<PAGE>
                                  FORM 10-QSB

                        SECURITIES AND EXCHANGE COMMISSION 
                             Washington, D. C. 20549 

(Mark One)
 
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 1997
                               --------------
                OR
 
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
 
For the transition period from ________ to ________
 
Commission File No. 33-84132
 
                   COMMUNITY INVESTORS BANCORP, INC. 
------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)
 

     Ohio                                      34-1779309
-------------------------------                ----------------------
(State or other jurisdiction of                (I.R.S. Employer
incorporation or organization)                 Identification Number)

119 South Sandusky Avenue
Bucyrus, Ohio                                  44820 
-------------------------------                ----------
(Address of principal                          (Zip Code) 
executive office)

 
    Issuers' telephone number, including area code: (419) 562-7055
                                                          --------
 
    Check whether the issuer (1) has filed all reports required to be filed 
by Section 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
    ---                                            --- 
    As of May 9, 1997, the latest practicable date, 632,946 shares of the
registrant's common stock, $.01 par value, were issued and outstanding.
 
                               Page 1 of 16 Pages
<PAGE>

                                     INDEX
 


                                                                       PAGE
                                                                       ----

PART I -       FINANCIAL INFORMATION

               Consolidated Statements of Financial Condition             3

               Consolidated Statements of Earnings                        4

               Consolidated Statements of Cash Flows                      5

               Notes to Consolidated Financial Statements                 7

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


PART II -      OTHER INFORMATION                                         15


SIGNATURES                                                               16

                                       2
<PAGE>

 
                       Community Investors Bancorp, Inc.
 
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
                        (In thousands, except share data)
 
<TABLE>
<CAPTION>
                                                                                   MARCH 31,       JUNE 30,
                                                                                     1997           1996
                                                                                   ---------       --------
<S>                                                                                <C>             <C>
     ASSETS

Cash and due from banks..................................................             $2,076      $   1,094
Federal funds sold.......................................................                 60             21
Interest-bearing deposits in other financial institutions................                832            794
                                                                                      ------         ------
    Cash and cash equivalents............................................              2,968          1,909
                                                                                  
Investment securities available for sale -- at market....................              6,499          6,201
Investment securities--at amortized cost, approximate market value of            
    $9,667 and $12,728 as of March 31, 1997 and June 30, 1996............              9,829         12,891
Mortgage-backed securities--at amortized cost, approximate market value     
    of $1,928 and $2,794 as of March 31, 1997 and June 30, 1996..........              1,952          2,783
Loans receivable--net....................................................             74,110         66,255
Property acquired in settlement of loans.................................                 57             81
Office premises and equipment--at depreciated cost.......................                566            525
Federal Home Loan Bank stock--at cost....................................                742            575
Accrued interest receivable on loans.....................................                 78             66
Accrued interest receivable on mortgage-backed securities................                 17             19
Accrued interest receivable on investments and interest-bearing deposits.                323            251
Prepaid expenses and other assets........................................                209           109
Deferred federal income taxes............................................                 96            122
                                                                                       ------         ------
     Total assets........................................................             $97,446        $91,787
                                                                                      -------        -------
                                                                                      -------        -------
     LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits.................................................................             $72,015      $  69,911
Advances from the Federal Home Loan Bank.................................              13,631          9,884
Advances by borrowers for taxes and insurance............................                  12              6
Accrued interest payable.................................................                 331            290
Other liabilities........................................................                  97            156
Accrued federal income taxes.............................................                 139             54
                                                                                     --------       --------
    Total liabilities....................................................              86,225         80,301

Stockholders' equity
 Preferred stock, 1,000,000 shares authorized, no par value; 
   no shares issued.....................................................                   --             --
 Common stock, 4,000,000 shares authorized, $.01 par value; 
   738,146 shares issued................................................                    7              7
Additional paid-in capital..............................................                6,831          6,800
Retained earnings, restricted...........................................                6,975          6,796
Shares acquired by stock benefit plans..................................                 (890)          (995)
Less 105,200 and 71,900 shares of treasury stock--at cost...............               (1,709)        (1,117)
Unrealized gains (losses) on securities designated as available for sale, 
   net of related tax effects...........................................                    7             (5) 
                                                                                    ---------      ---------
    Total stockholders' equity..........................................               11,221         11,486
                                                                                    ---------      ---------
    Total liabilities and stockholders' equity..........................              $97,446      $  91,787
                                                                                    ---------      ---------
                                                                                    ---------      ---------
</TABLE>
                                       3
<PAGE>

                         Community Investors Bancorp, Inc.
 
