Citizens Community Bancorp Inc. — Director's Dealing 2021

Nov 15, 2021

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Citizens Community Bancorp Inc. (CZWI)
CIK: 0001367859
Period of Report: 2021-11-09

Reporting Person: Friedman Martin S. (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	951594	Indirect

Footnotes

F1: On November 8, 2021, the issuer filed their 10k and FJ Capital Management LLC ("FJ Capital") discovered that the Issuer had completed stock repurchase(s) which resulted in FJ Capital exceeding the 10% ownership threshold. (Continued in footnote 2)

F2: (footnote 1 continued) Martin S. Friedman (the "Reporting Person") is the managing member of FJ Capital, which is the managing member of and investment adviser to Financial Opportunity Fund LLC ("FOF"), Financial Hybrid Opportunity Fund LLC ("FHOF"), and Financial Hybrid Opportunity SPV 1 LLC ("HSPV") (FOF, FHOF and HSPV, collectively, the "Funds"), each of which beneficially owns shares of the common stock of the Issuer (the "Shares"). FOF holds 267,687 Shares (ii) FHOF holds 275,217 Shares, and (iii) HSPV holds 408,690 Shares. (Continued in footnote 3)

F3: (footnote 1 continued) The Reporting Person, in his capacity as Managing Member of FJ Capital, has voting and dispositive power over the Shares held by the Funds. The Reporting Person disclaims beneficial ownership of the Shares reported herein, and this report shall not be deemed an admission of beneficial ownership of such Shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.