SCHEDULE: FJ Capital Management Amends Citizens Community Bancorp Stake

FJ Capital Management LLC and related entities, including Martin Friedman, have filed an amended Schedule 13G disclosing their beneficial ownership in Citizens Community Bancorp (CZWI) as of June 30, 2025.

Summary

• FJ Capital Management LLC, as the managing member of Financial Opportunity Fund LLC and Financial Hybrid Opportunity Fund LLC, beneficially owns 383,656 shares of Citizens Community Bancorp common stock, representing 3.84% of the class.
• Financial Opportunity Fund LLC directly holds 162,442 shares, accounting for 1.63% of the class.
• Financial Hybrid Opportunity Fund LLC directly holds 221,214 shares, accounting for 2.21% of the class.
• Martin Friedman, Co-Founder and Managing Member of FJ Capital Management LLC, directly holds 105,955 shares and has shared voting and dispositive power over the 383,656 shares held by the funds, resulting in an aggregate beneficial ownership of 489,611 shares, or 4.90% of the class.
• The reporting persons disclaim beneficial ownership of shares held by entities where they are deemed beneficial owners solely due to their management roles.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or outlook. It is a neutral regulatory update.

Future Outlook

NA

Industry Context

This Schedule 13G filing is a standard regulatory disclosure required when an entity or individual acquires beneficial ownership of more than 5% of a company's voting class of securities, or amends a previous filing. It provides transparency into significant ownership stakes, which can be of interest to other investors and market participants. This specific filing is an amendment, indicating an update to previously reported ownership figures for Citizens Community Bancorp.

Related Party Transactions

• FJ Capital Management LLC is the managing member of Financial Opportunity Fund LLC and Financial Hybrid Opportunity Fund LLC, and Martin Friedman is the Co-Founder and Managing Member of FJ Capital Management LLC. This structure results in shared voting and dispositive power over the shares held by the funds, with disclaimers of beneficial ownership by the managing entities/individuals over the funds' holdings.

Stakeholder Impact

• Shareholders gain transparency regarding significant ownership stakes in Citizens Community Bancorp, which can influence market perception and trading dynamics.

Key Dates

Keywords

Citizens Community Bancorp, CZWI, FJ Capital Management, Beneficial Ownership, Schedule 13G, Investment Management, Common Stock, SEC Filing