                        CONSOLIDATED STATEMENTS OF EARNINGS
 
                         (In thousands, except share data)
 
<TABLE>
<CAPTION>
                                                                              NINE MONTHS ENDED     THREE MONTHS ENDED
                                                                                  MARCH 31,             MARCH 31,
                                                                             --------------------  --------------------
<S>                                                                          <C>        <C>        <C>        <C>
                                                                               1997       1996       1997       1996
                                                                             ---------  ---------  ---------  ---------
Interest income
  Loans....................................................................  $   4,398  $   3,845  $   1,489  $   1,217
  Mortgage-backed securities...............................................        109        139         32         44
  Investment securities....................................................        917        967        311        403
  Interest-bearing deposits and other......................................         20         66          4         25
                                                                             ---------  ---------  ---------  ---------
     Total interest income.................................................      5,444      5,017      1,836      1,689

Interest expense
  Deposits.................................................................      2,451      2,668        817        864
  Borrowings...............................................................        566         78        210         29
                                                                             ---------  ---------  ---------  ---------
     Total interest expense................................................      3,017      2,746      1,027        893
                                                                             ---------  ---------  ---------  ---------
     Net interest income...................................................      2,427      2,271        809        796

Provision for losses on loans..............................................        118        137         22         44
                                                                             ---------  ---------  ---------  ---------
     Net interest income after provision for losses on loans...............      2,309      2,134        787        752

Other income
  Gain on sale of investment securities designated as available for sale...     --             59     --         --
  Gain on sale of other repossessed assets.................................          1     --         --         --
  Other operating..........................................................         99        106         33         33
                                                                             ---------  ---------  ---------  ---------
     Total other income....................................................        100        165         33         33

General, administrative and other expense
  Employee compensation and benefits.......................................        615        552        227        207
  Occupancy and equipment..................................................         97         77         36         25
  SAIF recapitalization assessment.........................................        458     --         --         --
  Federal deposit insurance premiums.......................................         84        121         10         41
  Franchise taxes..........................................................        118         62         43         23
  Expenses of property acquired in settlement of loans.....................         54         45         13         16
  Data processing..........................................................        118        109         42         40
  Other operating..........................................................        324        384         79        112
                                                                             ---------  ---------  ---------  ---------
     Total general, administrative and other expense.......................      1,868      1,350        450        464
                                                                             ---------  ---------  ---------  ---------
     Earnings before income taxes..........................................        541        949        370        321

Federal income taxes
  Current..................................................................        163        330        129        123
  Deferred.................................................................         19     --             (4)    --
                                                                             ---------  ---------  ---------  ---------
     Total federal income taxes............................................        182        330        125        123
                                                                             ---------  ---------  ---------  ---------
     NET EARNINGS..........................................................  $     359  $     619  $     245  $     198
                                                                             ---------  ---------  ---------  ---------
                                                                             ---------  ---------  ---------  ---------
     EARNINGS PER SHARE....................................................  $     .60  $     .91  $     .41  $     .29
                                                                             ---------  ---------  ---------  ---------
                                                                             ---------  ---------  ---------  ---------
</TABLE>
                                        4
<PAGE>

                       Community Investors Bancorp, Inc.

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the nine months ended March 31,

                               (In thousands)

<TABLE>
<CAPTION>
                                                                             1997       1996
                                                                           ---------  ---------
<S>                                                                        <C>        <C>
Cash flows from operating activities:
  Net earnings for the period............................................  $     359  $     619
  Adjustments to reconcile net earnings to net cash provided by (used in)
    operating activities:
    Amortization of discounts and premiums on loans, investments and
    mortgage-backed securities--net......................................        (20)         8
    Amortization of deferred loan origination fees.......................        (63)       (41)
    Depreciation and amortization........................................         32         28
    Provision for losses on loans........................................        118        137
    Amortization expense of stock benefit plans..........................        148        109
    Gain on sale of investment securities................................     --            (59)
    Federal Home Loan Bank stock dividends...............................        (22)       (29)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans...............................        (12)        (1)
      Accrued interest receivable on mortgage-backed securities..........          2          8
      Accrued interest receivable on investments and interest-bearing
        deposits.........................................................        (72)        64
      Prepaid expenses and other assets..................................       (100)       (57)
      Accrued interest payable...........................................         41         11
      Other liabilities..................................................        (59)       (61)
      Federal income taxes
        Current..........................................................         85        (49)
        Deferred.........................................................         19     --
                                                                           ---------  ---------
      Net cash provided by operating activities..........................        456        687

