A group of investors tied to Security Bank & Trust Co. in Glencoe, Minn., has acquired a 6.3% stake in Citizens Community Bancorp in Eau Claire, Wis.
The group, in a regulatory filing, said it was open to discussing strategy, governance, board composition, or a potential transaction with the $1.8 billion-asset Citizens Community.
Gale Hoese, Security Bank’s CEO, reported owning 450,000 shares, or nearly three-quarters of the investor group’s aggregate stake. Andy Schornack, Security Bank’s president, and Joseph Schornack, its vice president of business banking, are among the investors.
Security Bank itself is not listed as a reporting person. The investors said they used personal funds to buy the shares for investment purposes. The group said it believes Citizens Community’s shares are undervalued relative to the company’s intrinsic value, long-term earnings potential, and franchise value.