8-K
Citizens Community Bancorp Inc. (CZWI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 23, 2020
CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation)
| 001-33003 | 20-5120010 |
|---|---|
| (Commission File Number) | (I.R.S. Employer I.D. Number) |
| 2174 EastRidge Center <br>Eau Claire, Wisconsin | 54701 |
| (Address of Principal Executive Offices) | (Zip Code) |
715-836-9994
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $.01 par value per share | CZWI | NASDAQ Global Market SM |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01. Other Events.
On March 23, 2020, Citizens Community Bancorp, Inc., a Maryland corporation (the “Company”) issued a press release announcing the suspension of its stock repurchase program until further notice. The stock repurchase program was adopted on October 25, 2019 and may be suspended, terminated or modified at any time for any reason.
A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated March 23, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CITIZENS COMMUNITY BANCORP, INC. | |
|---|---|
| Date: March 23, 2020 | By: /s/ James S. Broucek<br><br>James S. Broucek<br><br>Chief Financial Officer |
Exhibit
Exhibit 99.1
Citizens Community Bancorp, Inc. Suspends Stock Repurchase Plan in Response to Coronavirus
EAU CLAIRE, WI, March 23, 2020 - Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), announced its Board of Directors voted to immediately suspend its stock repurchase plan in response to the coronavirus on March 20, 2020. This action is effective until further notice.
The Company’s primary subsidiary, Citizens Community Federal N.A. (the “Bank”) is poised to support our customers, colleagues and communities. Plans are in place to provide support to our clients while we practice spacing, remote work assignments and other best practices to protect the safety of everyone. The Bank is well-capitalized and liquid, and customer deposits are protected with the Federal Deposit Insurance Corporation backing up to $250,000.
About the Company
Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 28 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, Ag operators and consumers, including one-to-four family mortgages.