CITIZENS COMMUNITY BANCORP, INC. (NASDAQ:CZWI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November 1, 2019, Citizens Community Bancorp, Inc., a Maryland corporation (the “Company”) announced that, together with its wholly-owned subsidiary, Citizens Community Federal, N.A. (the “Bank”), it has entered into Second Amended and Restated Executive Employment Agreements (“Employment Agreements”) with each of Stephen Bianchi, Chairman, President and CEO, and James S. Broucek, Chief Financial Officer. The term of each of the Employment Agreements expires on December 31, 2022.

The Employment Agreements provide a base salary of $330,000 per year to Mr. Bianchi and a base salary of $195,000 per year to Mr. Broucek. In addition, Mr. Bianchi and Mr. Broucek will each be eligible to receive incentive awards under the Company’s and the Bank’s executive incentive plans, discretionary performance bonuses, and other executive benefits.

The Employment Agreements also contain such other terms and conditions that are usual and customary to agreements of this nature, including termination and severance provisions, restrictive covenants regarding confidentiality, non-competition and non-solicitation during and after the term thereof.

The foregoing summary of the Employment Agreements does not purport to be complete and is subject to and qualified in its entirety by the full text of such agreements, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Citizens Community Bancorp Inc. Exhibit
EX-10.1 2 ex101sbianchi.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SECOND AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENTThis Second Amended and Restated Executive Employment Agreement (the “Agreement”) is made effective as of this 1st day of November,…
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About CITIZENS COMMUNITY BANCORP, INC. (NASDAQ:CZWI)

Citizens Community Bancorp, Inc. is a bank holding company of Citizens Community Federal N.A. (the Bank). The Company is engaged in consumer, small commercial and agricultural banking activities, through the Bank. As of September 30, 2015, it had approximately $460 million in deposits. Through all of its branch locations, in Wisconsin, Minnesota and Michigan, the Bank provides a range of commercial and consumer banking products and services to customers, including online and mobile banking options. It offers a range of loans, such as commercial loans, agricultural loans and residential mortgages. Its Investment portfolio consists of securities available for sale and securities held to maturity. Its primary sources of funds are deposits; amortization, prepayments and maturities of outstanding loans; other short-term investments, and funds provided from operations. As of September 30, 2015, its total gross outstanding loans before net deferred loan costs were approximately $448,100.