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**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION**
Washington, D.C. 20549

**FORM 10-QSB**

**(Mark One)**

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

For the quarterly period ended **March 31, 2005**

/  /  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ________ to __________
Commission file number__________________________

**CITIZENS COMMUNITY BANCORP**

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|**United States**(State or other jurisdiction of incorporation or organization)         | **20-0663325**(IRS Employer Identification Number)
|--------------------------------------------------------------------------------------- | --------------------------------------------------
|                                                                                       
|**2174 EastRidge Center, Eau Claire, WI 54701**(Address of principal executive offices)
|                                                                                       
|**715-836-9994**Issuer's telephone number)                                             
|                                                                                       
|(Former name, former address and former fiscal year, if changed since last report)     

Check whether the issuer (1) filed all reports required to be filed by Section 13 and 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 /  /

**APPLICABLE ONLY TO CORPORATE ISSUERS**

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

At April 30, 2005, there were 3,015,518 shares of issuer's common stock outstanding.

Transitional Small Business Disclosure Format (Check one):   Yes /  /      No  /X/

|SEC2334 (1-04) | **Persons who are to respond to the collection of information contained in this form are	not required to respond unless the form displays a currently valid OMB control number.**
|-------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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**CITIZENS COMMUNITY BANCORP**

**INDEX**

|Part I - FINANCIAL INFORMATION | PageNumber
|------------------------------ | ----------
|                              
|                               | Item 1.   
|                              
|                               |           
|                              
|                               |           
|                              
|                               |           
|                              
|                               |           
|                              
|                               |           
|                              
|                               | Item 2.   
|                              
|                               | Item 3.   
|                              
|Part II - OTHER INFORMATION    | 17        
|                              
|SIGNATURES                     | 19        
|                              
|EXHIBITS                       | 20        

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|*Assets*                              | *March 31, 2005(unaudited)* | *September 30, 2004(audited)*
|------------------------------------- | --------------------------- | -----------------------------
|                                      |                             |                              
|Cash and cash equivalents             | $    2,888,293              | $    4,768,007               
|Loans receivable                      | 170,349,036                 | 152,930,540                  
|Allowance for loan losses             | (641,343)                   | (554,210)                    
|Loans receivable, net                 | 169,707,693                 | 152,376,330                  
|Office properties and equipment - Net | 2,218,231                   | 2,198,809                    
|Federal Home Loan Bank stock          | 1,200,000                   | 827,700                      
|Accrued interest receivable           | 515,704                     | 466,399                      
|Intangible assets                     | 335,721                     | 348,486                      
|Other assets                          | 1,244,740                   | 994,065                      
|**TOTAL ASSETS**                      | **$178,110,382**            | **$161,979,796**             
|                                      |                             |                              
|                                      |                             |                              
|*Liabilities and Equity*              | *March 31, 2005(unaudited)* | *September 30, 2004(audited)*
|                                      |                             |                              
|Liabilities:                          |                             |                              
|Deposits                              | $133,624,549                | $127,976,262                 
|Federal Home Loan Bank advances       | 24,000,000                  | 13,500,000                   
|Other Liabilities                     | 1,188,717                   | 897,611                      
|Total Liabilities****                 | **158,813,266**             | **142,373,873**              
|                                      |                             |                              
|Stockholders' Equity:                 |                             |                              
|Common Stock                          | 30,418                      | 30,418                       
|Additional Paid-in Capital            | 9,002,941                   | 9,029,696                    
|Retained Earnings                     | 12,164,673                  | 11,678,549                   
|Treasury Stock                        | (393,742)                   | 0                            
|Unearned ESOP Shares                  | (1,073,100)                 | (1,132,740)                  
|Unearned Compensation                 | (434,074)                   | 0                            
|Total Stockholders' Equity****        | **19,297,116**              | **19,605,923**               
|**TOTAL LIABILITIES AND EQUITY**      | **$178,110,382**            | **$161,979,796**             

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|**CITIZENS COMMUNITY BANCORP**                            
|----------------------------------------------------------
|Consolidated Statements of Income                         
|For the Three and Six Months Ended March 31, 2005 and 2004
|(Unaudited)                                               
|                                                          
|                                                          
|****                                                      
|                                                          
|****                                                      
|Interest and Dividend Income:                             
|Interest and fees on loans                                
|Other interest and dividend income                        
|*Total interest and dividend income*                      
|Interest expense                                          
|*Net Interest Income*                                     
|Provision for loan losses                                 
|*Net interest income after provision for loan losses*     
|**                                                        
|Noninterest Income:                                       
|Service charges on deposit accounts                       
|Insurance commissions                                     
|Loan fees and service charges                             
|Other                                                     
|*Total Noninterest Income*                                
|**                                                        
|Noninterest expense:                                      
|Salaries and related benefits                             
|Occupancy - Net                                           
|Office                                                    
|Data processing                                           
|Other                                                     
|*Total noninterest expense*                               
|**                                                        
|Income before provision for income tax                    
|Provision for income taxes                                
|                                                          
|Net income                                                
|                                                          
|*Basic and diluted earnings per share*                    

