EXHIBIT 99.1

     Emclaire Financial Corp. Dividend Reinvestment and Stock Purchase Plan



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                            EMCLAIRE FINANCIAL CORP.

                            DIVIDEND REINVESTMENT AND

                               STOCK PURCHASE PLAN



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                                TABLE OF CONTENTS








PURPOSE AND ADVANTAGES......................................................1


PARTICIPATION...............................................................3


PURCHASES...................................................................4


COSTS TO PARTICIPANTS.......................................................5


REPORTS TO PARTICIPANTS.....................................................6


DIVIDENDS...................................................................6


STOCK CERTIFICATES..........................................................6


WITHDRAWAL FROM THE PLAN....................................................7


PLAN ADMINISTRATION.........................................................7


OTHER INFORMATION...........................................................8



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EMCLAIRE FINANCIAL CORP.
DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

The Board of Directors of Emclaire Financial Corp. has adopted the Emclaire
Financial Corp. Dividend Reinvestment and Stock Purchase Plan whereby
stockholders of Emclaire can purchase shares of Emclaire's common stock by means
of reinvestment of cash dividends paid on Emclaire common stock and/or by making
voluntary contribution of additional cash payments. Purchases of our common
stock under the plan will be made in the open-market. The plan will remain in
effect until amended, altered or terminated by us. Stockholders who do not
participate in the plan will continue to receive cash dividends, as declared, in
the usual manner. The plan is set forth below as a series of questions and
answers.

PURPOSE AND ADVANTAGES

1.   What is the purpose of the plan?

The purpose of the plan is to provide participants with a simple, convenient and
economical method of investing cash dividends paid on shares of Emclaire common
stock and by payment of additional voluntary cash contributions for the purchase
of additional shares of Emclaire common stock.

Plan features include:

     --   Purchase Emclaire common stock through a convenient, low-cost method.

     --   Build your investment over time, starting with as little as $10.

     --   Reinvestment all or a portion of your cash dividends.

     --   Invest up to $2,500 a quarter, including dividend reinvestment.

2.   Who is eligible to participate?

All registered holders of Emclaire common stock are eligible to participate in
the plan. If your shares of Emclaire common stock are registered in a name other
than your own (for instance, in the name of a broker or nominee), you will have
to correspond through your broker if you decide to participate in the plan.
Stockholders who reside in jurisdictions in which it is unlawful for a
stockholder to participate in such a plan are not eligible to participate in the
plan.

3.   How does the plan work?

You have three options:



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Option 1 - Full Dividend Reinvestment

If you elect this option, cash dividends on all of your Emclaire common shares
are automatically reinvested for you in shares of Emclaire common stock. You may
also invest additional cash to purchase shares of Emclaire common stock, as
described under Option 3.

Option 2 - Partial Dividend Reinvestment

Under this option, cash dividends on a designated number of your Emclaire common
shares are reinvested automatically in shares of Emclaire common stock. You will
receive a check for cash dividends on the remaining shares for which dividends
are not reinvested. In addition, you may invest additional cash to purchase
shares of Emclaire common stock, as described under Option 3.

Option 3 - Voluntary Cash Payments

You may also choose to invest cash other than your dividends as often as once a
month in amounts of $10 or more up to a maximum of $2,500 in total for each
calendar quarter (including dividend reinvestment). You may elect this option
regardless of whether you also want to invest dividends under Option 1 or Option
2. If you elect this option, you must send Illinois Stock Transfer Company (see
Question 5) a check or money order made payable to "Illinois Stock Transfer
Company" in the amount you wish to invest, subject to the dollar limits
described above. You need not make the same cash payment each time, nor do you
need to make regular cash payments.

Optional cash contributions do not constitute deposits or savings accounts
issued by a financial institution and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.

