|[**X**] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
|------- | ----------------------------------------------------------------------------------------
|       
|        | For the fiscal year ended **September 30, 2006**          OR                            
|       
|[   ]   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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|**Maryland**
	(State or other jurisdiction of incorporation or organization)               |  | **20-5120010**
	(I.R.S. Employer Identification No.)
|------------------------------------------------------------------------------------------ |  | ----------------------------------------------------
|                                                                                           |  |                                                     
|**2174 EastRidge Center, Eau Claire, Wisconsin**
	(Address of principal executive offices) |  | **54701**
	(Zip Code)                               

|Securities registered pursuant to Section 12(g)of the Act: | **Common Stock, par value $0.01 per share**(Title of Class)
|---------------------------------------------------------- | -----------------------------------------------------------

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> further developments in the Company's ongoing review of and efforts to resolve the problem credit
> relationship described in this report, which could result in, among other things, further downgrades
> of aforementioned loans, additional provisions to the loan loss reserve and the incurrence of other
> material non-cash and cash charges;
> 
> the strength of the United States economy in general and the strength of the local economies in which
> we conduct operations;
> 
> the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate
> policies of the Federal Reserve Board;
> 
> inflation, interest rate, market and monetary fluctuations;
> 
> the  timely development of and acceptance of our new products and services and the perceived overall
> value of these products and services by users, including the features, pricing and quality compared
> to competitors' products and services;
> 
> the willingness of users to substitute our products and services for products and services of our
> competitors;
> 
> the impact of changes in financial services' laws and regulations (including laws concerning taxes,
> banking, securities and insurance);
> 
> the impact of technological changes;
> 
> acquisitions;
> 
> changes in consumer spending and saving habits; and
> 
> our success at managing the risks involved in the foregoing.

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|                            | At September 30,                   
|--------------------------- | -----------------------------------
|2006                        | 2005                               
|                            | Amount                             
|                            | (Dollars in thousands)             
|Real Estate Loans:          |                                    
|                            | One- to four-family first mortgages
|                            | Second mortgages                   
|                            | Multi-family and commercial        
|                            |                                    
|                            |                                    
|Consumer Loans:             |                                    
|                            | Automobile (1)                     
|                            | Other secured personal loans (2)   
|                            | Unsecured personal loans (3)       
|                            |                                    
|                            |                                    
|Gross loans                 | 259,239                            
|                            | Net deferred loan costs            
|                            | Allowance for loan losses          
|                            |                                    
|Total loans receivable, net | $258,467                           

|(1) | Includes both direct and indirect lending activities.                                          
|--- | -----------------------------------------------------------------------------------------------
|(2) | Includes both direct and indirect lending activities for personal items other than automobiles.
|(3) | Includes only direct lending.                                                                  

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|                       | At September 30,                       
|---------------------- | ---------------------------------------
|2006                   | 2005                                   
|                       | Amount                                 
|                       | (Dollars in Thousands)                 
|Fixed Rate Loans:      |                                        
|                       | Real estate                            
|                       | One - to four-family first mortgages(1)
|                       | Second mortgages                       
|                       | Multi-family and commercial            
|                       |                                        
|                       | Consumer loans                         
|                       |                                        
|                       |                                        
|Adjustable Rate Loans: |                                        
|                       | Real estate                            
|                       | One - to four-family first mortgages   
|                       | Second mortgages                       
|                       | Multi-family and commercial            
|                       |                                        
|                       |                                        
|                       | Consumer                               
|                       |                                        
|                       |                                        
|                       |                                        
|                       | Total loans                            
|                       |                                        
|                       |                                        
|                       |                                        
|                       | Total loans receivable, net            

