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 June 30, 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 3,233,747 at July 25, 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 June 30, 1997 and September 30, 1996 . . . . .        3

              Consolidated Statements of Income for the Three
              Months and Nine Months ended June 30, 1997 and           
              1996  . . . . . . . . . . . . . . . . . . . . . .        4

              Consolidated Statements of Cash Flows for the Nine
              Months ended June 30, 1997 and 1996   . . . . . .        5

              Notes to Consolidated Financial Statements  . . .        7


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

    Item 3    Quantitative and Qualitative Disclosures About          
              Market Risk . . . . . . . . . . . . . . . . . . .       14

    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  . . . . . . . . . . . . . . . . .       14

   <PAGE>

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

                                               June 30          September 30
   ASSETS                                        1997               1996


   Cash and cash equivalents (includes 
     interest-earning deposits of 
     $8,305,808 - Jun. 30, 1997; 
     $17,714,761 - Sept. 30, 1996) . . . .    $ 23,606,436       $35,445,646
   Certificates of deposit (approximates 
     market value) . . . . . . . . . . . .         508,619           611,067
   U.S. government and agency securities 
     available for sale (at market value)       20,923,157        29,385,356
   Mortgage-backed securities available 
     for sale (at market value)  . . . . .     123,154,974       140,086,665
   Mortgage-backed securities held to
     maturity (market value of $8,998,592
     - Jun. 30, 1997; $11,159,367 - 
     Sept. 30, 1996) . . . . . . . . . . .       8,932,403        11,011,238
   Mortgage-related securities available 
     for sale (at market value)  . . . . .      14,146,411        15,226,120
   Mortgage-related securities held to 
     maturity (market value of $210,415,668
     - Jun. 30,1997; $172,913,430 - 
     Sept. 30, 1996) . . . . . . . . . . .     208,322,287       171,470,022
   Marketable equity securities 
     (at market value) . . . . . . . . . .       8,065,289         5,043,091
   Loans held for sale (at lower of cost 
     or market)  . . . . . . . . . . . . .       2,878,467         3,056,000
   Loans receivable  . . . . . . . . . . .     565,075,951       559,725,640
   Foreclosed properties and properties 
     subject to foreclosure  . . . . . . .       2,555,185         1,403,440
   Investments in and advances to 
     unconsolidated partnerships   . . . .       7,229,803         7,397,416
   Office properties and equipment . . . .      12,964,665        12,531,601
   Federal Home Loan Bank stock at cost  .       8,618,000         8,795,600
   Accrued interest on investments and 
     mortgage-related securities . . . . .       3,002,800         2,640,672
   Intangible assets . . . . . . . . . . .       6,118,579         6,902,259
   Deferred income tax . . . . . . . . . .       1,419,349         2,641,659
   Prepaid expenses and other assets . . .       1,987,933         3,012,020
                                            --------------     -------------
                                            $1,019,510,308    $1,016,385,512
                                            ==============     =============

   LIABILITIES
   Deposits  . . . . . . . . . . . . . . .    $655,915,894      $680,850,865
   Notes payable to Federal Home
     Loan Bank   . . . . . . . . . . . . .     172,360,000       175,910,000
   Securities sold under agreements 
     to repurchase . . . . . . . . . . . .      77,398,358        48,355,457
   Advance payments by borrowers for 
     taxes and insurance . . . . . . . . .       5,973,606         8,496,925
   Accrued interest on deposit accounts  .       2,636,169         3,711,995
   Accrued interest on notes payable and
     other borrowings  . . . . . . . . . .       3,851,988         1,377,204
   Other liabilities . . . . . . . . . . .       3,226,110         8,419,561
   Accrued income taxes  . . . . . . . . .       4,201,169           397,102
                                              ------------      ------------
         Total liabilities . . . . . . . .     925,563,294       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:
     3,233,747 - Jun. 30, 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 . . .        (738,777)         (894,777)
   Treasury stock, at cost (891,033 
     shares - Jun. 30, 1997;  
     798,102 shares - Sept. 30, 1996)  . .     (21,352,003)      (17,627,105)
   Unrealized gain (loss) on securities 
     available for sale - net  . . . . . .       1,240,324          (699,857)
   Retained earnings   . . . . . . . . . .      78,717,912        72,008,584
                                            --------------    --------------
         Total stockholders' equity  . . .      93,947,014        88,866,403
                                            --------------    --------------
                                            $1,019,510,308    $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                     Nine Months Ended
                                                     June 30,                                June 30,
                                                  1997              1996             1997                1996  

