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          December 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 February  6, 1998,  the latest  practicable  date,  902,371  shares of the
registrant's common stock, $.01 par value, were issued and outstanding.










                               Page 1 of 17 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                                          16

SIGNATURES                                                               17






























                                        2



<PAGE>


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

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)


                                                                                       December 31,            June 30,
         ASSETS                                                                                1997                1997
<S>                                                                                             <C>                <C>
Cash and due from banks                                                                    $  1,673           $     480
Federal funds sold                                                                               60                  60
Interest-bearing deposits in other financial institutions                                       201               1,870
                                                                                           --------             -------
         Cash and cash equivalents                                                            1,934               2,410

Investment securities available for sale - at market                                            477               1,498
Investment securities - at amortized cost, approximate market value of
  $8,697 and $8,216 as of  December 31, 1997 and June 30, 1997                                8,654               8,258
Mortgage-backed securities - at amortized cost, approximate market value
  of $1,541 and $1,714 as of December 31, 1997 and June 30, 1997                              1,603               1,732
Loans receivable - net                                                                       81,292              76,446
Property acquired in settlement of loans                                                         41                  71
Office premises and equipment - at depreciated cost                                             611                 618
Federal Home Loan Bank stock - at cost                                                          796                 768
Accrued interest receivable on loans                                                             81                  89
Accrued interest receivable on mortgage-backed securities                                         9                  12
Accrued interest receivable on investments and interest-bearing deposits                        149                 142
Prepaid expenses and other assets                                                                77                 146
Deferred federal income taxes                                                                   152                 114
                                                                                           --------            --------

         Total assets                                                                       $95,876             $92,304
                                                                                             ======              ======

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                    $75,247             $72,911
Advances from the Federal Home Loan Bank                                                      8,917               7,810
Advances by borrowers for taxes and insurance                                                    20                   7
Accrued interest payable                                                                        315                 290
Other liabilities                                                                               141                 149
Accrued federal income taxes                                                                    130                  24
                                                                                           --------           ---------
         Total liabilities                                                                   84,770              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                                                                  6,854               6,827
  Retained earnings, restricted                                                               7,452               7,142
  Shares acquired by stock benefit plans                                                       (830)               (890)
  Less 204,800 and 177,800 shares of treasury stock - at cost                                (2,374)             (1,971)
  Unrealized losses on securities designated as available for sale, net of related
    tax effects                                                                                  (7)                 (6)
                                                                                         ----------          ----------
         Total stockholders' equity                                                          11,106              11,113
                                                                                             ------              ------

         Total liabilities and stockholders' equity                                         $95,876             $92,304
                                                                                             ======              ======
</TABLE>




                                        3



<PAGE>

<TABLE>

                        Community Investors Bancorp, Inc.
<CAPTION>

                       CONSOLIDATED STATEMENTS OF EARNINGS

                        (In thousands, except share data)


                                                                         Six months ended             Three months ended
                                                                            December 31,                  December 31,
                                                                         1997         1996            1997         1996
<S>                                                                        <C>        <C>              <C>          <C>
Interest income
  Loans                                                                $3,258       $2,909          $1,627       $1,480
  Mortgage-backed securities                                               51           77              28           38
  Investment securities                                                   343          606             181          307
  Interest-bearing deposits and other                                       7           16               4            7
                                                                     --------      -------        --------     --------
         Total interest income                                          3,659        3,608           1,840        1,832

Interest expense
  Deposits                                                              1,784        1,634             900          823
  Borrowings                                                              245          356             123          193
                                                                       ------       ------          ------       ------
         Total interest expense                                         2,029        1,990           1,023        1,016
                                                                        -----        -----           -----        -----

         Net interest income                                            1,630        1,618             817          816

Provision for losses on loans                                              56           96              54           50
                                                                      -------      -------         -------      -------

         Net interest income after provision
           for losses on loans                                          1,574        1,522             763          766

Other income
  Gain (loss) on sale of repossessed assets                                (2)           1              (4)          -
  Other operating                                                          95           66              54           41
                                                                      -------      -------         -------      -------
         Total other income                                                93           67              50           41

General, administrative and other expense
  Employee compensation and benefits                                      485          388             246          227
  Occupancy and equipment                                                  63           61              31           31
  Federal deposit insurance premiums                                       23          532              12           30
  Franchise taxes                                                          70           75              31           42
  Expenses of property acquired in settlement of loans                     15           41               6           22
  Data processing                                                          80           76              37           34
  Other operating                                                         248          245             134          122
                                                                       ------       ------          ------       ------
         Total general, administrative and other expense                  984        1,418             497          508
                                                                       ------        -----          ------       ------

