EXHIBIT 10.5


RP FINANCIAL, LC.



Financial Services Industry Consultants



	September 12, 2003






Mr. James Cooley

President and Chief Executive Officer

Citizens Community Federal


2174 Eastridge Center


Eau Claire, Wisconsin  54701





Dear Mr. Cooley:



              This letter sets forth the agreement between Citizens Community Federal, Altoona,
Wisconsin ("Citizens Community"), and RP Financial, LC. ("RP Financial") for the independent
appraisal services pertaining to Citizens Community's reorganization into a "two-tier" mutual
holding company (the "Reorganization"), including the formation of a mid-tier stock holding
company and minority stock offering by the mid-tier stock holding company (the "Stock
Offering").  The specific appraisal services to be rendered by RP Financial are described below.
These appraisal services will be rendered by a team of two to three senior consultants on staff and
will be directed by the undersigned.  


Description of Conversion Appraisal Services


              Prior to preparing the valuation report, RP Financial will conduct a financial due diligence,
including on-site interviews of senior management and reviews of financial and other
documents and records, to gain insight into Citizens Community's operations, financial
condition, profitability, market area, risks and various internal and external factors which impact
the pro forma value of Citizens Community.  RP Financial will prepare a written detailed
valuation report of Citizens Community that will be fully consistent with applicable regulatory
guidelines and standard pro forma valuation practices.  The appraisal report will include an in-depth analysis of Citizens Community's financial condition and operating results, as well as an
assessment of Citizens Community's interest rate risk, credit risk and liquidity risk.  The
appraisal report will describe Citizens Community's business strategies, market area, prospects
for the future and the intended use of proceeds both in the short term and over the longer term.
A peer group analysis relative to publicly-traded savings institutions will be conducted for the
purpose of determining appropriate valuation adjustments relative to the group.  We will review
pertinent sections of the applications and offering documents to obtain necessary data and
information for the appraisal, including the impact of key deal elements on the appraised value,
such as dividend policy, use of proceeds and reinvestment rate, tax rate, conversion expenses
and characteristics of stock plans.  





	Rosslyn Center
1700 North Moore Street, Suite 2210
Arlington, VA  22209	Telephone:
Fax No.:
Toll-Free No.:	(703) 528-1700
(703) 528-1788
(866) 723-0594








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Mr. James Cooley

September 12 ,2003

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The appraisal report will conclude with a midpoint pro forma value to establish the range of
value, and reflect the Stock Offering size determined by Citizens Community's Board of Directors.
The appraisal report may be periodically updated throughout the conversion process and there will be
at least one updated valuation prepared at the time of the closing of the Stock Offering.


              RP Financial agrees to deliver the valuation appraisal and subsequent updates, in writing, to Citizens
Community at the above address in conjunction with the filing of the regulatory application.
Subsequent updates will be filed promptly as certain events occur which would warrant the
preparation and filing of such valuation updates.  Further, RP Financial agrees to perform such other
services as are necessary or required in connection with the regulatory review of the appraisal and
respond to the regulatory comments, if any, regarding the valuation appraisal and subsequent updates.


Fee Structure and Payment Schedule



              Citizens Community agrees to pay RP Financial a fixed fee of $25,000 for preparation and
delivery of the original appraisal report and subsequent appraisal updates, plus reimbursable expenses.
Payment of these fees shall be made according to the following schedule:

	$5,000 upon execution of the letter of agreement engaging RP Financial's appraisal
services;
 
	$17,500 upon delivery of the completed original appraisal report; and
 
	$2,500 upon the completion of the Reorganization and Stock Offering.





              Citizens Community will reimburse RP Financial for out-of-pocket expenses incurred in
preparation of the valuation.  Such out-of-pocket expenses will likely include travel, printing,
telephone, facsimile, shipping, computer and data services.  RP Financial will agree to limit
reimbursable expenses in connection with this engagement and in connection with the preparation
of a regulatory business plan as described in the accompanying letter, subject to written
authorization from Citizens Community to exceed such level.


