Banc Funds Co LLC Updates Passive Stake in Citizens Community Bancorp

TL;DR

**Banc Funds Co LLC still owns a big chunk of Citizens Community Bancorp, signaling continued institutional interest.**

AI Summary

Banc Funds Co LLC, an investment adviser, filed an amended Schedule 13G/A on February 8, 2024, indicating its ownership of Citizens Community Bancorp Inc. (CZWI) common stock as of December 31, 2023. This filing updates their previous disclosure, showing that Banc Funds Co LLC, along with its associated funds Banc Fund IX L.P. and TBFC Financial Technologies Fund L.P., collectively hold a significant stake in the bank. This matters to investors because it signals continued institutional interest and a substantial, albeit passive, ownership position in CZWI by a specialized financial sector investor.

Why It Matters

This filing shows that a major institutional investor, Banc Funds Co LLC, continues to hold a significant, passive stake in Citizens Community Bancorp Inc., which can be a vote of confidence in the company's long-term prospects.

Risk Assessment

Risk Level: low — This is a routine update of a passive investment, indicating no immediate change in control or strategy that would introduce new risks.

Analyst Insight

Investors should note that a specialized financial sector investor continues to hold a substantial, passive position in CZWI, suggesting long-term confidence without indicating any activist intentions. This could be a positive signal for stability but doesn't suggest immediate catalysts.

Key Numbers

• 174903104 — CUSIP Number (identifies Citizens Community Bancorp Inc. common stock)
• 0001367859 — Central Index Key (CIK) (identifies Citizens Community Bancorp Inc.)
• 0001029311 — Central Index Key (CIK) (identifies Banc Funds Co LLC)
• 20240208 — Filing Date (the date the SC 13G/A was filed)
• Amendment No. 1 — Amendment Number (indicates this is an update to a previous filing)

Key Players & Entities

• Banc Funds Co LLC (company) — the investment adviser filing the SC 13G/A
• Citizens Community Bancorp Inc. (company) — the subject company whose stock is being reported
• Banc Fund IX L.P. (company) — a group member associated with Banc Funds Co LLC
• TBFC Financial Technologies Fund L.P. (company) — a group member associated with Banc Funds Co LLC
• December 31, 2023 (date) — the date of the event requiring the filing

Forward-Looking Statements

• Banc Funds Co LLC will maintain a significant, passive stake in Citizens Community Bancorp Inc. for the foreseeable future. (Banc Funds Co LLC) — high confidence, target: 2025-12-31

FAQ

Filing Documents

• doc1.htm (SC 13G/A) — 94KB
• 0001567619-24-000083.txt ( ) — 96KB

From the Filing

SC 13G/A 1 doc1.htm NONE Schedule 13G UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1 )* Citizens Community Bancorp Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 174903104 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: o Rule 13d-1(b) x Rule 13d-1(c) o Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 174903104 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Banc Fund X L.P. 82-5185037 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) o (b) x 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5 SOLE VOTING POWER 320457 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 320457 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 320457 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) o 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.1% 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) N/A FOOTNOTES CUSIP No. 174903104 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Banc Fund IX L.P. 37-1755531 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) o (b) x 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5 SOLE VOTING POWER 530874 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 530874 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 530874 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) o 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.1% 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) N/A FOOTNOTES CUSIP No. 174903104 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) TBFC Financial Technologies Fund L.P. 88-1405404 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) o (b) x 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) o 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) N/A FOOTNOTES Item 1. (a) Name of Issuer Citizens Community Bancorp Inc. (b) Address of Issuer's Principal Executive Offices 2174 EASTRIDGE CENTEREAU CLAIRE WI 54701 Item 2. (a) Name of Person Filing The Banc Funds Company, L.L.C. This Schedule 13G/A is being filed jointly by Banc Fund IX L.P. ("BF IX"), an Illinois Limited Partnership, Banc Fund X L.P. ("BF X"), an Illinois Limited Partnership, and TBFC Financial Technologies Fund L.P. (collectively, the "Reporting Persons"). The general partner of BF IX is MidBan IX L.P. ("MidBan IX"), whose principal business is to be a general partner of BF IX. The general partner of BF X is MidBan X L.P. ("MidBan X"), whose principal business is to be a general partner of BF X. The general partner of TBFC Financial Technologies Fund L.P. is MidBan XI L.P. ("MidBan XI"), whose principal business is to be a general partner of TBFC Financial Technologies Fund L.P. The general partner of MidBan IX, MidBan X, and MidBan XI is The Banc Funds Company, L.L.C., ("TBFC"), whose principal business is to be a general partner of MidBan IX, MidBan X, and MidBan XI. TBFC is an Illinois corporation whose principal shareholder is Charles J. Moore. Mr. Moore has been the manager of BF IX, BF X and TBFC Financial Technologies Fund L.P., since their respective inceptions. As manager, Mr. Moore has voting and dispositive power over the securities of the issuer held by each of those entities. As the controlling member of TBFC, Mr. Moore will cont

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