EXHIBIT 4

             Specimen Stock Certificate of Emlciare Financial Corp.



<PAGE>
================================================================================
COMMON STOCK                     INCORPORATED UNDER THE        CUSIP 290828 10 2
CERTIFICATE NO.                 LAWS OF THE COMMONWEALTH
                                    OF PENNSYLVANIA

                               EMCLAIRE FINANCIAL CORP.
                                EMLENTON, PENNSYLVANIA           SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

         THIS CERTIFIES THAT:

         Is The Owner Of:




shares  of the  Common  Stock,  $1.25  par  value of  Emclaire  Financial  Corp.
hereinafter  called  the  Corporation,  transferable  only on the  books  of the
Corporation,  by the holder hereof in person or by duly authorized attorney upon
surrender of this certificate properly endorsed.

         The amount of the Common Stock of the  Corporation  is set forth on the
books of the  Corporation and the par value of the shares of Common Stock of the
Corporation is set forth in the Articles of Incorporation of the Corporation, as
amended or to be amended hereafter,  which Articles of Incorporation and any and
all amendments thereof are on file at the office of the Corporation and are also
on file at the office of the  Commonwealth of  Pennsylvania  Department of State
and are hereby  expressly  incorporated  herein by reference and to all of which
the holder, by acceptance hereof, hereby agrees and assents.

         This  certificate is not valid unless  countersigned  and registered by
the Corporation's transfer agent and registrar.


         IN WITNESS WHEREOF,  Emclaire  Financial Corp. has caused the facsimile
signatures  of its duly  authorized  officers  and has caused a facsimile of its
Corporate Seal to be hereunto affixed.

DATED:

------------------------------------           ---------------------------------
SECRETARY                                                              PRESIDENT

                                      SEAL
                                Incorporated 1989



================================================================================



<PAGE>






         The Board of Directors of Emclaire Financial Corp. (the  "Corporation")
is authorized by  resolution(s),  from time to time adopted,  to provide for the
issuance of preferred stock and to fix and state the voting powers,  preferences
and relative, participating,  optional, or other special rights of the shares of
each such series and the qualifications,  limitations, and restrictions thereof.
The Corporation  will furnish to any shareholder upon request and without charge
a full description of each class of stock and any series thereof.

         The shares  represented  by this  certificate  may not be  cumulatively
voted in the election of directors of the Corporation. The shares represented by
this  certificate may not be cumulatively  voted in the election of directors of
the Corporation. The Corporation's Articles also include a provision the general
effect of which is to require an  affirmative  vote of the holders of 80% of the
outstanding   common   shares  of  the   Corporation   to  approve  any  merger,
consolidation,  liquidation,  or dissolution of the  Corporation,  or any action
that would result in the sale or other disposition of all, or substantially all,
of the assets of the Corporation. The affirmative vote of 80% of the outstanding
shares of common stock of the Corporation is required to amend this provision of
the Articles.

         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:
<TABLE>
<CAPTION>
<S>                              <C>                  <C>
TEN COM - as tenants in common   UNIF TRANS MIN ACT - ________Custodian_________
                                                        (Cus)           (Minor)
TEN ENT - as tenants by the entireties                under Uniform Transfers to Minors Act

JT TEN  - as joint tenants with right of              --------------------------
          survivorship and not as tenants                      (State)
          in common
</TABLE>

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

For Value Received _______________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
shares of the 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.

Dated _____________________                 In presence of:

                                            ------------------------------------

         NOTICE: The signatures 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.

         The  signature(s)  of the  assignor(s)  must be guaranteed  hereon by a
participant in either the Securities Transfer Agent's Medallion Program (STAMP),
the Stock Exchange  Medallion (SEMP),  or the New York Stock Exchange  Medallion
Program (MSP).

Countersigned and Registered:




                                             Transfer Agent and Registrar



                                             By: _______________________________
                                                  Authorized Signature