         Earnings before income taxes                                     683          171             316          299

Federal income taxes
  Current                                                                 273           34             152           50
  Deferred                                                                (38)          23             (48)          32
                                                                      -------      -------         -------      -------
         Total federal income taxes                                       235           57             104           82
                                                                       ------      -------          ------      -------

         NET EARNINGS                                                 $   448      $   114         $   212      $   217
                                                                       ======       ======          ======       ======

         EARNINGS PER SHARE
           Basic                                                         $.53         $.12            $.25         $.24
                                                                          ===          ===             ===          ===

           Diluted                                                       $.52         $.12            $.25         $.24
                                                                          ===          ===             ===          ===

</TABLE>

                                        4



<PAGE>

<TABLE>

                        Community Investors Bancorp, Inc.
<CAPTION>

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the six months ended December 31,
                                 (In thousands)


                                                                                                 1997              1996
<S>                                                                                               <C>               <C>
Cash flows from operating activities:
  Net earnings for the period                                                               $     448         $     114
  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                                            (19)              (11)
    Amortization of deferred loan origination fees                                                (46)              (48)
    Depreciation and amortization                                                                  24                18
    Provision for losses on loans                                                                  56                96
    Amortization expense of stock benefit plans                                                    87                34
    (Gain) loss on sale of repossessed assets                                                       2                (1)
    Federal Home Loan Bank stock dividends                                                        (28)              (22)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                          8               (18)
      Accrued interest receivable on mortgage-backed securities                                     3                 2
      Accrued interest receivable on investments and
        interest-bearing deposits                                                                  (7)               65
      Prepaid expenses and other assets                                                            94                67
      Accrued interest payable                                                                     25                22
      Other liabilities                                                                            (8)               26
      Federal income taxes
        Current                                                                                   106               (35)
        Deferred                                                                                  (38)               23
                                                                                            ---------         ---------
         Net cash provided by operating activities                                                707               332

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                                               1,700             2,564
  Purchase of investment securities designated as available for sale                               -             (1,030)
  Purchase of investment securities designated as held to maturity                             (1,082)             (500)
  Principal repayments on mortgage-backed securities                                              129               896
  Loan principal repayments                                                                     8,688             8,939
  Loan disbursements                                                                          (13,557)          (15,080)
  Purchase of office premises and equipment                                                       (17)              (56)
  Proceeds from sale of repossessed assets                                                         41               167
  Purchase of Federal Home Loan Bank stock                                                         -               (144)
                                                                                              -------          --------
         Net cash used in investing activities                                                 (4,098)           (4,244)
                                                                                              -------           -------

         Net cash used in operating and investing
           activities (subtotal carried forward)                                               (3,391)           (3,912)
                                                                                              -------           -------

</TABLE>


                                        5


<PAGE>

<TABLE>

                        Community Investors Bancorp, Inc.
<CAPTION>

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                      For the six months ended December 31,


                                                                                                 1997              1996
<S>                                                                                               <C>              <C>
         Net cash used in operating and investing
           activities (subtotal brought forward)                                              $(3,391)          $(3,912)

Cash flows provided by (used in) financing activities:
  Net increase in deposit accounts                                                              2,336               441
  Proceeds from Federal Home Loan Bank advances                                                 9,300             5,250
  Repayment of Federal Home Loan Bank advances                                                 (8,193)           (1,143)
  Advances by borrowers for taxes and insurance                                                    13                12
  Purchase of treasury stock                                                                     (403)             (593)
  Dividends on common stock                                                                      (138)             (129)
                                                                                              -------           -------
         Net cash provided by financing activities                                              2,915             3,838
                                                                                               ------            ------

Net decrease in cash and cash equivalents                                                        (476)              (74)

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

Cash and cash equivalents at end of period                                                    $ 1,934           $ 1,835
                                                                                               ======            ======


Supplemental  disclosure of cash flow  information:  Cash paid during the period
  for:
    Federal income taxes                                                                     $    185          $    100
                                                                                              =======           =======

    Interest on deposits and borrowings                                                       $ 2,004           $ 1,968
                                                                                               ======            ======

Supplemental disclosure of noncash investing activities:
  Transfers from loans to repossessed assets                                                $      13          $    176
                                                                                             ========           =======

  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                                   $       (1)       $        1
                                                                                            =========         =========

</TABLE>













                                        6


<PAGE>


                        Community Investors Bancorp, Inc.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          For the six and three months ended December 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 Community Investors Bancorp,  Inc.
    (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 six and three  month  periods
    ended  December  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
    the Corporation  and First Federal  Savings and Loan  Association of Bucyrus
    (the   "Association").   All  significant   intercompany   items  have  been
    eliminated.