4.   What are the advantages of the plan?

You may increase your holdings of Emclaire common stock with the reinvestment of
cash dividends received on previously owned common stock registered in your name
and by making optional cash contributions without incurring any service charges
and without the payment of brokerage commissions in connection with purchases
under the plan. Regular statements of account provide you with a record of each
transaction. Participation in the plan is entirely voluntary. You may join or
terminate your participation at any time prior to a particular dividend record
date by making timely written notice to the plan administrator (see Question
18).

Emclaire reserves the right to change its policy of paying brokerage commissions
and related plan administrative expenses associated with the reinvestment of
cash dividends and stock purchases at any time within its sole and absolute
discretion. (See Question 28)



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PARTICIPATION

5.   How can I participate?

To participate in the plan, you must complete an Authorization Form and return
it to the plan administrator. An Authorization Form is enclosed herewith.
Additional copies of the Authorization Form will be provided from time to time
to the holders of Emclaire common stock, and may be obtained at any time by
written request to the Illinois Stock Transfer Company, 209 West Jackson
Boulevard, Suite 903, Chicago, Illinois 60606-6905 (Attention: Dividend
Reinvestment Plan Administrator) or call (800) 757-5755 or (312) 427-2953.

6.   When may an eligible stockholder join the plan?

If you are a stockholder of any number of shares of Emclaire common stock, you
may enroll in the plan at any time. If the Authorization Form is received by the
plan administrator on or before the record date for a dividend payment, and you
elect to reinvest the dividends in shares of Emclaire common stock, such
reinvestment of dividends will begin with that dividend payment. Please note
that the plan does not represent any change in Emclaire's dividend policy or a
guarantee of the payment of any future dividends.

7.   What does the Authorization Form provide?

The Authorization Form directs Emclaire to pay to the plan administrator for
your account all or a portion of cash dividends on the shares registered in your
name as reflected in the records of Emclaire's stock transfer agent, as well as
all or a portion of cash dividends paid on the shares credited to your account
under the plan. It also appoints the plan administrator (or such other plan
administrator as Emclaire may from time to time designate) as agent for you and
directs such agent to apply all or a portion of such cash dividends for the
purchase of additional shares of Emclaire common stock in accordance with the
terms and conditions of the plan. Such Authorization Form may also authorize the
investment of additional cash contributions for the purchase of shares of
Emclaire common stock as of the next Investment Date.

8.   Is there a minimum level of cash dividend investment under the plan?

No, provided that you are the owner of Emclaire common stock as of the dividend
record date, and the dividends associated with such common stock are utilized
for reinvestment under the plan. Any additional cash contributions must be at
least $10.00. Optional cash payments must be received by the 25th of the month
for investment in the next month.



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9.   Can I have dividends reinvested under the plan with respect to less than
     all of the shares of Emclaire common stock registered in my name?

Yes. Reinvestment of dividends is permitted with respect to all or a portion of
the dividends paid on the Emclaire common stock registered in your name and the
Emclaire common stock held in your account under the plan.

PURCHASES

10.  When will purchases be made?

Purchases under the plan will be made on a monthly basis on each "Investment
Date," which will be the first business day of each month or as soon as
practicable thereafter ("Investment Date"). In months in which a dividend is
paid (normally March, June, September and December) investment of optional cash
payments will be made on Emclaire's normal dividend date, along with the
reinvestment of cash dividends.

Purchases of Emclaire common stock will be made at the direction of the plan
administrator or its selected broker/dealer. Such purchases will be made in
accordance with applicable federal securities laws and regulations. No interest
will be paid by the plan administrator or broker/dealer on dividend payments or
optional cash contributions pending investment in Emclaire common stock.

In the event applicable law or the closing of the securities markets requires
temporary curtailment or suspension of open market purchases of shares of the
Emclaire common stock, the plan administrator is not accountable for its
inability to make purchases at such time. If shares of Emclaire common stock are
not available for purchase for a period longer than 45 days after receipt of
payment, the plan administrator will promptly mail to each participant a check
in the amount of any unapplied funds in the participant's account as
practicable.