|(1) | Includes $122.2 million in 2006, $102.9 million in 2005, $81.6 million in 2004, $66.4 million in 2003, $51.2 million in 2002 and $41.3 million in 2001 of loans with a payable on demand clause.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|               | Real Estate                          | Consumer           
|-------------- | ------------------------------------ | -------------------
|               | One- to Four-FamilyFirst Mortgage(1) | Second Mortgage    
|               | Amount                               | WeightedAverageRate
|               | (Dollars in thousands)              
|               |                                      |                    
|2007(2)        | $    1,064                           | 5.97%              
|2008           | 3,914                                | 4.56               
|2009           | 2,838                                | 4.96               
|2010-2011      | 2,321                                | 5.49               
|2012-2013      | 1,417                                | 6.14               
|2014-2028      | 51,105                               | 5.99               
|2029 and after | 93,576                               | 6.36               
|               |                                      |                    
|               | $156,235                             | 6.15               

|(1) | Includes $122.2  million of loans with a payable on demand clause.                                           
|--- | -------------------------------------------------------------------------------------------------------------
|(2) | Includes home equity lines of credit, credit card loans, loans having no stated maturity and overdraft loans.

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|                              |                          |                        | Year Ended September 30,
|----------------------------- | ------------------------ | ---------------------- | ------------------------
|                              |                          |                        | 2006                    
|                              |                          |                        | (In thousands)          
|Originations by type:         |                          |                        |                         
|                              | Real estate(1)           | $  48,280              | $  53,731               
|                              | Non-real estate-consumer | 70,286                 | 55,010                  
|                              |                          | Total loans originated | 118,566                 
|                              |                          |                        |                         
|Loans obtained through merger | ---                      | 26,670                 | ---                     
|                              |                          |                        |                         
|Repayments:                   |                          |                        |                         
|Principal repayments          | 77,564                   | 69,405                 | 60,292                  
|Loans transferred to other    |                          |                        |                         
|                              | real estate/collateral   | 434                    | 203                     
|Net increase(decrease)        | $  40,568                | $  65,803              | $29,356                 

|(1) | Real estate loans include loans with a payable on demand feature of $42.3 million in fiscal 2006, $45.0 million in fiscal 2005 and
$35.0 million in fiscal 2004.  Real estate loans also include home equity lines of credit of $125,000 for fiscal 2006, $274,000 in
fiscal 2005 and $203,000 in fiscal 2004.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|            | Loans Delinquent For: 
|----------- | ----------------------
|            | 60-89 Days            
|            | Number                
|            | (Dollars in thousands)
|           
|Real estate | 3                     
|           
|Consumer(1) | 188                   
|           
|Total       | 191                   

|                            |                     |         | At September 30,      
|--------------------------- | ------------------- | ------- | ----------------------
|                            |                     |         | 2006                  
|                            |                     |         | (Dollars in thousands)
|Non-accruing loans:         |                     |         |                       
|                            | One- to four-family | $   406 | $207                  
|                            | Consumer(1)         | 984     | 462                   
|                            |                     | Total   | 1,390                 
|                            |                     |         |                       
|Foreclosed assets:          |                     |         |                       
|                            | One- to four-family | 376     | ---                   
|                            | Consumer            | 13      | 32                    
|                            |                     | Total   | 389                   
|                            |                     |         |                       
|Total non-performing assets | $1,779              | $701    | $697                  
|                            |                     |         |                       
|Total as a percentage of    |                     |         |                       
|                            | total assets        | 0.63%   | 0.29%                 

