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Citizens Community Bancorp issues $15M sub notes

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Citizens Community Bancorp issues $15M sub notes

Eau Claire, Wis.-based Citizens Community Bancorp Inc. issued and sold $15 million of its 6.75% fixed-to-floating subordinated notes to EJF Debt Opportunities Master Fund LP on Aug. 10, pursuant to a subordinated note purchase agreement between the two parties.

The notes, which are expected to qualify as Tier 2 capital, will mature 10 years from the date of issuance. The notes may not be redeemed by the company before the fifth anniversary of the notes' effective date.