SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                   FORM 10-QSB

        [X] QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2000

                                       OR

[ ] TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

             For the transition period from         to
                                            -------    -------

                           Commission File No. 0-27714

                     Crazy Woman Creek Bancorp Incorporated
            --------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                   Wyoming                             83-0315410
--------------------------------------------------------------------------------
       (State or other jurisdiction of               (I.R.S. Employer
       incorporation or organization)              Identification No.)


                     106 Fort Street, Buffalo, Wyoming 82834
                     ---------------------------------------
                    (Address of principal executive offices)


                                 (307) 684-5591
                               ------------------
              (Registrant's telephone number, including area code)

Check whether the issuer (1) filed all reports  required to be filed by Sections
13 or 15(d) of the  Exchange  Act during the past 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
                                                             ----       ----

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date.

         Class:   Common Stock, par value $.10 per share
                  Outstanding at August 10, 2000:  824,344

Transitional Small Business Disclosure Format (check one):  Yes       No   X
                                                                -----    ------

<PAGE>
          CRAZY WOMAN CREEK BANCORP INCORPORATED

                   INDEX TO FORM 10-QSB
<TABLE>
<CAPTION>

                                                                                            Page
                                                                                            ----
<S>      <C>                                                                             <C>
PART I      FINANCIAL INFORMATION
            ---------------------

Item 1.     Financial Statements (unaudited)

            Consolidated Condensed Statements of Financial Condition at June 30,
            2000 and September 30, 1999                                                       1

            Consolidated Condensed Statements of Income for the Three and Nine
            Months ended June 30, 2000 and 1999                                               2

            Consolidated Condensed Statements of Comprehensive Income for the Three
            and Nine Months ended June 30, 2000 and 1999                                      3

            Consolidated Condensed Statements of Cash Flows for the Nine Months
            ended June 30, 2000 and 1999                                                      4

            Notes to Consolidated Condensed Financial Statements                              5

Item 2.     Management's Discussion and Analysis of Financial Condition and Results
            of Operations                                                                     7


PART II.    OTHER INFORMATION
            -----------------

Item 1.     Legal Proceedings                                                                15

Item 2.     Changes in Securities and Use of Proceeds                                        15

Item 3.     Defaults upon Senior Securities                                                  15

Item 4.     Submission of Matters to a Vote of Security Holders                              15

Item 5.     Other Information                                                                15

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

</TABLE>

SIGNATURES



<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Financial Condition
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                      June 30,             September 30,
                                                                        2000                    1999
                                                                  ------------------     -------------------
                                                                               (In thousands)
<S>                                                                     <C>                     <C>
Assets
------
Cash and cash equivalents                                                   $ 1,539                 $ 2,189
Investment and mortgage-backed securities available-for-sale                 29,485                  29,479
Stock in Federal Home Loan Bank of Seattle, at cost                           1,038                     988
Loans receivable, net                                                        30,316                  29,727
Accrued interest receivable                                                     524                     522
Premises and equipment, net                                                     531                     544
Real estate owned                                                                --                      73
Deferred income taxes                                                           118                      62
Other assets                                                                     35                      77
                                                                  ------------------     -------------------
    Total assets                                                            $63,586                 $63,661
                                                                  ==================     ===================
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
------------
  Deposits                                                                  $33,652                 $34,257
  Advances from Federal Home Loan Bank                                       16,400                  15,600
  Advances from borrowers for taxes and insurance                                56                      69
  Income taxes payable                                                           10                       7
  Dividends payable                                                              98                     104
  Accrued expenses and other liabilities                                        316                     268
                                                                  ------------------     -------------------
    Total liabilities                                                        50,532                  50,305
                                                                  ------------------     -------------------
Stockholders' equity:
  Preferred stock, par value $.10 per share, 2,000,000 shares
     authorized; none issued and outstanding                                     --                      --
  Common stock, par value $.10 per share, 5,000,000 shares
     authorized; 1,058,000 issued and outstanding                               106                     106
  Additional paid-in surplus                                                 10,099                  10,096
  Unearned ESOP/MSBP shares                                                    (554)                   (577)
  Retained earnings, substantially restricted                                 7,278                   7,080
  Accumulated other comprehensive loss                                         (441)                   (341)
  Treasury stock at cost, 212,656 and 173,466 shares at June 30,
     2000 and September 30, 1999, respectively                               (3,434)                 (3,008)
                                                                  ------------------     -------------------
    Total stockholders' equity                                               13,054                  13,356
                                                                  ------------------     -------------------
    Total liabilities and stockholders' equity                              $63,586                 $63,661
                                                                  ==================     ===================
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 1
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                   Consolidated Condensed Statements of Income
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                     Three Months Ended                 Nine Months Ended
                                                                          June 30,                           June 30,
                                                               -------------------------------    -------------------------------
                                                                   2000              1999             2000              1999
                                                               -------------     -------------    -------------     -------------
                                                                         (Dollars in thousands except per share data)
<S>                                                                <C>               <C>            <C>               <C>
Interest Income:
  Loans receivable                                                   $  596            $  602           $1,753            $1,833
  Mortgage-backed securities                                            195               153              571               438
  Investment securities                                                 277               290              855               898
  Other                                                                  23                31               80                85
                                                               -------------     -------------    -------------     -------------
     Total interest income                                            1,091             1,076            3,259             3,254
Interest expense:
  Deposits                                                              383               389            1,200             1,188
  Advances from Federal Home Loan Bank                                  246               211              668               608
                                                               -------------     -------------    -------------     -------------
     Total interest expense                                             629               600            1,868             1,796
                                                               -------------     -------------    -------------     -------------
     Net interest income                                                462               476            1,391             1,458
Provision for loan losses                                                --                --               --                 6
                                                               -------------     -------------    -------------     -------------
     Net interest income after provision for loan losses                462               476            1,391             1,452
                                                               -------------     -------------    -------------     -------------
Non-interest income:
  Customer service charges                                               16                12               46                31
  Other operating income                                                  6                 5               18                14
  Loss on sale of securities, net                                        --                (2)              --                (2)
                                                               -------------     -------------    -------------     -------------
     Total non-interest income                                           22                15               64                43
                                                               -------------     -------------    -------------     -------------
Non-interest expense:
  Compensation and benefits                                             151               129              411               392
  Occupancy and equipment                                                30                 9               66                53
  FDIC/SAIF deposit insurance premiums                                    2                 5                8                14
  Advertising                                                            11                 7               32                26
  Data processing services                                               27                25               81                78
  Professional fees                                                      16                14               49                53
  Other                                                                  41                37              139               120
                                                               -------------     -------------    -------------     -------------
     Total non-interest expense                                         278               226              786               736
                                                               -------------     -------------    -------------     -------------
     Income before income taxes                                         206               265              669               759
Income tax expense                                                       49                76              191               226
                                                               -------------     -------------    -------------     -------------
     Net income                                                      $  157            $  189           $  478            $  533
                                                               =============     =============    =============     =============
Dividends declared per common share                                  $ 0.12            $ 0.10           $ 0.36            $ 0.30
                                                               =============     =============    =============     =============
Basic earnings per common share                                      $ 0.20            $ 0.22           $ 0.59            $ 0.62
                                                               =============     =============    =============     =============
Diluted earnings per common share                                    $ 0.20            $ 0.22           $ 0.59            $ 0.61
                                                               =============     =============    =============     =============
</TABLE>