11.  How many shares of common stock will be purchased for my account?

The number of shares that will be purchased for you on any dividend payment date
will depend on the amount of your cash dividend for reinvestment, any additional
optional cash contributions received, and the purchase price of the shares of
Emclaire common stock. Your account will be credited with that number of shares
(including fractional shares computed to three decimal places) equal to the
total amount to be invested, divided by the applicable purchase price (computed
to two decimal places).



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12.  At what price will the plan administrator purchase the shares?

In making purchases of common stock for your account associated with each
Investment Date, the plan administrator will commingle your funds with those of
other participants under the plan. The price of shares of Emclaire common stock
purchased for participants under the plan with reinvested dividends on their
common stock and optional cash contributions for each Investment Date will be
equal to the average price of all shares of the common stock purchased on the
Investment Date by the plan administrator on behalf of the plan. The plan
administrator shall have no responsibility with respect to the market value of
the common stock acquired under the plan for participant accounts. Because the
prices at which shares are purchased under the plan are beyond your control, you
may lose any advantage otherwise available from being able to select the timing
of your investment. Emclaire will bear all costs of administering the plan,
except as described under Question 14 below.

13.  How are dividends on shares purchased through the plan applied?

The purpose of the plan is to provide you with a convenient method of purchasing
shares of Emclaire common stock and to have the dividends on those shares
reinvested. Accordingly, dividends paid on shares held in the plan will be
automatically reinvested in additional shares of common stock unless and until
you elect in writing to terminate participation in the plan.

COSTS TO PARTICIPANTS

14.  Are there any expenses to me in connection with purchases under the plan?

You will not pay brokerage commissions for purchases of Emclaire common stock
under the plan. Emclaire will pay all fees in connection with purchases of such
shares of stock under the plan, except for costs associated with the actual
purchase price of the Emclaire common stock purchased on the Investment Date.
There are no service charges to participants in connection with purchases of
shares of Emclaire common stock under the plan. All costs of administration of
the plan are paid by Emclaire. However, if your request the plan administrator
to sell all or a portion of your shares in the event of your withdrawal from the
plan (rather than you receiving certificates of stock upon such withdrawal), you
will pay the applicable brokerage commission associated with the sale of such
Emclaire common stock, any required transfer tax, and applicable service
charges. There is a $10 fee to liquidate a partial amount of shares or to
terminate participation under the plan (see Question 18 below).



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Emclaire reserves the right to change its policy of paying brokerage commissions
and related plan administrative expenses associated with the reinvestment of
cash dividends and stock purchases at any time within its sole and absolute
discretion. (See Question 28)

REPORTS TO PARTICIPANTS

15.  How will I be advised of my purchases of stock?

As soon as practicable after each purchase, you or your broker will receive a
statement of account from the plan administrator. These statements are your
continuing record of the purchase price of the shares acquired and the number of
shares acquired, and should be retained for tax purposes. You will also receive,
from time to time, communications sent to all holders of the common stock.

DIVIDENDS

16.  Will I be credited with dividends on shares held in my account under the
     plan?

Yes. Your account will be credited with dividends paid on full shares and
fractional shares credited to the participant's account. The plan administrator
will automatically reinvest the cash dividends received for the purchase of
additional shares of Emclaire common stock.

STOCK CERTIFICATES

17.  Will stock certificates be issued for shares of Emclaire common stock
     purchased?

Each share purchase is credited to your plan account in book entry. Normally,
certificates for common stock purchased under the plan will not be issued to
participants. The number of shares credited to your account under the plan will
be shown on your statement of account.

You may receive certificates for full shares accumulated in your account under
the plan by sending a written request to the plan administrator. You may also
request periodic issuance of certificates for all full shares in the account.
When certificates are issued to you, future dividends on such shares will still
be reinvested in shares of Emclaire common stock. Any undistributed shares will
continue to be reflected in your account. No certificates representing
fractional shares will be issued.

Your rights under the plan and shares credited to your account under the plan
may not be pledged. If you wish to pledge such shares, you must request that
certificates for such shares be issued in your name.

