SCHEDULE 13G/A: FJ Capital Management and Martin Friedman Disclose Significant Stake in Citizens Community Bancorp

FJ Capital Management LLC and its managing member Martin Friedman have disclosed beneficial ownership of 5.41% and 6.47% respectively, in Citizens Community Bancorp (CZWI) as of December 31, 2024.

Summary

• FJ Capital Management LLC, along with its managed funds (Financial Opportunity Fund LLC and Financial Hybrid Opportunity Fund LLC), and its managing member Martin Friedman, have filed an Amendment No. 11 to Schedule 13G regarding their beneficial ownership in Citizens Community Bancorp (CZWI).
• As of December 31, 2024, FJ Capital Management LLC beneficially owns 542,904 shares, representing 5.41% of CZWI's common stock.
• Martin Friedman, individually and through his role at FJ Capital Management LLC, beneficially owns an aggregate of 648,859 shares, representing 6.47% of CZWI's common stock.
• The ownership includes 267,687 shares held by Financial Opportunity Fund LLC (2.67% of class) and 275,217 shares held by Financial Hybrid Opportunity Fund LLC (2.74% of class).
• Martin Friedman directly holds 105,955 shares with sole voting and dispositive power.
• The reporting persons certify that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The document is a standard beneficial ownership disclosure (Schedule 13G/A) and does not contain performance data or forward-looking statements that would indicate a positive or negative sentiment. It primarily reports a significant, passive investment stake.

Positives

• The disclosure of a significant investment by an institutional investor and its principal may be perceived as a vote of confidence in Citizens Community Bancorp (CZWI).

Risks

• The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, which mitigates immediate activist risk. However, it notes an exception for activities solely in connection with a nomination under Rule 14a-11, indicating a potential for future engagement in director nominations.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing indicates continued institutional investor interest in the banking sector, particularly in community or regional banks like Citizens Community Bancorp, suggesting that such entities remain attractive for passive investment strategies.

Stakeholder Impact

• Shareholders are informed of a significant institutional and individual ownership stake, which could be interpreted as a sign of confidence in the company's long-term prospects by these investors.

Key Dates

Keywords

Citizens Community Bancorp, CZWI, SEC filing, Schedule 13G, beneficial ownership, institutional investor, FJ Capital Management, Martin Friedman, common stock, financial services, banking