   <S>                                         <C>              <C>               <C>                <C>  
   Interest income: 
     Interest on loans . . . . . . . . .       $12,140,266      $11,265,693       36,077,961         33,385,973
     Interest on mortgage-related
       securities  . . . . . . . . . . .         6,074,313        6,158,392       18,119,309         18,579,138
     Interest and dividends on investment 
       securities  . . . . . . . . . . .           562,277          706,660        1,816,538          2,204,521
     Other interest income . . . . . . .           406,847          249,626        1,111,360            758,310
                                               -----------       ----------       ----------         ----------
     Total interest income . . . . . . .        19,183,703       18,380,371       57,125,168         54,927,942

   Interest expense:
     Interest on deposits  . . . . . . .         7,439,671        7,897,784       22,932,267         23,770,466
     Interest on notes payable and 
       other borrowings  . . . . . . . .         3,946,171        2,899,410       11,193,589          8,812,870
                                               -----------       ----------      -----------        -----------
     Total interest expense  . . . . . .        11,385,842       10,797,194       34,125,856         32,583,336
                                               -----------       ----------      -----------        -----------
   Net interest income . . . . . . . . .         7,797,861        7,583,177       22,999,312         22,344,606
   Provision for losses on loans . . . .            90,000          100,000          270,000            340,000
                                                ----------       ----------      -----------        -----------
   Net interest income after provision
     for losses on loans . . . . . . . .         7,707,861        7,483,177       22,729,312         22,004,606

   Non-interest income:
     Loan fees and service charges . . .           202,816          174,224          572,497            495,877
     Mortgage brokerage commissions  . .           424,125          529,245        1,228,289          1,548,980
     Service charges on deposit accounts           687,341          666,787        2,074,318          1,813,785
     Gain on sales of loans net  . . . .           178,725          117,656          591,065            594,663
     Gain on sale of securities available 
       for sale  . . . . . . . . . . . .           278,362          105,715          567,525            732,496
     Equity in net income of unconsolidated
       partnerships  . . . . . . . . . .            43,400            2,521          133,990             59,081
     Other . . . . . . . . . . . . . . .           291,341          286,132          842,671            777,649
                                                ----------      -----------      -----------        -----------
     Total non-interest income . . . . .         2,106,110        1,882,280        6,010,355          6,022,531

   Non-interest expenses:
     Compensation and employee benefits          2,705,401        2,497,473        8,066,345          7,467,952
     Occupancy . . . . . . . . . . . . .           803,158          754,538        2,425,032          2,140,035
     Data processing . . . . . . . . . .           189,012          165,494          545,584            484,597
     Advertising . . . . . . . . . . . .           218,890          135,269          542,688            357,352
     Federal deposit insurance premiums            112,970          400,323          541,168          1,196,552
     Amortization of intangible assets .           258,527          590,062          783,680          2,029,691
     Professional services . . . . . . .           126,628          101,881          331,155            374,070
     Other . . . . . . . . . . . . . . .         1,128,446        1,264,851        3,416,175          3,404,644
                                               -----------      -----------      -----------       ------------
     Total non-interest expenses . . . .         5,543,032        5,909,891       16,651,827         17,454,893
                                               -----------      -----------      -----------       ------------
   Income before income taxes  . . . . .         4,270,939        3,455,566       12,087,840         10,572,244

