Citizens Community Bancorp, Inc. Closing Two Branch Offices to Streamline Operating Efficiencies
28 March 2017 - 7:00AM
Citizens Community Bancorp, Inc. (the "Company")
(Nasdaq:CZWI), the parent company of Citizens Community Federal
N.A. (the “Bank”), today announced it will close two offices, one
located in Lake Orion, Michigan and one in Ridgeland,
Wisconsin. Customers will be receiving a letter in the coming
days outlining the details of the transition.
“As part of our branch profitability review through our
strategic planning process, we decided it was prudent to close
these offices, effective June 28 and June 30, 2017,
respectively. This approach is consistent with our current
practice of closing less profitable branches and providing
additional electronic services to our customers, thereby enhancing
operating efficiencies while still providing excellent customer
service. The branches are located in Lake Orion, Michigan and
Ridgeland, Wisconsin. We are optimistic, based on the
proximity of our other locations, that we will retain many customer
relationships because of our online and mobile banking services,”
said Stephen Bianchi, President and Chief Executive Officer.
We believe the branch closures will enhance our efficiency and
reduce our direct non-interest operating expenses to provide a
better return on earning assets and shareholder equity. The Bank
expects to incur a minimal pretax charge during the fiscal third
quarter of 2017 related to the branch closures and will begin to
recognize the full financial benefit of these efficiency efforts
immediately in the fiscal fourth quarter of 2017.
About the CompanyCitizens Community Federal
N.A., a wholly owned subsidiary of Citizens Community Bancorp,
Inc., is a full-service national bank based in Altoona, Wisconsin,
serving more than 50,000 customers in Wisconsin, Minnesota and
Michigan through 16 branch locations. Subsequent to the branch
closures, the Company will operate through 14 branch locations. The
Company’s stock trades on the NASDAQ Global Market under the symbol
“CZWI.”
Cautionary Statement Regarding Forward-Looking
StatementsCertain statements contained in this release are
considered “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by the use of forward-looking words or phrases
such as “anticipate,” “believe,” “could,” “expect,” “intend,”
“may,” “planned,” “potential,” “should,” “will,” “would” or the
negative of those terms or other words of similar meaning. Such
forward-looking statements in this release are inherently subject
to many uncertainties arising in the Company’s operations and
business environment. These uncertainties include general economic
conditions, in particular, relating to consumer demand for the
Bank’s products and services; the Bank’s ability to maintain
current deposit and loan levels at current interest rates;
competitive and technological developments; deteriorating credit
quality, including changes in the interest rate environment
reducing interest margins; prepayment speeds, loan origination and
sale volumes, charge-offs and loan loss provisions; the Bank’s
ability to maintain required capital levels and adequate sources of
funding and liquidity; maintaining capital requirements may limit
the Bank’s operations and potential growth; changes and trends in
capital markets; competitive pressures among depository
institutions; effects of critical accounting estimates and
judgments; changes in accounting policies or procedures as may be
required by the Financial Accounting Standards Board (FASB) or
other regulatory agencies overseeing the Bank; the Bank’s ability
to implement its cost-savings and revenue enhancement initiatives,
including costs associated with its branch consolidation and new
market branch growth initiatives; legislative or regulatory changes
or actions or significant litigation adversely affecting the Bank;
fluctuation of the Company’s stock price; the Bank's ability to
attract and retain key personnel; the Bank's ability to secure
confidential information through the use of computer systems and
telecommunications networks; and the impact of reputational risk
created by these developments on such matters as business
generation and retention, funding and liquidity. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward-looking
statements. Such uncertainties and other risks that may affect the
Company’s performance are discussed further in Part I, Item 1A,
“Risk Factors,” in the Company’s Form 10-K, for the year ended
September 30, 2016 filed with the Securities and Exchange
Commission on December 29, 2016. The Company undertakes no
obligation to make any revisions to the forward-looking statements
contained in this news release or to update them to reflect events
or circumstances occurring after the date of this release.
Contact: Steve Bianchi, CEO
(715)-836-9994
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