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         September 30, 1997
                               --------------------------------------------

                                       OR

[ ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File 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 November 10, 1997,  the latest  practicable  date,  902,371  shares of the
registrant's common stock, $.01 par value, were issued and outstanding.










                               Page 1 of 14 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                                               10


PART II - OTHER INFORMATION                                           13

SIGNATURES                                                            14






























                                        2



<PAGE>

<TABLE>
<CAPTION>

                        Community Investors Bancorp, Inc.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)


                                                                                      September 30,            June 30,
<S>                                                                                            <C>                 <C> 
         ASSETS                                                                                1997                1997

Cash and due from banks ................................................................  $     575           $     480
Federal funds sold .....................................................................         60                  60
Interest-bearing deposits in other financial institutions ..............................        873               1,870
                                                                                           --------             -------
         Cash and cash equivalents .....................................................      1,508               2,410

Investment securities available for sale - at market ...................................      1,503               1,498
Investment securities - at amortized cost, approximate market value of
  $8,521 and $8,216 as of  September 30, 1997 and June 30, 1997 ........................      8,567               8,258
Mortgage-backed securities - at amortized cost, approximate market value
  of $1,654 and $1,714 as of September 30, 1997 and June 30, 1997 ......................      1,672               1,732
Loans receivable - net .................................................................     79,160              76,446
Property acquired in settlement of loans ...............................................         40                  71
Office premises and equipment - at depreciated cost ....................................        615                 618
Federal Home Loan Bank stock - at cost .................................................        782                 768
Accrued interest receivable on loans ...................................................        106                  89
Accrued interest receivable on mortgage-backed securities ..............................          9                  12
Accrued interest receivable on investments and interest-bearing deposits ...............        165                 142
Prepaid expenses and other assets ......................................................         87                 146
Deferred federal income taxes ..........................................................        114                 114
                                                                                           --------            --------

         Total assets ..................................................................    $94,328             $92,304
                                                                                             ======              ======

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits ...............................................................................    $74,075             $72,911
Advances from the Federal Home Loan Bank ...............................................      8,539               7,810
Advances by borrowers for taxes and insurance ..........................................         13                   7
Accrued interest payable ...............................................................        273                 290
Other liabilities ......................................................................        191                 149
Accrued federal income taxes ...........................................................        152                  24
                                                                                           --------           ---------
         Total liabilities .............................................................     83,243              81,191

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; 1,107,171 shares issued ...         11                  11
  Additional paid-in capital ...........................................................      6,827               6,827
  Retained earnings, restricted ........................................................      7,299               7,142
  Shares acquired by stock benefit plans ...............................................       (890)               (890)
  Less 190,800 and 177,800 shares of treasury stock - at cost ..........................     (2,156)             (1,971)
  Unrealized losses on securities designated as available for sale, net of
    related tax effects ................................................................         (6)                 (6)
                                                                                         ----------          ----------
         Total stockholders' equity ....................................................     11,085              11,113
                                                                                             ------              ------

         Total liabilities and stockholders' equity ....................................    $94,328             $92,304
                                                                                             ======              ======


</TABLE>


                                        3



<PAGE>

<TABLE>
<CAPTION>
                        Community Investors Bancorp, Inc.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                   For the three month periods ended September 30,
                       (In thousands, except share data)


<S>                                                              <C>                 <C> 
                                                                 1997                1996

Interest income
  Loans .................................................      $1,631              $1,429
  Mortgage-backed securities ............................          23                  39
  Investment securities .................................         162                 299
  Interest-bearing deposits and other ...................           3                   9
                                                             --------            --------
         Total interest income ..........................       1,819               1,776

Interest expense
  Deposits ..............................................         884                 811
  Borrowings ............................................         122                 163
                                                               ------              ------
         Total interest expense .........................       1,006                 974
                                                                -----              ------

         Net interest income ............................         813                 802

Provision for losses on loans ...........................           2                  46
                                                             --------             -------

         Net interest income after provision
           for losses on loans ..........................         811                 756

Other income
  Gain on sale of other repossessed assets ..............           2                   1
  Other operating .......................................          41                  25
                                                              -------             -------
         Total other income .............................          43                  26

