Citizens Community director restructures share holdings

Citizens Community Bancorp Inc. director Francis E. Felber reported an internal restructuring of how his shares are held, rather than an open-market trade.

Rhea-AI Filing Summary

Citizens Community Bancorp Inc. director Francis E. Felber reported an internal restructuring of how his shares are held, rather than an open-market trade. On September 9, 2025, Ag Risk Managers LLC, an entity of which he is a member and president, distributed its Citizens Community Bancorp common stock to its members.

Felber received 3,845 shares from this LLC distribution, reflecting his pecuniary interest. Following the transactions reported for that date, he held 23,795 shares directly, 12,690 shares indirectly through a self-directed IRA, and 0 shares indirectly through the LLC. The Form 4 characterizes the LLC-related movements as “Other acquisition or disposition,” indicating entity-level restructuring rather than a conventional purchase or sale.

Insider Trade Summary

Other: 11,535 shares

Other 3 txns

Insider FELBER FRANCIS E

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock, par value $0.01 per share	3,845	$0.00	$0.00
Other	Common Stock, par value $0.01 per share	7,690	$0.00	$0.00
holding	Common Stock, par value $0.01 per share	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 per share — 23,795 shares (Direct); Common Stock, par value $0.01 per share — 0 shares (Indirect, By Ag Risk Managers LLC); Common Stock, par value $0.01 per share — 12,690 shares (Indirect, By IRA)

Footnotes (2)

1. F1. On September 9, 2025, Ag Risk Managers LLC (the LLC), an entity of which Mr. Felbert is a member and president, distributed its holdings of Common Stock of Citizen Community Bancorp, Inc. to its members. Mr. Felber had previously reported beneficial ownership of all shares owned by the LLC, but disclaimed beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Upon such distribution by the LLC, Mr. Felber received 3,845 shares, representing his pecuniary interest therein. As a result, Mr. Felber's beneficial ownership on his two subsequently filed Form 4 reports was as follows: 24,795 shares (direct). 12,690 shares (indirect by IRA), and 0 shares (indirect by LLC) as of May 4, 2026, and 25,295 shares (direct), 12690 shares (indirect by IRA), and 0 shares (indirect by LLC) as of May 18, 2026.
2. F2. These shares are held in the reporting person's self-directed IRA.

Key Figures

Shares distributed from LLC: 7,690 shares Shares received directly: 3,845 shares Direct holdings after transaction: 23,795 shares +3 more

6 metrics

Shares distributed from LLC 7,690 shares Ag Risk Managers LLC distribution on September 9, 2025

Shares received directly 3,845 shares Felber’s portion of LLC distribution on September 9, 2025

Direct holdings after transaction 23,795 shares Common stock held directly after September 9, 2025

Indirect IRA holdings 12,690 shares Common stock held via self-directed IRA after September 9, 2025

Indirect LLC holdings after distribution 0 shares Ag Risk Managers LLC position after September 9, 2025 distribution

Restructuring shares total 11,535 shares Shares involved in entity restructuring transactions coded J

Key Terms

Other acquisition or disposition, beneficial ownership, pecuniary interest, self-directed IRA, +1 more

5 terms

Other acquisition or disposition financial

"transaction_code_description: Other acquisition or disposition"

beneficial ownership financial

"Mr. Felber had previously reported beneficial ownership of all shares owned by the LLC"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaimed beneficial ownership of such shares, except to the extent of his pecuniary interest therein"

self-directed IRA financial

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

indirect ownership financial

"12,690 shares (indirect by IRA), and 0 shares (indirect by LLC)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did Citizens Community Bancorp (CZWI) report for Francis E. Felber?

Citizens Community Bancorp reported that director Francis E. Felber restructured how his shares are held. An LLC in which he is a member distributed its Citizens Community stock to members, giving him 3,845 shares directly and eliminating his indirect LLC position.

How many Citizens Community Bancorp (CZWI) shares did Felber receive from Ag Risk Managers LLC?

Felber received 3,845 Citizens Community Bancorp common shares from Ag Risk Managers LLC. The footnote explains this represents his pecuniary interest in the LLC’s holdings, following a distribution of the LLC’s Citizens Community stock to its members on September 9, 2025.

What are Francis E. Felber’s Citizens Community Bancorp (CZWI) holdings after the reported transactions?

After the reported restructuring, Felber holds 23,795 Citizens Community Bancorp shares directly and 12,690 shares indirectly through a self-directed IRA. His indirect holdings through Ag Risk Managers LLC are reported as zero, reflecting the distribution of that entity’s shares.

Was the Citizens Community Bancorp (CZWI) Form 4 a market buy or sell by Felber?

The Form 4 does not show an open-market buy or sell by Felber. Instead, it reports “Other acquisition or disposition” transactions tied to an LLC distribution, reallocating shares to members, plus his existing indirect holdings in a self-directed IRA.

How are Felber’s indirect Citizens Community Bancorp (CZWI) holdings structured?

Felber’s indirect holdings are reported through a self-directed IRA holding 12,690 Citizens Community Bancorp shares. A footnote clarifies these shares are held in his IRA, while his prior indirect LLC holdings were eliminated after the LLC distributed its stock to members.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/10/2026 - 05:53 PM EDT Learn about SEC filing dates

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^*

FELBER FRANCIS E

(Last) (First) (Middle)

C/O CITIZENS COMMUNITY BANCORP, INC.

2174 EASTRIDGE CENTER

(Street)

EAU CLAIRE WISCONSIN 54701

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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

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

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

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	09/09/2025		J		3,845	A	$0	23,795(1)	D
Common Stock, par value $0.01 per share								12,690	I	By IRA(2)
Common Stock, par value $0.01 per share	09/09/2025		J		7,690	D	$0	0	I	By Ag Risk Managers LLC(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

Explanation of Responses:

1. On September 9, 2025, Ag Risk Managers LLC (the LLC), an entity of which Mr. Felbert is a member and president, distributed its holdings of Common Stock of Citizen Community Bancorp, Inc. to its members. Mr. Felber had previously reported beneficial ownership of all shares owned by the LLC, but disclaimed beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Upon such distribution by the LLC, Mr. Felber received 3,845 shares, representing his pecuniary interest therein. As a result, Mr. Felber's beneficial ownership on his two subsequently filed Form 4 reports was as follows: 24,795 shares (direct). 12,690 shares (indirect by IRA), and 0 shares (indirect by LLC) as of May 4, 2026, and 25,295 shares (direct), 12690 shares (indirect by IRA), and 0 shares (indirect by LLC) as of May 18, 2026.

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

Remarks:

	/s/ Rebecca L. Johnson, Attorney-in-fact	06/10/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)