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities........................      4,332      6,095
  Proceeds from sale of securities designated as available for sale......     --          2,659
  Purchase of investment securities designated as available for sale.....     (1,030)    --
  Purchase of investment securities designated as held to maturity.......       (500)    (4,568)
  Principal repayments on mortgage-backed securities.....................        832      1,440
  Loans purchased........................................................     --           (359)
  Loan principal repayments..............................................     12,619      9,196
  Loan disbursements.....................................................    (20,705)   (12,679)
  Purchase of office premises and equipment..............................        (73)      (168)
  Proceeds from sale of other repossessed assets.........................        200        132
  Purchase of Federal Home Loan Bank stock...............................       (145)    --
                                                                           ---------  ---------
      Net cash provided by (used in) investing activities................     (4,470)     1,748
                                                                           ---------  ---------
      Net cash provided by (used in) operating and investing activities
        (subtotal carried forward).......................................     (4,014)     2,435
                                                                           ---------  ---------
</TABLE>
                                       5
<PAGE>

                      Community Investors Bancorp, Inc.

               CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
                     For the nine months ended March 31, 
                                (In thousands)
 
<TABLE>
<CAPTION>
                                                                              1997       1996
                                                                            ---------  ---------
<S>                                                                         <C>        <C>
      Net cash provided by (used in) operating and investing activities
        (subtotal brought forward)........................................  $  (4,014) $   2,435

Cash flows provided by financing activities:
  Net increase in deposit accounts........................................      2,104      1,084
  Proceeds from Federal Home Loan Bank advances...........................      7,250        500
  Repayment of Federal Home Loan Bank advances............................     (3,503)       (60)
  Advances by borrowers for taxes and insurance...........................          6          3
  Purchase of treasury stock..............................................       (592)      (566)
  Purchase of stock for employee benefit plans............................     --           (464)
  Dividends on common stock...............................................       (192)       (87)
                                                                            ---------  ---------
      Net cash provided by financing activities...........................      5,073        410
                                                                            ---------  ---------
Net increase in cash and cash equivalents.................................      1,059      2,845
Cash and cash equivalents at beginning of period..........................      1,909      1,077
                                                                            ---------  ---------
Cash and cash equivalents at end of period................................  $   2,968  $   3,922
                                                                            ---------  ---------
                                                                            ---------  ---------
Supplemental disclosure of cash flow information:
  Cash paid during the period for:
  Federal income taxes....................................................  $     107  $     385
                                                                            ---------  ---------
                                                                            ---------  ---------
  Interest on deposits and borrowings.....................................  $   2,976  $   2,735
                                                                            ---------  ---------
                                                                            ---------  ---------
Supplemental disclosure of noncash investing activities:
  Transfers from loans to other repossessed assets........................  $     176  $     120
                                                                            ---------  ---------
                                                                            ---------  ---------
  Unrealized gains on securities designated as available for sale, net of
    related tax effects...................................................  $      12  $      38
                                                                            ---------  ---------
                                                                            ---------  ---------
</TABLE>
                                       6
<PAGE>


                       COMMUNITY INVESTORS BANCORP, INC.
 
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
          For the nine and three months ended March 31, 1997 and 1996
 
1. BASIS OF PRESENTATION
 
    The accompanying unaudited consolidated financial statements were 
prepared in accordance with instructions for Form 10-QSB and, therefore, do 
not include information or footnotes necessary for a complete presentation of 
consolidated financial position, results of operations and cash flows in 
conformity with generally accepted accounting principles. Accordingly, these 
financial statements should be read in conjunction with the consolidated 
financial statements and notes thereto of the Corporation included in the 
Annual Report on Form 10-KSB for the year ended June 30, 1996. However, in 
the opinion of management, all adjustments (consisting of only normal 
recurring accruals) which are necessary for a fair presentation of the 
financial statements have been included. The results of operations for the 
nine and three month periods ended March 31, 1997 and 1996 are not 
necessarily indicative of the results which may be expected for an entire 
fiscal year.
  
