Citizens Community Bancorp Insider Boosts Stake with 3,000-Share Option Exercise

Rhea-AI Filing Summary

Citizens Community Bancorp, Inc. (CZWI) — Form 4 insider transaction

Chief Executive Officer and President Stephen M. Bianchi reported the exercise of stock options for 3,000 common shares on 24 June 2025 at an exercise price of $11.00. The transaction was coded “M,” indicating a conversion of derivative securities (options) into common stock rather than an open-market purchase or sale.

Following the exercise, Bianchi’s direct ownership increased to 76,168 common shares. He also continues to hold 53,480 shares indirectly through a self-directed IRA. On the derivative side, the filing shows 15,000 stock options still outstanding under the 2008 Equity Incentive Plan. No dispositions of common stock were reported.

The filing confirms Bianchi’s status as both a Director and the Company’s CEO. No Rule 10b5-1 plan was indicated for this specific transaction. The option originally vested in 20% annual tranches between 2017 and 2021 and carries an expiration date of 24 June 2026.

While the absolute share count is modest relative to CZWI’s total shares outstanding, an increase in insider ownership by the company’s top executive is generally viewed as a signal of confidence in long-term prospects. However, the event is routine and does not provide new information on operating performance, strategy, or financial outlook.

Positive

• CEO increased direct ownership by 3,000 shares, suggesting continued alignment with shareholder interests.
• No shares were sold, avoiding any negative signal regarding insider confidence.

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO exercised 3,000 options at $11, boosting direct stake to 76,168 shares; immaterial size, slightly positive sentiment.

The transaction is an option exercise (code “M”), so no cash outlay beyond the strike price flows to the market. It adds roughly US$33,000 in market-value shares to Bianchi’s direct holdings, a small fraction of CZWI’s market capitalization. Insider accumulation by the CEO is directionally constructive, yet the volume is insufficient to alter ownership structure or governance dynamics. No shares were sold, preserving alignment with shareholders. Because the option was already in-the-money and set to expire in 12 months, exercising now is a routine decision. Overall impact to valuation or liquidity is minimal.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bianchi Stephen M

(Last) (First) (Middle)

C/O CITIZENS COMMUNITY BANCORP, INC.

2174 EASTRIDGE CENTER

(Street)

EAU CLAIRE WI 54701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Citizens Community Bancorp Inc. [ CZWI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	06/24/2025		M		3,000	A	$11	76,168	D
Common Stock, par value $0.01 per share								53,480	I	By IRA(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Option (right to buy)	$11	06/24/2025		M			3,000	(2)	06/24/2026	Common Stock	3,000	$11	15,000	D

Explanation of Responses:

1. These shares are held in the reporting person's self-directed IRA.

2. The common stock option awarded under the Company's 2008 Equity Incentive Plan vests as follows: 20% of the shares vest on each of June 24, 2017, June 24, 2018, June 24, 2019, June 24, 2020 and June 24, 2021.

Remarks:

	/s/ Rebecca L. Johnson, Attorney-in-fact	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Citizens Community Bancorp (CZWI) shares does CEO Stephen Bianchi now own directly?

After the option exercise, he directly owns 76,168 common shares.

What was the exercise price of the options converted on 24 June 2025?

The options were exercised at an $11.00 strike price.

Did the CEO sell any CZWI shares in this Form 4 filing?

No. The filing reports an exercise and acquisition only; no dispositions occurred.

How many CZWI shares does Bianchi hold indirectly through his IRA?

He holds 53,480 shares indirectly via a self-directed IRA.

How many stock options remain outstanding for the CEO after this transaction?

Bianchi still has 15,000 options outstanding under the 2008 Equity Incentive Plan.