategic shifts in its leadership structure.

The full text of the 8-K filing and related press releases can be accessed through the Securities and Exchange Commission’s website and IF Bancorp’s official channels.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IF Bancorp’s 8K filing here.

About IF Bancorp

IF Bancorp, Inc operates as the savings and loan holding company for Iroquois Federal Savings and Loan Association that provides a range of banking and financial services to individual and corporate clients. The company offers various deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, individual retirement accounts, and health savings accounts.