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**CITIZENS COMMUNITY BANCORP**

Consolidated Statements of Cash Flows
For the Six Months ended March 2005 and 2004

|                                                                    | *March 31, 2005(unaudited)* | *March 31, 2004(unaudited)*
|------------------------------------------------------------------- | --------------------------- | ---------------------------
|Increase (decrease) in cash and cash equivalents:                   |                             |                            
|Cash flows from operating activities:                               |                             |                            
|Net Income                                                          | $   583,990                 | $   367,922                
|Adjustments to reconcile net income to net cash provided            |                             |                            
|by operating activities:                                            |                             |                            
|Provision for depreciation                                          | 123,051                     | 130,395                    
|Provision for loan losses                                           | 202,136                     | 195,999                    
|Amortization of core deposit intangible                             | 12,765                      | 11,565                     
|Amortization of Restricted Stock                                    | 14,968                      | 0                          
|Federal Home Loan Bank stock dividends                              | (23,900)                    | (22,700)                   
|ESOP contribution expense in excess of shares released              | 25,327                      | 0                          
|Increase (decrease) in accrued interest receivable and other assets | (299,979)                   | (103,642)                  
|Increase in other liabilities                                       | 291,105                     | 45,892                     
|Total adjustments                                                   | 345,473                     | 257,509                    
|Net cash provided by operating activities                           | 929,463                     | 625,431                    
|Cash flows from investing activities:                               |                             |                            
|Purchase of Federal Home Loan Bank stock                            | (348,400)                   | 0                          
|Net increase in loans                                               | (17,533,499)                | (9,981,743)                
|Capital expenditures                                                | (142,474)                   | (57,165)                   
|Cash received for branch acquisition                                | 0                           | 6,970,198                  
|Net cash used in investing activities                               | (18,024,373)                | (3,068,710)                
|Cash flows from financing activities:                               |                             |                            
|Increase (decrease) in Borrowings                                   | 10,500,000                  | (3,700,000)                
|Increase (decrease) in deposits                                     | 5,648,288                   | (2,676,439)                
|Purchase 59,618 shares of common stock for RRP                      | (894,866)                   | 0                          
|Proceeds from sale of common stock                                  | 0                           | 9,166,656                  
|Formation of CCMHC                                                  | 0                           | (100,000)                  
|Loan to ESOP for purchase of common stock                           | 0                           | (1,192,360)                
|Reduction in unallocated shares held by ESOP                        | 59,640                      | 0                          
|Cash dividends paid                                                 | (97,866)                    | 0                          
|Net cash provided by financing activities                           | 15,215,196                  | 1,497,857                  
|Net increase (decrease) in cash and cash equivalents                | (1,879,714)                 | (945,422)                  
|Cash and cash equivalents at beginning                              | 4,768,007                   | 3,074,024                  
|Cash and cash equivalents at end                                    | $2,888,293                  | $2,128,602                 

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|Six Months Ended March 31, 2005                                                | Shares        | CommonStock | Treasury Stock | CapitalSurplus | RetainedEarnings | UnearnedESOPShares | UnearnedCompensation | Total          
|------------------------------------------------------------------------------ | ------------- | ----------- | -------------- | -------------- | ---------------- | ------------------ | -------------------- | ---------------
|Balance - Beginning of period                                                  | 3,041,750     | $30,418     | $           0  | $9,029,696     | $11,678,549      | $(1,132,740)       | $           0        | **$19,605,923**
|Comprehensive Income:                                                          |               |             |                |                |                  |                    |                      |                
|Net Income                                                                     |               |             |                |                | 583,990          |                    |                      | 583,990        
|Other Comprehensive Income                                                     |               |             |                |                | 0                |                    |                      | 0              
|Total Comprehensive Income                                                     |               |             |                |                | **583,990**      | ****               |                      | **583,990**    
|                                                                               |               |             |                |                |                  |                    |                      |                
|59,618 Shares of Common Stock purchased
    for Recognition and Retention Plan |               |             | (894,866)      |                |                  |                    |                      | **(894,866)**  
|Committed ESOP shares                                                          |               |             |                | 25,327         |                  | 59,640             |                      | **84,967**     
|33,386 Shares of Common Stock Awarded for 
    Recognition and Retention Plan  |               |             | 501,124        | (52,082)       |                  |                    | (449,042)            | **0**          
|Amortization of Restricted Stock                                               |               |             |                |                |                  |                    | 14,968               | **14,968**     
|Cash dividends ($0.05 per share)                                               |               |             |                |                | (97,866)         |                    |                      | **(97,866)**   
|Balance - End of Period                                                        | **3,041,750** | **$30,418** | **$(393,724)** | **$9,002,941** | **$12,164,673**  | **$(1,073,100)**   | **$(434,074)**       | **$19,297,116**

