Joseph Stilwell and his investment vehicles have sold 112,449 shares of Watseka, Ill.-based IF Bancorp Inc., bringing their stake to about 6.2% of the company's common shares.

Stilwell now has beneficial ownership of 241,644 common shares, based on 3,871,408 shares outstanding as of Nov. 2.

Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments sold the shares between Dec. 7 and Dec. 11.

The activist invested in IF Bancorp in 2012 with a 7.0% stake. At the time, he pushed the company to pay dividends and buy back shares using excess capital, rather than using capital to add securities or expand the loan portfolio.

Stilwell initiated stakes in three recent mutual bank conversions during the third quarter.