See notes to consolidated condensed financial statements.

                                     Page 2

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Consolidated Condensed Statements of Comprehensive Income
                    Nine Months ended June 30, 2000 and 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                     Three Months Ended                 Nine Months Ended
                                                                          June 30,                           June 30,
                                                               -------------------------------    -------------------------------
                                                                   2000              1999             2000              1999
                                                               -------------     -------------    -------------     -------------
                                                                                    (Dollars in thousands)
<S>                                                                 <C>               <C>              <C>               <C>
Net income:                                                            $157              $189             $478              $533
Other comprehensive income
    Unrealized gains (losses) on investment and
        mortgage-backed securities available-for-sale:
        Realized and unrealized holding gains (losses)
           arising during the period                                     30              (441)            (152)             (646)
        Add:  reclassification adjustment for losses
           included in net income                                        --                 2               --                 2
        Effect of adoption of SFAS No. 133                               --                --               --                84
                                                               -------------     -------------    -------------     -------------
Other comprehensive income (loss), before tax                            30              (439)            (152)             (560)

Income tax benefit (expense) related to items of other
comprehensive income                                                    (10)              149               52               190
                                                               -------------     -------------    -------------     -------------

Other comprehensive income (loss), after tax                             20              (290)            (100)             (370)
                                                               -------------     -------------    -------------     -------------

Comprehensive income (loss)                                            $177             $(101)            $378              $163
                                                               =============     =============    =============     =============

</TABLE>


See notes to consolidated condensed financial statements.

                                     Page 3
<PAGE>
          CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
                 Consolidated Condensed Statements of Cash Flows
                    Nine Months ended June 30, 2000 and 1999
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                        2000              1999
                                                                                              ----------------------------------
<S>                                                                                                <C>                <C>
Cash flows from operating activities:                                                                  (In thousands)
  Net income                                                                                           $ 478              $ 533
  Adjustments to reconcile net income to net cash provided by operating activities:
    Provision for loan losses                                                                             --                  6
    Amortization of premiums and discounts on securities available-for-sale, net                          (7)                16
    Federal Home Loan Bank stock dividend                                                                (50)               (53)
    Depreciation                                                                                          37                 30
    Loss on sale of securities available-for-sale                                                         --                  2
    Loss on sale of foreclosed real estate                                                                 2                 --
    Mutual funds dividends reinvested                                                                    (30)               (38)
    Deferred loan origination fees, net                                                                   (8)                27
    ESOP shares committed to be released                                                                  37                 45
    MSBP deferred compensation expense                                                                    38                 36
Change in:
        Accrued interest receivable                                                                       (2)                44
        Income taxes                                                                                       3                 15
        Other assets                                                                                      42                  2
        Deferred income taxes                                                                             (5)                --
        Accrued expenses and other liabilities                                                            48                 90
                                                                                              ---------------    ---------------
           Net cash provided by operating activities                                                     577                755
                                                                                              ---------------    ---------------
Cash flows from investing activities:
  Purchases of securities available-for-sale                                                          (1,669)           (11,495)
  Proceeds from maturities, calls and prepayments of securities available-for-sale                     1,547             10,604
  Proceeds from sales of securities available-for-sale                                                    --                498
  Origination of loans receivable                                                                     (6,135)            (8,264)
  Repayment of principal on loans receivable                                                           5,627              8,382
  Purchase of premises and equipment                                                                     (24)               (31)
                                                                                              ---------------    ---------------
    Net cash used in investing activities                                                               (654)              (306)
                                                                                              ---------------    ---------------
Cash flows from financing activities:
  Net decrease in deposits                                                                              (605)              (253)
  Advances from Federal Home Loan Bank                                                                24,200             19,100
  Repayment of advances from Federal Home Loan Bank                                                  (23,400)           (13,350)
  Net change in advances from borrowers for taxes and insurance                                          (13)               (10)
  Repurchase of common stock                                                                            (475)              (480)
  Dividends paid to stockholders                                                                        (286)              (255)
                                                                                              ---------------    ---------------
    Net cash used in financing activities                                                               (579)              (248)
                                                                                              ---------------    ---------------
Net increase (decrease) in cash and cash equivalents                                                    (650)               201
Cash and cash equivalents at beginning of period                                                       2,189              1,562
                                                                                              ---------------    ---------------
Cash and cash equivalents at end of period                                                           $ 1,539            $ 1,763
                                                                                              ===============    ===============
Cash paid during period for:
   Interest                                                                                          $ 1,866            $ 1,750
   Income taxes                                                                                          208                212
</TABLE>