|(1) | Includes credit card accounts.
|--- | ------------------------------

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|                                      |                                     |                   | Year Ended September 30,
|------------------------------------- | ----------------------------------- | ----------------- | ------------------------
|2006                                  | 2005                                | 2004              | 2003                    
|                                      |                                     |                   | (Dollars in thousands)  
|                                      |                                     |                   |                         
|Balance at beginning of period        | $803                                | $554              | $467                    
|                                      |                                     |                   |                         
|Charge-offs:                          |                                     |                   |                         
|                                      | One- to four-family                 | (19)              | (24)                    
|                                      | Consumer                            | (228)             | (212)                   
|                                      |                                     | Total charge-offs | (247)                   
|                                      |                                     |                   |                         
|Recoveries:                           |                                     |                   |                         
|                                      | Consumer                            | 28                | 31                      
|                                      |                                     | Total recoveries  | 28                      
|                                      |                                     |                   |                         
|Net charge-offs                       | (219)                               | (205)             | (309)                   
|Other-obtained through merger         | ---                                 | 40                | ---                     
|Additions charged to operations       | 251                                 | 414               | 396                     
|Balance at end of period              | $835                                | $803              | $554                    
|                                      |                                     |                   |                         
|Ratio of allowance for loan losses to |                                     |                   |                         
|                                      | net loans outstanding at            |                   |                         
|                                      | end of period                       | 0.32%             | 0.37%                   
|                                      |                                     |                   |                         
|Ratio of net charge-offs during the   |                                     |                   |                         
|                                      | period to average loans outstanding |                   |                         
|                                      | during the period                   | 0.08%             | 0.12%                   
|                                      |                                     |                   |                         
|Ratio of net charge-offs during the   |                                     |                   |                         
|                                      | period to average non-performing    |                   |                         
|                                      | assets                              | 17.66%            | 28.37%                  

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|            |       | At September 30,           
|----------- | ----- | ---------------------------
|            |       | 2006                       
|            |       | Amount ofLoan LossAllowance
|            |       | (Dollars in Thousands)     
|Real estate | $  52 | $165,636                   
|Consumer    | 783   | 93,603                     
|Unallocated | ---   | ---                        
|            | Total | $835                       

|            |        | At September 30,           
|----------- | ------ | ---------------------------
|            |        | 2003                       
|            |        | Amount ofLoan LossAllowance
|            |        | (Dollars in Thousands)     
|            |        |                            
|Real estate | $    9 | $  75,769                  
|Consumer    | 433    | 47,805                     
|Unallocated | 25     | ---                        
|            | Total  | $467                       

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|                       |                                      | At September 30,
|---------------------- | ------------------------------------ | ----------------
|2006                   | 2005                                 | 2004            
|                       |                                      | Book Value      
|                       |                                      |                 
|                       |                                      |                 
|Investment securities: |                                      |                 
|                       | Federal Home Loan Bank stock         | $3,060          
|                       | Interest-bearing deposits with banks | 959             
|                       | Mortgage-backed securities           | 782             
|                       | Corporate notes                      | ---             
|                       | Mutual funds                         | ---             
|                       |                                      | $4,801          

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|                           | Year Ended September 30,
|-------------------------- | ------------------------
|                           | 2006                    
|                           | (Dollars in thousands)  
|                           |                         
|Opening balance            | $177,469                
|Deposits assumed in merger | ---                     
|Net deposits               | 4,060                   
|Interest credited          | 5,182                   
|                           |                         
|Ending balance             | $186,711                
|                           |                         
|Net increase               | $    9,242              
|                           |                         
|Percent increase           | 5.2%                    

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|                                          |                       | At September 30,      
|----------------------------------------- | --------------------- | ----------------------
|                                          |                       | 2006                  
|                                          |                       | Amount                
|                                          |                       | (Dollars in thousands)
|Transaction Accountsand Savings Deposits: |                       |                       
|                                          |                       |                       
|                                          | Demand accounts       | $  18,669             
|                                          | Savings accounts      | 24,975                
|                                          | Money market accounts | 22,262                
|                                          |                       |                       
|                                          |                       | Total non-certificates
|                                          |                       |                       
|Certificates:                             |                       |                       
|                                          | 6-12 month            | 26,413                
|                                          | 15-18 month           | 44,715                
|                                          | 24-60 month           | 25,313                
|                                          | Anniversary           | 463                   
|                                          | Institutional         | 14,796                
|                                          | Borrowers             | --                    
|                                          | IRA                   | 9,105                 
|                                          |                       |                       
|                                          |                       | Total certificates    
|                                          |                       |                       
|Total Deposits                            | $186,711              | 100.00%               

