EAU CLAIRE, WI -- (Marketwired) -- 09/19/13 -- Citizens Community Bancorp, Inc. (NASDAQ: CZWI) (the "Company"), parent company of Citizens Community Federal (the "Bank"), and Westby Co-Op Credit Union of Westby, WI today announced they have entered into a deposit and loan assumption agreement whereby Westby will purchase certain assets from, and assume certain deposit liabilities of, the Bank's Wisconsin Dells, WI branch. The facility, located in a Walmart Superstore, is expected to close following completion of the transaction. Financial terms were not disclosed. Edelman & Co. served as financial advisor to the Bank in the transaction. The transaction is contingent upon receipt of all applicable bank regulatory approvals.
Edward H. Schaefer, President and CEO of Citizens, commented: "We expect this sale to be a win-win for Citizens and Westby. It is a logical step in our strategy to rationalize our retail branch network, while ensuring these branch customers continue to have access to the service and capabilities they have come to expect."
Kevin R. Hauser, President of Westby, which is a full service credit union serving more than 24,000 members in twelve southwest Wisconsin counties, noted: "This asset acquisition enables us to serve new customers in our core market, and we plan to work closely with Citizens to provide a smooth transition and continued outstanding support for these customers."
The Company also announced plans to close Walmart Superstore banking offices in Shawano and Black River Falls, WI, and intends to continue servicing these customers from other Bank locations. "We anticipate the efficiencies and focus on our most productive markets will make long-term positive contributions," Schaefer explained. "A good example is Rice Lake, WI, where we have a strong Walmart banking facility and are building an ideally located 3,100 square foot full-service facility to expand our banking activities and visibility in this market."
About the Company
Citizens Community Federal, a wholly owned subsidiary of Citizens Community Bancorp, Inc., is a full-service bank based in Eau Claire, Wisconsin, serving more than 50,000 customers in Wisconsin, Minnesota and Michigan through 25 branch locations, including 17 locations in Walmart Supercenters. The Company's stock trades on the NASDAQ Global Market under the symbol "CZWI."
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this news 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 news 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; further write-downs in the Bank's mortgage-backed securities portfolio; the Bank's ability to implement its cost-savings and revenue enhancement 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, 2012 filed with the Securities and Exchange Commission on December 10, 2012. 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 report.
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