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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): November 1, 1999
CITIZENS COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
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Florida 33-98090 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: (904) 389-1800
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ITEM 2. Acquisition or Disposition of Assets
On November 1, 1999, CCB Mortgage Corporation ("CCBM"), a wholly owned
subsidiary of Citizens Community Bancorp, Inc. ("CCBI"), acquired certain assets
of Marco Island Mortgage Services, Inc. ("MIMS") in exchange for $70,000.
CCBM has entered into a one-year employment contract with MIMS' owner
and former President and Chief Executive Officer, Anthony J. Iannotta. Mr.
Iannotta will serve as CCBM's President and Chief Executive Officer and be
primarily responsible for its day-to-day operations.
As part of the employment agreement, CCBI has granted Mr. Iannotta
15,000 shares of CCBI common stock, at no cost, and options to purchase 15,000
shares of its common stock. The options have a strike price of $9.00, will vest
in equal installments over five years, and will be exercisable for 10 years from
the date of issuance.
Additionally, CCBM has also employed six mortgage originators and
processors formerly employed by MIMS. CCBM and CCBI have entered into agreements
with the employees that provide for severance payments in the event CCBM or CCBI
undergoes a change in control, as well as certain stock incentives.
An aggregate of 1,800 shares of CCBI common stock has been awarded to
certain of these employees at no cost to them. Consistent with CCBI's policy for
new employees of its subsidiaries, these employees have also been granted
options to purchase a total of 16,000 shares of CCBI common stock. The
employees' options have been granted on terms identical to Mr. Iannotta's.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused the report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 1, 1999
Citizens Community Bancorp, Inc.
(Registrant)
By: /s/ Gregory E. Smith
Gregory E. Smith
Principal Financial Officer and
duly authorized Officer of the Registrant
