IF Bancorp, Inc. is a Maryland corporation formed in March 2011 to become the
holding company for Iroquois Federal Savings and Loan Association (“Iroquois
Federal” or the “Association”). On July 7, 2011, the Company
completed its offering of common stock in connection with Iroquois Federal’s
mutual-to-stock conversion, selling 4,496,500 shares of common stock at $10.00
per share, including 384,900 shares sold to Iroquois Federal’s employee
stock ownership plan with funds borrowed from IF Bancorp, and raising approximately
$45.0 million of gross proceeds. In addition, the Company issued 314,755 shares
of its common stock to the Iroquois Federal Foundation.
Iroquois Federal is a federally chartered savings association headquartered
in Watseka, Illinois. The Association’s business consists primarily of
taking deposits from the general public and investing those deposits, together
with funds generated from operations and borrowings, in one- to four-family
residential mortgage loans, multi-family mortgage loans, commercial real estate
loans (including farm loans), home equity lines of credit, commercial business
loans, consumer loans (consisting primarily of automobile loans), and, to a
much lesser extent, construction loans and land development loans. We also invest
in securities, which historically have consisted primarily of securities issued
by the U.S. government, U.S. government agencies and U.S. government-sponsored
enterprises, as well as mortgage-backed securities issued or guaranteed by U.S.
government-sponsored enterprises. To a lesser extent, we also invest in municipal
obligations.
We offer a variety of deposit accounts, including statement savings accounts,
certificates of deposit, money market accounts, commercial and regular checking
accounts, individual retirement accounts and health savings accounts.
In addition to our traditional banking products and services, we offer a full
line of property and casualty insurance products through Iroquois Federal’s
wholly-owned subsidiary, L.C.I. Service Corporation, an insurance agency with
offices in Watseka and Danville, Illinois. We also offer annuities, mutual funds,
individual and group retirement plans, life, disability and health insurance,
individual securities, managed accounts and other financial services at all
of our locations through Iroquois Financial, a division of Iroquois Federal.
Raymond James Financial Services, Inc. serves as the broker-dealer for Iroquois
Financial.
We are dedicated to offering alternative banking delivery systems, including
ATMs, online banking, ACH payroll, remote capture and telephone banking delivery
systems. We have recently added text message options to our mobile banking solutions
and introduced mobile aps for the iPhone, iPad, Android and Android Tablet.
IF Bancorp is a public company, and files interim, quarterly and annual reports
with the Securities and Exchange Commission. These respective reports are on
file and a matter of public record with the Securities and Exchange Commission
and may be read and copied at the Securities and Exchange Commission’s
Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public
may obtain information on the operation of the Public Reference Room by calling
the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and
Exchange Commission maintains an Internet site that contains reports, proxy
and information statements, and other information regarding issuers that file
electronically with the SEC (http://www.sec.gov).
The Association’s legal lending limit to any one borrower is 15% of unimpaired
capital and surplus. On July 30, 2012 our bank received approval from the Comptroller
of the Currency to participate in the Supplemental Lending Limits Program (SLLP).
This program allows eligible savings associations to make additional residential
real estate loans or extensions of credit to one borrower, small business loans
or extensions of credit to one borrower, or small farm loans or extensions of
credit to one borrower, in the lesser of the following two amounts: (1) 10%
of its capital and surplus; or (2) the percentage of capital and surplus, in
excess of 15%, that a state bank is permitted to lend under the state lending
limit that is available for loans secured by one- to four-family residential
real estate loans, small business loans, small farm loans or unsecured loans
in the state where the main office of the savings association is located. For
Iroquois Federal this additional limit (or “supplemental limit(s)”)
for one- to four-family residential real estate, small business, or small farm
loans is 10% of Iroquois Federal’s capital and surplus. In addition, the
total outstanding amount of the Association’s loans or extensions of credit
or parts of loans and extensions of credit made to all of its borrowers under
the SLLP may not exceed 100% of the Association’s capital and surplus.
By Association policy, participation of any credit facilities in the SLLP is
to be infrequent and all credit facilities are to be with prior Board approval.