Noncash Investing and Financing Activities:
    The Company  transferred  loans of $ 0 and $208 to other real  estate  owned
    during the nine  months  ended  June 30,  2000 and 1999,  respectively.  The
    company financed $73 and $0 of loans for the sale of other real estate owned
    during the nine months ended June 30, 2000 and 1999, respectively.

See notes to consolidated condensed financial statements.

                                     Page 4
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                  June 30, 2000

NOTE 1:  BASIS OF PRESENTATION

The accompanying  unaudited interim consolidated  condensed financial statements
have been prepared in accordance with generally accepted  accounting  principles
("GAAP") for interim financial information. Accordingly, they do not include all
of the  information  and  footnotes  required  by GAAP  for  complete  financial
statements.  For  further  information,  the reader  should  refer to the Annual
Report of Crazy Woman Creek Bancorp  Incorporated  (the  "Company") for the Year
Ended September 30, 1999.

In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary for fair presentation  have been included.  The
results of operations for the three and nine months ended June 30, 2000 and 1999
are not  necessarily  indicative  of the results  which may be  expected  for an
entire year or any other period.

The accompanying  consolidated  financial statements include the accounts of the
Company and Buffalo Federal Savings Bank (the "Bank"), a wholly owned subsidiary
of the Company. All significant intercompany balances and transactions have been
eliminated in consolidation.

NOTE 2:  FINANCIAL SERVICES MODERNIZATION BILL

On November 12, 1999,  President Clinton signed into law the  Gramm-Leach-Bliley
Act (the "Act")  which,  effective  March 11, 2000,  permitted  qualifying  bank
holding  companies to become financial  holding  companies and thereby affiliate
with  securities  firms and insurance  companies and engage in other  activities
that are financial in nature.  The Act defines  "financial in nature" to include
securities underwriting,  dealing and market making; sponsoring mutual funds and
investment  companies;  insurance  underwriting  and  agency;  merchant  banking
activities;  and activities  that the Federal Reserve Board has determined to be
closely related to banking. A qualifying national bank also may engage,  subject
to limitations on investment,  in activities that are financial in nature, other
than insurance underwriting, insurance company portfolio investment, real estate
development,  and real estate investment,  through a financial subsidiary of the
bank.

The Act also  prohibits new unitary  thrift  holding  companies from engaging in
nonfinancial  activities or from  affiliating with a nonfinancial  entity.  As a
grandfathered  unitary  thrift  holding  company,  the  Company  will retain its
authority to engage in nonfinancial activities.

NOTE 3:  EARNINGS PER SHARE

Basic  earnings  per share  ("EPS") is computed  by  dividing  net income by the
weighted-average  number of common  shares  outstanding  during the period  less
unvested  management  stock  bonus  plan  (MSBP)  and  unallocated  and  not yet
committed to be released  Employee Stock  Ownership Plan (ESOP) shares.  Diluted
EPS is  calculated  by  dividing  net income by the  weighted-average  number of
common shares used to compute basic EPS plus the incremental amount of potential
common stock determined by the treasury stock method.

                                     Page 5
<PAGE>
             CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
              Notes to Consolidated Condensed Financial Statements
                                  June 30, 2000
<TABLE>
<CAPTION>
                                                           For the Three Months ended June 30, 2000
                                                       Net Income      Average Shares   Per Share Amount
                                                    -------------------------------------------------------
Basic EPS
<S>                                                <C>                     <C>            <C>
  Net income available to common stockholders         $   157,000             791,141        $ 0.20
Effect of Dilutive Securities
  Incremental shares under stock option plan                   --                  --
  Incremental shares related to MSBP                           --                  --
                                                    -------------        ------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                               $   157,000             791,141        $ 0.20
                                                    =============        ============          ====
</TABLE>
<TABLE>
<CAPTION>
                                                           For the Three Months ended June 30, 1999
                                                       Net Income      Average Shares   Per Share Amount
                                                    -------------------------------------------------------
<S>                                                <C>                     <C>            <C>
Basic EPS
  Net income available to common stockholders         $   189,000             849,603        $ 0.22
Effect of Dilutive Securities
  Incremental shares under stock option plan                   --               6,251
  Incremental shares related to MSBP                           --                 493
                                                    -------------        ------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                               $   189,000             856,347        $ 0.22
                                                    =============        ============          ====
</TABLE>
<TABLE>
<CAPTION>

                                                           For the Nine Months ended June 30, 2000
                                                       Net Income      Average Shares    Per Share Amount
                                                   ---------------------------------------------------------
<S>                                               <C>                     <C>            <C>
Basic EPS
  Net income available to common stockholders         $   478,000             807,968        $ 0.59
                                                                                               ====
Effect of Dilutive Securities
  Incremental shares under stock option plan                   --                  --
  Incremental shares related to MSBP                           --                  --
                                                   --------------        ------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                               $   478,000             807,968        $ 0.59
                                                   ==============        ============          ====
</TABLE>
<TABLE>
<CAPTION>