   Income taxes  . . . . . . . . . . . .         1,489,958        1,266,636        4,316,386          3,864,154
                                               -----------      -----------      -----------       ------------
   Net income  . . . . . . . . . . . . .       $2,780,981        $2,188,930       $7,771,454         $6,708,090
                                               ===========      ===========      ===========       ============
   Earnings per share  . . . . . . . . .             $0.81            $0.60            $2.25              $1.82
                                               ===========      ===========      ===========       ============

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

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

                                            Nine Months Ended June 30
                                               1997           1996

   Operating activities:

   Net income  . . . . . . . . . . . .     $7,771,454     $6,708,090
     Provision for losses on loans . .        270,000        340,000
     Provision for depreciation  . . .      1,040,442        795,884
     Amortization of intangible assets        783,680      2,029,691
     Equity in net income of 
       unconsolidated partnerships . .       (133,990)       (59,081)
     Net loss on sale or writedown of
       foreclosed property . . . . . .              -         28,120
     Net amortization of mortgage-related
       securities discounts and 
       premiums  . . . . . . . . . . .       (417,986)      (682,640)
     Decrease in deferred income 
       tax liability . . . . . . . . .              -       (114,816)
     Increase (decrease) in accrued 
       income taxes  . . . . . . . . .      3,804,067     (1,848,287)
     Increase in interest receivable .       (461,020)      (423,208)
     Decrease in accrued FDIC SAIF 
       special assessment  . . . . . .     (4,434,589)             -
     Decrease (increase) in interest 
       payable . . . . . . . . . . . .      1,398,958       (273,089)
     Loans originated for sale . . . .    (46,306,179)   (47,738,265)
     Proceeds from sales of loans  . .     46,483,712     48,150,315
     Amortization of cost of restricted
       stock benefit plan  . . . . . .        156,000        120,000
     Other . . . . . . . . . . . . . .       (874,452)       815,686
                                          -----------    -----------
   Net cash provided by operating 
     activities  . . . . . . . . . . .      9,080,097      7,848,400
    
   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 .      8,500,000      4,500,000
     Proceeds from sales of marketable 
       equity securities . . . . . . .      1,359,619      1,410,214
     Purchases of FHLB stock . . . . .       (500,000)      (275,600)
     Proceeds from sale of FHLB stock        677,600       1,477,600
     Purchases of certificates of 
       deposit . . . . . . . . . . . .              -       (500,779)
     Purchases of  U.S. agency securities
       available for sale  . . . . . .              -     (9,000,000)
     Purchases of mortgage-related 
       securities held to maturity . .    (53,429,937)   (32,560,469)
     Principal repayments on mortgage-
       related securities held to 
       maturity  . . . . . . . . . . .     16,904,133     11,496,337
     Principal repayments on mortgage-
       backed securities held to 
       maturity  . . . . . . . . . . .      2,277,241      2,648,616
     Loan principal repayments . . . .    163,513,602    155,672,497
     Loans originated  . . . . . . . .   (169,810,430)  (186,666,415)
     Purchases of marketable equity 
       securities  . . . . . . . . . .     (2,910,211)    (2,459,890)
     Purchases of mortgage-backed 
       securities available for sale .              -     (2,035,207)
     Principal repayments on mortgage-
       backed securities available for 
       sale  . . . . . . . . . . . . .     18,585,589     26,736,907
     Principal repayments on mortgage-
       related securities available for 
       sale  . . . . . . . . . . . . .        972,014      1,393,769
     Proceeds from sale of foreclosed 
       properties  . . . . . . . . . .        763,083        762,875
     Principal repayments on loans to 
       unconsolidated partnership  . .        185,186        132,448
     Cash distributions from 
       unconsolidated partnerships . .        116,417        100,000
     Additions to office properties
       and equipment . . . . . . . . .     (1,473,506)    (2,326,537)
                                         ------------   ------------
   Net cash used in investing 
     activities  . . . . . . . . . . .    (14,166,894)   (29,295,634) 

