Schornack Group Proposes Board Changes at Citizens Community Bancorp (CZWI)

Andrew David Schornack and a group of reporting persons filed an Amendment No. 3 to their Schedule 13D regarding Citizens Community Bancorp, Inc. (CZWI). As of July 27, 2026, the group collectively beneficially owns 878,472.49 shares of common stock, representing 9.1% of the company. While the total share count and ownership percentage remained stable compared to the previous filing, this amendment is significant due to a shift in investment strategy toward active engagement. On July 27, 2026, the reporting persons engaged in discussions with the issuer's management regarding potential changes to the composition of the Board of Directors. The group, which includes experienced community banking operators, has expressed a desire to add one or more of their nominees to the board. They believe the issuer's shares are currently undervalued relative to its intrinsic franchise value and intend to continue a dialogue with management and the board to maximize shareholder value, potentially through further proposals regarding board structure or management changes.