                                                            For the Nine Months ended June 30, 1999
                                                       Net Income      Average Shares    Per Share Amount
                                                   ----------------------------------------------------------
<S>                                                 <C>                     <C>            <C>
Basic EPS
  Net income available to common stockholders         $   533,000             861,812        $ 0.62
Effect of Dilutive Securities
  Incremental shares under stock option plan                   --               5,716
  Incremental shares related to MSBP                           --                 469
                                                   --------------        ------------
Diluted EPS
  Income available to common stockholders plus
    assumed conversions                               $   533,000             867,997        $ 0.61

                                                   ==============        ============          ====
</TABLE>
                                     Page 6
<PAGE>
                     CRAZY WOMAN CREEK BANCORP INCORPORATED
              AND SUBSIDIARY Management Discussion and Analysis of
                  Financial Condition and Results of Operations
                                  June 30, 2000


FORWARD LOOKING STATEMENTS
--------------------------
The  Company  may  from  time  to time  make  written  or oral  "forward-looking
statements",  including  statements  contained in the Company's filings with the
Securities and Exchange  Commission  (including  this  Quarterly  Report on Form
10-QSB and the exhibits  thereto),  in its reports to stockholders  and in other
communications  by the  Company,  which  are made in good  faith by the  Company
pursuant to the "safe  harbor"  provision of the Private  Securities  Litigation
Reform Act of 1995.

These  forward-looking  statements  involve  risks  and  uncertainties,  such as
statements  of the  Company's  plans,  objectives,  expectations,  estimates and
intentions, that are subject to changes based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's  financial  performance to differ  materially from the
plans,  objectives,  expectations,  estimates and  intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and the strength of the local economy in which the Company conducts  operations;
the effects of, and changes in,  trade,  monetary and fiscal  policies and laws,
including  interest  rate  policies  of the board of  governors  of the  federal
reserve system, inflation, interest rates, market and monetary fluctuations; the
timely development of and acceptance of new products and services of the Company
and the  perceived  overall  value of these  products  and  services  by  users,
including the features,  pricing and quality  compared to competitors'  products
and services;  the willingness of users to substitute  competitors' products and
services for the Company's products and services;  the success of the Company in
gaining  regulatory  approval of its products and services,  when required;  the
impact of changes in financial  services' laws and  regulations  (including laws
concerning taxes,  banking,  securities and insurance);  technological  changes;
acquisitions; changes in consumer spending and saving habits; and the success of
the Company at managing the risks resulting from these factors.

The Company cautions that the listed factors are not exclusive. The Company does
not undertake to update any forward-looking statement,  whether written or oral,
that may be made from time to time by or on behalf of the Company.

GENERAL
-------
The  Company is a unitary  savings  and loan  holding  company of the Bank.  The
Company's  assets are comprised of its investment in the Bank, loans to the ESOP
and to the Bank,  and  shares in three  mutual  funds.  The Bank  operates  as a
traditional  savings  association,  attracting deposit accounts from the general
public and using  those  deposits,  together  with  other  funds,  primarily  to
originate and invest in fixed-rate  conventional  loans secured by single-family
residential  real estate.  The Bank also originates home equity,  consumer loans
and loans  secured  by savings  accounts.  The Bank  invests in  mortgage-backed
securities  (including Real Estate  Mortgage  Investment  Conduits  ("REMICs")),
municipal bonds, short-term and medium-term U.S. Agency securities.  To a lesser
extent, the Bank originates commercial real estate loans and business loans. The
Bank has hired a new commercial and agriculture loan officer.  This loan officer
will focus on our existing  commercial  customers and build a relationship  with
new commercial and agricultural customers with the focus of originating a larger
percentage  of these  types of loans in the  portfolio.  The Bank also  utilizes
funds  obtained from the Federal Home Loan Bank of Seattle  ("FHLB") to purchase
investment securities and to originate loans.

The Bank's net income is dependent  primarily on its net interest income,  which
is the difference between interest income earned on its interest-earning  assets

                                     Page 7
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000

and interest expense paid on interest-bearing  liabilities.  Net interest income
is determined by (i) the difference  between  yields earned on  interest-earning
assets and rates paid on interest-bearing liabilities (interest rate spread) and
(ii) the  relative  amounts  of  interest-earning  assets  and  interest-bearing
liabilities. The Bank's interest rate spread is affected by regulatory, economic
and competitive  factors that influence  interest rates, loan demand and deposit
flows.  To a lesser extent,  the Bank's net income also is affected by the level
of non-interest  income,  which primarily  consists of service charges and other
operating  income.  In  addition,  net  income  is  affected  by  the  level  of
non-interest (general and administrative) expenses.

FINANCIAL CONDITION
-------------------
At June 30, 2000,  assets totaled  $63.586  million  compared to total assets of
$63.661  million at September 30, 1999. Cash and cash  equivalents  decreased by
$650,000.  Investments securities available-for-sale increased $6,000. Net loans
increased by $589,000.  Other real estate owned decreased $73,000 as a result of
the sale of a repossessed property.  Deposits decreased by $605,000 from $34.257
million at September 30, 1999 to $33.652 million at June 30, 2000 primarily as a
result of decreases in certificates  of deposits and retirement  accounts offset
by a increase in Now and money market checking accounts. Advances from the FHLB,
used for funding  loans,  increased  by $800,000 to $16.400  million at June 30,
2000.