   Financing activities:
     Net increase (decrease) in 
       deposits  . . . . . . . . . . .    (24,934,971)    13,889,641
     Proceeds from notes payable 
       to the Federal Home Loan Bank .     47,000,000     46,000,000
     Repayment of notes payable to 
       the Federal Home Loan Bank  . .    (50,550,000)   (36,100,000)
     Net increase in securities 
       sold under agreements to  
       repurchase  . . . . . . . . . .    29,042,900       3,382,746
     Net decrease in advance payments 
       by borrowers for taxes and 
       insurance . . . . . . . . . . .     (2,523,319)    (3,934,781)
     Purchases of treasury stock . . .     (4,185,066)    (3,200,405)
     Dividends paid  . . . . . . . . .       (912,972)      (776,357)
     Proceeds from exercise of stock 
       options . . . . . . . . . . . .        311,015        157,745
                                         ------------  -------------
   Net cash provided by (used in) 
     financing activities  . . . . . .     (6,752,413)    19,418,589
                                         ------------  -------------
   Decrease in cash and cash 
     equivalents . . . . . . . . . . .    (11,839,210)    (2,028,645)
   Cash and cash equivalents:
     At beginning of period  . . . . .     35,445,646     32,510,205
                                         ------------  -------------
     At end of period  . . . . . . . .    $23,606,436    $30,481,560
                                         ============  =============

   Supplemental disclosures of cash 
   flow information:
     Interest paid (including amounts
       credited to deposits) . . . . .   $ 32,726,898   $ 32,856,425
     Income taxes paid . . . . . . . .        512,319      5,827,258

   Supplemental schedule of noncash
   investing activities:
     Loans receivable transferred to
       foreclosed properties . . . . .      1,914,828        689,706


   See accompanying notes to unaudited consolidated financial statements.

   <PAGE>


                    ADVANTAGE BANCORP, INC. AND SUBSIDIARIES
              Notes to Unaudited Consolidated Financial Statements 
                         Nine Months Ended June 30, 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 nine months ended June
   30, 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. (dissolved and liquidated into the Bank as of October 31,
   1996), 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.   
                                             Nine Months Ended June 30
                                                  1997          1996
   
    Net income  . . . . . . . . . . . .       $ 7,771,454   $6,708,090
                                              ===========   ==========
    Weighted average shares outstanding         3,242,913    3,457,426
    Net effect of dilutive stock options
    based on the treasury  stock method             
    using average market price  . . . .           209,340      228,990
                                              -----------   ----------
    Total weighted average common shares
    and equivalents . . . . . . . . . .         3,452,253    3,686,416
                                              ===========   ==========
    Earnings per share (primary)  . . .             $2.25        $1.82
                                              ===========   ==========
    Weighted average shares outstanding         3,242,913    3,457,426
    Net effect of dilutive stock options
    based on the treasury  stock method
    using quarter-end market price  . .           215,187      231,431
                                              -----------   ----------
    Total outstanding shares for fully     
    diluted purposes  . . . . . . . . .         3,458,100    3,688,857
                                              ===========   ==========
    Earnings per share (fully diluted)              $2.25        $1.82
                                              ===========   ==========

   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 June 30,   Nine Months Ended June 30,
                             1997         1996         1997         1996  

    Basic earnings per
    share                    $0.86        $0.64        $2.40       $1.94

    Diluted earnings per
    share                    $0.81        $0.60        $2.25       $1.82


   (3) Commitments and Contingencies

   Commitments to originate mortgage loans of $9.2 million at June 30, 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 $3.5 million as of June 30, 1997.  The Bank had
   unissued credit under existing home equity line-of-credit loans and
   commercial line-of-credit loans of $31.7 million and $27.8 million,
   respectively, as of June 30, 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 June 30, 1997, totaled $472,402,000.

