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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): August 20, 1998
CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
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Florida 000-22547 65-0614044
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(State or other jurisdiction Commission File Number (I.R.S. Employer
Of incorporation) Identification No.)
650 East Elkcam Circle
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Marco Island, Florida 34145
(address of principal executive offices)
Registrant's telephone number: (941) 389-1800
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ITEM 5. OTHER EVENTS
Citizens Community Bancorp, Inc. issued the following Press Release on
August 20, 1998:
Citizens Community Bancorp, Inc. ("CCBI") announced the closing of its
Offering. CCBI, the parent holding company for Citizens Community Bank of
Florida ("Bank"), offered up to 1,000,000 shares of its common stock in a
Secondary Offering. The sales price was $7.50 per share. The first part of the
Offering (the "Initial Offering"), which was limited to existing shareholders,
depositors with certain relationships with the Bank, and directors and employees
of the Bank, closed on July 23, 1998. The second part of the Offering (the
"Community Offering"), which began on July 24, 1998, allowed Florida residents
who were not otherwise eligible to participate in the Offering to purchase the
common stock. In the Initial Offering, purchase by shareholders and depositors
were limited to a maximum of 3,000 shares. The Community Offering allowed
individuals to purchase up to an aggregate of 15,000 shares.
Richard Storm, Jr., CCBI's Chairman and Chief Executive Officer, stated "We
are pleased that we were able to complete the Offering within a very short
period of time. Unfortunately, we were unable to fill all the stock orders
because the Offering over subscribed." Chairman Storm added that "the additional
capital will be instrumental in positioning the Company for possible future
acquisitions and the development of our strategic plan." CCBI now has
approximately 3.2 million shares outstanding and more than 700 shareholders.
At July 31, 1998, CCBI had total consolidated assets of $64.4 million and
$14.2 million in stockholders' equity. Stockholders' equity as of the close of
business on August 18, 1998, was $17.1 million. CCBI's common stock is currently
quoted on the National Quotation Bureau System's "Pink Sheets," under the symbol
"CCBI".
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused the report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 20, 1998
Citizens Community Bancorp, Inc.
By: /s/ Stephen A. McLaughlin
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Stephen A. McLaughlin
Corporate Secretary