At June 30, 2000,  stockholders'  equity  totaled  $13.054  million or 20.53% of
total assets  compared to $13.356 million or 20.98% of total assets at September
30,  1999.  The  decrease  in  stockholders'  equity was  primarily  due to cash
dividends  declared of  $280,000,  a decrease of $100,000 in  accumulated  other
comprehensive  income and the repurchase of 43,190 shares of common stock, which
more than offset current period earnings of $478,000.

ASSET QUALITY
-------------
Non-performing  assets  totaled  $14,000  at June  30,  2000,  or 0.02% of total
assets.  This  compares  to  $141,000  at  September  30, 1999 or 0.22% of total
assets.  Non-performing  loans at June 30, 2000 were comprised of three consumer
loans.

RESULTS OF OPERATIONS
---------------------
Comparison of Nine Months Ended June 30, 2000 and 1999.
-------------------------------------------------------
Net Income.
-----------
Net income for the nine months ended June 30, 2000 totaled $478,000
compared to $533,000  for the nine months  ended June 30,  1999.  Net income was
lower in 2000 than in 1999  primarily  due to a $60,000  increase in the cost of
Federal  Home Loan Bank of Seattle  ("FHLB")  advances  and $19,000  increase in
compensation  and  benefits  resulting  primarily  from  the  hiring  of  a  new
commercial  loan officer in April and other  non-interest  expense.  Federal tax
expense was $35,000  lower in 2000 than in 1999  primarily  due to a decrease in
net income before tax expense.

Interest Income.
----------------
For the nine months ended June 30, 2000 interest  income  totaled $3.259 million
compared  to  $3.254  million  for the nine  months  ended  June 30,  1999 for a
decrease  of $5,000.  A decrease  in the volume of average  earning  assets from
$61.843  million for the nine months ended June 30, 1999 to $61.664  million for
the same period in 2000  caused  interest  income to  decrease  by  $11,000.  An
increase was  experienced in the yield on average  earning assets from 7.02% for
the nine months  ended June 30, 1999 to 7.05% for the nine months ended June 30,
2000, which attributed to a $16,000 increase in interest  income.

                                     Page 8

<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000

Interest  Expense.  Total  interest  expense  increased by
$72,000  from $1.796  million for the nine months  ended June 30, 1999 to $1.868
million for the same period in 2000.  This was primarily a result of an increase
in the volume and the cost of average interest-bearing liabilities.

Interest  expense for deposits  increased by $12,000 from $1.188 million for the
nine months ended June 30,1999 to $1.2 million for the same period in 2000.  The
cost of  average  interest-bearing  deposits  decreased  from 4.80% for the nine
months  ended June 30,  1999 to 4.76% for the nine months  ended June 30,  2000,
which caused interest  expense for deposits to decrease by $10,000.  An increase
in the volume of average interest-bearing  deposits from $32.987 million for the
nine  months  ended June 30, 1999 to $33.606  million for the nine months  ended
June 30, 2000, resulted in a $22,000 increase in interest expense for deposits.

Interest  expense for advances from the FHLB  increased by $60,000 from $608,000
for the nine months  ended June 30,1999 to $668,000 for the same period in 2000.
The cost of average interest-bearing advances from the FHLB increased from 5.42%
for the nine  months  ended June 30,  1999 to 5.63% for the same period in 2000.
This increase in the cost of average interest-bearing  advances caused a $24,000
increase in interest expense. Average  interest-bearing  advances increased from
$14.945  million for the nine months ended June 30, 1999 to $15.820  million for
the nine month period ended June 30,  2000,  resulting in a $36,000  increase in
interest expense on FHLB advances.

Net  Interest  Income.  Net  interest  income  decreased  by $67,000 from $1.458
million for the nine months  ended June 30, 1999 to $1.391  million for the nine
months ended June 30, 2000.  The decrease in net interest  income was  primarily
caused by the gradual increase in interest rates on the investment portfolio and
the  loan  portfolio  but  was  offset  by the  sharp  increase  in the  cost of
liabilities.  The increase in average  interest-bearing  liabilities  was larger
than the growth in average  interest-earning assets as evidenced by the decrease
of the ratio of  average  interest-earning  assets to  average  interest-bearing
liabilities  from  129.91% in 1999 to 124.71% in 2000,  as a result net interest
income decreased.

Net interest  margin declined from 3.14% for the nine months ended June 30, 1999
to 3.01% for the nine months ended June 30,  2000.  The decrease in net interest
margin  was  primarily   caused  by  the  volume  of  average   interest-bearing
liabilities  increasing  at a faster  pace than the volume of  average  interest
earning assets for the periods covered.

Provisions  for Loan Losses.  The Company  recorded a $6,000  provision for loan
losses for the nine months ended June 30, 1999;  no provision was required to be
recorded  during the nine months ended June 30, 2000.  Loan  charge-offs for the
nine  months  ended June 30,  2000  totaled  $12,000  while  recoveries  totaled
$37,000.  In 1999, loan  charge-offs  totaled $17,000 while  recoveries  totaled
$25,000.  In  determining  the provision for loan losses,  management  analyzes,
among  other  things,  the  composition  of the Bank's  loan  portfolio,  market
conditions  and the Bank's  market  area.  Management  has  determined  that the
reserve for loan losses was  adequate to cover any  anticipated  credit  losses.
There can be no  assurance  that the  allowance  for losses  will be adequate to
cover  losses  which may in fact be realized  in the future and that  additional
provisions will not be required.