2. PRINCIPLES OF CONSOLIDATION
 
    The accompanying consolidated financial statements include the accounts 
of Community Investors Bancorp, Inc. (the "Corporation") and First Federal 
Savings and Loan Association of Bucyrus (the "Association"). All significant 
intercompany items have been eliminated.
 
3. EARNINGS PER SHARE
 
    Earnings per share is computed based upon the weighted-average shares 
outstanding during the period plus those stock options that are dilutive, 
less shares in the ESOP that are unallocated and not committed to be 
released. Weighted-average common shares deemed outstanding, which gives 
effect to 47,174 unallocated ESOP shares, totaled 600,967 and 585,772 for the 
nine and three month periods ended March 31, 1997, respectively. 
Weighted-average common shares deemed outstanding, which gives effect to 
56,101 unallocated ESOP shares, totaled 682,045 for each of the nine and 
three month periods ended March 31, 1996. There is no dilutive effect 
associated with the Corporation's stock option plan.
 
4. EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS
 
    In October 1995, the Financial Accounting Standards Board (the "FASB") 
issued Statement of Financial Accounting Standards ("SFAS") No. 123, 
"Accounting for Stock-Based Compensation", establishing financial accounting 
and reporting standards for stock-based compensation plans. SFAS No. 123 
encourages all entities to adopt a new method of accounting to measure 
compensation cost of all stock compensation plans based on the estimated fair 
value of the award at the date it is granted. Companies are, however, allowed 
to continue to measure compensation cost for those plans using the intrinsic 
value based method of accounting, which generally does not result in 
compensation expense recognition for most plans. Companies that elect to 
remain with the existing accounting are required to disclose in a footnote to 
the financial statements pro forma net earnings and, if presented, earnings 
per share, as if SFAS No. 123 had been adopted. The accounting requirements 
of SFAS No. 123 are effective for transactions entered into during fiscal 
years that begin after December 15, 1995; however, companies are required to 
disclose information for awards granted in their first fiscal year beginning 
after December 15, 1994. Management has determined that the Corporation will 
continue to account for stock-based compensation pursuant to Accounting 
Principles Board Opinion No. 25, and therefore the disclosure provisions of 
SFAS No. 123 will have no effect on its consolidated financial condition or 
results of operations.
                                       7
<PAGE>
                       COMMUNITY INVESTORS BANCORP, INC.              
                                                                      
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)   
                                                                      
          For the nine and three months ended March 31, 1997 and 1996 


4. EFFECTS OF RECENT ACCOUNTING PRONOUNCEMENTS (continued) 

    In June 1996, the FASB issued SFAS No. 125, "Accounting for Transfers of 
Financial Assets, Servicing Rights, and Extinguishment of Liabilities", that 
provides accounting guidance on transfers of financial assets, servicing of 
financial assets, and extinguishment of liabilities. SFAS No. 125 introduces 
an approach to accounting for transfers of financial assets that provides a 
means of dealing with more complex transactions in which the seller disposes 
of only a partial interest in the assets, retains rights or obligations, 
makes use of special purpose entities in the transaction, or otherwise has 
continuing involvement with the transferred assets. The new accounting 
method, the financial components approach, provides that the carrying amount 
of the financial assets transferred be allocated to components of the 
transaction based on their relative fair values. SFAS No. 125 provides 
criteria for determining whether control of assets has been relinquished and 
whether a sale has occurred. If the transfer does not qualify as a sale, it 
is accounted for as a secured borrowing. Transactions subject to the 
provisions of SFAS No. 125 include, among others, transfers involving 
repurchase agreements, securitizations of financial assets, loan 
participations, factoring arrangements, and transfers of receivables with 
recourse.
     An entity that undertakes an obligation to service financial assets 
recognizes either a servicing asset or liability for the servicing contract 
(unless related to a securitization of assets, and all the securitized assets 
are retained and classified as held-to-maturity). A servicing asset or 
liability that is purchased or assumed is initially recognized at its fair 
value. Servicing assets and liabilities are amortized in proportion to and 
over the period of estimated net servicing income or net servicing loss and 
are subject to subsequent assessments for impairment based on fair value.
 
    SFAS No. 125 provides that a liability is removed from the balance sheet 
only if the debtor either pays the creditor and is relieved of its obligation 
for the liability or is legally released from being the primary obligor.
 