        The following table summarizes the Bank's capital amounts and capital
   ratios, and the capital ratios required by federal law and regulations at
   June 30, 1997 (dollars in thousands):

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

    <S>                    <C>              <C>              <C>              <C>              <C>               <C>
    Tangible capital       $64,610          $15,116          $49,494           6.41%           1.50%             4.91%
    Core capital            64,610           30,232           34,378           6.41            3.00              3.41
    Risk-based capital      70,401           37,792           32,609          14.90            8.00              6.90

   </TABLE>
      
   The Bank's regulatory capital as of June 30, 1997 was as follows (in
   thousands): 

                                                Tangible     Core    Risk-Based
                                                Capital     Capital    Capital
                                                                            
    Total consolidated stockholders'
      equity  . . . . . . . . . . . . . .      $93,947     $93,947   $93,947
    Deduct unrealized gain on
      securities available for sale (Bank
      only) . . . . . . . . . . . . . . .         (208)       (208)     (208)
    Less parent company stockholders'
      equity not includable
      in regulatory capital    . . . .         (25,098)    (25,098)  (25,098)
    Loan loss allowances (limited to 1%
      of loans)   . . . . . . . . . . .               -           -    5,791 
    Nonallowable intangibles  . . . . .         (6,299)     (6,299)   (6,299)
    Income tax effect of intangibles  .          2,268       2,268     2,268 
                                            ----------    --------   -------    
      Regulatory capital  . . . . . . .        $64,610     $64,610   $70,401 
                                            ==========    ========   =======

   (5) Reclassifications

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

   (6)  Dividends

   On June 27, 1997, the Company declared a $0.10 per share cash dividend on
   the Company's common stock payable August 22, 1997 to shareholders of
   record on August 8, 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, 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 $23.6 million and $30.5 million as of June 30, 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 nine months ended June 30, 1997 and
   1996, the Company originated and purchased loans (including loans
   originated for sale) in the amounts of $216.1 million and $234.4 million,
   respectively.  Other investing activities include the purchase of
   mortgage-related securities (including securities available for sale)
   which totalled $53.4 million and $34.6 million for the nine months ended
   June 30, 1997 and 1996, respectively.  
    
   During the nine months ended June 30, 1997 and 1996, these activities were
   funded primarily by (1) principal repayments on loans and mortgage-related
   securities totalling $202.4 million and $198.0 million, respectively, (2)
   proceeds from sales of loans of $46.5 million and $48.2 million,
   respectively,   and (3)  net proceeds from borrowings under repurchase
   agreements of $29.0 million and $3.4 million, respectively.  For the nine
   months ended June 30, 1996, these activities were also funded by net
   proceeds of $9.9 million from notes payable to the FHLB.  For the nine
   months ended June 30, 1997, the activities providing funds were partially
   offset by net repayments of notes payable to the FHLB of $3.6 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 6.7% for
   the month of June 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 June 30, 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 $4 million from $1.016 billion at September 30,
   1996 to $1.020 billion at June 30, 1997.

   Loans receivable increased $5.4 million from $559.7 million as of
   September 30, 1996 to $565.1 million as of June 30, 1997.

   Mortgage-related securities increased $16.8 million from $337.8 million as
   of September 30, 1996 to $354.6 million at June 30, 1997.  This increase
   relates to the increase in purchases of mortgage-related securities
   previously mentioned.

   Deposits decreased $25.0 million from $680.9 million at September 30, 1996
   to $655.9 million at June 30, 1997.  This decrease relates in part to a
   decrease in brokered deposits from $89.3 million as of September 30, 1996
   to $74.3 million as of June 30, 1997.

