Janney Served as Lead Placement Agent in a $35.0 Million Subordinated Debt Offering for Citizens Community Bancorp, Inc.

Transaction Overview

Citizens Community Bancorp, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (“Note Purchase Agreement”) with certain accredited purchasers and qualified institutional buyers (the “Purchasers”), pursuant to which the Purchasers agreed to purchase 4.75% fixed-to-floating subordinated notes in the aggregate principal amount of $35 million (the “Notes”).

The Notes provide for a maturity date to occur ten years from the date of issuance. From the date of issuance of the Notes until, but excluding, April 1, 2027 (the “Fixed Interest Period”), the annual interest rate of the Notes is 4.75%. After the Fixed Interest Period and through maturity (the “Floating Interest Period”), the interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate, plus 329 basis points. Interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year during the Fixed Interest Period, and quarterly in arrears on January 1, April 1, July 1 and October 1 of each year during the Floating Interest Period.

About Citizens Community Bancorp, Inc.

Citizens Community Bancorp, Inc. is the bank holding company for Citizen Community Federal National Association, a Wisconsin state-chartered community bank headquartered in Eau Claire, WI with $1.7 billion in total assets at December 31, 2021. Citizens Community Federal National Association is headquartered at 219 Fairfax Street, Altoona, WI, with branches in Minnesota and Wisconsin.