    SFAS No. 125 is effective for transfers and servicing of financial assets 
and extinguishment of liabilities occurring after December 31, 1997, and is 
to be applied prospectively. Earlier or retroactive application is not 
permitted. Management does not believe that adoption of SFAS No. 125 will 
have a material adverse effect on the Corporation's consolidated financial 
position or results of operations.
 
    In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", 
which requires companies to present basic earnings per share and, if 
applicable, diluted earnings per share, instead of primary and fully diluted 
earnings per share, respectively. Basic earnings per share is computed 
without including potential common shares, i.e., no dilutive effect. Diluted 
earnings per share is computed taking into consideration common shares 
outstanding and dilutive potential common shares, including options, 
warrants, convertible securities and contingent stock agreements. SFAS No. 
128 is effective for periods ending after December 15, 1997. Early adoption 
is not permitted. Based upon the provisions of SFAS No. 128, the 
Corporation's basic and diluted earnings per share for the nine month period 
ended March 31, 1997 would have each been $.60. Basic and diluted earnings 
per share for the three month period ended March 31, 1997 would have each 
been $.41.
 
                                       8
<PAGE>

                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS
 
FORWARD-LOOKING STATEMENTS
 
    In addition to historical information contained herein, the following 
discussion contains forward-looking statements that involve risks and 
uncertainties. Economic circumstances, the Corporation's operations and the 
Corporation's actual results could differ significantly from those discussed 
in the forward-looking statements. Some of the factors that could cause or 
contribute to such differences are discussed herein but also include changes 
in the economy and interest rates in the nation and the Corporation's market 
area generally.
 
    Some of the forward-looking statements included herein are the statements 
regarding management's determination of the amount of allowance for losses on 
loans, legislative changes with respect to the federal thrift charter and the 
effect of certain accounting pronouncements.
 

DISCUSSION OF FINANCIAL CONDITION CHANGES FROM JUNE 30, 1996 TO MARCH 31, 1997
 
    At March 31, 1997, the Corporation's assets totaled $97.4 million, an 
increase of $5.7 million, or 6.2%, over the $91.8 million of total assets at 
June 30, 1996. The increase in assets was funded through growth in the 
deposit portfolio of $2.1 million coupled with an increase in advances from 
the Federal Home Loan Bank of $3.7 million.
 
    Liquid assets (i.e. cash, interest-bearing deposits and investment 
securities) decreased by $1.7 million over the nine month period, to a total 
of $19.3 million at March 31, 1997, as investment securities purchases of 
$1.5 million were offset by maturities totaling $4.3 million. Regulatory 
liquidity amounted to 22.5% at March 31, 1997.
 
    Loans receivable increased by $7.9 million, or 11.9%, during the nine 
month period, to a total of $74.1 million at March 31, 1997. Loan 
disbursements amounted to $20.7 million and were partially offset by 
principal repayments of $12.6 million. Loan disbursements increased by $8.0 
million, or 63.3%, during the nine months ended March 31, 1997, as compared 
to the same period in 1996. The allowance for loan losses totaled $460,000 at 
March 31, 1997, as compared to $459,000 at June 30, 1996. Nonperforming loans 
totaled $645,000 at March 31, 1997, as compared to $636,000 at June 30, 1996. 
The allowance for loan losses represented 71.3% of nonperforming loans as of 
March 31, 1997 and 72.2% at June 30, 1996. Although management believes that 
its allowance for loan losses at March 31, 1997 is adequate based upon the 
available facts and circumstances, there can be no assurances that additions 
to such allowance will not be necessary in future periods, which could 
adversely affect the Corporation's results of operations.
 
    Deposits totaled $72.0 million at March 31, 1997, an increase of $2.1 
million, or 3.0%, over June 30, 1996 levels. Management continued its effort 
to achieve a moderate rate of growth in the deposit portfolio through 
marketing and pricing strategies.

                                       9
<PAGE>

                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS (CONTINUED)
 

DISCUSSION OF FINANCIAL CONDITION CHANGES FROM JUNE 30, 1996 TO 
     MARCH 31, 1997 (continued)

    The Association is required to meet each of three minimum capital 
standards promulgated by the Office of Thrift Supervision (OTS), hereinafter 
described as the tangible capital requirement, the core capital requirement 
and the risk-based capital requirement. The tangible capital requirement 
mandates maintenance of stockholders' equity less all intangible assets equal 
to 1.5% of adjusted total assets. The core capital requirement provides for 
the maintenance of tangible capital plus certain forms of supervisory 
goodwill equal to 3% of adjusted total assets, while the risk-based capital 
requirement mandates maintenance of core capital plus general loan loss 
allowances equal to 8% of risk-weighted assets as defined by OTS regulations.
 