General, administrative and other expense
  Employee compensation and benefits ....................         239                 161
  Occupancy and equipment ...............................          32                  30
  Federal deposit insurance premiums ....................          11                 502
  Franchise taxes .......................................          39                  33
  Expenses of property acquired in settlement of loans ..           9                  19
  Data processing .......................................          43                  42
  Other operating .......................................         114                 123
                                                               ------              ------
         Total general, administrative and other expense          487                 910
                                                               ------              ------

         Earnings (loss) before income taxes (credits) ..         367                (128)

Federal income taxes (credits)
  Current ...............................................         121                 (16)
  Deferred ..............................................          10                  (9)
                                                              -------            --------
         Total federal income taxes (credits) ...........         131                 (25)
                                                               ------             -------

         NET EARNINGS (LOSS) ............................     $   236             $  (103)
                                                               ======              ====== 

         EARNINGS (LOSS) PER SHARE ......................       $.28               $(.17)
                                                                 ===                ==== 

</TABLE>
                                        4



<PAGE>

<TABLE>
<CAPTION>

                        Community Investors Bancorp, Inc.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                    For the three months ended September 30,
                                 (In thousands)


<S>                                                                              <C>               <C> 
                                                                                 1997              1996

Cash flows from operating activities:
  Net earnings (loss) for the period ......................................   $   236           $  (103)
  Adjustments to reconcile net earnings (loss) to net cash
  provided by (used in) operating activities:
    Amortization of discounts and premiums on loans,
      investments and mortgage-backed securities - net ....................        (4)               (5)
    Amortization of deferred loan origination fees ........................       (48)              (25)
    Depreciation and amortization .........................................         9                 7
    Provision for losses on loans .........................................         2                46
    Gain on sale of other repossessed assets ..............................        (2)               (1)
    Federal Home Loan Bank stock dividends ................................       (14)               -
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans ................................       (17)              (14)
      Accrued interest receivable on mortgage-backed securities ...........         3                 2
      Accrued interest receivable on investments and
        interest-bearing deposits .........................................       (23)             (124)
      Prepaid expenses and other assets ...................................        59                49
      Accrued interest payable ............................................       (17)               20
      Other liabilities ...................................................        36               465
      Federal income taxes
        Current ...........................................................       124               (84)
        Deferred ..........................................................        10                (9)
                                                                              -------          --------
         Net cash provided by operating activities ........................       354               224

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities .........................       200             1,426
  Purchase of investment securities designated as available for sale ......        -             (1,030)
  Purchase of investment securities designated as held to maturity ........      (500)             (500)
  Principal repayments on mortgage-backed securities ......................        60               599
  Loan principal repayments ...............................................     3,837             4,630
  Loan disbursements ......................................................    (6,515)           (7,999)
  Purchase of office premises and equipment ...............................        (6)              (50)
  Proceeds from sale of other repossessed assets ..........................        33                30
  Purchase of Federal Home Loan Bank stock ................................        -                (50)
                                                                                -----           -------
         Net cash used in investing activities ............................    (2,891)           (2,944)
                                                                                -----             -----

         Net cash used in operating and investing
           activities (subtotal carried forward) ..........................    (2,537)           (2,720)
                                                                                -----             -----
</TABLE>





                                        5


<PAGE>

<TABLE>
<CAPTION>

                        Community Investors Bancorp, Inc.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                    For the three months ended September 30,
                                 (In thousands)

<S>                                                                          <C>               <C> 
                                                                             1997              1996

         Net cash used in operating and investing activities
           (subtotal brought forward) ................................... $(2,537)          $(2,720)

Cash flows provided by (used in) financing activities:
  Net increase in deposit accounts ......................................   1,164               257
  Proceeds from Federal Home Loan Bank advances .........................   7,300             2,500
  Repayment of Federal Home Loan Bank advances ..........................  (6,571)              (14)
  Advances by borrowers for taxes and insurance .........................       6                 5
  Purchase of treasury stock ............................................    (185)               -
  Dividends on common stock .............................................     (79)              (64)
                                                                         --------          --------
         Net cash provided by financing activities ......................   1,635             2,684
                                                                           ------            ------