|Six Months Ended March 31, 2004                      | Shares        | CommonStock | TreasuryStock | CapitalSurplus     | RetainedEarnings | UnearnedESOPShares | Total          
|---------------------------------------------------- | ------------- | ----------- | ------------- | ------------------ | ---------------- | ------------------ | ---------------
|Balance - Beginning of period                        | 0             | $         0 | $     0       | $                0 | $10,990,936      | $               0  | **$10,990,936**
|Comprehensive Income:                                |               |             |               |                    |                  |                    |                
|Net Income                                           |               |             |               |                    | 367,922          |                    | 367,922        
|Other Comprehensive Income                           |               |             |               |                    | 0                |                    | 0              
|Total Comprehensive Income                           |               |             |               |                    | 367,922          |                    | 367,922        
|                                                     |               |             |               |                    |                  |                    |                
|Sale of Common Stock                                 | 978,650       | 9,787       |               | 9,156,869          |                  |                    | **9,166,656**  
|119,236 shares of common stock 
    acquired by ESOP |               |             |               |                    |                  | (1,192,360)        | (1,192,360)    
|Committed ESOP shares                                |               |             |               |                    |                  | 0                  | **0**          
|Capitalization of CCMHC                              | 2,063,100     | 20,631      |               | (20,631)           | (100,000)        |                    | **(100,000)**  
|Cash dividends ($0.05 per share)                     |               |             |               |                    |                  |                    |                
|Balance - End of Period                              | **3,041,750** | **$30,418** | **$     0**   | **$9,136,238**     | **$11,258,858**  | **$(1,192,360)**   | **$19,233,154**

---

---

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|                                                                                         | Three months ended | Six months ended
|---------------------------------------------------------------------------------------- | ------------------ | ----------------
|                                                                                         | March 31,2005      | March 31,2004   
|Net Earnings:                                                                           
|As Reported                                                                              | $383,906           | $185,253        
|Additional compensation cost under the
    fair value method, net of related tax effects | $ 11,144           | 0               
|Pro forma                                                                                | **$372,762**       | **$185,253**    
|                                                                                        
|**Basic Earnings Per Share:**                                                           
|As Reported                                                                              | $      0.13        | $       N.A.    
|Pro forma                                                                                | 0.13               | N.A.            
|**Diluted Earnings Per Share:**                                                         
|As reported                                                                              | $      0.13        | $       N.A.    
|Pro forma                                                                                | 0.13               | N.A.            

---

---

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|                                          | **Actual**  | **For CapitalAdequacy Purposes** | **To Be Well CapitalizedUnder Prompt CorrectiveAction Provisions**
|----------------------------------------- | ----------- | -------------------------------- | ------------------------------------------------------------------
|                                          | **Amount**  | **Ratio**                        | **Amount**                                                        
|*As of March 31, 2005  (Unaudited)*       | **          |                                  |                                                                   
|                                          |             |                                  |                                                                   
|Total capital (to risk weighted assets)   | $16,076,000 | 13.4%                            | $9,590,000                                                        
|                                          |             |                                  |                                                                   
|Tier 1 capital (to risk weighted assets)  | $15,592,000 | 13.0%                            | $4,795,000                                                        
|                                          |             |                                  |                                                                   
|Tier 1 capital (to adjusted total assets) | $15,592,000 | 8.8%                             | $7,111,000                                                        
|                                          |             |                                  |                                                                   
|Tangible capital (to tangible assets)     | $15,592,000 | 8.8%                             | $2,667,000                                                        
|                                          |             |                                  |                                                                   
|*As of September 30, 2004*                |             |                                  |                                                                   
|                                          |             |                                  |                                                                   
|Total capital (to risk weighted assets)   | $15,281,000 | 14.0%                            | $8,749,000                                                        
|                                          |             |                                  |                                                                   
|Tier 1 capital (to risk weighted assets)  | $14,870,000 | 13.6%                            | $4,374,480                                                        
|                                          |             |                                  |                                                                   
|Tier 1 capital (to adjusted total assets) | $14,870,000 | 9.2%                             | $6,469,000                                                        
|                                          |             |                                  |                                                                   
|Tangible capital (to tangible assets)     | $14,870,000 | 9.2%                             | $2,426,000                                                        

