SCHEDULE 13G/A: Manulife Entities Update Passive Stake in Citizens Community Bancorp, Clarifying Ownership Structure

Manulife Financial Corporation and its subsidiary, Manulife Investment Management (US) LLC, filed an amendment to their Schedule 13G, clarifying beneficial ownership of 5.05% of Citizens Community Bancorp Inc. common stock.

Summary

• Manulife Financial Corporation (MFC) and its indirect, wholly-owned subsidiary, Manulife Investment Management (US) LLC (MIM (US)), jointly filed Amendment No. 4 to Schedule 13G regarding Citizens Community Bancorp Inc.
• As of March 31, 2025, MIM (US) beneficially owned 507,501 shares of Citizens Community Bancorp Inc. Common Stock.
• This holding represents 5.05% of the issuer's outstanding Common Stock, calculated based on 10,033,890 shares outstanding as of September 30, 2024.
• MFC's direct beneficial ownership is reported as 0.00%, although it may be deemed to have beneficial ownership of the same shares through its parent-subsidiary relationship with MIM (US).
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a neutral, routine regulatory filing disclosing beneficial ownership. It contains no positive or negative operational or financial news about the issuer, nor does it indicate any strategic changes or activist intentions from the reporting persons.

Positives

• The filing confirms that a significant institutional investor, Manulife Investment Management (US) LLC, maintains a substantial passive stake (5.05%) in Citizens Community Bancorp Inc., indicating continued confidence in the company as a long-term investment.
• The certification that the holding is for ordinary course of business and not for control purposes suggests stability and no immediate activist intentions from the reporting entities.

Negatives

• The filing itself does not present any negative financial or operational information about Citizens Community Bancorp Inc.; it is a disclosure of ownership.

Future Outlook

The document is a beneficial ownership filing and does not provide forward-looking statements or guidance regarding the issuer's operations or financial performance. It only certifies the intent to hold the shares in the ordinary course of business.

Management Comments

• "Manulife Financial Corporation and Manulife Investment Management (US) LLC agree that the Schedule 13G (Amendment No.4) to which this Agreement is attached, relating to the Common Stock of Citizens Community Bancorp Inc., is filed on behalf of each of them."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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 is a routine disclosure by a large global financial services group, Manulife, indicating a passive investment in a regional banking institution, Citizens Community Bancorp Inc. Such filings are common for institutional investors holding significant, non-controlling stakes in publicly traded companies, reflecting portfolio management activities rather than strategic industry shifts.

Comparison to Industry Standards

• This document is a standard regulatory filing (Schedule 13G/A) for reporting beneficial ownership exceeding 5%.
• The reported 5.05% stake held by Manulife Investment Management (US) LLC in Citizens Community Bancorp Inc. is a typical passive investment size for institutional asset managers.
• There are no specific comparable companies, projects, or results mentioned within this filing to assess against industry benchmarks, as it focuses solely on ownership disclosure.

Stakeholder Impact

• Shareholders of Citizens Community Bancorp Inc. are informed of the continued significant passive stake held by Manulife Investment Management (US) LLC, which may provide a degree of stability to the shareholder base.

Next Steps

• Manulife Financial Corporation and Manulife Investment Management (US) LLC will continue to file amendments to Schedule 13G if their beneficial ownership percentage changes significantly (e.g., by more than 1%) or if their investment intent changes from passive to active.

Key Dates

Keywords

Citizens Community Bancorp Inc., Manulife Financial Corporation, Manulife Investment Management (US) LLC, Schedule 13G/A, Beneficial Ownership, Common Stock, Financial Services, Banking, Investment Management, Institutional Investor