Total Non-interest Income. Non-interest income increased by $21,000 from $43,000
for the nine months  ended June 30,  1999 to $64,000  for the nine months  ended
June 30, 2000. Fees generated from service  charges and other  operating  income
and no loss on sale of investment securities attributed to all the increase.

                                    Page 9
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000


Total Non-interest Expense. Total non-interest expense increased by $50,000 from
$736,000 for the nine months ended June 30, 1999 to $786,000 for the nine months
ended June 30,  2000.  The  increase was  primarily  attributed  to increases in
expenses related to  compensation,  occupancy and equipment,  advertising,  data
processing costs, other  non-interest  expenses and a decrease in FDIC insurance
premiums, and professional fees.

Provision  for Income  Taxes.  The  effective tax rate for the nine months ended
June 30, 2000 and 1999 was 28.55% and 29.78%, respectively.

Comparison of Three Months Ended June 30, 2000 and 1999.
--------------------------------------------------------

Net Income. Net income for the three months ended June 30, 2000 totaled $157,000
compared to $189,000 for the three  months  ended June 30, 1999.  Net income was
lower in 2000 than in 1999  primarily  due to a $35,000  increase in the cost of
Federal Home Loan Bank of Seattle  ("FHLB")  advances and a $22,000  increase in
compensation  and  benefits  resulting  primarily  from  the  hiring  of  a  new
commercial loan officer in April of 2000.

Interest  Income.  For the three  months ended June 30,  2000,  interest  income
totaled  $1.091  million  compared to $1.076  million for the three months ended
June 30, 1999. A decrease in the volume of average  earning  assets from $62.558
million for the three months ended June 30, 1999 to $61.561 million for the same
period in 2000 caused  interest  income to decrease by $13,000.  An increase was
experienced  in the yield on  average  earning  assets  from 6.88% for the three
months  ended June 30, 1999 to 7.09% for the three  months  ended June 30, 2000,
which attributed to a $28,000 increase in interest income.

Interest Expense.  Total interest expense increased by $29,000 from $600,000 for
the three  months  ended June 30, 1999 to $629,000  for the same period in 2000.
This  was   primarily   a  result  of  an   increase  in  the  cost  of  average
interest-bearing liabilities.

Interest  expense for deposits  decreased  by $6,000 from  $389,000 for the nine
months ended June  30,1999 to $383,000 for the same period in 2000.  The cost of
average  interest-bearing  deposits  decreased slightly from 4.70% for the three
months  ended June 30, 1999 to 4.65% for the three  months  ended June 30, 2000,
which caused interest  expense for deposits to decrease by $4,000. A decrease in
the volume of average  interest-bearing  deposits  from $33.100  million for the
three months  ended June 30, 1999 to $32.966  million for the three months ended
June 30, 2000, resulted in a $2,000 decrease in interest expense for deposits.

Interest  expense for advances from the FHLB  increased by $35,000 from $211,000
for the nine months  ended June 30,1999 to $246,000 for the same period in 2000.
The cost of average interest-bearing advances from the FHLB increased from 5.26%
for the three  months  ended June 30, 1999 to 6.02% for the same period in 2000.
This increase in the cost of average interest-bearing  advances caused a $30,000
increase in interest expense. Average  interest-bearing  advances increased from
$16.041  million  for the three  month  period  ended  June 30,  1999 to $16.334
million for the three month period  ended June 30,  2000,  resulting in a $5,000
increase in interest expense for advances.

Net Interest Income.  Net interest income decreased by $14,000 from $476,000 for
the three months ended June 30, 1999 to $462,000 for the three months ended June
30,  2000.  The  decrease in net  interest  income was  primarily  caused by the
increase in the cost of  interest-bearing  liabilities.  The decrease in


                                    Page 10

<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000

average  interest-earning  assets was not offset by a corresponding  decrease in
average interest-bearing  liabilities. as evidenced by the decrease of the ratio
of average interest-earning assets to average interest-bearing  liabilities from
127.30%  in 1999 to  124.87%  in  2000.  The  increase  in the  cost of  average
interest-bearing  liabilities  was the  major  factor  for the  decrease  in net
interest income.

Net interest margin declined from 3.04% for the three months ended June 30, 1999
to 3.00% for the three months ended June 30, 2000.  The decrease in net interest
margin was primarily caused by the disproportionate increase in interest-bearing
liabilities over interest-earning assets.

Provisions  for Loan Losses.  No provision was recorded  during the three months
ended June 30, 2000 and 1999.  Loan  charge-offs for the three months ended June
30,  2000  totaled  $8,000  while  recoveries  totaled  $5,000.  In  1999,  loan
charge-offs totaled $6,000 while recoveries totaled $8,000.

Total Non-interest  Income.  Total non-interest  income increased by $7,000 from
$15,000 for the three months ended June 30, 1999 to $22,000 for the three months
ended June 30, 2000 primarily due to a increase in customer  service charges and
no loss on sale of investment  securities during the three months ended June 30,
2000.

Total Non-interest Expense. Total non-interest expense increased by $52,000 from
$226,000  for the three  months  ended June 30, 1999 to  $278,000  for the three
months ended June 30, 2000. There were increases in compensation,  occupancy and
equipment,  advertising,  data  processing  fees,  professional  fees and  other
non-interest  expenses,  while  there  was a  slight  decrease  in FDIC  deposit
insurance premiums.

Provision  for Income  Taxes.  The effective tax rate for the three months ended
June 30, 2000 and 1999 was 23.79% and 28.68%,  respectively.  The lower tax rate
for the quarter ended June 30, 2000  resulted from a tax benefit not  previously
recognized, which was recorded in the current quarter.

