Business Context and Reporting Period
This Form 8-K filing by Citizens Community Bancorp Inc. (a Maryland corporation) reports a corporate governance event dated December 20, 2017. The filing addresses the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change is the election of James D. Moll to the Board of Directors as a Class I Director, effective January 1, 2018. This appointment fills the vacancy created by the resignation of Timothy A. Nettesheim. Mr. Moll will serve until the Company's 2019 annual shareholders meeting.
Management Commentary and Background
- Director Background: Mr. Moll previously served as Chief Financial Officer of Wells Financial Corp. (1995-2016) and as Chief Executive Officer and President (2015-August 2017) prior to the sale of Wells to Citizens Community Bancorp Inc. in 2017.
- Qualifications: He holds a B.A. in Economics, a B.S. in Accounting, and is a Certified Public Accountant.
- Compensation: Mr. Moll will receive compensation in accordance with the Company's standard director arrangement, prorated to reflect his January 1, 2018 start date. No specific committee assignments have been determined yet.
- Arrangements: There are no undisclosed arrangements or understandings regarding his selection.
Investor Verification Checklist
- Verify the effective date of Mr. Moll's service (January 1, 2018) and his term expiration (2019 annual meeting).
- Review the Company's most recent Schedule 14A proxy statement (filed January 25, 2017) for details on standard director compensation.
- Monitor future filings for announcements regarding Mr. Moll's specific committee assignments.
- Confirm the status of the vacancy previously held by Timothy A. Nettesheim.