    3.   Earnings Per Share

    Basic earnings per share is computed based upon the weighted-average  common
    shares  outstanding  during  the  period  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  842,133  and  834,815  for the six and three  month  periods  ended
    December 31,  1997,  respectively.  Weighted-average  common  shares  deemed
    outstanding,  which gives effect to 84,152 unallocated ESOP shares,  totaled
    912,500  and  896,493  for each of the six and  three  month  periods  ended
    December 31, 1996.

    Diluted  earnings  per share is computed  taking into  consideration  common
    shares   outstanding  and  dilutive   potential  common  shares,   i.e.  the
    Corporation's  stock  option plan.  Weighted-average  common  shares  deemed
    outstanding  for purposes of computing  diluted  earnings per share  totaled
    862,000 and 854,682 for the six and three month periods  ended  December 31,
    1997,  respectively,  and  915,652  and  902,804 for the six and three month
    periods  ended  December 31,  1996,  respectively.  Weighted-average  common
    shares  outstanding  for the six and three month periods ended  December 31,
    1996, have been restated to give effect to the  Corporation's  three-for-two
    stock split in fiscal 1997.








                                        7



<PAGE>


                        Community Investors Bancorp, Inc.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          For the six and three months ended December 31, 1997 and 1996


    4.   Effects of Recent Accounting Pronouncements (continued)

    In June 1996, the Financial  Accounting  Standards Board (the "FASB") issued
    Statement of Financial  Accounting  Standards ("SFAS") No. 125,  "Accounting
    for  Transfers  and  Servicing of Financial  Assets and  Extinguishments  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  adopted SFAS No. 125  effective  January 1, 1998, as
    required,   without  material  effect  on  the  Corporation's   consolidated
    financial position or results of operations.

    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 six and three months ended December 31, 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,  the  effect  of the year  2000 on  certain  information
technology systems and the effect of certain recent accounting pronouncements.


Discussion of Financial Condition Changes from June 30, 1997 to
  December 31, 1997

At December 31,  1997,  the  Corporation's  assets  totaled  $95.9  million,  an
increase  of $3.6  million,  or 3.9%,  over the $92.3  million  of total  assets
reported at June 30, 1997. The increase in assets was funded  primarily  through
growth in the deposit  portfolio  of $2.3  million,  coupled with an increase in
advances from the Federal Home Loan Bank of $1.1 million.

Liquid assets (i.e. cash,  interest-bearing  deposits and investment securities)
decreased  by $1.1  million  during  the six month  period,  to a total of $11.1
million at December 31, 1997, as investment securities purchases of $1.1 million
were offset by maturities totaling $1.7 million. Excess liquidity was redeployed
primarily to fund growth in the loan portfolio. Regulatory liquidity amounted to
13.9% at December 31, 1997.

Loans  receivable  increased  by $4.8  million,  or 6.3%,  during  the six month
period,  to a total of $81.3  million at December 31, 1997.  Loan  disbursements
amounted to $13.6 million and were partially  offset by principal  repayments of
$8.7 million. Loan disbursements decreased by $1.5 million, or 10.1%, during the
six months ended  December 31, 1997, as compared to the same period in 1996. The
allowance for loan losses totaled  $510,000 at December 31, 1997, as compared to
$478,000 at June 30, 1997.  Nonperforming loans totaled $578,000 at December 31,
1997,  as compared to $508,000 at June 30, 1997.  The  allowance for loan losses
represented  88.2% of  nonperforming  loans as of December 31, 1997 and 94.1% at
June 30, 1997.  Although  management believes that its allowance for loan losses
at  December  31,  1997,  is  adequate  based  upon  the  available   facts  and
circumstances,  there can be no assurance  that additions to such allowance will
not  be  necessary  in  future  periods,   which  could  adversely   affect  the
Corporation's results of operations.

Deposits  totaled  $75.2  million at  December  31,  1997,  an  increase of $2.3
million, or 3.2%, over June 30, 1997 levels. Management continued its efforts to
achieve a moderate rate of growth 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 December 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 December 31, 1997, the Association's  tangible and core capital totaled $10.5
million,  or 11.0%,  of  adjusted  total  assets,  which  exceeded  the  minimum
requirements  of $1.4 million and $2.9 million by $9.1 million and $7.7 million,
respectively. The Association's risk-based capital of $11.0 million, or 20.7% of
risk-weighted assets, exceeded the current 8% requirement by $6.7 million.