YEAR 2000
---------

Like many financial  institutions,  we rely on computers to conduct our business
and  information  systems  processing.  Industry  experts were concerned that on
January 1, 2000,  some  computers  might not be able to  interpret  the new year
properly,  causing computer  malfunctions.  Some banking industry experts remain
concerned that some computers may not be able to interpret  additional  dates in
the year 2000  properly.  We have operated and evaluated our computer  operating
systems  following  January  1,  2000 and  have not  identified  any  errors  or
experienced  any computer system  malfunctions.  We will continue to monitor our
information systems to assess whether our systems are at risk of misinterpreting
any future dates and will develop  appropriate  contingency plans to prevent any
potential system malfunction or correct any system failures. The Company has not
been informed of any such problem  experienced  by its vendors or its customers,
nor by any of the municipal agencies that provide services to the Company.

Nevertheless,  it is too soon to  conclude  that there will not by any  problems
arising  from the  Year  2000  problem,  particularly  at some of the  Company's
vendors.  The Company  will  continue to monitor its  significant  vendors  with
respect to Year 2000  problems they may encounter as those issues may effect the
Company's  ability  to  continue  operations,  or  might  adversely  affect  the
Company's financial position,  results of operations and cash flows. The Company
does not  believe at this time that these  potential  problems  will  materially
impact the  ability of the  Company to  continue  its  operations,  however,  no
assurance can be given that this will be the case.

                                    Page 11
<PAGE>

              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000

The  expectations  of the  Company  contained  in this  section of Year 2000 are
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform Act of 1995 and involve  substantial  risks and uncertainties
that may cause actual results to differ  materially  from those indicated by the
forward looking  statements.  All forward looking  statements in the section are
based on information available to the Company on the date of this document,  and
the Company assumes no obligation to update such forward looking statements.

CAPITAL COMPLIANCE AND LIQUIDITY
--------------------------------

Capital Compliance.  The following table presents the Bank's compliance with its
regulatory capital requirements:

                                                      At June 30, 2000
                                               --------------------------------
                                                                    Percentage
                                                 Amount              of Assets
                                               ----------         -------------
                                                     (Dollars in thousands)
GAAP Capital.............................        $ 11,106

Tangible capital.........................        $ 11,913               18.81%
Tangible capital requirement.............             947                1.50%
                                                ---------            --------
Excess...................................        $ 10,966               17.31%
                                                =========            ========

Core capital.............................        $ 11,913               18.81%
Core capital requirements................           1,898                3.00%
                                                ---------            --------
Excess...................................        $ 10,015               15.81%
                                                =========            ========

Total risk-based capital (1).............        $ 12,187               48.31%
Total risk-based capital requirement (1).           2,017                8.00%
                                                ---------            --------
Excess (1)...............................        $ 10,170               40.31%
                                                =========            ========

1)  Based on risk-weighted assets of $25,228


Management  believes that under current  regulations,  the Bank will continue to
meet its minimum capital  requirements in the foreseeable future.  Events beyond
the control of the Bank,  such as increased  interest rates or a downturn in the
economy  in areas in which  the Bank  operates  could  adversely  affect  future
earnings  and, as a result,  the ability of the Bank to meet its future  minimum
capital requirements.

The Bank,  before  and after any  proposed  capital  distributions  must meet or
exceed all  capital  requirements,  may make  capital  distributions  with prior
notice to the  Office of Thrift  Supervision  during any  calendar  year up to a
total of current  year net income and the  preceding  two years net income  less
dividends  paid during the previous two years.  The Bank  currently  exceeds all
capital  requirements  and has been  assessed  as  "well-capitalized"  under the
regulatory guidelines.

Liquidity.  The Bank's  liquidity is a measure of its ability to fund loans, pay
withdrawals of deposits,


                                    Page 12

<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                  (Continued)
                                  June 30, 2000

and other cash  outflows in an  efficient,  cost  effective  manner.  The Bank's
primary source of funds are deposits and scheduled  amortization  and prepayment
of loans.  During the past several years, the Bank has used such funds primarily
to  fund  maturing  time  deposits,   pay  savings  withdrawals,   fund  lending
commitments,  purchase new investments,  and increase liquidity.  The Bank funds
its operations  internally but supplements  with borrowed funds from the FHLB of
Seattle.  As of June 30, 2000 such borrowed funds totaled $16.400 million.  Loan
payments and maturing  investments  are greatly  influenced by general  interest
rates, economic conditions and competition.

The Bank is required  under federal  regulations to maintain  certain  specified
levels of "liquid  investments,"  which include certain United States government
obligations and other approved investments. Current regulations require the Bank
to maintain liquid assets of not less than 4% of its net  withdrawable  accounts
plus short-term borrowings. Those levels may be changed from time to time by the
regulators  to  reflect  current  economic  conditions.  The Bank has  generally
maintained  liquidity  far in  excess of  regulatory  requirements.  The  Bank's
regulatory  liquidity  was  68.07%  and  62.37%  at  June  30,  2000  and  1999,
respectively.

The amount of  certificate  accounts and FHLB  advances  which are  scheduled to
mature  during the twelve months  ending June 30, 2001 is  approximately  $13.96
million and $6.70  million,  respectively.  To the extent that these deposits do
not remain at the Bank upon  maturity,  the Bank  believes  that it can  replace
these  funds  with  deposits,   excess  liquidity,   FHLB  advances  or  outside
borrowings. It has been the Bank's experience that a substantial portion of such
maturing deposits remain at the Bank. No assurances,  however,  can be made that
deposits can be maintained in the future without further  increasing the cost of
funds if interest rates continue to increase.

