Cypriot businessman and Omonia Nicosia owner Stavros Papastavrou has signed a definitive agreement to acquire the US bank IF Bancorp Inc. and its subsidiary, Iroquois Federal Savings and Loan Association, through his company ServBanc Holdco Inc.
The transaction, valued at $89.8 million in cash, marks Papastavrou’s second US bank acquisition and strengthens his growing influence in the American financial landscape.
According to Business Wire, the deal — approved unanimously by both boards of directors — sets the purchase price at $27.20 per share of IF Bancorp. Completion is expected during the first quarter of 2026, pending regulatory approvals and the consent of IF Bancorp’s shareholders.
Once finalised, Iroquois Federal will be fully integrated into Servbank, ServBanc’s subsidiary bank, expanding the group’s footprint in Central Illinois and enhancing its retail banking and mortgage lending portfolio.
In a statement accompanying the announcement, Papastavrou described the merger as “the unification of two historic banking institutions that share common values and a commitment to local communities”. He said the acquisition “creates exciting opportunities for our customers, employees, and the communities we serve”.
Papastavrou added that Servbank “welcomes the Iroquois Federal team with enthusiasm”, underlining the group’s focus on technology-driven banking, local service, and social responsibility.
ServBanc acknowledged that the transaction involves typical integration and regulatory challenges, such as system harmonization, client adaptation, and cultural alignment between the two banks. Nevertheless, the group is determined to invest heavily in technology and digital transformation, aligning with the wider trend in both U.S. and European banking sectors.
If completed as planned, the acquisition will give Stavros Papastavrou control over two banks in the US, following his 2022 purchase of Allied First Bancorp and its subsidiary Allied First Bank. This move cements his position as a rising figure in U.S. banking, combining Cypriot entrepreneurial drive with American financial dynamism.