|                                                              | 0.00-1.99%             | 2.00-3.99% | 4.00-5.99% | Total     | Percentof Total
|------------------------------------------------------------- | ---------------------- | ---------- | ---------- | --------- | ---------------
|                                                              | (Dollars in thousands)
|Certificate accounts maturing during the twelve months ended: |                        |            |            |           |                
|September 30, 2007                                            | $   957                | $23,556    | $64,433    | $  88,946 | 73.6%          
|September 30, 2008                                            | 167                    | 6,033      | 14,066     | 20,266    | 16.8           
|September 30, 2009                                            | -                      | 498        | 9,619      | 10,117    | 8.4            
|September 30, 2010                                            | -                      | 2          | 1,471      | 1,473     | 1.2            
|Thereafter                                                    | -                      | --         | 3          | 3         | --             
|                                                              |                        |            |            |           |                
|                                                              | Total                  | $1,124     | $30,089    | $89,592   | $120,805       
|                                                              |                        |            |            |           |                
|                                                              | Percent of total       | 0.9%       | 24.9%      | 74.2%     |                

---

|                              | 3 Monthsor Less | Over 3 to6 Months | Over 6 to12 Months | Over12 Months | Total    
|----------------------------- | --------------- | ----------------- | ------------------ | ------------- | ---------
|                              | (In thousands) 
|                              |                 |                   |                    |               |          
|Certificates of deposit       |                 |                   |                    |               |          
|less than $100,000            | $12,792         | $20,614           | $36,417            | $27,670       | $  97,493
|                              |                 |                   |                    |               |          
|Certificates of deposit       |                 |                   |                    |               |          
|of $100,000 or more           | 1,805           | 5,363             | 11,954             | 4,190         | 23,312   
|                              |                 |                   |                    |               |          
|Total certificates of deposit | $14,597         | $25,977           | $48,371            | $31,860       | $120,805 

|                 | Year Ended September 30,
|---------------- | ------------------------
|                 | 2006                    
|                 | (In thousands)          
|                 |                         
|Maximum Balance: |                         
|                 | FHLB advances           
|                 |                         
|Average Balance: |                         
|                 | FHLB advances           

|                               | At September 30,      
|------------------------------ | ----------------------
|                               | 2006                  
|                               | (Dollars in thousands)
|                               |                       
|FHLB advances                  | $61,200               
|                               |                       
|Weighted average interest rate |                       
|                               | of FHLB advances      