   Notes payable to the FHLB decreased $3.5 million from $175.9 million as of
   September 30, 1996 to $172.4 million as of June 30, 1997.  This decrease
   was more than offset by a $29.0 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 $93.9 million as of June 30, 1997.  Stockholders' equity increased
   during this period as a result of:  (1) net income of $7.8 million, and
   (2) an increase of $1.9 million in the unrealized gain (net of income tax
   effect) relating to securities available for sale.  The increase in 
   stockholders' equity was offset by:  (1) the open market repurchase of
   $4.2 million of the Company's common stock, and (2) the payment of
   $913,000 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>
                                             June 30        Mar. 31       Dec. 31      Sept. 30       June 30
                                               1997          1997          1996          1996           1996
    <S>                                       <C>           <C>           <C>             <C>          <C>
    Nonperforming loans:
      One- to four-family   . . . . .         $1,376        $2,463        $1,851          $666         $1,959
      Commercial real estate  . . . .            486           469         1,138           616          1,393
      Construction and land   . . .                -             -             -         1,774              - 
      Commercial business   . . . . .             24            23            23           274             42
      Consumer and other  . . . . . .             94           121           271            84            102
                                           ---------      --------       -------        ------        -------
    Total non-performing loans  . . .         $1,980        $3,076        $3,283        $3,414         $3,496
                                           =========      ========       =======        ======        =======
    Foreclosed properties:
      One-to four-family  . . . . . .         $1,715        $1,771        $1,452          $894         $1,165
      Commercial real estate  . . . .            840           835           971           534            534
      Construction and land   . . . .              -             -             -             -            280
                                           ---------      --------       -------       -------        -------
      Total foreclosed properties   .         $2,555        $2,606        $2,423        $1,428         $1,979
                                           =========      ========       =======       =======        =======
    Total non-performing assets . . .         $4,535        $5,682        $5,706        $4,842         $5,475
                                           =========      ========       =======       =======        =======
    Non-performing loans to total
    loans . . . . . . . . . . . . . .          0.35%         0.54%         0.57%         0.61%          0.64%
                                           ========       =======        =======       =======        =======
    Non-performing assets to total
    assets  . . . . . . . . . . . . .          0.44%         0.56%         0.55%         0.48%          0.55%
                                           ========       =======        =======       =======        =======

   </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):

                                         Nine Months      Year        Year 
                                            Ended         Ended       Ended
                                           June 30,    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  . . . . . . . . . . .              60           -         50 
      Commercial business   . . . . .             210         480        320 
                                              -------     -------    -------
                                                  270         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   . . . . .           (145)         (29)       (40)
      Multi-family and commercial real
      estate  . . . . . . . . . . . .              -             -      (841)
      Consumer  . . . . . . . . . . .           (140)          (8)       (32)
      Commercial business   . . . . .              -           (3)      (159)
                                              -------     -------    -------
                                                (285)         (40)    (1,072)
                                              -------     -------    -------
    Net recoveries (charge-offs)  . .           (237)          22     (1,034)
                                              -------     -------    -------
    Balance at end of period  . . . .         $5,806       $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  . . . . . . . . . . . . .          293.2%       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 June 30,
      1997 and 1996

   General

   Net income for the three months ended June 30, 1997 increased 27.2% to
   $2.8 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 June 30
                                                     1997           1996

    Average interest-earning assets . . . . .      $974,115      $ 933,489
    Total interest income . . . . . . . . . .        19,184         18,380
    Average yield on interest-earning 
      assets . . . . . . . . . . . . . . . ..         7.88%          7.88%

    Average interest-bearing liabilities  . .      $911,287      $ 874,657
    Total interest expense  . . . . . . . . .        11,386         10,797
    Average rate on interest-bearing
    liabilities . . . . . . . . . . . . . . .         5.00%          4.94%

    Average net earning assets  . . . . . . .       $62,828        $58,832
    Net interest income before provision for
    loan losses . . . . . . . . . . . . . . .         7,798          7,583
    Net interest rate spread  . . . . . . . .         2.88%          2.94%
    Net interest margin (net interest income
    divided
      by average interest-earning assets)   .         3.20%          3.25%


   Net interest income before provision for loan losses was $7.8 million for
   the three months ended June 30, 1997, compared with $7.6 million for the
   comparable 1996 quarter, an increase of $200,000.  This increase was
   primarily due to a $40.6 million increase in average interest-earning
   assets which includes a $36.7 million increase in average loans
   receivable. 

   The net interest rate margin decreased from 3.25% for the 1996 quarter to
   3.20% 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 $90,000 for the three months ended
   June 30, 1997 compared to $100,000 for the comparable 1996 quarter. The
   Company's ratio of allowance for losses on loans to nonperforming loans
   increased to 293.2% as of June 30, 1997 compared to 159.5% as of June 30,
   1996.