    At March 31, 1997, the Association's tangible and core capital totaled 
$10.2 million, or 10.4%, of adjusted total assets, which exceeded the minimum 
requirements of $1.5 million and $2.9 million by $8.7 million and $7.5 
million, respectively. The Association's risk-based capital of $10.6 million, 
or 20.6% of risk-weighted assets, exceeded the current 8% requirement by $6.5 
million.
 
COMPARISON OF OPERATING RESULTS FOR THE NINE MONTH PERIODS ENDED 
     MARCH 31, 1997 AND 1996
 
GENERAL
 
    The Corporation's net earnings totaled $359,000 for the nine months ended 
March 31, 1997, a decrease of $260,000, or 42.0%, from the $619,000 of net 
earnings reported for the same period in 1996. The decline in earnings 
resulted primarily from a $458,000 charge recorded in the current period 
reflecting the assessment to recapitalize the Savings Association Insurance 
Fund (the "SAIF"), coupled with a $60,000 increase in general, administrative 
and other expense (excluding the above assessment), a $65,000 decrease in 
other income, which were partially offset by a $156,000 increase in net 
interest income, a $19,000 decrease in the provision for losses on loans and 
a $148,000 decrease in the provision for federal income taxes.
 
NET INTEREST INCOME
 
    Net interest income increased by $156,000, or 6.9%, for the nine months 
ended March 31, 1997, compared to the 1996 period. Interest income on loans 
and mortgage-backed securities increased by $523,000, or 13.1%, due primarily 
to a $10.8 million increase in the average balance of loans and 
mortgage-backed securities outstanding year-to-year. Interest income on 
investment securities and interest-bearing deposits decreased by $96,000, or 
9.3%, due primarily to a 158 basis point decrease in the average yield, to 
6.40% in the 1997 period, which was partially offset by a $2.3 million 
increase in the average portfolio balance outstanding.
 
    Interest expense on deposits decreased by $217,000, or 8.1%, due 
primarily to a 46 basis point decline in the cost of deposits year-to-year, 
to 4.57% in the 1997 period. Interest expense on borrowings increased by 
$488,000 during the current period, due primarily to a $12.0 million increase 
in the weighted-average balance of advances from the Federal Home Loan Bank 
outstanding.

                                       10
<PAGE>
                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS (CONTINUED)


COMPARISON OF OPERATING RESULTS FOR THE NINE MONTH PERIODS ENDED 
     MARCH 31, 1997 AND 1996 (continued)

NET INTEREST INCOME (continued)
 
    As a result of the foregoing changes in interest income and interest 
expense, net interest income increased by $156,000, or 6.9%, to a total of 
$2.4 million for the nine months ended March 31, 1997. The interest rate 
spread decreased to approximately 2.84% from 3.00% during the respective 1997 
and 1996 periods, while the net interest margin totaled approximately 2.53% 
in 1997, as compared to 2.73% in 1996.
 
PROVISION FOR LOSSES ON LOANS
 
    A provision for losses on loans is charged to earnings to bring the total 
allowance for loan losses to a level considered appropriate by management 
based on historical experience, the volume and type of lending conducted by 
the Association, the status of past due principal and interest payments, 
general economic conditions, particularly as such conditions relate to the 
Association's market area, and other factors related to the collectibility of 
the Association's loan portfolio. As a result of such analysis, management 
recorded a $118,000 provision for losses on loans during the nine month 
period ended March 31, 1997, a decrease of $19,000, or 13.9%, from the 1996 
period. There can be no assurance that the loan loss allowance of the 
Association will be adequate to cover losses on nonperforming assets in the 
future.
 
OTHER INCOME
 
    Other income decreased by $65,000, or 39.4%, for the nine months ended 
March 31, 1997, compared to the same period in 1996, due primarily to the 
recognition of a $59,000 gain on sale of investment securities in the 1996 
period.
 
