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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Cox, Sr., Joel M.
606 Bald Eagle Drive #301
Marco Island, FL 34145
USA
2. Issuer Name and Ticker or Trading Symbol
Citizens Community Bancorp, Inc.
CCBI
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
12/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock - | | | | | | | | |
par value $.01(1) | | | | | | 31,000 | | |
_____________________________|______|____|__________________|___|___________|___________________|______|___________________________|
Common Stock - | | | | | | | | |
par value $.01(1) | | | | | | 9,420 | | |
_____________________________|______|____|__________________|___|___________|___________________|______|___________________________|
Common Stock - |10/10/| | | | | | | |
par value $.01(1) |1997 | M3 | 400 | A | 4.50 | | I | Cox's Ins. Agency |
_____________________________|______|____|__________________|___|___________|___________________|______|___________________________|
Common Stock - |10/10/| | | | | | | |
par value $.01(1) |1997 | S3 | 400 | D | 4.50 | | | |
_____________________________|______|____|__________________|___|___________|___________________|______|___________________________|
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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Warrants (1) |$4.50 | | | | | | | | | | 15,500 | | |
| | | | | | | | | | | | | |
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Warrants (1) |$4.50 | | | | | | | | | | 110 | | |
| | | | | | | | | | | | | |
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Warrants (1) |$4.50 | | | | | | | | | | 3,100 | | |
| | | | | | | | | | | | | |
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Warrants (1) |$4.50 |10/10| | 400 | | | |Common Stock| | | (2) | | |
| |1997 | S3 | | | | | PV $.01| | | | | |
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Explanation of Responses:
(1) Previously reported on Form 3. Shares and Exercise price adjusted to
reflect two-for-one stock split on 12/15/97.
(2) Number of derivative securities held by Cox Insurance Agency following
disposition of 400 warrants = 2,700 @ end of year.
/S/ Joel M. Cox, Sr. 2/10/98
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** Signature of Reporting Person Date
