SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

         X   Quarterly Report Pursuant to Section 13 or 15(d)
             of the Securities Exchange Act of 1934 for the 

             Quarterly Period Ended March 31, 1997
                                    or

             Transition Report Pursuant to Section 13 or 15(d)
             of the Securities Exchange Act of 1934 for the 
             transition period from ________ to __________.

                         Commission File Number 0-19794


                            Advantage Bancorp, Inc.
             (Exact name of registrant as specified in its charter)

            Wisconsin                          39-1714425 
   (State of Incorporation)         (I.R.S. Employer Identification No.)

           5935 7th Avenue
        Kenosha, Wisconsin                                  53140
 (Address of principal executive offices)                 (Zip Code)

                 Registrant's  telephone  number: (414) 658-4861


   Indicate by check mark whether the registrant (1) has filed all reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act
   of 1934 during the preceding 12 months (or for such shorter period that
   the registrant was required to file such reports), and (2) has been
   subject to such filing requirements for the past 90 days.

   Yes    X             No           

   The number of shares outstanding of the issuer's common stock, par value
   $.01 per share, was 3,231,583 at April 30, 1997.


   <PAGE>
                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES

                                    FORM 10-Q


   Part I.  Financial Information


    Item 1    Financial Statements (unaudited):

              Consolidated Statements of Financial Condition as
              of March 31, 1997 and September 30, 1996  . . . .        3

              Consolidated Statements of Income for the Three
              Months and Six Months ended March 31, 1997 and
              1996  . . . . . . . . . . . . . . . . . . . . . .        4

              Consolidated Statements of Cash Flows for the Six
              Months ended March 31, 1997 and 1996  . . . . . .        5

              Notes to Consolidated Financial Statements  . . .        7


              Management's Discussion and Analysis of Financial
    Item 2    Condition and Results of Operations . . . . . . .        9


    Part II.  Other Information

    Item 1    Legal Proceedings . . . . . . . . . . . . . . . .       14

    Item 2    Changes in Securities . . . . . . . . . . . . . .       14

    Item 3    Default Upon Senior Securities  . . . . . . . . .       14

    Item 4    Submission of Matters to a Vote of Security
              Holders . . . . . . . . . . . . . . . . . . . . .       14

    Item 5    Other Information . . . . . . . . . . . . . . . .       14

    Item 6    Exhibits and Reports on Form 8-K  . . . . . . . .       14
              Signature Page  . . . . . . . . . . . . . . . . .       15

   <PAGE>
                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (unaudited)
                                                March 31       September 30
    ASSETS                                        1997             1996    

    Cash and cash equivalents (includes
     interest-earning deposits of
     $38,106,009, Mar. 31, 1997;
     $17,714,761 - Sept. 30, 1996)  . . . .    $ 52,222,397      $35,445,646 
    Certificates of deposit (approximates
     market value)    . . . . . . . . . . .         508,443          611,067 
    U.S. government and agency securities
     available for sale (at market value)        21,850,497       29,385,356 
    Mortgage-backed securities available for
     sale (at market value)   . . . . . .       128,067,237      140,086,665 
    Mortgage-backed securities held to
     maturity (market value of $9,730,648 -
     Mar. 31, 1997; $11,159,367 - Sept. 30,
     1996)  . . . . . . . . . . . . . . . .       9,684,856       11,011,238 
    Mortgage-related securities available
     for sale (at market value)   . . . . .      14,476,645       15,226,120 
    Mortgage-related securities held to
     maturity (market value of $176,846,000
     - Mar. 31,1997; $172,913,430 - Sept.
     30, 1996)  . . . . . . . . . . . . . .     175,570,788      171,470,022 
    Marketable equity securities (at market
     value)   . . . . . . . . . . . . . . .       6,974,704        5,043,091 
    Loans held for sale (at lower of cost or
     market)  . . . . . . . . . . . . . . .       2,688,926        3,056,000 
    Loans receivable  . . . . . . . . . . .     564,605,168      559,725,640 
    Foreclosed properties and properties
     subject to foreclosure   . . . . . . .       2,606,220        1,403,440 
    Investments in and advances to
     unconsolidated partnerships    . . . .       7,260,994        7,397,416 
    Office properties and equipment   . . .      12,732,345       12,531,601 
    Federal Home Loan Bank stock - at cost        8,795,600        8,795,600 
    Accrued interest on investments and
     mortgage-related securities  . . . . .       2,776,596        2,640,672 
    Intangible assets . . . . . . . . . . .       6,377,107        6,902,259 
    Deferred income tax . . . . . . . . . .       2,126,630        2,641,659 
    Prepaid expenses and other assets . . .       2,113,811        3,012,020 
                                              -------------     ------------ 
                                             $1,021,438,964   $1,016,385,512 
                                              =============    ============= 

    LIABILITIES
    Deposits  . . . . . . . . . . . . . . .    $671,943,299     $680,850,865 
    Notes payable to Federal Home Loan Bank     162,360,000      175,910,000 
    Securities sold under agreements to
     repurchase   . . . . . . . . . . . . .      81,077,898       48,355,457 
    Advance payments by borrowers for taxes
     and insurance  . . . . . . . . . . . .       3,749,381        8,496,925 
    Accrued interest on deposit accounts  .       2,746,380        3,711,995 
    Accrued interest on notes payable and
     other borrowings   . . . . . . . . . .       2,873,277        1,377,204 
    Other liabilities . . . . . . . . . . .       3,203,054        8,419,561 
    Accrued income taxes  . . . . . . . . .       3,240,104          397,102 
                                                -----------      ----------- 
        Total liabilities   . . . . . . . .     931,193,393      927,519,109 

    STOCKHOLDERS' EQUITY
    Serial preferred stock, $.01 par value;
     authorized 5,000,000 shares; none
     outstanding  . . . . . . . . . . . .                  -               - 
    Common stock, $.01 par value; authorized
     10,000,000 shares; issued 4,124,780
     shares; outstanding shares: 3,231,583
     - Mar. 31, 1997; 3,326,768 - Sept. 30,
     1996 . . . . . . . . . . . . . . . . .          33,000           33,000 
    Additional paid-in capital  . . . . . .      37,751,499       37,751,499 
    Loan to Employee Stock Ownership Plan .      (1,704,941)      (1,704,941)
    Unearned restricted stock awarded . . .        (791,277)        (894,777)
    Treasury stock, at cost (893,197 shares
     - Mar. 31, 1997;  798,102 shares -
     Sept. 30, 1996)  . . . . . . . . . . .     (21,385,840)     (17,627,105)
    Unrealized gain (loss) on securities
     available for sale - net   . . . . . .          94,487         (699,857)
    Retained earnings   . . . . . . . . . .      76,248,643       72,008,584 
                                              -------------    ------------- 
        Total stockholders' equity  . . . .      90,245,571       88,866,403 
                                              -------------    ------------- 
                                             $1,021,438,964   $1,016,385,512 
                                              =============    ============= 


     See accompanying notes to unaudited consolidated financial statements.

   <PAGE>
   <TABLE>

                                              ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
                                                  CONSOLIDATED STATEMENTS OF INCOME
                                                             (unaudited)
   <CAPTION>
                                        Three Months Ended               Six Months Ended
                                             March 31,                       March 31,
                                        1997             1996           1997              1996  

    <S>                               <C>            <C>                <C>            <C> 
    Interest income: 
     Interest on loans  . . . . .     $11,890,247    $11,030,701        23,937,695     22,120,280
     Interest on mortgage-related
       securities . . . . . . . .       5,935,140      6,117,318        12,044,996     12,420,746
     Interest and dividends on
       investment securities  . .         591,248        781,168         1,254,261      1,497,861
     Other interest income  . . .         374,121        220,429           704,513        508,684
                                       ----------     ----------        ----------     ----------
     Total interest income  . . .      18,790,756     18,149,616        37,941,465     36,547,571

    Interest expense:
     Interest on deposits   . . .       7,593,405      7,817,810        15,492,596     15,872,682
     Interest on notes payable
       and other borrowings . . .       3,693,885      2,971,395         7,247,418      5,913,460
                                       ----------     ----------        ----------     ----------
     Total interest expense   . .      11,287,290     10,789,205        22,740,014     21,786,142
                                       ----------     ----------        ----------     ----------
    Net interest income . . . . .       7,503,466      7,360,411        15,201,451     14,761,429
    Provision for losses on loans         100,000        120,000           180,000        240,000
                                       ----------     ----------        ----------     ----------
    Net interest income after
     provision for losses on
     loans  . . . . . . . . . . .       7,403,466      7,240,411        15,021,451     14,521,429

    Non-interest income:
     Loan fees and service
       charges  . . . . . . . . .         199,261        170,919           369,681        321,653
     Mortgage brokerage
     commissions  . . . . . . .           333,027        589,833           804,164      1,019,735
     Service charges on deposit
       accounts . . . . . . . . .         687,730        582,333         1,386,977      1,146,998
     Gain on sales of loans - net         185,109        359,362           388,800        614,840
     Gain on sale of securities
       available for sale . . . .          94,587              -           312,703        488,948
     Equity in net income of
       unconsolidated
       partnerships . . . . . . .          46,090         27,360            90,590         56,560
     Other  . . . . . . . . . . .         285,204        275,887           551,330        491,517
                                       ----------     ----------        ----------     ----------
     Total non-interest income  .       1,831,008      2,005,694         3,904,245      4,140,251

    Non-interest expenses:
     Compensation and employee
       benefits . . . . . . . . .       2,652,062      2,528,145         5,360,944      4,970,479
     Occupancy  . . . . . . . . .         807,206        681,387         1,621,874      1,385,497
     Data processing  . . . . . .         175,418        165,231           356,572        319,103
     Advertising  . . . . . . . .         113,190         88,982           323,798        222,083
     Federal deposit insurance
       premiums . . . . . . . . .         112,235        399,997           428,198        796,229
     Amortization of intangible
       assets . . . . . . . . . .         258,528        590,061           525,153      1,439,629
     Professional services  . . .          90,859        156,125           204,527        272,189
     Other  . . . . . . . . . . .       1,105,373      1,105,208         2,287,729      2,139,793
                                       ----------     ----------        ----------     ----------
     Total non-interest expenses        5,314,871      5,715,136        11,108,795     11,545,002
                                       ----------     ----------        ----------     ----------
    Income before income taxes  .       3,919,603      3,530,969         7,816,901      7,116,678
    Income taxes  . . . . . . . .       1,382,229      1,292,289         2,826,428      2,597,518
                                       ----------     ----------        ----------     ----------
    Net income  . . . . . . . . .      $2,537,374     $2,238,680        $4,990,473     $4,519,160
                                        =========      =========         =========      =========

    Earnings per share  . . . . .           $0.73          $0.60             $1.44          $1.22
                                            =====          =====             =====          =====

   </TABLE>

     See accompanying notes to unaudited consolidated financial statements.

   <PAGE>

                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)


                                                  Six Months Ended March 31
                                                     1997             1996
    Operating activities:

    Net income  . . . . . . . . . . . . . .        $4,990,473     $4,519,160 
     Provision for losses on loans  . . . .           180,000        240,000 
     Provision for depreciation   . . . . .           676,140        503,322 
     Amortization of intangible assets  . .           525,153      1,439,629 
     Equity in net income of
       unconsolidated partnerships  . . . .           (90,590)       (56,560)
     Net amortization of mortgage-related
       securities discounts and premiums  .          (338,503)      (428,011)
     Decrease in deferred income tax
       liability  . . . . . . . . . . . . .                -        (114,816)
     Increase (decrease) in accrued income
       taxes  . . . . . . . . . . . . . . .         2,843,002     (1,735,923)
     Decrease (increase) in interest
       receivable . . . . . . . . . . . . .          (159,629)      (173,459)
     Decrease in accrued FDIC SAIF special
       assessment . . . . . . . . . . . . .        (4,434,589)            -  
     Decrease (increase) in interest
       payable  . . . . . . . . . . . . . .           530,458       (826,029)
     Loans originated for sale  . . . . . .       (19,900,088)   (36,321,922)
     Proceeds from sales of loans   . . . .        20,267,162     34,731,922 
     Amortization of cost of restricted
       stock benefit plan . . . . . . . . .           103,500         90,000 
     Other  . . . . . . . . . . . . . . . .          (555,737)     (784,697) 
                                                   ----------     ----------
    Net cash provided by operating
     activities   . . . . . . . . . . . . .         4,636,752      1,082,616 
    Investing activities:
     Proceeds from maturities of
       certificates of deposit  . . . . . .           102,706        198,000 
     Proceeds from sales and maturities of
       U.S. government and agency
       securities available for sale  . . .         7,500,000      5,500,000 
     Proceeds from sales of marketable
       equity securities  . . . . . . . . .           606,783      1,135,525 
     Proceeds from sale of FHLB stock   . .                  -     1,478,810 
     Purchases of certificates of deposit                    -      (500,779)
     Purchases of  U.S. agency securities
       available for sale . . . . . . . . .                  -    (7,000,000)
     Purchases of mortgage-related
       securities held to maturity  . . . .       (13,984,653)   (16,628,437)
     Principal repayments on mortgage-
       related securities held to maturity  
                                                   10,169,892      8,989,619 
     Principal repayments on mortgage-
       backed securities held to maturity .         1,464,242      2,030,564 
     Loan principal repayments  . . . . . .       111,729,975    104,853,581 
     Loans originated   . . . . . . . . . .      (117,776,871)  (111,913,290)
     Purchases of marketable equity
       securities . . . . . . . . . . . . .        (1,721,393)    (1,956,017)
     Principal repayments on mortgage-
       backed securities available for sale        12,598,961     17,466,633 
     Principal repayments on mortgage-
       related securities available for
       sale . . . . . . . . . . . . . . . .           611,809        788,525 
     Proceeds from sale of foreclosed
       properties . . . . . . . . . . . . .           479,938        358,785 
     Principal repayments on loans to
       unconsolidated partnership . . . . .           120,049         87,360 
     Cash distributions from
       unconsolidated partnerships  . . . .           107,263        100,000 
     Additions to office properties and
       equipment  . . . . . . . . . . . . .          (876,884)    (1,165,877)
                                                 ------------    ----------- 
    Net cash provided by investing
     activities   . . . . . . . . . . . . .        11,131,817      3,823,002 

    Financing activities:
     Net increase (decrease) in deposits  .        (8,907,566)     1,715,794 
     Proceeds from notes payable to the                                      
       Federal Home Loan Bank . . . . . . .        37,000,000     34,000,000 
     Repayment of notes payable to the
       Federal Home Loan Bank . . . . . . .       (50,550,000)   (33,100,000)
     Net increase in securities sold under
       agreements to  repurchase  . . . . .        32,722,441     10,873,970 
     Net decrease in advance payments by
       borrowers for taxes and insurance  .        (4,747,544)    (6,438,529)
                                                              
     Purchases of treasury stock  . . . . .        (4,185,066)    (1,075,155)
     Dividends paid   . . . . . . . . . . .          (589,687)      (499,131)
     Proceeds from exercise of stock
       options  . . . . . . . . . . . . . .           265,604        118,665 
                                                  -----------     ---------- 
    Net cash provided by financing
     activities   . . . . . . . . . . . . .         1,008,182       5,595,614
                                                  -----------     ---------- 
    Increase in cash and cash equivalents .        16,776,751      10,501,232
    Cash and cash equivalents:
     At beginning of period   . . . . . . .        35,445,646     32,510,205 
                                                   ----------     ---------- 
     At end of period   . . . . . . . . . .       $52,222,397    $43,011,437 
                                                   ==========     ========== 
    Supplemental disclosures of cash flow
     information:
     Interest paid (including amounts
       credited to deposits)  . . . . . . .      $ 22,209,556    $ 22,612,171
     Income taxes paid (refunded)   . . . .           (16,574)      4,448,258

    Supplemental schedule of noncash
     investing activities:
     Loans receivable transferred to
       foreclosed properties  . . . . . . .         1,682,718         685,830



     See accompanying notes to unaudited consolidated financial statements.
   <PAGE>

                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
              Notes to Unaudited Consolidated Financial Statements 
                         Six Months Ended March 31, 1997

   (1) Basis of Presentation

   The accompanying unaudited consolidated financial statements have been
   prepared in accordance with generally accepted accounting principles
   ("GAAP") for interim financial information and with the instructions to
   Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not
   include all of the information and footnotes required by GAAP for complete
   financial statements.  In the opinion of management, all adjustments
   necessary for a fair presentation have been included.  All adjustments are
   of a normal recurring nature.  The unaudited consolidated financial
   statements presented herein should be read in conjunction with the audited
   consolidated financial statements and related notes thereto for the fiscal
   year ended September 30, 1996 included in the Annual Report on Form 10-K
   as filed by Advantage Bancorp, Inc. (the "Company") with the Securities
   and Exchange Commission.

   The results of operations and other data for the six months ended March
   31, 1997 are not necessarily indicative of results that may be expected
   for the entire fiscal year ending September 30, 1997.

   The unaudited consolidated financial statements include the accounts of
   the Company and its wholly-owned subsidiary, Advantage Bank, FSB (the
   "Bank"), and the Bank's wholly-owned subsidiaries, Advantage Financial
   Center, Inc., Advantage Real Estate Services, Inc., Advantage Investments,
   Inc., Advantage Financial Services and Insurance, Inc., and Amity Service
   Corporation.  As of October 31, 1996, Advantage Financial Center, Inc. was
   liquidated and dissolved and its mortgage brokerage business is now
   conducted as a division of the Bank.  All material intercompany accounts
   and transactions have been eliminated in consolidation.


   (2) Earnings Per Share Information

   Earnings per share of common stock have been computed based on the
   consolidated net income and weighted average shares of outstanding stock
   of the Company.   
                                            Six Months Ended March 31   
                                              1997            1996

    Net income  . . . . . . . . . . . .    $ 4,990,473      $4,519,160
                                            ==========       =========
    Weighted average shares
     outstanding  . . . . . . . . . . .      3,269,989       3,468,514
    Net effect of dilutive stock options
     based on the treasury stock method
     using average market price   . . .        207,309         228,258
                                             ---------       ---------
    Total weighted average common shares
     and equivalents  . . . . . . . . .      3,477,298       3,696,772
                                             =========       =========
    Earnings per share (primary)  . . .          $1.44           $1.22
                                                  ====            ====
    Weighted average shares
     outstanding  . . . . . . . . . . .      3,269,989       3,468,514
    Net effect of dilutive stock options
     based on the treasury stock method
     using quarter-end market price   .        216,476         232,504
                                             ---------       ---------
    Total outstanding shares for fully
     diluted purposes   . . . . . . . .      3,486,465       3,701,018
                                             =========       =========
    Earnings per share (fully diluted)           $1.43           $1.22
                                                 =====           =====

   Statement of Financial Accounting Standard No. 128, Earnings Per Share,
   was issued in February 1997 and will be effective for interim and annual
   periods ending after December 15, 1997.  Statement No. 128 replaces the
   presentation of primary earnings per share ("EPS") with a presentation of
   basic EPS.  Basic EPS excludes dilution and is computed by dividing income
   available to common stockholders by the weighted average number of common
   shares outstanding for the period.  Basic EPS will typically be higher
   than primary EPS.  Statement No. 128 also requires presentation of diluted
   EPS which is computed similarly to fully diluted EPS under existing
   accounting rules.

   EPS computed under Statement No. 128 would be reported as follows:

                            Three Months Ended          Six Months Ended
                                 March 31,                  March 31,
                            1997           1996         1997        1996   

    Basic earnings per      $0.78         $0.64        $1.53        $1.30
     share
    Diluted earnings        $0.73         $0.60        $1.43        $1.22
     per share


   (3) Commitments and Contingencies

   Commitments to originate mortgage loans of $7.6 million at March 31, 1997
   represent amounts which the Bank plans to fund within the normal
   commitment period of thirty to ninety days.  Commitments to sell fixed-
   rate mortgage loans were $1.3 million as of March 31, 1997.  The Bank had
   unissued credit under existing home equity line-of-credit loans and
   commercial line-of-credit loans of $28.8 million and $25.8 million,
   respectively, as of March 31, 1997.

   (4)  Stockholders' Equity

   Under federal law and regulations, the Bank is required to meet certain
   tangible, core, and risk-based capital requirements.  Tangible capital
   generally consists of stockholders' equity minus certain intangible assets
   and investments in and advances to "nonincludable" subsidiaries and joint
   ventures.  Core capital generally consists of tangible capital plus
   qualifying intangible assets.  The risk-based capital requirements address
   credit risk related to both recorded assets and off-balance sheet
   commitments and obligations.  Risk-weighted assets, for regulatory
   measurement purposes, at March 31, 1997, totaled $473,554,000.

     The following table summarizes the Bank's capital amounts and capital
   ratios, and the capital ratios required by federal law and regulations at
   March 31, 1997 (dollars in thousands):

   <TABLE>
   <CAPTION>
                           Actual      Required                    Actual         Required
                           Amount       Amount       Excess         Ratio          Ratio         Excess  

    <S>                    <C>          <C>          <C>           <C>
    Tangible capital       $64,320      $15,022      $49,298        6.37%          1.50%           4.87%  
    Core capital            64,320       30,044       34,276        6.37           3.00            3.37   
    Risk-based capital      70,116       37,884       32,232       14.81           8.00            6.81   

   </TABLE>

    
   The Bank's regulatory capital as of March 31, 1997 was as follows (in
   thousands): 

                                            Tangible      Core    Risk-Based
                                            Capital     Capital     Capital
    Total consolidated stockholders'
      equity  . . . . . . . . . . . . . .    $90,246     $90,246     $90,246 
    Add unrealized loss on securities
      available for sale (Bank only)  . .        536         536         536 
    Less parent company stockholders'
      equity not includable in regulatory
      capital   . . . . . . . . . . . . .    (22,256)    (22,256)    (22,256)
    Loan loss allowances (limited to 1%
      of loans)   . . . . . . . . . . . .          -           -       5,796 
    Nonallowable intangibles  . . . . . .     (6,572)     (6,572)     (6,572)
    Income tax effect of intangibles  . .      2,366       2,366       2,366 
                                              ------      ------      ------ 
      Regulatory capital  . . . . . . . .    $64,320     $64,320     $70,116 
                                              ======      ======      ====== 


   (5) Reclassifications

   Certain amounts in the prior year consolidated financial statements have
   been reclassified to conform with the fiscal 1997 presentation.

   (6)  Dividends

   On April 25, 1997, the Company declared a $0.10 per share cash dividend on
   the Company's common stock payable May 22, 1997 to shareholders of record
   on May 8, 1997.

   <PAGE>

                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES

   Item 2 - Management's Discussion and Analysis of Financial Condition and
   Results of Operations

   General

   The Company's only active business is the business of the Bank.  The
   Bank's principal business is attracting retail deposits from the general
   public and using such deposits to originate residential loans in its
   primary market area.  The Bank also originates commercial real estate,
   multi-family, construction, consumer and commercial business loans.  In
   addition, the Bank also invests in mortgage-related securities, investment
   securities, certificates of deposit, short-term liquid assets and real
   estate.  Finally, the Bank offers, on an agency basis, certain securities
   brokerage services and insurance products to its customers.  The Bank
   operates out of 15 locations.  It has seven full service offices located
   in Kenosha, Wisconsin and full service branch offices located in Lake
   Geneva, Paddock Lake, and Racine, Wisconsin; and Burbank, Waukegan, North
   Chicago, Tinley Park and Zion, Illinois.  The Bank also operates loan
   origination facilities in Kenosha, Racine and Wauwatosa, Wisconsin and
   Grayslake and Naperville, Illinois. The Bank owns four service
   corporations, Advantage Real Estate Services, Inc., which owns interests
   in three real estate partnerships,  Advantage Investments, Inc.,  which
   invests in mortgage-related securities,  Advantage Financial Services and
   Insurance, Inc., which is engaged in the business of selling non-insured
   investments and insurance and providing financial planning,  and Amity
   Service Corporation, which formerly operated an insurance agency and is
   now inactive.  Deposits of the Bank are insured up to the maximum
   allowable amount by the Federal Deposit Insurance Corporation (the
   "FDIC").  The Bank is subject to regulation by the Office of Thrift
   Supervision ("OTS") and the FDIC.

   The Company's results of operations are dependent primarily on net
   interest income, which is the difference between the interest income
   earned on its loan, mortgage-related securities and investment portfolios
   and its cost of funds, consisting of interest paid on its deposits and
   borrowings.  When interest-bearing liabilities mature or reprice more
   quickly than interest-earning assets in a given period, a significant
   increase in market rates of interest could adversely affect net interest
   income.  Conversely, when interest-earning assets mature or reprice more
   quickly than interest-bearing liabilities, falling interest rates could
   result in a decrease in net interest income.  In managing its asset-
   liability mix, the Company intends to continue to emphasize, subject to
   future conditions, the origination of adjustable rate mortgage loans and
   the purchase of short-term and intermediate-term mortgage-related
   securities and other assets.  

   The Company's results of operations are also significantly affected by
   general economic and competitive conditions, particularly changes in
   market interest rates, government policies and actions of regulatory
   authorities.

   Liquidity and Capital Resources

   The Company's most liquid assets are cash and cash equivalents, which
   include investments in highly liquid, short-term investments.  The level
   of these assets is dependent on the Company's operating, financing and
   investing activities during any given period.  Cash and cash equivalents
   totalled $52.2 million and $43.0 million as of March 31, 1997 and 1996,
   respectively. 

   The Company's primary sources of funds are deposits, proceeds from
   principal and interest payments on loans and mortgage-related securities,
   notes payable to Federal Home Loan Bank of Chicago ("FHLB") and reverse
   repurchase agreements.  While maturities and scheduled amortization of
   loans and mortgage-related securities are a predictable source of funds,
   deposit flows and mortgage prepayments are greatly influenced by general
   interest rates, economic conditions and competition.

   The primary investing activity of the Company is the origination of
   mortgage and other loans.  During the six months ended March 31, 1997 and
   1996, the Company originated and purchased loans (including loans
   originated for sale) in the amounts of $137.7 million and $148.2 million,
   respectively.  Other investing activities include the purchase of
   mortgage-related securities (including securities available for sale)
   which totalled $14.0 million and $16.6 million for the six months ended
   March 31, 1997 and 1996, respectively.  
    
   During the six months ended March 31, 1997 and 1996, these activities were
   funded primarily by (1) principal repayments on loans and mortgage-related
   securities totalling $136.7 million and $134.2 million, respectively, (2)
   proceeds from sales of loans of $20.3 million and $34.7 million,
   respectively, and (3)  net proceeds from borrowings under repurchase
   agreements of $32.7 million and $10.9 million, respectively.  These items
   were partially offset by net repayments of notes payable to the FHLB
   during the six months ended March 31, 1997 of $13.6 million.  Borrowings
   under repurchase agreements increased during the 1997 period due to new
   repurchase agreements with local customers which provide more favorable
   terms relative to other funding sources.

   The Bank is required to maintain minimum levels of liquid assets as
   defined by OTS regulations.  This requirement, which may be varied at the
   direction of the OTS depending upon economic conditions and deposit flows,
   is based upon a percentage of deposits and short-term borrowings.  The
   current required ratio is 5.0%.  The Bank's liquidity ratio was 10.7% for
   the month of March 1997.  Excess funds are generally invested in short-
   term investments such as federal funds.  In the event that the Bank should
   require funds beyond its ability to generate them internally, additional
   sources of funds are available through the use of FHLB advances,
   repurchase agreements, and brokered deposits.

   As of March 31, 1997, the Bank's capital exceeded all capital requirements
   of the OTS as mandated by federal law and regulations.  See Note 4 of the
   Notes to Unaudited Consolidated Financial Statements.  

   Changes in Financial Condition

   Total assets increased $5.0 million from $1.016 billion at September 30,
   1996 to $1.021 billion at March 31, 1997.

   Loans receivable increased $4.9 million from $559.7 million as of
   September 30, 1996 to $564.6 million as of March 31, 1997.

   Mortgage-related securities decreased $10.0 million from $337.8 million as
   of September 30, 1996 to $327.8 million at March 31, 1997.  This decrease
   was due to the Bank's strategy of investing most of the funds received
   from principal repayments on mortgage-related securities in loans
   receivable since loans generally have higher yields than mortgage-related
   securities.

   Deposits decreased $9.0 million from $680.9 million at September 30, 1996
   to $671.9 million at March 31, 1997.  This decrease relates primarily to a
   decrease in brokered deposits from $89.3 million as of September 30.1996
   to $82.3 million as of March 31, 1997.

   Notes payable to the FHLB decreased $13.5 million from $175.9 million as
   of September 30, 1996 to $162.4 million as of March 31, 1997.  This
   decrease was more than offset by a $32.7 million increase in securities
   sold under agreement to repurchase during the same period.

   Stockholders' equity increased from $88.9 million as of September 30, 1996
   to $90.2 million as of March 31, 1997.  Stockholders' equity was increased
   by:  (1) net income of $5.0 million, and (2) an increase of $794,000 in
   the unrealized gain (net of income tax effect) relating to securities
   available for sale.  Stockholders' equity was reduced by:  (1) the open
   market repurchase of $4.2 million of the Company's common stock, and (2)
   the payment of $590,000 in cash dividends.    

   Asset Quality

   The Company and the Bank regularly review assets to determine proper
   valuation.  Management's monitoring of the asset portfolio includes a
   review of historical loss experience, known and inherent risks in the
   portfolio, the value of any underlying collateral, and prospective
   economic conditions.  Loans are placed on nonaccrual status when loans are
   contractually delinquent more than 90 days or earlier if warranted based
   on management's assessment of the loan.  When loans are placed on
   nonaccrual status, interest previously accrued is reversed with a charge
   to interest income.  The following table sets forth information regarding
   the Company's nonaccrual loans and foreclosed properties at the dates
   indicated (dollars in thousands).  All loans which are contractually past
   due more than 90 days are included in nonaccrual loans. 

   <TABLE>
   <CAPTION>
                                    Mar. 31     Dec. 31    Sept. 30     June 30     Mar. 31
                                       1997        1996        1996        1996        1996

    <S>                              <C>         <C>         <C>         <C>         <C>
    Nonperforming loans:
      One- to four-family   . .      $2,463      $1,851        $666      $1,959        $948
      Commercial real estate  .         469       1,138         616       1,393       2,094
      Construction and land               -           -       1,774           -          72
      Commercial business   . .          23          23         274          42          89
      Consumer and other  . . .         121         271          84         102          72
                                      -----       -----       -----       -----       -----
    Total non-performing loans  
                                     $3,076      $3,283      $3,414      $3,496      $3,275
                                      =====       =====       =====       =====       =====
    Foreclosed properties:
      One-to four-family  . . .      $1,771      $1,452        $894      $1,165      $1,568
      Commercial real estate  .         835         971         534         534         558
      Construction and land   .           -           -           -         280         280
                                      -----       -----       -----       -----       -----
      Total foreclosed
         properties . . . . . .      $2,606      $2,423      $1,428      $1,979      $2,406
                                      =====       =====       =====       =====       =====
    Total non-performing
      assets  . . . . . . . . .      $5,682      $5,706      $4,842      $5,475      $5,681
                                      =====       =====       =====       =====       =====
    Non-performing loans to
      total loans   . . . . . .       0.54%       0.57%       0.61%       0.64%       0.62%
                                      =====       =====       =====       =====       =====

    Non-performing assets to
      total assets  . . . . . .       0.56%       0.55%       0.48%       0.55%       0.58%
                                      =====       =====       =====       =====       =====
   </TABLE>

   Allowance for Losses on Loans

   The following table sets forth an analysis of the Company's allowance for
   losses on loans (dollars in thousands):

                                     Six Months      Year         Year 
                                        Ended        Ended        Ended
                                       Mar. 31,     Sept. 30,    Sept. 30,
                                        1997         1996          1995

    Balance at beginning of period  
                                        $5,773      $ 5,271        $ 5,327 
    Additions charged to
      operations:
      One- to four-family   . . .           -            -              30 
      Multi-family and commercial
         real estate  . . . . . .           -            -              60 
      Consumer  . . . . . . . . .           -            -              50 
      Commercial business   . . .          180          480            320 
                                       -------      -------       -------- 
                                           180          480            460 
    Additions from business
      acquisitions:
      One- to four-family   . . .           -            -             469 
      Multi-family and commercial
         real estate  . . . . . .           -            -              49 
                                       -------      -------       -------- 
                                             0            0            518 
    Recoveries:
      One- to four-family                   26           40             14 
      Consumer  . . . . . . . . .           -            21             12 
      Commercial business   . . .           22            1             12 
                                       -------      -------       -------- 
                                            48           62             38 
    Charge-offs:
      One- to four-family   . . .         (123)         (29)           (40)
      Multi-family and commercial
         real estate  . . . . . .           -            -            (841)
      Consumer  . . . . . . . . .          (67)          (8)           (32)
      Commercial business   . . .           -            (3)          (159)
                                       -------      -------       -------- 
                                          (190)         (40)        (1,072)
                                       -------      -------       -------- 
    Net recoveries (charge-offs)          (142)          22         (1,034)
                                       -------      -------       -------- 
    Balance at end of period  . .       $5,811       $5,773         $5,271 
                                        ======       ======         ====== 

    Ratio of net charge-offs to
      average loans outstanding
      during the period
      (annualized)  . . . . . . .         0.05%        0.00%          0.21%
                                        ======       ======          =====

    Allowance for losses on loans
      to non-performing loans at
      end of the period   . . . .        188.9%       169.1%         219.0%
                                        ======       ======         ====== 

    Allowance for losses on loans
      to total loans at end of the
      period  . . . . . . . . . .         1.02%        1.03%          1.03%
                                        ======       ======         ====== 


   While management believes that it uses the best information available to
   determine the allowance for losses on loans, unforeseen changes in market
   conditions could result in adjustments and net earnings could be
   significantly affected if circumstances differ substantially from the
   assumptions used in determining the allowance.


      Results of Operations - Comparison of the Three months Ended March 31,
         1997 and 1996

   General

   Net income for the three months ended March 31, 1997 increased 13.3% to
   $2.5 million from $2.2 million for the comparable 1996 quarter. 

   Net Interest Income

   The following table presents certain information related to net interest
   income (dollars in thousands):

                                                    For the Three Months
                                                        Ended March 31   
                                                       1997           1996

    Average interest-earning assets . . . .         $969,018      $ 922,652
    Total interest income . . . . . . . . .           18,790         18,150
    Average yield on interest-earning      
      assets  . . . . . . . . . . . . . . .            7.76%          7.87%

    Average interest-bearing liabilities  .         $909,548      $ 861,980
    Total interest expense  . . . . . . . .           11,287         10,789
    Average rate on interest-bearing       
      liabilities   . . . . . . . . . . . .            4.96%          5.01%

    Average net earning assets  . . . . . .          $59,470        $60,672
    Net interest income before provision
      for loan losses   . . . . . . . . . .            7,503          7,361
    Net interest rate spread  . . . . . . .            2.79%          2.86%
    Net interest margin (net interest
      income divided by average interest-
      earning assets)   . . . . . . . . . .            3.10%          3.19%


   Net interest income before provision for loan losses was $7.5 million for
   the three months ended March 31, 1997, compared with $7.4 million for the
   comparable 1996 quarter, an increase of $100,000.  This increase was
   primarily due to a $46.4 million increase in average interest-earning
   assets which includes a $49.3 million increase in average loans
   receivable.  This increase was partially offset by a $12.7 million
   reduction in average mortgage-related securities.

   The net interest rate margin decreased from 3.19% for the 1996 quarter to
   3.10% for the 1997 quarter. This decrease was primarily due to an increase
   in competition for loans and deposits.  This decrease could continue in
   the future but it is the Company's strategy to maintain its interest rate
   margin by increasing its higher-yielding commercial and consumer loans and
   decreasing its mortgage-related securities.  While commercial and consumer
   loans earn higher yields than mortgage-related securities, they also have
   higher credit risk.  While the Company's credit losses on these loans have
   been minimal in the past, there can be no assurance that such losses will
   remain minimal in the future.
    
   Provision for Losses on Loans

   The provision for losses on loans was $100,000 for the three months ended
   March 31, 1997 compared to $120,000 for the comparable 1996 quarter. The
   Company's ratio of allowance for losses on loans to nonperforming loans
   increased to 188.9% as of March 31, 1997 compared to 168.04% as of March
   31, 1996.

   Non-interest Income

   Non-interest income decreased to $1.8 million for the three months ended
   March 31, 1997 compared to $2.0 million for the comparable 1996 quarter.
   This decrease was due to a 44% decrease in mortgage brokerage commissions
   and a 49% decrease in gains on sales of loans, both relating to higher
   market interest rates during fiscal 1997 which have decreased mortgage
   origination volume nationwide.  Excluding the aforementioned items which
   decreased, the other categories of noninterest income increased by 24%. 
   Service charges on deposit accounts, which is the largest category of
   noninterest income, increased 18% from $582,000 in the 1996 quarter to
   $688,000 in the 1997 quarter. 

   Non-interest Expense

   Non-interest expenses decreased to $5.3 million for the 1997 quarter
   compared to $5.7 million for the 1996 quarter.  This decrease was due to a
   $332,000 reduction in amortization of intangible assets and a $288,000
   reduction in FDIC premiums relating to a decrease in the FDIC premium rate
   from 0.23% to 0.065% as of January 1, 1997.  Without giving effect to
   these two items, noninterest expenses increased by 5% primarily due to
   increased salary and benefits expenses relating to growth in the Company's
   business and increased occupancy expenses relating to the lease of new
   corporate office space for administrative departments beginning in March
   1996.  

   Income Taxes

   The Company's effective income tax rate was 35.3% for the quarter ended
   March 31, 1997 compared to 36.6%  for the quarter ended March 31, 1996.

      Results of Operations - Comparison of the Six months Ended March 31,
   1997 and 1996

   General

   Net income for the six months ended March 31, 1997 was $5.0 million
   compared to $4.5 million for the comparable 1996 period.  

   Net Interest Income

   The following table presents certain information related to net interest
   income (dollars in thousands):

                                                    For the Six Months
                                                       Ended March 31        
                                                        1997            1996
    Average interest-earning assets . . . . .        $973,077       $ 924,906
    Total interest income . . . . . . . . . .          37,941          36,548
    Average yield on interest-earning
      assets  . . . . . . . . . . . . . . . .           7.80%           7.90%

    Average interest-bearing
      liabilities   . . . . . . . . . . . . .        $914,053       $ 864,277
    Total interest expense  . . . . . . . . .          22,740          21,786
    Average rate on interest-bearing
      liabilities   . . . . . . . . . . . . .           4.98%           5.04%

    Average net earning assets  . . . . . . .         $59,024         $60,629
    Net interest income before provision
      for loan losses   . . . . . . . . . . .          15,201          14,762
    Net interest rate spread  . . . . . . . .           2.82%           2.86%
    Net interest margin (net interest
      income divided by average
      interest-earning assets)  . . . . . . .           3.12%           3.19%


   Net interest income before provision for loan losses was $15.2 million for
   the six months ended March 31, 1997, compared with $14.8 million for the
   comparable 1996 quarter, an increase of $400,000.  This increase was
   primarily due to a $48.2 million increase in average interest-earning
   assets which includes a $52.7 million increase in average loans
   receivable.  This increase was partially offset by a $13.3 million
   reduction in average mortgage-related securities.

   The net interest rate margin decreased from 3.19% for the 1996 period to
   3.12% for the 1997 period. This decrease was primarily due to an increase
   in competition for loans and deposits.  This decrease could continue in
   the future but it is the Company's strategy to maintain its interest rate
   margin by increasing its higher-yielding commercial and consumer loans and
   decreasing its mortgage-related securities.  While commercial and consumer
   loans have higher yields than mortgage-related securities, they also have
   higher credit risk.  While the Company's credit losses on these loans have
   been minimal in the past, there can be no assurance that such losses will
   remain minimal in the future.
    
   Provision for Losses on Loans

   The provision for losses on loans was $180,000 for the six months ended
   March 31, 1997 compared to $240,000 for the comparable 1996 period. 

   Non-interest Income

   Non-interest income decreased to $3.9 million for the six months ended
   March 31, 1997 compared to $4.1 million for the comparable 1996 period.
   This decrease was primarily due to a 21% decrease in mortgage brokerage
   commissions and a 37% decrease in gains on sales of loans, both relating
   to higher market interest rates during fiscal 1997 which have decreased
   mortgage origination volume nationwide.  This decrease is also
   attributable to a 36% decrease in gains on sales of securities available
   for sale.  Excluding the aforementioned items which decreased, the other
   categories of noninterest income increased by 19%.  Service charges on
   deposit accounts, which is the largest category of noninterest income,
   increased 21% from $1.1 million in the 1996 period to $1.4 million in the
   1997 period. 

   Non-interest Expense

   Non-interest expenses decreased to $11.1 million for the six months ended
   March 31, 1997 compared to $11.5 million for the comparable 1996 period. 
   This decrease was due to a $914,000 reduction in amortization of
   intangible assets and a $368,000 reduction in FDIC premiums relating to a
   decrease in the FDIC premium rate from 0.23% to 0.065% as of January 1,
   1997.  Without giving effect to these two items, noninterest expenses
   increased by 9% primarily due to increased salary and benefits expenses
   relating to growth in the Company's business and increased occupancy
   expenses relating to the lease of new corporate office space for
   administrative departments beginning in March 1996.  

   Income Taxes

   The Company's effective income tax rate was 36.2% for the period ended
   March 31, 1997 compared to 36.5%  for the period ended March 31, 1996.


                           Part II - Other Information
   Item 1     Legal Proceedings

      From time to time the Company (through the Bank) is a party to legal
      proceedings arising out of its lending activities and other operations. 
      However, there are no pending legal proceedings to which the Bank is a
      party which, if determined adversely to the Bank, would have a material
      adverse effect on the consolidated financial position of the Company.
    
   Item 2     Changes in Securities

      Not applicable.

   Item 3     Default upon Senior Securities

      Not applicable.

   Item 4     Submission of Matters to a Vote of Security Holders

      The Company held its fifth annual Shareholders' Meeting on January 30,
      1997.  At the meeting, Paul Gergen and Eugene Snarski were elected as
      directors of the Company for terms expiring in the year 2000. 

                                                  Shares with respect to
                                                    which Authority to 
           Name of Nominee      Shares Voted For     Vote was Withheld 

           Paul Gergen             2,836,630              26,999
           Eugene Snarski          2,839,572              24,057

      The following table sets forth the other directors of the Company whose
      terms of office continued after the annual meeting:


                                      Year in Which
           Name of Director            Term Expires

           Ben-Ami Chemerow                1998
           Dennis Troha                    1998
           Rita Petretti                   1999
           Michael Wells                   1999

   No other matters were voted upon at the 1997 annual meeting.

   Item 5     Other information

      Not applicable

   Item 6     Exhibits and Reports on Form 8-K

      (a)  Reference is made to the Exhibit Index with respect to the exhibit
           filed with this Form 10-Q.  In addition, see Note 3 to the
           Unaudited Consolidated Financial Statements for the information
           required by Exhibit 11 - Computation of Earnings Per Share

      (b)  There were no reports on Form 8-K filed during the quarter for
           which this report is filed.


   *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *


   <PAGE>

                                   Signatures

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
   registrant has duly caused this report to be signed on its behalf by the
   undersigned thereunto duly authorized.


                                           Advantage Bancorp, Inc.
                                                (registrant)



   Date: May 8, 1997                       By:  \s\ Paul P. Gergen 
                                              Paul P. Gergen
                                              Chairman of the Board
                                              Chief Executive Officer

                                           By:  \s\  John Stampfl   
                                              John Stampfl
                                              Chief Financial Officer


   <PAGE>
                                  EXHIBIT INDEX

                             ADVANTAGE BANCORP, INC.
                                    FORM 10Q
                      Quarterly Period Ended March 31, 1997


   Exhibit No.    Exhibit

      27        Financial Data Schedule [Edgar version only]