<SEC-DOCUMENT>0001420506-25-000169.txt : 20250206
<SEC-HEADER>0001420506-25-000169.hdr.sgml : 20250206
<ACCEPTANCE-DATETIME>20250206142519
ACCESSION NUMBER:		0001420506-25-000169
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250206

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
		IRS NUMBER:				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:		25596827

	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:           	
		IRS NUMBER:				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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><!-- EDGARfilingagent.com Schedule 13D/G Online Workstation (https://schedule13d.com) --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
	<submissionType>SCHEDULE 13G/A</submissionType>
	<filerInfo>
		<filer>
			<filerCredentials>
				<cik>0001599170</cik>
				<ccc>XXXXXXXX</ccc>
			</filerCredentials>
		</filer>
		<liveTestFlag>LIVE</liveTestFlag>



	</filerInfo>
</headerData>
<!-- Start Form -->
  <formData>
<!-- Issuer Cover Page-->
    <coverPageHeader>
		<amendmentNo>11</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001367859</issuerCik>
        <issuerName>Citizens Community Bancorp (CZWI)</issuerName>
        <issuerCusip>174903104</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>2174 EastRidge Center</com:street1>
          <com:city>Eau Claire</com:city>
          <com:stateOrCountry>WI</com:stateOrCountry>
          <com:zipCode>54701</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
<!-- Reporting Persons Cover Page -->
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>FJ Capital Management LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <sharedVotingPower>542904 </sharedVotingPower>
        <sharedDispositivePower>542904 </sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>542904 </reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.41</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 267,687 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 275,217 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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Financial Opportunity Fund LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <sharedVotingPower>267687 </sharedVotingPower>
        <sharedDispositivePower>267687 </sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>267687</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.67</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 267,687 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Financial Hybrid Opportunity Fund LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <sharedVotingPower>275217 </sharedVotingPower>
        <sharedDispositivePower>275217</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>275217</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.74</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Relating to items 6, 8, and 9 of this page: Consists of 275,217 shares of common stock of the Issuer held by Financial Hybrid Opportunity Fund LLC.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Martin Friedman</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>105955 </soleVotingPower>
        <sharedVotingPower>542904 </sharedVotingPower>
        <soleDispositivePower>105955 </soleDispositivePower>
        <sharedDispositivePower>542904 </sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>648859 </reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.47</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>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 267,687 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 275,217 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 267,687 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, 275,217 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.</comments>
    </coverPageHeaderReportingPersonDetails>
<!-- Items -->
    <items>
      <item1>
        <issuerName>Citizens Community Bancorp (CZWI)</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>2174 EastRidge Center, Eau Claire, WI 54701</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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
</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Financial Opportunity Fund LLC, Financial Hybrid Opportunity Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies
Martin Friedman - United States citizen
</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>FJ Capital Management LLC - 542,904 shares
Financial Opportunity Fund LLC - 267,687 shares
Financial Hybrid Opportunity Fund LLC - 275,217 shares
Martin Friedman - 648,859 shares

</amountBeneficiallyOwned>
        <classPercent>FJ Capital Management LLC - 5.41%
Financial Opportunity Fund LLC - 2.67%
Financial Hybrid Opportunity Fund LLC - 2.74%
Martin Friedman - 6.47%
</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Martin Friedman - 105,955 shares</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>FJ Capital Management LLC - 542,904 shares
Financial Opportunity Fund LLC - 267,687 shares
Financial Hybrid Opportunity Fund LLC - 275,217 shares
Martin Friedman - 542,904 shares
</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Martin Friedman - 105,955 shares</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>FJ Capital Management LLC - 542,904 shares
Financial Opportunity Fund LLC - 267,687 shares
Financial Hybrid Opportunity Fund LLC - 275,217 shares
Martin Friedman - 542,904 shares
</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>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.</certifications>
      </item10>
    </items>
	<!-- Exhibit Information -->
	<!-- Signature -->
    <signatureInformation>
      <reportingPersonName>FJ Capital Management LLC</reportingPersonName>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Opportunity Fund LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>its Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Financial Hybrid Opportunity Fund LLC</reportingPersonName>
      <signatureDetails>
        <signature>FJ Capital Management LLC</signature>
        <title>its Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Martin Friedman</reportingPersonName>
      <signatureDetails>
        <signature>Martin Friedman</signature>
        <title>Managing Member</title>
        <date>01/31/2025</date>
      </signatureDetails>
    </signatureInformation>
	</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
