IF Bancorp in Watseka, Ill., has selected the successor for its retiring president and chief executive.

The $550 million-asset company said in a press release Wednesday that Walter Hasselbring 3rd, its chief operating officer, will succeed Alan Martin. The company said that Martin, who will retire at the end of September, will remain a director.

Martin has served with IF Bancorp and its Iroquois Federal Savings and Loan Association since 1973. He supervised Iroquois Federal's conversion from a mutual to a stock holding company.

Hasselbring joined the company in the late 1970s. He currently oversees Iroquois Federal's daily operations, including risk management.

Selecting Hasselbring "will ensure a smooth transition in senior management and maintain the confidence of investors, business partners, customers and employees," Gary Martin, the company's chairman, said in the release.

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