Accounts under the plan are maintained in the names in which the certificates of
participants were registered at the time they entered the plan. Additional
certificates for whole shares will be similarly registered when issued.



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WITHDRAWAL FROM THE PLAN

18.  How do I withdraw from the plan?

You may withdraw from the plan at any time by sending a written withdrawal
notice to the plan administrator. Notice received nine days or less before a
particular dividend record date will be effective following the payment date of
such dividend. (See Question 21 for the full name and address of the plan
administrator). When you withdraw from the plan, or upon termination of the plan
by Emclaire, certificates for whole shares credited to your account under the
plan will be issued and a cash payment will be made for any fraction of a share
(see Question 19).

Upon withdrawal from the plan, you may also request that all or a portion of the
shares credited to your account be sold by the plan administrator. If such sale
is requested, the plan administrator will place a sale order, as promptly as
possible after the processing of the request for withdrawal, for your account
through an agent designated by the plan administrator at the prevailing market
price at the time of such sale. You will receive from the plan administrator a
check for the proceeds of the sale less the $10.00 liquidation/termination fee,
any applicable brokerage commission and any transfer tax.

19.  What happens to a fraction of a share when a participant withdraws from the
     plan?

When a participant withdraws from the plan, a cash adjustment representing the
value of any fraction of a share then credited to the participant's account will
be mailed directly to the participant. The cash adjustment will be based on the
closing price of the Emclaire common stock on date the shares are sold after the
effective date of the withdrawal. In no case will certificates representing a
fractional share interest be issued.

PLAN ADMINISTRATION

20.  Who is the plan administrator?

Illinois Stock Transfer Company, Emclaire's stock transfer agent, administers
the plan for participants by maintaining records, sending statements of account
to participants and performing other duties relating to the plan. Shares of
Emclaire common stock purchased under the plan are registered in the name of the
plan administrator's nominee and are credited to the accounts of the
participants in the plan. The plan administrator acts in the capacity as agent
for participants in the plan. Emclaire may replace the plan administrator at any
time within its sole discretion.



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21.  How do I contact the plan administrator?

You can contact Illinois Stock Transfer Company as follows:

Illinois Stock Transfer Company

Attn:  Dividend Reinvestment Plan Administration
209 West Jackson Boulevard, Suite 903
Chicago, Illinois  60606-6905

Phone:     800-757-5755 or 312-427-2953
           (7:30 a.m. - 4:00 p.m. Central Time)
Fax:       312-427-2879

OTHER INFORMATION

22.  What happens if Emclaire issues a stock dividend, declares a stock split or
     makes a rights offering?

Any shares representing stock dividends or stock splits distributed by Emclaire
on shares credited to you under the plan will be added to the your account.
Shares representing stock dividends or split shares distributed on shares
registered in your name in the plan will be issued in book entry form.

In the event Emclaire makes a rights offering of any of its securities to
holders of Emclaire common stock, participants in the plan will be notified by
Emclaire in advance of the commencement of the offering.

23.  How will my shares held under the plan be voted at meetings of
     stockholders?

Shares credited to your account of you under the plan (including fractional
shares) will be automatically added to the shares covered by the proxy sent to
you with respect to your other shares in Emclaire and may be voted by you
pursuant to such proxy. The plan administrator will forward any proxy
solicitation materials relating to the shares of Emclaire common stock held by
the plan to the participating stockholder.

Where no instructions are received from you with respect to your shares held
under the plan, or otherwise, such shares shall not be voted unless you vote
such shares in person or by proxy.

24.  What are the U.S. federal income tax consequences of participating in the
     plan?

The U.S. federal income tax consequences of participating in the plan are as
follows:

     --   Cash dividends reinvested under the plan are taxable to you as if you
          had received them in cash on the applicable dividend payment date.


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     --   The tax basis of shares purchased with reinvested dividends or
          optional cash investments generally is the amount you paid to acquire
          the shares.