GENERAL, ADMINISTRATIVE AND OTHER EXPENSE
 
    General, administrative and other expense increased by $518,000, or 
38.4%, during the nine months ended March 31, 1997, compared to the same 
period in 1996. This increase resulted primarily from the $458,000 charge 
recorded in September 1996 attendant to the aforementioned SAIF 
recapitalization. The deposit accounts of the Association and of other 
savings associations are insured by the FDIC in the SAIF. The reserves of the 
SAIF were below the level required by law, because a significant portion of 
the assessments paid into the fund are used to pay the cost of prior thrift 
failures. The deposit accounts of commercial banks are insured by the FDIC in 
the Bank Insurance Fund ("BIF"), except to the extent such banks have 
acquired SAIF deposits. The reserves of the BIF met the level required by law 
in May 1995. As a result of the respective reserve levels of the funds, 
deposit insurance assessments paid by healthy savings associations exceeded 
those paid by healthy commercial banks by approximately $.19 per $100 in 
deposits in 1995. In 1996, no BIF assessments were required for healthy 
commercial banks except for a $2,000 minimum fee.

                                       11
<PAGE> 
                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS (CONTINUED)


COMPARISON OF OPERATING RESULTS FOR THE NINE MONTH PERIODS ENDED 
     MARCH 31, 1997 AND 1996 (continued)

GENERAL, ADMINISTRATIVE AND OTHER EXPENSE (continued)
 
    Congress enacted legislation to recapitalize the SAIF and eliminate the 
significant premium disparity. The recapitalization plan provided for a 
special assessment of $.657 per $100 of SAIF deposits held at March 31, 1995, 
in order to increase SAIF reserves to the level required by law. In addition, 
the cost of prior thrift failures will be shared by both the SAIF and the 
BIF. This would likely increase BIF assessments by $.02 to $.025 per $100 in 
deposits. SAIF assessments would initially be set at the same level as BIF 
assessments and could never be reduced below the level for BIF assessments.
 
    The Association had $70.2 million in deposits at March 31, 1995. The 
special assessment level was finalized at $.657 per $100 in deposits, 
resulting in an assessment totaling $458,000, or $304,000 after-tax, which 
was recorded on September 30, 1996 and paid in November 1996. The special 
one-time assessment to recapitalize the SAIF is expected to cause federal 
deposit insurance premiums to be significantly reduced in future quarters, 
beginning January 1, 1997.
 
    A component of the recapitalization plan provides for the merger of the 
SAIF and BIF on January 1, 1999, if no insured depository institution is a 
savings association on that date. If the Association is required to convert 
to a bank charter, its operations and those of the Corporation will become 
subject to the applicable statutory and regulatory provisions of commercial 
banks and bank holding companies, respectively. Unless special grandfathering 
provisions are included in applicable legislation or regulations, the 
Corporation would become subject to the more restrictive activities 
limitations imposed on bank holding companies and the Association would 
become subject to general commercial banking rules. Those latter rules 
generally provide for less restrictive commercial and consumer lending 
authority but are more restrictive in such areas as service corporations 
investments. Under separate but related legislation, the Association is 
required to recapture, as taxable income, approximately $26,000 of its 
percentage of earnings bad debt deduction, which represents post-1987 
additions, and is unable to utilize the percentage of earnings method to 
compute its bad debt deduction in the future. The Association has provided 
deferred taxes for this amount and is permitted to amortize the recapture of 
its percentage of earnings bad debt deduction over nine years.
 
    Additionally, the increase in general, administrative and other expense 
resulted from a $63,000, or 11.4%, increase in employee compensation and 
benefits and a $56,000, or 90.3%, increase in franchise taxes, which were 
partially offset by a $60,000, or 15.6%, decrease in other operating expense. 
The increase in employee compensation and benefits resulted primarily from 
increased costs attendant to stock benefit plans, coupled with normal merit 
increases, while the increase in franchise taxes reflects the growth in the 
Corporation's equity year-to-year.
 
FEDERAL INCOME TAXES
 
    The provision for federal income taxes declined by $148,000, or 44.8%, 
for the nine months ended March 31, 1997, as compared to the same period in 
1996. This decline resulted primarily from the decrease in net earnings 
before taxes of $408,000, or 43.0%. The effective tax rates were 33.6% and 
34.8% for the nine months ended March 31, 1997 and 1996, respectively.