Net decrease in cash and cash equivalents ...............................    (902)              (36)

Cash and cash equivalents at beginning of period ........................   2,410             1,909
                                                                           ------            ------

Cash and cash equivalents at end of period .............................. $ 1,508           $ 1,873
                                                                           ======            ======


Supplemental  disclosure of cash flow  information:  Cash paid during the period
  for:
    Federal income taxes ..............................................   $    15          $    100
                                                                           ======           =======

    Interest on deposits and borrowings ...............................   $ 1,023          $    954
                                                                           ======           =======

Supplemental disclosure of noncash investing activities:
  Transfers from loans to other repossessed assets ....................   $    -          $      62
                                                                           ======          ========

</TABLE>















                                        6


<PAGE>


                        Community Investors Bancorp, Inc.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

             For the three months ended September 30, 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, 1997.  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
    three month  periods ended  September 30, 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 70,763  unallocated  ESOP  shares,  totaled  847,440 for the three
    month period ended September 30, 1997. Weighted-average common shares deemed
    outstanding,  which gives effect to 53,147 unallocated ESOP shares,  totaled
    613,099 for the three month period  ended  September  30, 1996.  There is no
    dilutive effect associated with the Corporation's stock option plan.

    4.   Effects of Recent Accounting Pronouncements

    In June 1996, the Financial  Accounting  Standards Board (the "FASB") issued
    Statement of Financial  Accounting  Standards ("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.

                                        7


<PAGE>


                        Community Investors Bancorp, Inc.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

             For the three months ended September 30, 1997 and 1996


    4.   Effects of Recent Accounting Pronouncements (continued)

    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 three  month
    period ended September 30, 1997 would have each been $.28. Basic and diluted
    loss per share for the three month  period  ended  September  30, 1996 would
    have each been $.17.

    In February 1997, the FASB issued SFAS No. 129, "Disclosures of Information
    about Capital  Structure."  SFAS No. 129 consolidated  existing  accounting
    guidance relating to disclosure about a company's capital  structure.  SFAS
    No. 129 is effective  for  financial  statements  for periods  ending after
    December 15, 1997.  SFAS No. 129 is not expected to have a material  impact
    on the Corporation's financial statements.

    In June  1997,  the FASB  issued  SFAS  No.  130,  "Reporting  Comprehensive
    Income."  SFAS No. 130  establishes  standards  for reporting and display of
    comprehensive  income  and its  components  (revenues,  expenses,  gains and
    losses) in a full set of general-purpose financial statements.  SFAS No. 130
    requires that all items that are required to be recognized  under accounting
    standards as components of  comprehensive  income be reported in a financial
    statement  that is displayed  with the same  prominence  as other  financial
    statements.  It does not  require  a  specific  format  for  that  financial
    statement  but requires that an  enterprise  display an amount  representing
    total comprehensive income for the period in that financial statement.


                                        8



<PAGE>


                        Community Investors Bancorp, Inc.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

             For the three months ended September 30, 1997 and 1996


    4.   Effects of Recent Accounting Pronouncements (continued)

    SFAS  No.  130  requires  that an  enterprise  (a)  classify  items of other
    comprehensive  income  by their  nature  in a  financial  statement  and (b)
    display the accumulated  balance of other  comprehensive  income  separately
    from retained earnings and additional  paid-in capital in the equity section
    of a statement of financial  position.  SFAS No. 130 is effective for fiscal
    years  beginning  after  December  15, 1997.  Reclassification  of financial
    statements  for  earlier  periods  provided  for  comparative   purposes  is
    required.  SFAS No. 130 is not  expected  to have a  material  impact on the
    Corporation's financial statements.