At June 30, 2000, the Bank had loan commitments  outstanding of $412,000.  Funds
required to fill these  commitments  are derived  primarily  from current excess
liquidity,  deposit inflows or loan and investment and mortgage-backed  security
repayments.

The  Company's  primary  source of liquidity on a stand alone basis is dividends
from the Bank. As indicated  above under Capital  Compliance,  dividends paid by
the Bank are subject to regulatory  restrictions.  The Bank has paid $760,000 in
dividends  for the nine  months  ended June 30,  2000,  to the  Company  for the
purpose  of  repurchasing  common  stock and the  payment of cash  dividends  to
stockholders.

IMPACT OF INFLATION AND CHANGING PRICES
---------------------------------------

The  consolidated  financial  statements  of  the  Company  and  notes  thereto,
presented  elsewhere  herein,  have been prepared in accordance with GAAP, which
require the measurement of financial  position and operating results in terms of
historical  dollars without  considering  the change in the relative  purchasing
power of money over time due to inflation.  The impact of inflation is reflected
in the  increased  cost of the  Company's  operations.  Unlike  most  industrial
companies,  nearly all the assets and  liabilities of the Company are financial.
As a result,  interest rates have a greater impact on the Company's  performance
than do the  effects  of  general  levels of  inflation.  Interest  rates do not
necessarily  move in the same  direction  or to the same extent as the prices of
goods and services.

                                    Page 13
<PAGE>
              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY
            Management Discussion and Analysis of Financial Condition
                            and Result of Operations
                                   (Continued)
                                  June 30, 2000

KEY OPERATING RATIOS
<TABLE>
<CAPTION>
                                                             Three Months Ended                     Nine Months Ended
                                                                  June 30,                               June 30,
                                                      ----------------------------------    -----------------------------------
                                                         2000 (1)           1999 (1)           2000 (1)            1999 (1)
                                                      ---------------    ---------------    ---------------     ---------------
                                                                   (Dollars in thousands, except per share data)
                                                                                    (Unaudited)

<S>                                                         <C>               <C>                <C>                  <C>
Return on average assets..........................             1.00%             1.14 %             1.02 %               1.16%
Return on average equity..........................             4.88%             5.05 %             4.55 %               5.10%
Interest rate spread..............................             1.99%             2.03 %             2.02 %               2.03%
Net interest margin...............................             3.00%             3.14 %             3.01 %               3.19%
Non-interest expense to average assets............             1.77%             1.70 %             1.62 %               1.63%
Net charge-offs to average outstanding loans......             0.01%            (0.01)%             0.09 %               0.04%

                                                      At June 30, 2000   At September 30,
                                                                               1999
                                                      ------------------ ------------------
Nonaccrual and 90 days past due loans.............              $ 12               $ 68
Repossessed real estate, held under judgment.....                 --                 73
                                                      ---------------    ---------------
  Total nonperforming assets......................                12                141
Nonperforming loans to total loans................             0.04%              0.47%
Nonperforming assets to total assets..............             0.02%              0.22%
Book value per share (2)..........................            $15.44             $15.10

</TABLE>
----------------
(1)  The ratios for the three- and nine-month periods are annualized.
(2)  The number of shares outstanding as of June 30, 2000 and September 30, 1999
     was 845,344 and 884,534,  respectively.  These include shares  purchased by
     the ESOP.

                                    Page 14
<PAGE>




                           PART II - OTHER INFORMATION
                           ---------------------------

Item 1.  Legal Proceedings
         -----------------
                  Neither  the  Company  nor the Bank was  engaged  in any legal
                  proceeding of a material nature at June 30, 2000. From time to
                  time,  the  Company  is a party  to legal  proceedings  in the
                  ordinary  course of business  wherein it enforces its security
                  interest in loans.

Item 2.  Changes in Securities and Use of Proceeds
         -----------------------------------------
                  Not applicable.

Item 3.  Defaults Upon Senior Securities
         -------------------------------
                  Not applicable.

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

                  Not applicable.

Item 5.  Other Information
         -----------------
         The Company  announced  that the board of directors has  authorized the
         repurchase of up to 50,000 shares of the  Company's  common stock.  The
         repurchase  program  follows the repurchase of 194,202 shares of common
         stock since the Bank's mutual-to-stock conversion in March 1996.

         The repurchase will be made in open-market transactions over a one-year
         period subject to the  availability  of stock and pursuant to the terms
         of the  Company's  repurchase  plan.  Repurchased  shares  will  become
         authorized  but  unissued  shares  and  will be  utilized  for  general
         corporate  and other  purposes,  including  the  issuance  of shares in
         connection  with the exercise of stock options.  Any  repurchase  could
         have an  adverse  effect on the  Company's  ability to be listed on the
         Nasdaq Small Cap market.

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

          (a)  Exhibits

               Exhibit 27 -- Financial Disclosure Schedule (in electronic filing
               only)

          (b)  Reports on Form 8-K

               None.

                                   Page 15


<PAGE>


              CRAZY WOMAN CREEK BANCORP INCORPORATED AND SUBSIDIARY

                                   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.


                           CRAZY WOMAN CREEK BANCORP INCORPORATED



Date: August 10, 2000      By: /s/ Deane D. Bjerke
                               -------------------
                               Deane D. Bjerke
                               President and Chief Executive Officer
                               (Principal Executive Officer)



Date: August 10, 2000      By: /s/ John B. Snyder
                               ------------------
                               John B. Snyder
                               Vice President and Chief Financial Officer
                               (Principal Accounting and Financial Officer)