IF Bancorp, Inc. (NASDAQ Capital: IROQ) and its wholly owned subsidiary, Iroquois Federal Savings and Loan Association, have announced significant leadership changes following their recent Board meetings. The Boards of Directors of both the Company and the Association have unanimously elected Walter H. Hasselbring, III, currently serving as President and CEO of both entities, to assume the role of Chair of the Boards. This appointment comes as Gary Martin, the former Chair, retired after reaching the age limit established by the Company’s bylaws. Mr. Martin’s retirement took effect on November 25, 2024, just ahead of the Company’s Annual Meeting of Stockholders.
With this change, Mr. Hasselbring will continue his role as CEO, overseeing the strategic initiatives of both IF Bancorp and Iroquois Federal, while stepping down from his previous position as President. The Boards have appointed Thomas J. Chamberlain, the current Chief Lending Officer of Iroquois Federal and Senior Executive Vice President of both the Company and the Association, as the new President. Mr. Chamberlain will be responsible for overseeing the daily operations of both entities.
In addition to these leadership changes, the Boards have also appointed Joseph A. Cowan as Lead Independent Director. Mr. Cowan has been serving as an independent director for the Company and Association since 2000, bringing extensive experience and a deep understanding of the organization’s operations and community engagement.
“We are pleased to announce these appointments and believe this leadership structure will provide strong and consistent oversight for both the Company and the Association,” said Walter H. Hasselbring. “I would like to express my gratitude to Gary for his years of dedication and leadership. His contributions have been invaluable, and we are all deeply grateful for his service as Chair.”
Mr. Hasselbring further added, “I want to extend my congratulations to Joe and Tom in their new roles. Their vast experience with the Boards and senior management, combined with their deep knowledge of the communities we serve, make them ideal candidates for these roles.”
The Boards have also affirmed that the combination of the Chair and CEO positions, alongside the appointment of a Lead Independent Director and a new President, is the best structure for the Company and Association at this time. This governance model ensures strong leadership while maintaining independence and effective oversight for both the Boards and management.
IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association, is a well-established financial institution headquartered in Watseka, Illinois. The Association, originally chartered in 1883, operates from seven full-service banking offices located across Illinois, as well as a loan production office in Osage Beach, Missouri. The Association’s wholly owned subsidiary, L.C.I. Service Corporation, specializes in the sale of property and casualty insurance.