---

---

---

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|***Item 1.*** | **LEGAL PROCEEDINGS**                                                                                                                                                                                                                                                       
|------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             
|              | In the normal course of business, the Company occasionally becomes involved in various legal
proceedings.  In the opinion of management, any liability from such proceedings would not have a
material adverse effect on the business or financial condition of the Company.
|             
|***Item 2.*** | **CHANGES IN SECURITIES AND SMALL BUSINESS ISSUER PURCHASES OF
EQUITY SECURITIES**                                                                                                                                                                                          
|             
|              | The following table summarizes our share repurchase activity during the three months ended
March 31, 2005.                                                                                                                                                                  

|Period                                          | Total
Number of

Shares

Purchased | Average 
Price Paid

per Share | Total Number of
Shares Purchased as

Part of Publicly

Announced Plans | Maximum Number
of Shares That May

Yet be Purchased

Under the Plan
|----------------------------------------------- | ---------------------------------- | ------------------------------ | ---------------------------------------------------------------------- | -------------------------------------------------------------------
|January 1, 2005 through
    January 31, 2005    | NA                                 | NA                             | NA                                                                     | NA                                                                 
|February 1, 2005 through

    February 28, 2005 | 26,000                             | $15.01                         | 26,000                                                                 | 33,618                                                             
|March 1, 2005 through

    March 31, 2005       | 33,618                             | $15.01                         | 33,618                                                                 | 0                                                                  
|Total                                           | 59,618                             | $15.01                         | 59,618                                                                 | 0                                                                  

|***Item 3*.** | **DEFAULTS UPON SENIOR SECURITIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             
|              | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|             
|***Item 4.*** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|             
|              | At the Annual Meeting of Shareholders, dated February 4, 2005, four items of business were
voted upon:  The nominees to serve on the Board of Directors for terms to expire in the year 2008;
the adoption of the Citizens Community Bancorp 2004 Stock Option and Incentive Plan; the
adoption of the Citizens Community Bancorp 2004 Recognition and Retention Plan; and the
ratification of the appointment of Wipfli, LLP as independent auditors for the Company for the
fiscal year ending September 30, 2005.  Results of the voting were as follows:

|**Election of Directors**                                                 
|--------------------------------------------------------------------------
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|**2004 Stock Option and Incentive Plan (voting by minority stockholders)**
|                                                                          
|                                                                          
|                                                                          
|**2004 Recognition and Retention Plan (voting by minority stockholders)** 
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|**Ratification of Auditors**                                              
|                                                                          
|                                                                          

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|***Item 5.*** | **OTHER INFORMATION**                                                                                                                                                                                                                                  
|------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             
|              | As described in the Company's Form 8-K filing, on January 6, 2005 an agreement and plan of merger has been announced between the Company and Community Plus Savings Bank, a federally chartered mutual savings bank based in Rochester Hills, Michigan.
|             
|***Item 6.*** | **EXHIBITS**                                                                                                                                                                                                                                           
|             
|              | See Exhibit List.                                                                                                                                                                                                                                      
|             

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|**SIGNATURES**
|--------------

|      |              | **CITIZENS COMMUNITY BANCORP**
|----- | ------------ | ------------------------------
|Date: | May 11, 2005 |                               
|Date: | May 11, 2005 |                               

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|Regulation S–B
Exhibit Number | **Document**                                          | **Reference toPrior Filingor Exhibit Number
Attached Hereto**
|----------------------------- | ----------------------------------------------------- | -------------------------------------------------------------
|3(i)                          | Certificate of Incorporation of the Registrant        | *                                                            
|3(ii)                         | Amended Bylaws of the Registrant                      | **                                                           
|10                            | Material contracts:                                   |                                                              
|                              |                                                       | (a)                                                          
|                              |                                                       | (b)                                                          
|                              |                                                       | (c)                                                          
|                              |                                                       |                                                              
|                              |                                                       |                                                              
|                              |                                                       |                                                              
|                              |                                                       |                                                              
|                              |                                                       |                                                              
|                              |                                                       | (e)                                                          
|11                            | Statement Regarding Computation of Per Share Earnings | 11                                                           
|13                            | 2004 Annual Report to Stockholders                    | Not Required                                                 
|14                            | Code of Conduct and Ethics                            | **                                                           
|21                            | Subsidiaries of the Registrant                        | **                                                           
|23                            | Consent of Auditors                                   | Not Required                                                 
|31                            | Rule 13a–14(a)/15d–14(a) Certifications               | 31                                                           
|32                            | Section 1350 Certifications                           | 32                                                           

|*   | Filed as exhibit to the Company's Form SB–2 registration statement filed on December 29, 2003 (File No.333–111588)   pursuant
to Section 5 of the Securities Act of 1933.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**  | Filed as exhibit to the Company's Form 10-KSB filed with the SEC on December 29, 2004.                                                                                   
|*** | Filed as exhibit to the Company's Definitive Proxy Materials filed with the SEC on December 23, 2004.                                                                    

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