              In the event Citizens Community shall, for any reason, discontinue the proposed
Reorganization and Stock Offering prior to delivery of the completed documents set forth above and
payment of the respective progress payment fees, Citizens Community agrees to compensate RP
Financial according to RP Financial's standard billing rates for consulting services based on
accumulated and verifiable time expenses, not to exceed the respective fee caps noted above, after
giving full credit to the initial retainer fee.  RP Financial's standard billing rates range from $75 per
hour for research associates to $275 per hour for managing directors.  


              If during the course of the proposed transaction, unforeseen events occur so as to materially
change the nature or the work content of the services described in this contract, the terms of said
contract shall be subject to renegotiation by Citizens Community and RP Financial.





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Mr. James Cooley

September 12 ,2003

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Such unforeseen
events shall include, but not be limited to, major changes in the conversion regulations, appraisal
guidelines or processing procedures as they relate to appraisals, major changes in management or
procedures, operating policies or philosophies, and excessive delays or suspension of processing of
conversion applications by the regulators such that completion of the transaction requires the
preparation by RP Financial of a new appraisal or financial projections.

Representations and Warranties


              Citizens Community and RP Financial agree to the following:


              1.              	Citizens Community agrees to make available or to supply to RP Financial such
information with respect to its business and financial condition as RP Financial may reasonably
request in order to provide the aforesaid valuation.  Such information heretofore or hereafter
supplied or made available to RP Financial shall include:  annual financial statements, periodic
regulatory filings and material agreements, debt instruments, off balance sheet assets or liabilities,
commitments and contingencies, unrealized gains or losses and corporate books and records.  All
information provided by Citizens Community to RP Financial shall remain strictly confidential
(unless such information is otherwise made available to the public), and if the Reorganization and
Stock Offering are not consummated or the services of RP Financial are terminated hereunder, RP
Financial shall upon request promptly return to Citizens Community the original and any copies of
such information.


              2.              	Citizens Community hereby represents and warrants to RP Financial that any
information provided to RP Financial does not and will not, to the best of Citizens Community's
knowledge, at the times it is provided to RP Financial, contain any untrue statement of a material fact
or fail to state a material fact necessary to make the statements therein not false or misleading in light
of the circumstances under which they were made.


              3.              	(a)                Citizens Community agrees that it will indemnify and hold harmless RP
Financial, any affiliates of RP Financial, the respective directors, officers, agents and employees of
RP Financial or their successors and assigns who act for or on behalf of RP Financial in
connection with the services called for under this agreement (hereinafter referred to as "RP
Financial"), from and against any and all losses, claims, damages and liabilities (including, but not
limited to, all losses and expenses in connection with claims under the federal securities laws)
brought by third parties and attributable to (i) any untrue statement or alleged untrue statement of a
material fact contained in the financial statements or other information furnished or otherwise
provided by Citizens Community to RP Financial, either orally or in writing; (ii) the omission or
alleged omission of a material fact from the financial statements or other information furnished or
otherwise made available by Citizens Community to RP Financial; or (iii) any action or omission
to act by Citizens Community, or Citizens Community's respective officers, Directors, employees
or agents which action or omission is willful or negligent.  Citizens Community will be under no
obligation to indemnify RP Financial hereunder if a court determines that RP Financial was
negligent or acted in bad faith with respect to any actions or omissions of RP Financial related to a
matter for which indemnification is sought hereunder.  Any time devoted by employees of RP





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Mr. James Cooley

September 12 ,2003

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Financial to situations for which indemnification is provided hereunder, shall be an indemnifiable
cost payable by Citizens Community at the normal hourly professional rate chargeable by such
employee.  

                               		(b)              	RP Financial shall give written notice to Citizens Community of such claim
or facts within thirty days of the assertion of any claim or discovery of material facts upon which
RP Financial intends to base a claim for indemnification hereunder.  In the event Citizens
Community elects, within ten business days of the receipt of the original notice thereof, to contest
such claim by written notice to RP Financial, RP Financial will be entitled to be paid any amounts
payable by Citizens Community hereunder within five days after the final determination of such
contest either by written acknowledgement of Citizens Community or a final judgment (including
all appeals therefrom) of a court of competent jurisdiction.  If Citizens Community does not so
elect, RP Financial shall be paid promptly and in any event within thirty days after receipt by
Citizens Community of the notice of the claim.  


