Eau Claire, Wis.-based CitizensCommunity Bancorp Inc. amended its loan agreement with , where First Tennesseeextended a $3 million revolving line of credit to the company.
Citizens Community plans to finance its previously announcedstock repurchase program through the loan. Under the buyback plan, the company may repurchase up to 525,200 commonshares, or approximately 10% of its current outstanding stock, through Oct. 1, 2017.
The credit facility carries a floating interest rate and matureson Sept. 30, 2017. The company also pledged 100% of Citizens Community Federal NA's common stock as collateral.
The amended agreement extends the loan agreement Citizens CommunityBancorp signed with First Tennessee Bank NA to fund its acquisitionof Community Bank of Northern Wisconsin.
First Tennessee Bank is a unit of First Horizon National Corp.