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|Location                     | Owned orLeased | Lease ExpirationDate | Net Book Value atSeptember 30,2006(In Thousands)
|---------------------------- | -------------- | -------------------- | ------------------------------------------------
|                             |                |                      |                                                 
|ADMINISTRATIVE OFFICES:      | Leased         | April 30, 2009       | N/A                                             
|2174 EastRidge Center        |                |                      |                                                 
|Eau Claire, WI 54701         |                |                      |                                                 
|                             |                |                      |                                                 
|414 Main Street              |                |                      |                                                 
|Rochester Hills, MI 48306    | Leased         | July 31, 2007        | N/A                                             
|                             |                |                      |                                                 
|BRANCH OFFICES:              |                |                      |                                                 
|                             |                |                      |                                                 
|**Westside Branch**          | Owned          | N/A                  | $300                                            
|2125 Cameron Street          |                |                      |                                                 
|Eau Claire, WI 54703         |                |                      |                                                 
|                             |                |                      |                                                 
|**Eastside Branch**          | Owned          | N/A                  | $361                                            
|1028 N.  Hillcrest Parkway   |                |                      |                                                 
|Altoona, WI 54720            |                |                      |                                                 
|                             |                |                      |                                                 
|**Fairfax Branch**           | Owned          | N/A                  | $808                                            
|219 Fairfax Street           |                |                      |                                                 
|Altoona, W I54720            |                |                      |                                                 
|                             |                |                      |                                                 
|**Mondovi Branch**           | Leased         | June 30, 2007        | N/A                                             
|695 E.  Main Street          |                |                      |                                                 
|Mondovi, WI 54755            |                |                      |                                                 
|                             |                |                      |                                                 
|**Rice Lake Branch**         | Leased         | April 30, 2007       | N/A                                             
|2462 S.  Main Street         |                |                      |                                                 
|Rice Lake, WI 54868          |                |                      |                                                 
|                             |                |                      |                                                 
|**Chippewa Falls Branch**    | Owned          | N/A                  | $375                                            
|427 W.  Prairie View Road    |                |                      |                                                 
|Chippewa Falls, WI 54729     |                |                      |                                                 
|                             |                |                      |                                                 
|**Baraboo Branch**           | Owned(1)       | N/A                  | $0                                              
|S. 2423 Highway 12           |                |                      |                                                 
|Baraboo, WI 53913            |                |                      |                                                 
|                             |                |                      |                                                 
|**Black River Falls Branch** | Owned(1)       | N/A                  | $25                                             
|W. 9036 Highway 54 E.        |                |                      |                                                 
|Black River Falls, WI 54615  |                |                      |                                                 
|                             |                |                      |                                                 
|**Mankato Branch**           | Leased         | October 30, 2010     | N/A                                             
|1410 Madison Avenue          |                |                      |                                                 
|Mankato, MN 56001            |                |                      |                                                 
|                             |                |                      |                                                 
|**Oakdale Branch**           | Leased         | September 30, 2009   | N/A                                             
|7035 10th Street North       |                |                      |                                                 
|Oakdale, MN 55128            |                |                      |                                                 
|                             |                |                      |                                                 
|**Lake Orion Branch**(2)     | Leased         | February 28, 2012    | N/A                                             
|688 S.  Lapeer Road          |                |                      |                                                 
|Lake Orion, MI 48362         |                |                      |                                                 
|                             |                |                      |                                                 
|**Rochester Hills Branch**   | Owned          | N/A                  | $587                                            
|310 West Tienken Road        |                |                      |                                                 
|Rochester Hills, MI 48306    |                |                      |                                                 

|(1) | The building is owned and the land is leased.                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Citizens Community Federal has a right to cancel this lease on or after March 1, 2007, with the cancellation to take effect 90 days
after it exercises the right to cancel.

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|                                 | (a)Total Number ofShares (or Units)Purchased | (b)Average Paid perShare (or Unit) | (c)Total Number ofShares (or Units)Purchased as part ofPublicly AnnouncedPlans or Programs | (d)Maximum Number (orApproximate DollarValue) of Shares (orUnits) that May Yet BePurchased Under Plans orPrograms
|-------------------------------- | -------------------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------
|Period                           |                                              |                                    |                                                                                            |                                                                                                                  
|Quarter ended September 30, 2006 | ---                                          | N/A                                | ---                                                                                        | $  ---                                                                                                           

| | (a) | Consolidated Balance Sheets as of September 30, 2006 and 2005*                                                   
| | --- | -----------------------------------------------------------------------------------------------------------------
| | (b) | Consolidated Statements of Income for the Years Ended September 30, 2006, 2005 and 2004*                         
| | (c) | Consolidated Statements of Changes in Stockholders' Equity For the Years Ended September
30, 2006, 2005 and 2004*
| | (d) | Consolidated Statements of Cash Flows For the Years Ended September 30, 2006, 2005 and
2004*                     
| | (e) | Notes to Consolidated Financial Statements*                                                                      

| | * | Contained in the Annual Report filed as an exhibit hereto and incorporated herein by reference.   All schedules have
been omitted as the required information is either inapplicable or contained in the Consolidated Financial Statements
or related Notes contained in the Annual Report.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|Plan Category                                              | Number of securities tobe issued upon exerciseof outstanding optionswarrants and rights | Weighted-averageexercise price ofoutstanding optionswarrants and rights | Number of Securitiesremaining available   forfuture issuance underequity compensation plans
|---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------
|                                                           |                                                                                         |                                                                         |                                                                                            
|Equity Compensation Plans
Approved By Security Holders     | 202,201(1)                                                                              | $7.04(1)                                                                | 82,578(1)                                                                                  
|Equity Compensation Plans Not
Approved By Security Holders | ---                                                                                     | ---                                                                     | ---                                                                                        

|(1) | Reflects amounts after exchange ratio related to second-step offering.
|--- | ----------------------------------------------------------------------

