# EDGAR Filing Document

**Accession Number:** 0001367859
**File Stem:** 0001420506-25-001933
**Filing Date:** 2025-8
**Character Count:** 15855
**Document Hash:** 7589cb26afe82fbb59591f5915634bf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-001933.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001420506-25-001933

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citizens Community Bancorp Inc.
- **CENTRAL INDEX KEY:** 0001367859
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 205120010
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82260
- **FILM NUMBER:** 251210713

**BUSINESS ADDRESS:**
- **STREET 1:** 2174 EASTRIDGE CENTER
- **CITY:** EAU CLAIRE
- **STATE:** WI
- **ZIP:** 54701
- **BUSINESS PHONE:** 715 836 9994

**MAIL ADDRESS:**
- **STREET 1:** 2174 EASTRIDGE CENTER
- **CITY:** EAU CLAIRE
- **STATE:** WI
- **ZIP:** 54701
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FJ Capital Management LLC
- **CENTRAL INDEX KEY:** 0001599170

**ORGANIZATION NAME:**
- **EIN:** 261588525
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 7901 JONES BRANCH DR.
- **STREET 2:** SUITE 210
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** (703) 875-8378

**MAIL ADDRESS:**
- **STREET 1:** 7901 JONES BRANCH DR.
- **STREET 2:** SUITE 210
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 12)**

**Issuer:** Citizens Community Bancorp (CZWI)

**Title of Class of Securities:** Common Stock

**CUSIP Number:** 174903104

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>FJ Capital Management LLC | Names of Reporting Persons<br>FJ Capital Management LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>383656 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>383656 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>383656 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>383656 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.84% | Percent of Class Represented by Amount in Row (9)<br>3.84% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** Relating to items 6, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member; as such, the Reporting Person may be deemed to be a beneficial owner of the reported shares but as to which the Reporting Person disclaims beneficial ownership.

---

| 1. | Names of Reporting Persons<br>Financial Opportunity Fund LLC | Names of Reporting Persons<br>Financial Opportunity Fund LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>162442 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>162442 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>162442 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>162442 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.63% | Percent of Class Represented by Amount in Row (9)<br>1.63% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Relating to items 6, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

---

| 1. | Names of Reporting Persons<br>Financial Hybrid Opportunity Fund LLC | Names of Reporting Persons<br>Financial Hybrid Opportunity Fund LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>221214 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>221214 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>221214 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>221214 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.21% | Percent of Class Represented by Amount in Row (9)<br>2.21% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Relating to items 6, 8, and 9 of this page: Consists of 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC.

---

| 1. | Names of Reporting Persons<br>Martin Friedman | Names of Reporting Persons<br>Martin Friedman |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>105955 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>383656 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>105955 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>383656 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>489611 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>489611 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.90% | Percent of Class Represented by Amount in Row (9)<br>4.90% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** Relating to items 5, and 7 of this page: Consists of 105,955 shares of common stock of the Issuer held directly by Martin Friedman, Co-Founder and Managing Member of FJ Capital Management LLC.

Relating to items 6 and 8 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership.

Relating to items 5, 6, 7, 8, and 9 of this page: Consists of 162,442 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 221,214 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership; and 105,955 shares of common stock of the Issuer held directly by Martin Friedman.

---

**Item 1(a). Name of Issuer:**
Citizens Community Bancorp (CZWI)

**Item 1(b). Address of Issuer's Principal Executive Offices:**
2174 EastRidge Center, Eau Claire, WI 54701

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being filed on behalf of the following Reporting Persons:
FJ Capital Management LLC
Financial Opportunity Fund LLC
Financial Hybrid Opportunity Fund LLC
Martin Friedman

**Item 2(b). Address of Principal Business Office:**
FJ Capital Management, LLC
7901 Jones Branch Drive, Suite 210
McLean, VA  22102

Financial Opportunity Fund LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Financial Hybrid Opportunity Fund LLC
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

Martin Friedman
7901 Jones Branch Drive, Suite 210
McLean, VA 22102

**Item 2(c). Citizenship:**
Financial Opportunity Fund LLC, Financial Hybrid Opportunity Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies
Martin Friedman - United States citizen

**Item 2(d). Title of Class of Securities:**
Common Stock

**Item 2(e). CUSIP Number:**
174903104

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

FJ Capital Management LLC - 383,656 shares
Financial Opportunity Fund LLC - 162,442 shares
Financial Hybrid Opportunity Fund LLC - 221,214 shares
Martin Friedman - 489,611 shares

**(b) Percent of class:**

FJ Capital Management LLC - 3.84%
Financial Opportunity Fund LLC - 1.63%
Financial Hybrid Opportunity Fund LLC - 2.21%
Martin Friedman - 4.90%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Martin Friedman - 105,955 shares

**(ii) Shared power to vote or to direct the vote:**

FJ Capital Management LLC - 383,656 shares
Financial Opportunity Fund LLC - 162,442 shares
Financial Hybrid Opportunity Fund LLC - 221,214 shares
Martin Friedman - 383,656 shares

**(iii) Sole power to dispose or to direct the disposition of:**

Martin Friedman - 105,955 shares

**(iv) Shared power to dispose or to direct the disposition of:**

FJ Capital Management LLC - 383,656 shares
Financial Opportunity Fund LLC - 162,442 shares
Financial Hybrid Opportunity Fund LLC - 221,214 shares
Martin Friedman - 383,656 shares

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**FJ Capital Management LLC**

**Date:** 07/16/2025

**By:** Martin Friedman

**Name & Title:** Managing Member

**Financial Opportunity Fund LLC**

**Date:** 07/16/2025

**By:** FJ Capital Management LLC

**Name & Title:** its Managing Member

**Financial Hybrid Opportunity Fund LLC**

**Date:** 07/16/2025

**By:** FJ Capital Management LLC

**Name & Title:** its Managing Member

**Martin Friedman**

**Date:** 07/16/2025

**By:** Martin Friedman

**Name & Title:** Managing Member