Comparison of Operating Results for the Six Month Periods Ended December 31, 
  1997 and 1996

General

The  Corporation's  net  earnings  totaled  $448,000  for the six  months  ended
December 31, 1997,  an increase of $334,000,  or 293%,  over the $114,000 of net
earnings reported for the same period in 1996. The increase in earnings resulted
primarily from a $304,000  one-time after tax charge recorded in the 1996 period
reflecting the assessment to recapitalize the Savings Association Insurance Fund
(SAIF),  coupled with a $12,000  increase in net  interest  income and a $26,000
increase in other income,  which were partially  offset by a $24,000 increase in
general,  administrative  and  other  expense  (other  than  the  one-time  SAIF
recapitalization  pre-tax  charge of  $458,000)  and a $178,000  increase in the
provision for federal income taxes.

Net Interest Income

Net  interest  income  increased  by $12,000,  or .7%,  for the six months ended
December  31,  1997,  compared  to the 1996  period.  Interest  income  on loans
increased by $349,000,  or 12.0%,  due primarily to a $10.6 million  increase in
the average balance of loans  outstanding  year-to-year,  partially  offset by a
decline in the average yield.  Interest income on investment and mortgage-backed
securities and  interest-bearing  deposits decreased by $298,000,  or 42.6%, due
primarily  to  a  $10.0  million  decrease  in  the  average  portfolio  balance
outstanding.

Interest expense on deposits increased by $150,000,  or 9.2%, due primarily to a
$4.2 million increase in the weighted-average  balance of deposits  outstanding,
which was  partially  offset by a decline in the cost of deposits  year-to-year.
Interest  expense on  borrowings  decreased  by $111,000,  or 31.2%,  during the
current period, due primarily to a $3.7 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 Six Month  Periods  Ended  December 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 $12,000, or .7%, to a total of $1.6 million for
the six months ended  December 31, 1997.  The interest  rate spread  amounted to
approximately  3.02% in the 1997 six month  period,  as compared to 3.05% during
the 1996 period,  while the net interest margin totaled  approximately  3.53% in
1997, as compared to 3.54% 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 $56,000  provision  for  losses on loans  during  the six month  period  ended
December 31,  1997, a decline of $40,000,  or 41.7%,  from the  comparable  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 $26,000,  or 38.8%, for the six months ended December
31, 1997,  compared to the same period in 1996,  due primarily to an increase in
service fees on deposit accounts and transactions.

General, Administrative and Other Expense

General,  administrative  and other  expense  decreased by  $434,000,  or 30.6%,
during the six months ended  December  31, 1997,  compared to the same period in
1996.  This  decrease  resulted  primarily  from the  $458,000  one-time  charge
recorded in 1996 attendant to the aforementioned SAIF recapitalization

Excluding the SAIF recapitalization assessment effects, general,  administrative
and other expense increased by $24,000,  or 2.5%, due primarily to a $97,000, or
25.0%,  increase in employee  compensation  and  benefits,  which was  partially
offset by a  $51,000  decrease  in  federal  deposit  insurance  premiums  and a
$26,000,  or 63.4%,  decrease in expenses of property  acquired in settlement of
loans.  The increase in employee  compensation and benefits  resulted  primarily
from increased  management  staffing levels year to year, coupled with increased
costs attendant to stock benefit plans and normal merit  increases.  The special
one-time  assessment to recapitalize  the SAIF caused federal deposit  insurance
premiums to be significantly reduced beginning January 1, 1997.


                                       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 Six Month  Periods  Ended  December 31,
  1997 and 1996 (continued)

Federal Income Taxes

The provision for federal income taxes  increased by $178,000,  or 312%, for the
six months ended December 31, 1997, as compared to the same period in 1996. This
increase  resulted  primarily from the increase in net earnings  before taxes of
$512,000,  or 299%.  The  effective  tax rates  were 34.4% and 33.3% for the six
months ended December 31, 1997 and 1996, respectively.


Comparison of Operating Results for the Three Month Periods Ended December 31,
  1997 and 1996

General

The  Corporation  reported net earnings  totaling  $212,000 for the three months
ended December 31, 1997, a decrease of $5,000, or 2.3%, from the $217,000 of net
earnings  reported for the same period in 1996. The decline in earnings resulted
primarily  from a $22,000  increase in the provision  for federal  income taxes,
which was partially offset by a $1,000 increase in net interest income, a $9,000
increase in other income and an $11,000 decrease in general,  administrative and
other expense.

