[SCHEDULE 13G/A] Citizens Community Bancorp, Inc. SEC Filing

Rhea-AI Filing Summary

Citizens Community Bancorp's Schedule 13G/A discloses that FJ Capital Management LLC, two funds it manages, and Martin Friedman reported their common‑stock holdings. Martin Friedman directly holds 105,955 shares and, through funds managed by FJ Capital, is associated with an additional 383,656 shares, for an aggregate beneficial position of 489,611 shares (4.90%). FJ Capital Management reports shared voting and dispositive power over 383,656 shares (3.84%). The filing lists Financial Opportunity Fund LLC with 162,442 shares (1.63%) and Financial Hybrid Opportunity Fund LLC with 221,214 shares (2.21%). The filers certify the shares were not acquired to effect a change in control.

Insights

Financial Analyst

TL;DR: Ownership disclosure shows sub‑5% stakes with modest shared voting power; unlikely to drive immediate market moves.

The filing reports precise holdings: FJ Capital Management (shared power over 383,656 shares; 3.84%), two affiliated funds holding 162,442 (1.63%) and 221,214 (2.21%), and Martin Friedman with a total of 489,611 shares (4.90%) including 105,955 shares held directly (sole voting/dispositive power). Item 10 certifies the positions were not acquired to influence control. From a market impact perspective, these positions are informative for ownership concentration but fall below the 5% threshold that typically triggers greater regulatory and investor scrutiny.

Corporate Governance Expert

TL;DR: Managing member reports combined ownership under 5% with both sole and shared voting authorities, and disclaims control intent.

The statement clarifies governance rights: Mr. Friedman has sole voting and dispositive power over 105,955 shares and shared voting/dispositive power over 383,656 shares. The split between sole and shared authority is relevant for assessing the filer’s practical influence on corporate matters. The filing explicitly states the holdings were not intended to change control, which frames these positions as disclosure of ownership rather than an active control campaign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

Citizens Community Bancorp (CZWI)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

174903104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 174903104

1

Names of Reporting Persons

FJ Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 383,656.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 383,656.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

383,656.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.84 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member; as such, the Reporting Person may be deemed to be a beneficial owner of the reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 174903104

1

Names of Reporting Persons

Financial Opportunity Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 162,442.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 162,442.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

162,442.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.63 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 174903104

1

Names of Reporting Persons

Financial Hybrid Opportunity Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 221,214.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 221,214.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

221,214.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.21 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 174903104

1

Names of Reporting Persons

Martin Friedman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 105,955.00
6	Shared Voting Power 383,656.00
7	Sole Dispositive Power 105,955.00
8	Shared Dispositive Power 383,656.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

489,611.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.90 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 5, and 7 of this page: Consists of 105,955 shares of common stock of the Issuer held directly by Martin Friedman, Co-Founder and Managing Member of FJ Capital Management LLC. Relating to items 6 and 8 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership. Relating to items 5, 6, 7, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership; and 105,955 shares of common stock of the Issuer held directly by Martin Friedman.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Citizens Community Bancorp (CZWI)
(b)	Address of issuer's principal executive offices: 2174 EastRidge Center, Eau Claire, WI 54701
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Financial Hybrid Opportunity Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Hybrid Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC, Financial Hybrid Opportunity Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 174903104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 383,656 shares Financial Opportunity Fund LLC - 162,442 shares Financial Hybrid Opportunity Fund LLC - 221,214 shares Martin Friedman - 489,611 shares
(b)	Percent of class: FJ Capital Management LLC - 3.84% Financial Opportunity Fund LLC - 1.63% Financial Hybrid Opportunity Fund LLC - 2.21% Martin Friedman - 4.90%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Martin Friedman - 105,955 shares
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 383,656 shares Financial Opportunity Fund LLC - 162,442 shares Financial Hybrid Opportunity Fund LLC - 221,214 shares Martin Friedman - 383,656 shares
	(iii) Sole power to dispose or to direct the disposition of: Martin Friedman - 105,955 shares
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 383,656 shares Financial Opportunity Fund LLC - 162,442 shares Financial Hybrid Opportunity Fund LLC - 221,214 shares Martin Friedman - 383,656 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Hybrid Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

FAQ

Who filed the Schedule 13G/A for Citizens Community Bancorp (CZWI)?

The filing was made on behalf of FJ Capital Management LLC, Financial Opportunity Fund LLC, Financial Hybrid Opportunity Fund LLC, and Martin Friedman.

How many CZWI shares does Martin Friedman beneficially own?

Martin Friedman reports an aggregate beneficial ownership of 489,611 shares (4.90%), including 105,955 shares held directly.

What ownership does FJ Capital Management report in CZWI?

FJ Capital Management reports shared voting and dispositive power over 383,656 shares, representing 3.84% of the class.

How many shares do the affiliated funds hold in CZWI?

Financial Opportunity Fund LLC holds 162,442 shares (1.63%) and Financial Hybrid Opportunity Fund LLC holds 221,214 shares (2.21%).

Were the shares acquired to change or influence control of the issuer?

No. The filers include a certification stating the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer.