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 December 31, 1996

                      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 3,263,172 at January 31, 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
            December 31, 1996 and September 30, 1996  . . . . . . . .      3

            Consolidated Statements of Income for the Three Months
            ended December 31, 1996 and 1995  . . . . . . . . . . . .      4

            Consolidated Statements of Cash Flows for the Three
            Months ended December 31, 1996 and 1995 . . . . . . . . .      5

            Notes to Consolidated Financial Statements  . . . . . . .      7


    Item 2  Management's Discussion and Analysis of Financial
            Condition and Results of                                       8
            Operations  . . . . . . . . . . . . . . . . . . . . . . .


    Part II.  Other Information

    Item 1  Legal Proceedings . . . . . . . . . . . . . . . . . . . .     13

    Item 2  Changes in Securities . . . . . . . . . . . . . . . . . .     13

    Item 3  Default Upon Senior Securities  . . . . . . . . . . . . .     13

    Item 4  Submission of Matters to a Vote of Security Holders . . .     13

    Item 5  Other Information . . . . . . . . . . . . . . . . . . . .     13

    Item 6  Exhibits and Reports on Form 8-K  . . . . . . . . . . . .     13

            Signature Page  . . . . . . . . . . . . . . . . . . . . .     13


   <PAGE>
                   ADVANTAGE BANCORP, INC.  AND  SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (unaudited)

                                               December 31      September 30
    ASSETS                                         1996             1996     
    Cash and cash equivalents (includes
     interest-earning deposits of 
     $31,363,024, Dec. 31, 1996;
     $17,714,761 - Sept. 30, 1996)  . . . .    $ 47,891,116      $35,445,646 
    Certificates of deposit (approximates
     market value)  . . . . . . . . . . . .         611,149          611,067 
    U.S. government and agency securities
     available for sale (at market value) .      25,946,003       29,385,356 
    Mortgage-backed securities available
     for sale (at market value) . . . . .       135,048,854      140,086,665 
    Mortgage-backed securities held to
     maturity (market value of $10,764,853
     - Dec. 31, 1996; $11,159,367 -
     Sept. 30, 1996)  . . . . . . . . . . .      10,598,615       11,011,238 
    Mortgage-related securities available
     for sale (at market value) . . . . . .      14,999,272       15,226,120 
    Mortgage-related securities held to
     maturity (market value of $177,415,943
     - Dec. 31,1996; $172,913,430 -
     Sept. 30, 1996)  . . . . . . . . . . .     174,294,242      171,470,022 
    Marketable equity securities (at market
     value) . . . . . . . . . . . . . . . .       5,833,368        5,043,091 
    Loans held for sale (at lower of cost
     or market) . . . . . . . . . . . . . .       3,561,740        3,056,000 
    Loans receivable  . . . . . . . . . . .     568,114,412      559,725,640 
    Foreclosed properties and properties
     subject to foreclosure . . . . . . . .       2,423,268        1,403,440 
    Investments in and advances to
     unconsolidated partnerships  . . . . .       7,302,044        7,397,416 
    Office properties and equipment   . . .      12,281,896       12,531,601 
    Federal Home Loan Bank stock - at cost.       8,795,600        8,795,600 
    Accrued interest on investments and
     mortgage-related securities  . . . . .       3,082,996        2,640,672 
    Intangible assets . . . . . . . . . . .       6,635,634        6,902,259 
    Deferred income tax . . . . . . . . . .       1,766,873        2,641,659 
    Prepaid expenses and other assets . . .       2,033,616        3,012,020 
                                             --------------   --------------
                                             $1,031,220,698   $1,016,385,512 
                                             ==============   ==============
    LIABILITIES
    Deposits  . . . . . . . . . . . . . . .    $690,498,789   $  680,850,865 
    Notes payable to Federal Home 
      Loan Bank   . . . . . . . . . . . . .     153,510,000      175,910,000 
    Securities sold under agreements
     to repurchase  . . . . . . . . . . . .      80,917,861       48,355,457 
    Advance payments by borrowers for
     taxes and insurance  . . . . . . . . .       5,946,338        8,496,925 
    Accrued interest on deposit accounts  .       2,587,379        3,711,995 
    Accrued interest on notes payable 
     and other borrowings . . . . . . . . .       2,112,440        1,377,204 
    Other liabilities . . . . . . . . . . .       3,585,418        8,419,561 
    Accrued income taxes  . . . . . . . . .       1,902,553          397,102 
                                             --------------   --------------
         Total liabilities  . . . . . . . .     941,060,778      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: 3,275,135
     - Dec. 31, 1996; 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 . . .        (843,777)        (894,777)
    Treasury stock, at cost (849,645 
     shares - Dec. 31, 1996; 798,102
     shares - Sept. 30, 1996) . . . . . .       (19,666,559)     (17,627,105)
    Unrealized gain (loss) on 
     securities available for 
     sale - net . . . . . . . . . . . . . .         484,243         (699,857)
    Retained earnings   . . . . . . . . . .      74,106,455       72,008,584 
                                             --------------   --------------
         Total stockholders' equity . . . .      90,159,920       88,866,403 
                                             --------------   --------------
                                             $1,031,220,698   $1,016,385,512 
                                             ==============   ==============

     See accompanying notes to unaudited consolidated financial statements.

   <PAGE>
                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                                  (unaudited)

                                              Three Months Ended December 31,
                                                        1996          1995   
    Interest income: 
      Interest on loans . . . . . . . . . . . . . $12,047,448     $11,089,579
      Interest on mortgage-related securities . .   6,109,856       6,303,428
      Interest and dividends on 
       investment securities  . . . . . . . . . .     663,013         716,693
      Other interest income . . . . . . . . . . .     330,392         288,255
                                                  -----------     -----------
      Total interest income . . . . . . . . . . .  19,150,709      18,397,955

    Interest expense:
      Interest on deposits  . . . . . . . . . . .   7,899,191       8,054,872
      Interest on notes payable and 
       other borrowings . . . . . . . . . . . . .   3,553,533       2,942,065
                                                  -----------     -----------
      Total interest expense  . . . . . . . . . .  11,452,724      10,996,937
                                                  -----------     -----------
    Net interest income . . . . . . . . . . . . .   7,697,985       7,401,018
    Provision for losses on loans . . . . . . . .      80,000         120,000
                                                  -----------     -----------
    Net interest income after 
     provision for losses on loans  . . . . . . .   7,617,985       7,281,018

    Non-interest income:
      Loan fees and service charges . . . . . . .     170,420         150,734
      Mortgage brokerage commissions  . . . . .       471,137         429,902
      Service charges on deposit accounts . . . .     699,247         564,665
      Gain on sales of loans - net  . . . . . . .     203,691         255,478
      Gain on sale of securities 
       available for sale . . . . . . . . . . . .     218,116         488,948
      Equity in net income of 
       unconsolidated partnerships  . . . . . . .      44,500          29,200
      Other . . . . . . . . . . . . . . . . . . .     266,126         215,630
                                                  -----------     -----------
      Total non-interest income . . . . . . . . .   2,073,237       2,134,557

    Non-interest expenses:
      Compensation and employee benefits  . . . .   2,708,882       2,442,334
      Occupancy . . . . . . . . . . . . . . . . .     814,668         704,110
      Data processing . . . . . . . . . . . . . .     181,154         153,872
      Advertising . . . . . . . . . . . . . . . .     210,608         133,101
      Federal deposit insurance premiums  . . . .     315,963         396,232
      Amortization of intangible assets . . . . .     266,625         849,568
      Professional services . . . . . . . . . . .     113,668         116,064
      Other . . . . . . . . . . . . . . . . . . .   1,182,356       1,034,585
                                                  -----------     -----------
      Total non-interest expenses . . . . . . . .   5,793,924       5,829,866
                                                  -----------     -----------
    Income before income taxes  . . . . . . . . .   3,897,298       3,585,709

    Income taxes  . . . . . . . . . . . . . . . .   1,444,199       1,305,229
                                                  -----------     -----------
    Net income  . . . . . . . . . . . . . . . . .  $2,453,099      $2,280,480
                                                   ==========      ==========

    Earnings per share  . . . . . . . . . . .           $0.70           $0.62
                                                   ==========      ==========

   See accompanying notes to unaudited consolidated financial statements.

   <PAGE>

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

                                              Three Months Ended December 31  
                                                        1996          1995   
    Operating activities:

    Net income  . . . . . . . . . . . . . . . . .   $2,453,099    $2,280,480 
      Provision for losses on loans . . . . . . .       80,000       120,000 
      Provision for depreciation  . . . . . . . .      328,712       249,188 
      Amortization of intangible assets . . . . .      266,625       849,568 
      Equity in net income of 
       unconsolidated partnerships  . . . . . . .      (44,500)      (29,200)
      Net amortization of mortgage-related
       securities discounts and premiums  . . . .     (185,912)     (234,321)
      Decrease in deferred income tax liability .            -      (114,814)
      Increase (decrease) in accrued 
       income taxes   . . . . . . . . . . . . . .    1,505,451        37,612 
      Decrease (increase) in interest 
       receivable . . . . . . . . . . . . . . . .     (411,476)     (299,955)
      Decrease in accrued FDIC SAIF 
       special assessment . . . . . . . . . . . .   (4,434,589)            - 
      Decrease in interest payable  . . . . . . .     (389,380)     (709,923)
      Loans originated for sale . . . . . . . . .  (11,367,545)  (17,516,694)
      Proceeds from sales of loans  . . . . . . .   10,861,805    15,179,694 
      Amortization of cost of restricted 
       stock benefit plan . . . . . . . . . . . .            -        75,850 
      Other . . . . . . . . . . . . . . . . . . .   (1,018,373)      965,832 
                                                   -----------    ----------
    Net cash provided by (used in) 
    operating activities  . . . . . . . . . . . .   (2,356,083)      853,317 
    Investing activities:
      Proceeds from sales and maturities of 
       U.S. government and agency securities
       available for sale . . . . . . . . . . . .    3,500,000     2,000,000 
      Proceeds from sales of marketable
       equity securities  . . . . . . . . . . . .      488,711     1,135,525 
      Purchases of certificates of deposit  . . .            -      (500,052)
      Purchases of U.S. agency securities
       available for sale . . . . . . . . . . . .            -    (3,000,000)
      Purchases of mortgage-related 
       securities held to maturity  . . . . . . .   (6,697,476)  (10,348,940)
      Principal repayments on 
       mortgage-related securities 
       held to maturity . . . . . . . . . . . . .    4,025,226     4,226,612 
      Principal repayments on mortgage-
       backed securities held to maturity . . . .      483,353     1,582,208 
      Loan principal repayments . . . . . . . . .   59,897,014    52,330,496 
      Loans originated  . . . . . . . . . . . . .  (67,768,809)  (54,064,481)
      Purchases of marketable equity 
       securities . . . . . . . . . . . . . . . .     (871,716)     (792,720)
      Principal repayments on mortgage-
       backed securities available for sale . .      6,432,972     7,092,510 
      Principal repayments on mortgage-
       related securities available for sale  . .      385,854       376,926 
      Proceeds from sale of foreclosed 
       properties . . . . . . . . . . . . . . . .          500       246,872 
      Principal repayments on loans to
       unconsolidated partnership . . . . . . . .       32,609        43,218 
      Cash distributions from 
       unconsolidated partnerships  . . . . . . .      107,263             -  
      Additions to office properties 
       and equipment  . . . . . . . . . . . . . .      (79,007)     (438,799)
                                                   -----------    ----------
    Net cash used in investing activities . . . .      (63,506)     (110,625)

    Financing activities:
      Net increase in deposits  . . . . . . . . .    9,647,924     3,009,144 
      Proceeds from notes payable to 
       the Federal Home Loan Bank . . . . . . . .    5,000,000             - 
      Repayment of notes payable to the
       Federal Home Loan Bank . . . . . . . . . .  (27,400,000)   (1,600,000)
      Net increase in securities sold                          
       under agreements to repurchase . . . . . .   32,562,404        22,880 
      Net decrease in advance payments
       by borrowers for taxes and insurance . . .   (2,550,587)   (4,890,679)
                                                               
    Purchases of treasury stock . . . . . . . . .   (2,300,950)            - 
                                                               
    Dividends paid  . . . . . . . . . . . . . . .     (263,117)     (220,775)
    Proceeds from exercise of                                  
      stock options . . . . . . . . . . . . . . .      169,385             - 
                                                   -----------    ----------
    Net cash provided by (used in)
    financing activities  . . . . . . . . . . . .   14,865,059    (3,679,430)
                                                   -----------    ----------
    Increase (decrease) in cash and
    cash equivalents  . . . . . . . . . . . . . .   12,445,470    (2,936,738)
    Cash and cash equivalents:
      At beginning of period  . . . . . . . . . .   35,445,646    32,510,205 
                                                   -----------    ----------
      At end of period  . . . . . . . . . . . . .  $47,891,116   $29,573,467 
                                                   ===========   ===========
    Supplemental disclosures of cash 
    flow information:
      Interest paid (including amounts 
      credited to deposits) . . . . . . . . . . .  $11,503,997   $11,706,860 
      Income taxes paid (refunded)  . . . . . . .      (61,252)    1,382,434 

    Supplemental schedule of noncash 
    investing activities:
      Loans receivable transferred to                          
      foreclosed properties . . . . . . . . . . .    1,020,328       621,820 

      Securities transferred from 
      held-to-maturity to 
      available-for-sale  . . . . . . . . . . . .                 37,300,000 


   See accompanying notes to unaudited consolidated financial statements.

   <PAGE>
                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
              Notes to Unaudited Consolidated Financial Statements 
                      Three Months Ended December 31, 1996

   (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 three months ended
   December 31, 1996 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.  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.   
                                         Three Months Ended December 31
                                                1996          1995
    Net income  . . . . . . . . . . . .     $2,453,099    $2,280,480
                                            ==========    ==========
    Weighted average shares outstanding      3,287,295     3,464,355
    Net effect of dilutive stock options              
     based on the treasury stock method
     using average market price . . . .        209,880       226,878
                                            ----------    ----------
    Total weighted average common shares
     and equivalents. . . . . . . . . .      3,497,175     3,691,233
                                            ==========    ==========
    Earnings per share (primary)  . . .          $0.70         $0.62
                                            ==========    ==========

    Weighted average shares outstanding      3,287,295     3,464,355
    Net effect of dilutive stock options
     based on the treasury stock method
     using quarter-end market price . .        210,959       235,884
                                            ----------    ----------
    Total outstanding shares for
     fully diluted purposes . . . . . .      3,498,254     3,700,239
                                            ==========    ==========
    Earnings per share (fully diluted)           $0.70         $0.62
                                            ==========    ==========

   (3) Commitments and Contingencies

   Commitments to originate mortgage loans of $7.1 million at December  31,
   1996 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 $3.3 million as of December 31, 1996.  The Bank
   had unissued credit under existing home equity line-of-credit loans and
   commercial line-of-credit loans of $28.5 million and $22.0 million,
   respectively, as of December 31, 1996.

   (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 December 31, 1996, totaled $473,384,000.

      The following table summarizes the Bank's capital amounts and capital
   ratios, and the capital ratios required by federal law and regulations at
   December 31, 1996 (dollars in thousands):
                                 
                       Actual    Required            Actual  Required 
                       Amount    Amount    Excess    Ratio    Ratio    Excess
    Tangible capital   $64,036   $15,147   $48,889    6.34%    1.50%    4.84%
    Core capital        64,036    30,295    33,741    6.34     3.00     3.34
    Risk-based
    capital             69,785    37,871    31,914    14.74    8.00      6.74


   The Bank's regulatory capital as of December 31, 1996 was as follows (in
   thousands): 
                                             Tangible    Core     Risk-Based
                                              Capital    Capital    Capital
    Total consolidated stockholders' equity   $90,160    $90,160    $90,160 
    Add unrealized loss on securities
      available for sale (Bank only)  . . .         5          5          5 
    Less parent company stockholders'
     equity not includable in 
     regulatory capital   . . . . . . . . .   (21,748)   (21,748)   (21,748)
    Loan loss allowances (limited to 1% 
     of loans)  . . . . . . . . . . . . . .         -          -      5,749 
    Nonallowable intangibles  . . . . . . .    (6,845)    (6,845)    (6,845)
    Income tax effect of intangibles  . . .     2,464      2,464      2,464 
                                             --------    -------    -------
    Regulatory capital  . . . . . . . . . .   $64,036    $64,036    $69,785 
                                             ========    =======    =======

   (5) Reclassifications

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

   (6)  Dividends

   On January 21, 1996, the Company announced the declaration of a $0.10 per
   share cash dividend on the Company's common stock payable February 21,
   1997 to shareholders of record on February 7, 1997.


                    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, Gurnee, 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 five service
   corporations, Advantage Real Estate Services, Inc., which owns interests
   in two 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 $47.9 million and $29.6 million as of December 31, 1996 and 1995,
   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, to a
   lesser extent, 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.

   A primary investing activity of the Company is the origination of mortgage
   and other loans.  During the three months ended December 31, 1996 and
   1995, the Company originated and purchased loans (including loans
   originated for sale) in the amounts of $79.1 million and $71.6 million,
   respectively.  Other investing activities include the purchase of
   mortgage-related securities (including securities available for sale)
   which totalled $6.7 million and $10.3 million for the three months ended
   December 31, 1996 and 1995, respectively.  
    
   During the three months ended December 31, 1996 and 1995, these activities
   were funded primarily by (1) principal repayments on loans and mortgage-
   related securities totalling $71.3 million and $65.7 million,
   respectively, (2) net increases in deposits of $9.6 million and $3.0
   million, respectively, (3) proceeds from sales of loans of $10.9 million
   and $15.2 million, respectively, and (4)  net proceeds from borrowings
   under repurchase agreements of $32.6 million and $23,000, respectively. 
   These items were partially offset by net repayments of notes payable to
   the Federal Home Loan Bank during the three months ended December 31, 1996
   and 1995 of $21.6 million and $1.6 million, respectively.  Borrowings
   under repurchase agreements increased during the 1996 quarter due to new
   repurchase agreements with local customers.

   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 10.27% for
   the month of December 1996.  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 December 31, 1996, 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 $15.0 million from $1.016 billion at September 30,
   1996 to $1.031 million at December 31, 1996.

   Loans receivable increased $8.4 million from $559.7 million as of
   September 30, 1996 to $568.1 million as of December 31, 1996.

   Mortgage-related securities decreased $2.9 million from $337.8 million as
   of September 30, 1996 to $334.9 million at December 31, 1996.  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 increased $9.6 million from $680.9 million at September 30, 1996
   to $690.5 million at December 31, 1996.

   Notes payable to the FHLB decreased $22.4 million from $175.9 million as
   of September 30, 1996 to $153.5 million as of December 31, 1996.  This
   decrease was more than offset by a $32.5 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 December 31, 1996.  Stockholders' equity was
   increased by:  (1) net income of $2.5 million, and (2) an increase of $1.2
   million 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 $2.3 million of Company stock, and (2) the
   payment of $263,000 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.

                                Dec. 31 Sept. 30  June 30  Mar. 31  Dec. 31
                                  1996      1996     1996    1996    1995
    Nonperforming loans:
      One- to four-family . . .  $1,851     $666   $1,959    $948    $608
      Commercial real estate  .   1,138      616    1,393   2,094   1,608
      Construction and land . .       -    1,774        -      72      72
      Commercial business . . .      23      274       42      89      46
      Consumer and other  . . .     271       84      102      72      40
                                 ------   ------   ------  ------  ------
    Total non-performing loans.  $3,283   $3,414   $3,496  $3,275  $2,374
                                 ======   ======   ======  ======  ======
    Foreclosed properties:
      One-to four-family  . . .  $1,452     $894   $1,165  $1,568  $1,617
      Commercial real estate  .     971      534      534     558     558
      Construction and land   .       -        -      280     280     280
                                 ------   ------   ------  ------  ------
      Total foreclosed 
      properties. . . . . . . .  $2,423   $1,428   $1,979  $2,406  $2,455
                                 ======   ======   ======  ======  ======
    Total non-performing assets  $5,706   $4,842   $5,475  $5,681  $4,829
                                 ======   ======   ======  ======  ======
    Non-performing loans to
    total loans . . . . . . . .    0.57%    0.61%    0.64%   0.62%   0.46%
                                 ======   ======   ======  ======  ======
    Non-performing assets to
    total assets  . . . . . . .    0.55%    0.48%    0.55%   0.58%   0.50%
                                 ======   ======   ======  ======  ======


   Allowance for Losses on Loans

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

                                     Three Months      Year          Year 
                                        Ended          Ended         Ended
                                       Dec. 31,     Sept. 30,     Sept. 30,
                                        1996          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   . . .          80            480           320 
                                      -------        -------       -------
                                           80            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                   -             40            14 
      Consumer  . . . . . . . . .           -             21            12 
      Commercial business   . . .           9              1            12 
                                      -------        -------       -------
                                            9             62            38 
    Charge-offs:
      One- to four-family   . . .         (97)           (29)          (40)
      Multi-family and commercial
      real estate . . . . . . . .           -              -          (841)
      Consumer  . . . . . . . . .          (1)            (8)          (32)
      Commercial business   . . .           -             (3)         (159)
                                      -------        -------       -------
                                          (98)           (40)       (1,072)
                                      -------        -------       -------
    Net recoveries (charge-offs)          (89)            22        (1,034)
                                      -------        -------       -------
    Balance at end of period  . .      $5,764         $5,773        $5,271 
                                      =======        =======        ======
    Ratio of net charge-offs to
    average loans outstanding 
    during the period (annualized)       0.06%         -0.00%         0.21%
                                      =======        =======        ======
    Allowance for losses on loans
    to non-performing loans at end 
    of the period . . . . . . . .       175.6%         169.1%        219.0%
                                      =======        =======        ======
    Allowance for losses on loans
    to total loans at end of the
    period  . . . . . . . . . . .        1.01%          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
   December 31, 1996 and 1995

   General

   Net income for the three months ended December 31, 1996 was $2.45 million
   compared to $2.28 million for the comparable 1995 quarter.  

   Net Interest Income

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

                                                        For the Three Months
                                                         Ended December 31     
                                                        1996          1995  
    Average interest-earning assets . . . . .         $977,136      $927,160
    Total interest income . . . . . . . . . .           19,151        18,398
    Average yield on interest-earning assets              7.84%         7.94%

    Average interest-bearing liabilities  . .         $918,558      $866,574
    Total interest expense  . . . . . . . . .           11,453        10,997
    Average rate on interest-bearing                      4.99%         5.08%
    liabilities . . . . . . . . . . . . . . .

    Average net earning assets  . . . . . . .          $58,578       $60,586
    Net interest income before provision for             7,698         7,401
    loan losses . . . . . . . . . . . . . . .
    Net interest rate spread  . . . . . . . .             2.85%         2.86%
    Net interest margin (net interest income
    divided by average interest-earning 
    assets) . . . . . . . . . . . . . . . . .             3.15%         3.19%


   Net interest income before provision for loan losses was $7.70 million for
   the three months ended December 31, 1996, compared with $7.40 million for
   the comparable 1995 quarter, an increase of $300,000.  This increase was
   primarily due to a $50.0 million increase in average interest-earning
   assets from the 1995 quarter to the 1996 quarter.

   The net interest rate spread decreased slightly from 2.86% for the 1995
   quarter to 2.85% for the 1996 quarter. This represents the offsetting
   effects of (1) an increase in spread relating to the Company's strategy of
   increasing its commercial and consumer loans, which have higher margins
   than 1-4 family mortgage loans, and (2) a decrease in spread relating to
   greater competition for 1-4 family mortgage loans and deposit accounts. 
   While commercial and consumer loans have higher interest rates than 1-4
   family mortgage loans, 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 $80,000 for the three months ended
   December 31, 1996 compared to $120,000 for the comparable 1995 quarter. 
   Nonperforming loans decreased from $3.4 million as of September 30, 1996
   to $3.3 million as of December 31, 1996.

   Non-interest Income

   Non-interest income decreased slightly to $2.07 million for the three
   months ended December 31, 1996 compared to $2.13 million for the
   comparable 1995 quarter.  The largest increase was a $134,000 increase in
   service charges on deposit accounts relating to an increase in the number
   of checking accounts.  The largest decrease was a decrease of $271,000 in
   gains on sale of securities available for sale.  Non-interest income
   excluding gains on sales of securities increased 13% to $1.86 million for
   the 1996 quarter compared to $1.65 million for the 1995 quarter.

   Non-interest Expense

   Non-interest expense decreased slightly to $5.79 million for the three
   months ended December  31, 1996 compared to $5.83 million for the
   comparable 1995 quarter.  The largest increase was a $267,000 increase
   (11%) in compensation and employee benefits relating to a general increase
   in the Company's business.  The largest decrease was a $583,000 decrease
   (69%) in amortization of intangible assets based on the current
   amortization schedule.  Non-interest expense excluding amortization of
   intangible assets increased 11% to $5.53 million for the 1996 quarter
   compared to $4.98 million for the 1995 quarter.

   Income Taxes

   The Company's effective income tax rate was 37.1% for the quarter ended
   December 31, 1996 compared to 36.4%  for the quarter ended December 31,
   1995.

                          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

      Not applicable

   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: February 10, 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 December 31, 1996


   Exhibit No.    Exhibit
      27         Financial Data Schedule [Edgar version only]