Net Interest Income

Net  interest  income  increased  by $1,000,  or .1%, for the three months ended
December  31,  1997,  compared  to the 1996  period.  Interest  income  on loans
increased  by  $147,000,  or 9.9%,  due  primarily to an increase in the average
balance of loans  outstanding  year-to-year.  Interest  income on investment and
mortgage-backed  securities and interest-bearing deposits decreased by $139,000,
or  39.5%,  due  primarily  to a  decrease  in  the  average  portfolio  balance
outstanding.

Interest expense on deposits increased by $77,000,  or 9.4%, due primarily to an
increase in the average outstanding balance of deposits  year-to-year.  Interest
expense on  borrowings  decreased  by $70,000  during the  current  period,  due
primarily to a decrease in the average balance of 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 $54,000  provision  for losses on loans  during the three month  period  ended
December 31, 1997,  an increase of $4,000,  or 8.0%,  over the  comparable  1996
quarter.  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.


                                       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  December 31,
  1997 and 1996 (continued)

Other Income

Other income increased by $9,000,  or 22.0%, for the three months ended December
31, 1997,  compared to the same period in 1996,  due primarily to an increase in
service fees on deposit accounts and transactions year to year.

General, Administrative and Other Expense

General,  administrative and other expense decreased by $11,000, or 2.2%, during
the three months ended December 31, 1997, compared to the same period in 1996.

The decrease resulted primarily from an $18,000,  or 60.0%,  decrease in federal
deposit  insurance  premiums  and a $16,000,  or 72.7%,  decrease in expenses of
property  acquired in  settlement  of loans,  which were  partially  offset by a
$19,000, or 8.4%, increase in employee  compensation and benefits.  The increase
in employee  compensation  and benefits  resulted  primarily from an increase in
management staffing levels, coupled with an increase in costs attendant to stock
benefit plans and normal merit increases.

Federal Income Taxes

The provision for federal income taxes increased by $22,000,  or 26.8%,  for the
three  months ended  December 31, 1997,  as compared to the same period in 1996.
The effective tax rates were 32.9% and 27.4% for the three months ended December
31, 1997 and 1996, respectively.

Other Matters

As with all providers of financial  services,  the Association's  operations are
heavily  dependent  on  information   technology  systems.  The  Association  is
addressing  the potential  problems  associated  with the  possibility  that the
computers  that  control or operate  the  Association's  information  technology
system and  infrastructure  may not be programmed to read  four-digit date codes
and, upon arrival of the year 2000, may recognize the two-digit code "00" as the
year 1900,  causing  systems to fail to function or to generate  erroneous data.
The  Association  is working  with the  companies  that  supply or  service  its
information  technology  systems to  identify  and remedy any year 2000  related
problems.

As of the date of this Form  10-QSB,  the  Association  has not  identified  any
specific  expenses that are reasonably  likely to be incurred by the Association
in connection with this issue and does not expect to incur  significant  expense
to implement  the  necessary  corrective  measures.  No assurance  can be given,
however, that significant expense will not be incurred in future periods. In the
event that the  Association  is  ultimately  required  to  purchase  replacement
computer systems,  programs and equipment,  or incur substantial expense to make
the Association's  current systems,  programs and equipment year 2000 compliant,
the  Association's  net  earnings  and  financial  condition  could be adversely
affected.



                                       14


<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  December 31,
  1997 and 1996 (continued)

Other Matters (continued)

In addition to possible  expense  related to its own  systems,  the  Association
could  incur  losses if loan  payments  are  delayed  due to year 2000  problems
affecting any major borrowers in the Association's  primary market area. Because
the Association's loan portfolio is highly diversified with regard to individual
borrowers and types of businesses and the  Association's  primary market area is
not significantly  dependent upon one employer or industry, the Association does
not  expect any  significant  or  prolonged  difficulties  that will  affect net
earnings or cash flow.





































                                       15


<PAGE>


                        Community Investors Bancorp, Inc.

                                     PART II


ITEM 1.  Legal Proceedings

              Not applicable


ITEM 2.  Changes in Securities and Use of Proceeds

              Not applicable


ITEM 3.  Defaults Upon Senior Securities

              Not applicable


ITEM 4.  Submission of Matters to a Vote of Security Holders

              None


ITEM 5.  Other Information

              None


ITEM 6.  Exhibits and Reports on Form 8-K

              Reports on Form 8-K:          None.

              Exhibits:                     Financial Data Schedule for the six
                                               months ended December 31,1997.



















                                       16



<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:      February 6, 1998                           By:  /s/John W. Kennedy
       ------------------------                            ------------------
                                                           John W. Kennedy
                                                           President and Chief
                                                           Executive Officer



Date:      February 6, 1998                           By:  /s/Robert W. Siegel
       ------------------------                            -------------------
                                                           Robert W. Siegel
                                                           Controller































                                       17