    In June 1997, the FASB issued SFAS No. 131,  "Disclosures  about Segments of
    an Enterprise and Related  Information." SFAS No. 131 significantly  changes
    the way that public business  enterprises report information about operating
    segments in annual financial  statements and requires that those enterprises
    report selected  information about reportable  segments in interim financial
    reports issued to shareholders.  It also  establishes  standards for related
    disclosures  about  products  and  services,   geographic  areas  and  major
    customers.  SFAS No. 131 uses a "management  approach" to disclose financial
    and  descriptive  information  about the way that  management  organizes the
    segments within the enterprise for making operating  decisions and assessing
    performance.  For many  enterprises,  the  management  approach  will likely
    result in more segments being reported.  In addition,  SFAS No. 131 requires
    significantly  more information to be disclosed for each reportable  segment
    than is presently  being  reported in annual  financial  statements and also
    requires  that  selected   information  be  reported  in  interim  financial
    statements.  SFAS No. 131 is  effective  for fiscal  years  beginning  after
    December 15, 1997. SFAS No. 131 is not expected to have a material impact on
    the Corporation's financial statements.





















                                        9


<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 and adequacy of the allowance
for losses on loans and the effect of certain accounting pronouncements.


Discussion of Financial Condition Changes from June 30, 1997 to September 30, 
  1997

At September  30, 1997,  the  Corporation's  assets  totaled $94.3  million,  an
increase of $2.0  million,  or 2.2%,  over the $92.3  million of total assets at
June 30, 1997.  The increase in assets was funded  through growth in the deposit
portfolio of $1.2 million  coupled with an increase in advances from the Federal
Home Loan Bank of $729,000.

Cash,  interest-bearing deposits and investment securities decreased by $588,000
over the three month period,  to a total of $11.6 million at September 30, 1997,
as  investment  securities  purchases of $500,000  were offset by  maturities of
$200,000  and a decline in cash and cash  equivalents  of  $902,000.  Regulatory
liquidity amounted to 13.88% at September 30, 1997.

Loans  receivable  increased by $2.7  million,  or 3.6%,  during the three month
period,  to a total of $79.2 million at September 30, 1997.  Loan  disbursements
amounted to $6.5 million and were  partially  offset by principal  repayments of
$3.8 million. Loan disbursements decreased by $1.5 million, or 18.6%, during the
three months ended  September  30, 1997, as compared to the same period in 1996.
The  allowance  for loan losses  totaled  $472,000 at  September  30,  1997,  as
compared to $478,000 at June 30, 1997.  Nonperforming  loans totaled $457,000 at
September 30, 1997, as compared to $508,000 at June 30, 1997.  The allowance for
loan losses represented  103.3% of nonperforming  loans as of September 30, 1997
and 94.1% at June 30, 1997.  Although management believes that its allowance for
loan losses at September 30, 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  $74.1  million at  September  30,  1997,  an increase of $1.2
million, or 1.6%, over June 30, 1997 levels.  Management continued its effort to
achieve a moderate rate of growth in the deposit portfolio through marketing and
pricing strategies.





                                       10


<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, 1997 to September 30,
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 September 30, 1997, the Association's tangible and core capital totaled $10.6
million,  or 11.2%,  of  adjusted  total  assets,  which  exceeded  the  minimum
requirements  of $1.4 million and $2.8 million by $9.2 million and $7.8 million,
respectively. The Association's risk-based capital of $11.1 million, or 21.4% of
risk-weighted assets, exceeded the current 8% requirement by $7.0 million.


Comparison of Operating Results for the Three Month Periods Ended September 30,
  1997 and 1996

General

The  Corporation's  net  earnings  totaled  $236,000  for the three months ended
September 30, 1997, an increase of $339,000, or 329.1%, from the $103,000 of net
loss reported for the same period in 1996. The 1996 loss resulted primarily from
a  one-time  charge of  $458,000  recorded  in the 1996  period  reflecting  the
assessment to recapitalize the Savings Association  Insurance Fund (the "SAIF").
There was no SAIF  assessment in the 1997 period,  which was the primary  reason
for the  significant  increase in earnings.  The increase was also a result of a
$17,000 increase in other income, a $11,000 increase in net interest income, and
a $44,000  decrease in the provision for losses on loans,  which were  partially
offset  by a $35,000  increase  in  general,  administrative  and other  expense
(excluding the above SAIF  assessment) and a $156,000  increase in the provision
for federal income taxes.