     --   You do not realize taxable income from the transfer of shares to your
          plan account or from the withdrawal of whole shares from your plan
          account. You will, however, generally realize gain or loss from the
          receipt of cash instead of any fractional plan share. You will also
          realize gain or loss when your plan shares are sold. The amount of the
          gain or loss generally will be the difference between the amount you
          receive for the shares and the tax basis of the shares.

     --   The plan administrator reports dividend income to participants and the
          Internal Revenue Service (IRS) on Form 1099-DIV. The plan
          administrator reports the proceeds from the sale of plan shares to the
          selling participants and the IRS on Form 1099-B.

     --   Your dividends are subject to federal withholding if you fail to
          provide a taxpayer identification number to the plan administrator.
          Dividends of participants residing in certain foreign countries may
          also be subject to federal withholding. In any case in which federal
          income taxes are required to be withheld, the plan administrator
          reinvests or pays to you, as the case may be, an amount equal to the
          dividends less the amount of tax withheld. For IRS reporting purposes,
          the amount of the dividend withheld is included in the dividends
          income.

25.  Should I consult with my own tax advisors?

Yes. All participants are advised to consult with their own tax advisors to
determine the particular tax consequences which may result from their
participation in the plan and the subsequent sale by them of shares purchased
pursuant to the plan. The discussion above is a summary of the important U.S.
federal income tax consequences of your participation in the plan. The summary
is based on the Internal Revenue Code of 1986, as amended, U.S. Treasury
Regulations, administrative rulings and court decisions, as in effect as of the
date of this document, all of which are subject to change at any time, possibly
with retroactive effect. This summary is not a complete description of all of
the tax consequences of your participation in the plan. For example, it does not
address any state, local or foreign tax consequences of your participation in
the plan.

26.  What are the responsibilities of Emclaire under the plan?

In administering the plan, Emclaire and the plan administrator will not be
liable for any act done in good faith or for the good faith omission to act,
including, without limitation, any claim of liability arising out of failure to
terminate a participant's account upon such participant's death or judicially
declared incompetency or with respect to the prices at which shares are
purchased for the participant's account, and the times when such purchases are
made, with respect to any loss or fluctuation in the market value after purchase
of shares, or with respect to any sales of Emclaire common stock made under the
plan on behalf of the participant.



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Emclaire shall interpret the plan and all such interpretations and
determinations made by Emclaire shall be conclusive. The terms and conditions of
the plan, the Authorization Form, the plan's operation, and a participant's
account will be governed by the laws of the Commonwealth of Pennsylvania and the
Rules and Regulations of the Securities and Exchange Commission. The terms of
the plan and the Authorization Form cannot be changed by oral agreement.

27.  Who bears the risk of market price fluctuations in the Emclaire common
     stock?

Your investment in shares acquired under the plan is no different from direct
investment in shares of Emclaire. You bear the risk of loss and realize the
benefits of any gain from market price changes with respect to all such shares
held in the plan, or otherwise. Neither Emclaire nor the plan administrator
makes any representations with respect to the future value of the Emclaire
common stock purchased under the plan. You should recognize that Emclaire, the
plan administrator and related parties cannot assure you of realizing any
profits or protect you against a loss related to investment in the common stock
purchased or sold under the plan. Emclaire common stock purchased in accordance
with the plan does not constitute savings accounts or deposits issued by a bank
or savings institution and are not insured by the Federal Deposit Insurance
Corporation or any other governmental agency.

28.  May the plan be changed or discontinued?

The plan may be amended, suspended, modified or terminated at any time by the
Board of Directors of Emclaire without the approval of the participants. Notice
of any such suspension or termination or material amendment or modification will
be sent to all participants, who shall at all times have the right to withdraw
from the plan.

Emclaire or the plan administrator may terminate a stockholder's individual
participation in the plan at any time by written notice to the stockholder. In
such event, the plan administrator will request instructions from you for
disposition of the shares in the account. If the plan administrator does not
receive instructions from you, it will send you a certificate for the number of
full shares held for the participant under the plan and a check for any
fractional share.