People: Citizens Community Bancorp Inc (CZWI.OQ)
Mr. Francis E. Felber is an Independent Director of the Company. Mr. Felber will serve until the Company's 2020 annual shareholders meeting. Mr. Felber brings over 40 years' experience in the agricultural industry to the Board of Directors. His career includes time at the Minneapolis Grain Exchange as a grain merchant and merchandised grain on the Chicago Board of Trade. In 1975, Mr. Felber joined his family's feed and grain country elevator in southern Minnesota and worked there until it was sold in 1982. He remained in the grain, feed and agronomy business until he joined Jerome Foods, Inc. (Jennie-O Turkey Store, Inc.) in 1990 to manage the Feed Ingredient Purchasing Department. In 2007, Mr. Felber founded Ag Risk Managers Insurance Agency LLC, which specializes in the risk management of crops and livestock. Prior to Mr. Felber's election to the Board of Directors, Citizens Community Federal National Association, the Company's wholly owned subsidiary (the "Bank"), granted loans to Mr. Felber. The loans were made in the ordinary course of business, on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to the Company, and in accordance with the Bank's underwriting guidelines. The loans also do not involve more than the normal risk of collectability or present other unfavorable features. There is no arrangement or understanding between Mr. Felber and any other person pursuant to which he was selected as a director. Mr. Felber will receive compensation for his service on the Board of Directors and Credit Committee in accordance with the Company's standard compensatory arrangement for directors. A description of the Company's director compensation can be found under the caption "Director Compensation" in the Company's most recent definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on January 25, 2017.
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