# Citizens Community Bancorp

Citizens Community Bancorp is an Asset Manager based in Eau Claire, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Eau Claire, United States
- **Region:** North America
- **Address:** Eau Claire, WI, United States
- **Founded:** 1938
- **Assets under management:** ~$1.8B in total assets (per the firm's most recent quarterly SEC filing, 2024)
- **Website:** ccf.us

## Regulatory record

- **Reports private funds:** No

## About

Citizens Community Bancorp was founded in 1938 as a mutual savings and loan association serving Eau Claire, Wisconsin. It operated under a mutual charter for more than six decades before completing a full mutual-to-stock conversion in 2004, raising capital through a public offering. President and CEO Stephen Bianchi, a veteran of the Midwestern community banking sector, leads the institution. The holding company's primary operating subsidiary is Citizens Community Federal, a national bank regulated by the Office of the Comptroller of the Currency. The bank runs a traditional lending and deposit-gathering spread model. Its loan book is heavily weighted toward one- to four-family residential mortgages, followed by commercial real estate, construction and land loans, and consumer installment lending. Deposit funding comes from checking and savings accounts, money market accounts, and certificates of deposit gathered across 24 branch locations in Wisconsin, Minnesota, and Michigan. Unlike relationship-driven family offices or venture firms, the institution earns its margin through net interest income — the difference between loan yields and funding costs — rather than management fees or carried interest. The firm reported approximately $1.8B in total assets in its most recent quarterly filing. Branch locations span three upper-Midwest states, with a concentration in western and northwestern Wisconsin. In September 2023, the company closed the sale of a portfolio of classified loans as part of a balance-sheet cleanup initiative, which improved nonperforming asset ratios heading into 2024 (per the firm's SEC filings, 2023). The institution has not announced adjacent venture vehicles, philanthropic foundations, or co-investment programs. Citizens Community Bancorp's structural distinctiveness lies in its regulatory posture. As a former mutual institution that now trades on Nasdaq under the ticker CZWI, it sits in a middle ground: publicly accountable to shareholders while still carrying the deposit-first balance sheet of a traditional thrift. There is no family-wealth origin story, no GP-LP fund structure, and no co-investment club to describe — just a spread-lending institution operating in small-city markets across the Upper Midwest, competing with larger regional banks on the basis of local branch presence.

## Sectors

- Banking & Financial Services
- Mortgage & Residential Lending
- Commercial Banking

## People

- Stephen Bianchi — President & CEO

## Questions

### Who runs investment decisions at Citizens Community Bancorp?

The lending and investment portfolio is managed by President and CEO Stephen Bianchi and the bank's senior credit committee. Because the institution operates as a depository, 'investment decisions' are primarily loan underwriting decisions on residential mortgages, commercial real estate, and consumer loans. The board of directors approves overall risk appetite and portfolio concentration limits, as disclosed in public SEC filings.

### What does the loan portfolio look like by asset class?

The portfolio is dominated by one- to four-family residential real estate loans historically originated through the branch network. Commercial real estate loans, including owner-occupied and non-owner-occupied properties, constitute the next-largest segment. Construction and land loans, along with consumer installment loans (auto, personal, and home equity), round out the book. The geographic concentration is the Upper Midwest, with all collateral located in Wisconsin, Minnesota, or Michigan.

### How is the bank's growth funded?

Loan growth is funded almost entirely through core deposits — checking accounts, savings accounts, money market accounts, and certificates of deposit gathered across the 24-branch network. The firm does not rely on wholesale funding markets to any significant degree, which is typical for a community thrift of its size. The deposit franchise is the competitive moat.

### Does Citizens Community Bancorp participate in co-investments or private equity?

No. The institution runs a traditional spread-lending model. It does not have a venture capital arm, a private equity fund, a family office allocation program, or any co-investment vehicles. Its public filings do not reference GP commitments, fund-of-funds activity, or direct equity co-investment programs.

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Updated: 2026-06-03T20:00:00.000Z

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