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Citizens Community Bank Announces Changes in Executive Leadership

SOUTH HILL, Va., Nov. 5, 2012 /PRNewswire/ -- Citizens Community Bank (OTCQX: CZYB) ("CCB" or the "Bank") today announced the appointment of James R. Black as President and Chief Executive Officer of the Bank.  The appointment follows the November 2nd resignation of Thomas C. Manson as President and Chief Executive Officer. Mr. Manson also resigned as a director of the Bank. 

Mr. Black has been Executive Vice President and Chief Financial Officer of CCB since May 2007, and has over 19 years of banking experience. Mr. Black joined the Bank in October 2006.  Prior to joining the Bank, he was Chief Financial Officer for First Liberty Bancorp in Washington, D.C. from July 2004 to September 2006, and before that was chief financial officer for other community banks, including Metro-County Bank in Richmond, Virginia.  Mr. Black is a chartered financial analyst and a former examiner with the Federal Reserve Bank of Richmond.

"On behalf of the board, I want to thank Tom for his dedication since joining CCB in 2002," said R.T. Arnold, Chairman of the board of directors of Citizens Community Bank.  "Tom made many contributions to the Bank. We wish him well."

"We also want to thank James for accepting his new role at CCB. We are confident that he will continue to provide solid leadership for the Bank, and are excited about our prospects with James at the helm," Arnold said.

Mr. Black will also continue in his role as Chief Financial Officer of CCB until that position is filled.  The Bank is currently undergoing a recruitment process for such position.

Citizens Community Bank is a Virginia state chartered bank headquartered in South Hill, Virginia.  Opened in December 1999, it operates four branches, three in south central Virginia and one in northern North Carolina as well as a loan production office in Oxford, North Carolina. For more information and additional financial data, please visit www.ccbsite.com.

This press release contains "forward-looking statements" that concern future events which are subject to risks and uncertainties.  Any such statements are based on certain assumptions and analyses by the Bank and other factors it believes are appropriate in the circumstances.  The Bank's actual results, events and developments may differ materially from those contemplated by any forward-looking statement. 

SOURCE Citizens Community Bank

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