The Board of Directors of Citizens Community Bancorp, Inc. announced that, effective July 29, 2016, Edward H. Schaefer is resigning as President and Chief Executive Officer of the Company. Mr. Schaefer is also resigning from the Bank's board of directors. Mr. Schaefer will remain with the Company until July 29, 2016 to assist with the transition to a new Chief Executive Officer.

With Mr. Schaefer's assistance, the Board has created a special committee (the "CEO Transition Committee") to manage Mr. Schaefer's transition and to commence the search for the Company's next Chief Executive Officer. The CEO Transition Committee is comprised of Timothy A. Nettesheim, James R. Lang, Michael Swenson and Richard McHugh. Furthermore, the Board has retained Jon C. Bruss, the chief executive officer and managing principal of Fortress Partners Capital Management Ltd., to assist the Board and the CEO Transition Committee in managing the process and identifying an interim chief executive officer and identifying qualified chief executive officer candidates.