EHXIBIT 4.0


NUMBER


CUSIP


COMMON STOCK





CITIZENS COMMUNITY BANCORP

INCORPORATED UNDER THE LAWS OF THE UNITED STATES OF AMERICA











This Certifies that






is the owner of




FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK,

PAR VALUE $.01 PER SHARE OF





CITIZENS COMMUNITY BANCORP (the "Corporation"), a Federal corporation. The shares represented by this certificate are transferable only on the stock transfer books of the Corporation by the holder of
record hereof, or by his duly authorized attorney or legal representative, upon the surrender of this certificate properly endorsed. This certificate is not valid until countersigned and registered by the Transfer Agent and
Registrar. This security is not a deposit or account and is not federally insured or guaranteed.




	IN WITNESS WHEREOF, the Corporation has caused this certificate to bear the facsimile signatures of its duly authorized officers and to be sealed with the facsimile of its corporate seal.






DATED






	 	
Adonis E. Talmage
Secretary		
James G. Cooley
President and Chief Executive Officer










[Seal]































Back of Certificate














	The Corporation will furnish to any stockholder on request and without charge a full statement of the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation is authorized to issue, of the differences in the relative rights and preferences between the shares of each
series of a preferred or special class in series which the Corporation is authorized to issue, to the extent they have been set, and of the authority of the Board of Directors to set the relative rights and preferences of
subsequent series of a preferred or special class of stock.  Such request may be made to the Secretary of the Corporation.




	Keep this certificate in a safe place.  If it is lost, stolen, or destroyed, the Corporation may require a bond of indemnity as a condition to the issuance of a replacement certificate.




	The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:




	UNIF GIFT MIN ACT	 
	
Custodian	 
	 	UNIF GIFT MIN ACT	 
	Custodian	 
	 	 
	 	(Cust)	 	(Minor)	 	 	(Cust)	 	(Minor)	 	 
	 	 
	 	 	TEN COM  - as tenants in common
	Under Uniform Gift to Minors Act -	 
(State)	Under Uniform Gift to Minors Act - 	 
(State)	TEN ENT = as tenants by the entireties
JT TEN - as joint tneants with right of survivorship and not as tenants in common

 
 

	 	Additional abbreviations may also be used though not in the above list.











	For Value Received, ___________________________hereby sell, assign and transfer unto ___________________________              



____________________________________________________________________________

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)



_______________Shares of Common Stock represented by the within certificate,

and do hereby irrevocably constitute and appoint



_________________________________Attorney to transfer the said shares on the

books of the within named Corporation with full power of substitution in the premises.	
___________________________________

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE










Dated ________________________________________________




NOTICE: THE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME  AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY  PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE  WHATEVER.