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|**Regulation S-KExhibit Number** | **Document**                                | **Reference toPrior Filingor Exhibit NumberAttached Hereto**
|-------------------------------- | ------------------------------------------- | ------------------------------------------------------------
|3(i)                             | Articles of Incorporation of the Registrant | *                                                           
|3(ii)                            | Bylaws of the Registrant                    | *                                                           
|10                               | Material contracts:                         |                                                             
|                                 |                                             | (a)                                                         
|                                 |                                             | (b)                                                         
|                                 |                                             | (c)                                                         
|                                 |                                             |                                                             
|                                 |                                             |                                                             
|                                 |                                             |                                                             
|                                 |                                             |                                                             
|                                 |                                             |                                                             
|                                 |                                             |                                                             
|                                 |                                             | (e)                                                         
|13                               | 2006 Annual Report to Stockholders          | 13                                                          
|14                               | Code of Conduct and Ethics                  | 14                                                          
|21                               | Subsidiaries of the Registrant              | 21                                                          
|23                               | Consent of Auditors                         | 23                                                          
|31                               | Rule 13a-14(a)/15d-14(a) Certifications     | 31                                                          
|32                               | Section 1350 Certifications                 | 32                                                          

|*   | Filed as exhibit to the Company's registration statement filed on June 30, 2006 (File No.333-135527) pursuant to Section 5 of the
Securities Act of 1933.  All of such previously filed documents are hereby incorporated herein by reference in accordance with
Item 601 of Regulation S-K.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**  | Filed as exhibit to Citizen Community Bancorp's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2004.                                                                                                                                                                  
|*** | Filed as exhibit to Citizen Community Bancorp's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2005.                                                                                                                                                                  

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|      |                   |  | **CITIZENS COMMUNITY BANCORP, INC.**
|----- | ----------------- |  | ------------------------------------
|      |                   |  |                                     
|Date: | December 21, 2006 |  | By:                                 

|By: | /s/ Richard McHugh	
Richard McHugh
Chairman of the Board                                                             |  | December 21, 2006
|--- | -------------------------------------------------------------------------------------------------------------------- |  | -----------------
|    |                                                                                                                      |  |                  
|By: | /s/ James G. Cooley	James G. Cooley 
President, Chief Executive Officer and Director
(*Principal Executive Officer*) |  | December 21, 2006
|    |                                                                                                                      |  |                  
|By: | /s/ Thomas C. Kempen	Thomas C. Kempen
Vice Chairman of the Board                                                     |  | December 21, 2006
|    |                                                                                                                      |  |                  
|By: | /s/ Brian R. Schilling	Brian R. Schilling
Director and Treasurer                                                     |  | December 21, 2006
|    |                                                                                                                      |  |                  
|By: | /s/ Adonis E. Talmage	Adonis E. Talmage
Director and Secretary                                                       |  | December 21, 2006
|    |                                                                                                                      |  |                  
|By: | /s/ David B. WestrateDavid B. Westrate
Director                                                                      |  | December 21, 2006
|    |                                                                                                                      |  |                  
|By: | /s/ John D. Zettler	John D. Zettler
Senior Vice President and Chief Financial Officer*(Principal Financial Officer)* |  | December 21, 2006

---

|**Regulation S-KExhibit Number** | **Document**                           
|-------------------------------- | ---------------------------------------
|                                 |                                        
|13                               | 2006 Annual Report to Stockholders     
|                                 |                                        
|14                               | Code of Conduct and Ethics             
|                                 |                                        
|21                               | Subsidiaries of the Registrant         
|                                 |                                        
|23                               | Consent of Auditors                    
|                                 |                                        
|31                               | Rule 13a-14(a)/15d-14(a) Certifications
|                                 |                                        
|32                               | Section 1350 Certifications            

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