Net Interest Income

Net interest  income  increased by $11,000,  or 1.4%, for the three months ended
September 30, 1997,  compared to the 1996 period.  Interest  income on loans and
mortgage-backed  securities increased by $186,000,  or 12.7%, due primarily to a
$9.1  million  increase  in the  average  balance  of loans and  mortgage-backed
securities  outstanding  year-to-year,  which was partially  offset by a 2 basis
point decline in the average yield, to 8.32% in the 1997 period. Interest income
on investment securities and interest-bearing deposits decreased by $143,000, or
46.4%, due primarily to a $8.5 million decrease in the average portfolio balance
outstanding year-to-year, combined with a 38 basis point decrease in the average
yield, to 5.85% in the 1997 period.

Interest expense on deposits  increased by $73,000,  or 9.0%, due primarily to a
$3.5  million   increase  in  the  average   balance  of  deposits   outstanding
year-to-year,  combined  with a 18 basis point  increase in the cost of deposits
year-to-year,  to 4.81% in the  1997  period.  Interest  expense  on  borrowings
decreased by $41,000 during the current period,  due primarily to a $3.0 million
decrease in the weighted-average  balance of advances from the Federal Home Loan
Bank outstanding.

                                       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 Three Month Periods Ended September 30,
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 $11,000,  or 1.4%, to a total of $813,000 for
the three months ended  September 30, 1997.  The interest  rate spread  remained
constant at  approximately  3.08% during the  respective  1997 and 1996 periods,
while the net interest margin totaled  approximately  3.58% in 1997, as compared
to 3.56% 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 $2,000  provision  for losses on loans  during the three  month  period  ended
September 30, 1997, a decrease of $44,000, or 95.7%, 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  increased  by  $17,000,  or  65.4%,  for the three  months  ended
September 30, 1997, compared to the same period in 1996.

General, Administrative and Other Expense

General,  administrative  and other  expense  decreased by  $423,000,  or 46.5%,
during the three months ended September 30, 1997, compared to the same period in
1996. The 1996 expense  resulted  primarily from the one-time charge of $458,000
recorded in 1996 attendant to the aforementioned  SAIF  recapitalization.  There
was no SAIF assessment in the 1997 period.  However,  the 1997 expense  decrease
was  partially  offset  by  an  increase  of  $78,000,  or  48.4%,  in  employee
compensation  and benefits  compared to the same period in 1996. The increase in
employee  compensation and benefits is attributable to salaries  associated with
the addition of a key employee during the three months ended September 30, 1997,
as  compared  to the same  period in 1996,  as well as general  merit  increases
period-to-period.

Additionally, the decrease in general, administrative and other expense resulted
from a $9,000, or 7.3%, decrease in other operating expense, which was partially
offset by a $6,000, or 18.2%, increase in franchise tax expense.

Federal Income Taxes

The  provision for federal  income taxes  totaled  $131,000 for the three months
ended  September 30, 1997. The effective tax rate was 35.7% for the three months
ended September 30, 1997. The effective tax rates were 35.7% and (19.5)% for the
three months ended September 30, 1997 and 1996, respectively.

                                       12



<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

           On October 20, 1997, the Annual  Meeting of the  Corporation's
           Stockholders was held. Three directors  nominated were elected
           to terms expiring in two years by the following votes.

           Brent D. Fissel, D.D.S.   For:  753,892        Abstain:  4,714

           Dale C. Hoyles            For:  751,566        Abstain:  7,070

           Thomas P. Moore           For:  755,466        Abstain:  3,140

           One other matter was submitted to the stockholders, for which
           the following votes were cast:

           Ratification  of the  appointment  of  Grant  Thornton  LLP as
           independent  auditors of the  Corporation  for the fiscal year
           ended June 30, 1998.

           For:  751,456           Against:  2,538         Abstain:  4,612

ITEM 5.  Other Materially Important Events

           None


ITEM 6.  Exhibits and Reports on Form 8-K

           Exhibits:                Financial data schedule for the three months
                                    ended September 30, 1997.

           Report on Form 8-K:      None.




                                       13



<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:      November 10, 1997                     By:  /s/John W. Kennedy
       --------------------------                     ------------------
                                                      John W. Kennedy
                                                      President and Chief
                                                      Executive Officer



Date:      November 10, 1997                     By:  /s/Robert W. Siegel
       ---------------------------                    -------------------
                                                      Robert W. Siegel
                                                      Controller































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