Grey Mountain Holdings, Inc. entered into agreement and plan of reorganization to acquire IFB Holdings, Inc. (OTCPK:IFBH) on January 24, 2021. As reported, each shareholder of IFB would receive cash in exchange for each share of IFB common stock, as well as a cash dividend from IFB of excess capital in an all cash transaction. Under the terms of agreement, IFB would merge with a wholly-owned subsidiary of Grey Mountain. After the acquisition, Investors Community Bank would operate as a subsidiary of Grey Mountain with the same name, location and staffing. The closing of the transaction is subject to customary closing conditions, including a vote of IFB's shareholders and receipt of regulatory approvals and is expected to occur in the third quarter of 2021. Mike Lochmann and Nate Van Emon of Stinson LLP acted as legal counsel to IFB Holdings, Inc.