Citizens Community Bancorp, Inc.: Announces the completion of its merger with Wells Financial Corp.

Contact:

Steve Bianchi

(715)-836-9994

EAU CLAIRE, Wis. and WELLS, Minn., Aug. 18, 2017 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (NASDAQ:CZWI) (“Citizens”), the parent company of Citizens Community Federal, N.A. (“CCFBank”), and Wells Financial Corp. (OTCQB:WEFP) (“Wells”), the parent company of Wells Federal Bank, today jointly announced that they have completed the previously announced merger. The merger, which was initially announced on March 17, 2017, was concluded following receipt of approval from Wells shareholders and all required regulatory approvals. Wells will merge into Citizens in a transaction valued at approximately $39.8 million. As of June 30, 2017, Wells had $266.9 million in assets, $232.4 in deposits and $197.2 million in gross loans. The expected combined company will have in excess of $934 million in total assets.

“After receiving overwhelming support from the shareholders of Wells, we are pleased to announce the completion of our merger with Wells Federal Bank. We look forward to welcoming Wells customers, employees and shareholders to the Citizens family, and expect a smooth integration of our banks,” said Stephen Bianchi, President and Chief Executive Officer. “We are excited about the increased capacity and market exposure created from this business combination and look forward to taking advantage of resulting opportunities throughout Mankato and southern Minnesota.”

“The Wells and Citizens combination presents an exciting strategic opportunity for our shareholders,” said James D. Moll, Wells President and Chief Executive Officer. “Our teams are working well together to provide a smooth transition.”

Shareholders of Wells will receive total consideration of (i) $41.31 in cash and (ii) 0.7598982 shares of Citizens common stock for each share of Wells common stock and (iii) cash in lieu of fractional shares.

The shares of Citizens common stock to be issued to Wells shareholders have been registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended.

FIG Partners acted as financial advisor to Citizens in the transaction and delivered a fairness opinion to the Board of Directors of Citizens and Briggs & Morgan served as outside legal counsel to Citizens. McAuliffe Financial, LLC, acted as financial advisor and delivered a fairness opinion to the Board of Wells, and Jones Walker LLP, Washington, D.C., served as legal counsel to Wells.