Stockholders of Watseka, Ill.-based IF Bancorp recently recommended selling the company.
The nonbinding resolution was announced Nov. 26 in a Securities and Exchange Commission filing. According to the eastern Illinois-based company, 1.42 million shares voted to recommend selling, while 969,387 shares voted against the plan. Nearly 55,000 shares abstained.
Separately, IF Bancorp and $887 million subsidiary Iroquois Federal Savings and Loan Association elected Walter Hasselbring III to chair both boards. Hasselbring, president and CEO of the company and association, assumed the positions from Gary Martin, who retired Nov. 25 because he reached the age limit established by the company board of directors.
Hasselbring resigned as president of the company and association, with the boards appointing Thomas Chamberlain as his replacement. Chamberlain is chief lending officer of the association and senior executive vice president of the company and the association. Hasselbring will continue as CEO of the company and association.
The company and association appointed Joseph Cowan as lead independent director. Cowan has served as an independent director of both boards since 2000.