                                       12
<PAGE>
                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS (CONTINUED)

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 
    1997 AND 1996
 
GENERAL
 
    The Corporation reported net earnings totaling $245,000 for the three 
months ended March 31, 1997, an increase of $47,000, or 23.7%, from the 
$198,000 of net earnings reported for the same period in 1996. The increase 
in earnings resulted primarily from a $13,000 increase in net interest 
income, a $22,000 decline in the provision for loan losses and a $14,000 
decrease in general, administrative and other expense, which were partially 
offset by a $2,000 increase in the provision for federal income taxes.
 
NET INTEREST INCOME
 
    Net interest income increased by $13,000, or 1.6%, for the three months 
ended March 31, 1997, compared to the 1996 period. Interest income on loans 
and mortgage-backed securities increased by $260,000, or 20.6%, due primarily 
to an increase in the average balance of loans outstanding year-to-year. 
Interest income on investment securities and interest-bearing deposits 
decreased by $113,000, or 26.4%, due primarily to an increase in the average 
portfolio balance outstanding.
 
    Interest expense on deposits decreased by $47,000, or 5.4%, due primarily 
to a decline in the cost of deposits year-to-year. Interest expense on 
borrowings increased by $181,000 during the current period, due primarily to 
an increase in advances from the Federal Home Loan Bank.
 
PROVISION FOR LOSSES ON LOANS
 
    A provision for losses on loans is charged to earnings to bring the total 
allowance for loan losses to a level considered appropriate by management 
based on historical experience, the volume and type of lending conducted by 
the Association, the status of past due principal and interest payments, 
general economic conditions, particularly as such conditions relate to the 
Association's market area, and other factors related to the collectibility of 
the Association's loan portfolio. As a result of such analysis, management 
recorded a $22,000 provision for losses on loans during the three month 
period ended March 31, 1997. There can be no assurance that the loan loss 
allowance of the Association will be adequate to cover losses on 
nonperforming assets in the future.
       
OTHER INCOME
 
    Other income remained constant, totaling $33,000, for the three months 
ended March 31, 1997 and 1996.
                                       13
<PAGE> 
                     Community Investors Bancorp, Inc.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS (CONTINUED)

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTH PERIODS ENDED MARCH 31, 
    1997 AND 1996 (continued)

GENERAL, ADMINISTRATIVE AND OTHER EXPENSE
 
    General, administrative and other expense decreased by $14,000, or 3.0%, 
during the three months ended March 31, 1997, compared to the same period in 
1996.
 
    The decrease resulted primarily from a decrease of $31,000, or 75.6%, in 
federal deposit insurance premiums and a $33,000, or 29.5%, decrease in other 
operating expense which were partially offset by a $20,000, or 9.7%, increase 
in employee compensation and benefits and a $20,000, or 87.0%, increase in 
franchise taxes. The increase in employee compensation and benefits resulted 
primarily from an increase in costs attendant to stock benefit plans and 
normal merit increases. The increase in franchise taxes resulted from the 
growth in stockholders' equity year-to-year.
 
FEDERAL INCOME TAXES
 
    The provision for federal income taxes increased by $2,000, or 1.6%, for 
the three months ended March 31, 1997, as compared to the same period in 
1996. This increase resulted primarily from the increase in net earnings 
before taxes of $49,000, or 15.3%. The effective tax rates were 33.8% and 
38.3% for the three months ended March 31, 1997 and 1996, respectively.

                                       14
<PAGE>
 
                       Community Investors Bancorp, Inc.
 
                                    PART II
 
ITEM 1.    Legal Proceedings
          
           Not applicable
          

ITEM 2.    Changes in Securities
          
           Not applicable
          

ITEM 3.    Defaults Upon Senior Securities
          
           Not applicable
          

ITEM 4.    Submission of Matters to a Vote of Security Holders
          
           None
          

ITEM 5.    Other Materially Important Events
          
           None
 

ITEM 6.    Exhibits and Reports on Form 8-K
 
           None

                                       15
<PAGE>


                       Community Investors Bancorp, Inc.
 
                                   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.





    Date: May 12, 1997                       By: /s/John W. Kennedy 
                                                 --------------------
                                                 John W. Kennedy 
                                                 President and Chief 
                                                 Executive Officer


    Date: May 12, 1997                       By: /s/Robert W. Siegel 
                                                 --------------------
                                                 Robert W. Siegel 
                                                 Controller 


                                       16