   Non-interest Income

   Non-interest income increased to $2.1 million for the three months ended
   June 30, 1997 compared to $1.9 million for the comparable 1996 quarter.
   This increase was due to a 137% ($61,000) increase in gains on sales of
   loans and a 69% ($172,000) increase in gain on sale of securities
   available for sale.  These gains were partially offset by a 20% ($105,000) 
   decrease in mortgage brokerage commissions.  Service charges on deposit
   accounts, which is the largest component of noninterest income, increased
   3.0% from $667,000 in the 1996 quarter to $687,000 in the 1997 quarter. 

   Non-interest Expense

   Non-interest expenses decreased to $5.5 million for the 1997 quarter
   compared to $5.9 million for the 1996 quarter.  This decrease was due to a
   $331,000 reduction in amortization of intangible assets and a $287,000
   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. 

   Income Taxes

   The Company's effective income tax rate was 34.9% for the quarter ended
   June 30, 1997 compared to 36.6%  for the quarter ended June 30, 1996.

      Results of Operations - Comparison of the Nine Months Ended June 30,
      1997 and 1996

   General

   Net income for the nine months ended June 30, 1997 was $7.8 million
   compared to $6.7 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 Nine Months 
                                                          Ended June 30     
                                                       1997           1996

    Average interest-earning assets . . . . . .      $973,423      $ 927,767
    Total interest income . . . . . . . . . . .        57,125         54,928
    Average yield on interest-earning assets  .         7.82%          7.89%

    Average interest-bearing liabilities  . . .      $913,131      $ 867,737
    Total interest expense  . . . . . . . . . .        34,126         32,583
    Average rate on interest-bearing
    liabilities . . . . . . . . . . . . . . . .         4.98%          5.01%

    Average net earning assets  . . . . . . . .       $60,292        $60,030
    Net interest income before provision for
    loan losses . . . . . . . . . . . . . . . .        22,999         22,345
    Net interest rate spread  . . . . . . . . .         2.84%          2.89%
    Net interest margin (net interest income
    divided
      by average interest-earning assets)   . .         3.15%          3.21%


   Net interest income before provision for loan losses was $23.0 million for
   the nine months ended June 30, 1997, compared with $22.3 million for the
   comparable 1996 quarter, an increase of $700,000.  This increase was
   primarily due to a $45.7 million increase in average interest-earning
   assets which includes a $47.4 million increase in average loans
   receivable.  This increase was partially offset by a $9.8 million
   reduction in average mortgage-related securities.

   The net interest rate margin decreased from 3.21% for the 1996 period to
   3.15% 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 $270,000 for the nine months ended
   June 30, 1997 compared to $340,000 for the comparable 1996 period. 

   Non-interest Income

   Non-interest income remained unchanged at $6.0 million for the nine months
   ended June 30, 1997 compared to the the comparable 1996 period. Service
   charges on deposit accounts, which is the largest component of noninterest
   income, increased 17% from $1.8 million in the 1996 period to $2.1 million
   in the 1997 period. This increase was offset by a 26% ($321,000) decrease
   in mortgage brokerage commissions and a 19% ($164,000) decrease in gains
   on sales of loans. The decrease in mortgage brokerage commissions relates
   to higher market interest rates during fiscal 1997 which have decreased
   mortgage origination volume nationwide.  

   Non-interest Expense

   Non-interest expenses decreased to $16.7 million for the nine months ended
   June 30, 1997 compared to $17.5 million for the comparable 1996 period. 
   This decrease was due to a $1.2 million reduction in amortization of
   intangible assets and a $655,000 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 8% 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 April 1996.  

   Income Taxes

   The Company's effective income tax rate was 35.7% for the period ended
   June 30 1997 compared to 36.6%  for the period ended June 30, 1996.

   Item 3    Quantitative and Qualitative Disclosures About Market Risk

        Not applicable


                     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: August 1, 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]