                               		(c)              	Citizens Community shall pay for or reimburse the reasonable expenses,
including attorneys' fees, incurred by RP Financial in advance of the final disposition of any
proceeding within thirty days of the receipt of such request if RP Financial furnishes Citizens
Community:  (1) a written statement of RP Financial's good faith belief that it is entitled to
indemnification hereunder; and (2) a written undertaking to repay the advance if it ultimately is
determined in a final adjudication of such proceeding that it or he is not entitled to such
indemnification; provided, however, that Citizens Community shall not be required to make any such
advance payment if Citizens Community furnishes to RP Financial a written statement of Citizens
Community's reasonable good faith belief that RP Financial is not entitled to indemnification
hereunder.  Citizens Community may assume the defense of any claim (as to which notice is given in
accordance with 3(b)) with counsel reasonably satisfactory to RP Financial, and after notice from
Citizens Community to RP Financial of its election to assume the defense thereof, Citizens
Community will not be liable to RP Financial for any legal or other expenses subsequently incurred
by RP Financial (other than reasonable costs of investigation and assistance in discovery and
document production matters).  Notwithstanding the foregoing, RP Financial shall have the right to
employ their own counsel in any action or proceeding if RP Financial shall have concluded that a
conflict of interest exists between Citizens Community and RP Financial which would materially
impact the effective representation of RP Financial.  In the event that RP Financial concludes that a
conflict of interest exists, RP Financial shall have the right to select counsel reasonably satisfactory
to Citizens Community which will represent RP Financial in any such action or proceeding and
Citizens Community shall reimburse RP Financial for the reasonable legal fees and expenses of such
counsel and other expenses reasonably incurred by RP Financial.  In no event shall Citizens
Community be liable for the fees and expenses of more than one counsel, separate from its own
counsel, for all indemnified parties in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same allegations or circumstances.  Citizens
Community will not be liable under the foregoing indemnification provision in respect of any
compromise or settlement of any action or proceeding made without its consent, which consent shall
not be unreasonably withheld.  






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Mr. James Cooley

September 12 ,2003

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                               		(d)              	In the event Citizens Community does not pay any indemnified loss or
make advance reimbursements of expenses in accordance with the terms of this agreement, RP
Financial shall have all remedies available at law or in equity to enforce such obligation.  


              It is understood that, in connection with RP Financial's above-mentioned engagement, RP
Financial may also be engaged to act for Citizens Community in one or more additional capacities,
and that the terms of the original engagement may be incorporated by reference in one or more
separate agreements.  The provisions of Paragraph 3 herein shall apply to the original engagement, any
such additional engagement, any modification of the original engagement or such additional
engagement and shall remain in full force and effect following the completion or termination of RP
Financial's engagement(s).  This agreement constitutes the entire understanding of Citizens
Community and RP Financial concerning the subject matter addressed herein, and such contract shall
be governed and construed in accordance with the laws of the Commonwealth of Virginia.  This
agreement may not be modified, supplemented or amended except by written agreement executed by
both parties.  


              Citizens Community and RP Financial are not affiliated, and neither Citizens Community nor
RP Financial has an economic interest in, or is held in common with, the other and has not derived
a significant portion of its gross revenues, receipts or net income for any period from transactions with
the other.


*  *  *  *  *  *  *  *  *  *  *


              Please acknowledge your agreement to the foregoing by signing as indicated below and
returning to RP Financial a signed copy of this letter, together with the initial retainer fee of $5,000.


	 	
Very truly yours,

/s/ William E. Pommerening

William E. Pommerening

Chief Executive Officer and 

  Managing Director





	Agreed To and Accepted By:		James Cooley     /s/ James Cooley              

President and Chief Executive Officer




	Upon Authorization by the Board of Directors For:	Citizens Community Federal
Altoona, Wisconsin



Date Executed:	October 17, 2003






End.