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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report (date of earliest event reported): November 1, 1999



                        CITIZENS COMMUNITY BANCORP, INC.
             (Exact name of registrant as specified in its charter)
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              Florida                   33-98090              65-0614044
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 (State or other jurisdiction    Commission File Number     (I.R.S. Employer
       Of incorporation)                                    Identification No.)




                             650 East Elkcam Circle
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                           Marco Island, Florida 34145
                    (address of principal executive offices)
                  Registrant's telephone number: (904) 389-1800











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ITEM 2.           Acquisition or Disposition of Assets

         On November 1, 1999, CCB Mortgage Corporation  ("CCBM"), a wholly owned
subsidiary of Citizens Community Bancorp, Inc. ("CCBI"), acquired certain assets
of Marco Island Mortgage Services, Inc. ("MIMS") in exchange for $70,000.

         CCBM has entered into a one-year  employment  contract with MIMS' owner
and former  President and Chief  Executive  Officer,  Anthony J.  Iannotta.  Mr.
Iannotta  will serve as CCBM's  President  and Chief  Executive  Officer  and be
primarily responsible for its day-to-day operations.

         As part of the  employment  agreement,  CCBI has granted  Mr.  Iannotta
15,000 shares of CCBI common stock,  at no cost, and options to purchase  15,000
shares of its common stock. The options have a strike price of $9.00,  will vest
in equal installments over five years, and will be exercisable for 10 years from
the date of issuance.

         Additionally,  CCBM has also  employed  six  mortgage  originators  and
processors formerly employed by MIMS. CCBM and CCBI have entered into agreements
with the employees that provide for severance payments in the event CCBM or CCBI
undergoes a change in control, as well as certain stock incentives.

         An  aggregate  of 1,800 shares of CCBI common stock has been awarded to
certain of these employees at no cost to them. Consistent with CCBI's policy for
new  employees  of its  subsidiaries,  these  employees  have also been  granted
options  to  purchase  a total  of  16,000  shares  of CCBI  common  stock.  The
employees' options have been granted on terms identical to Mr. Iannotta's.

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  the  report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:    November 1, 1999

                                               Citizens Community Bancorp, Inc.
                                               (Registrant)


                            By: /s/ Gregory E. Smith
                                    Gregory E. Smith
                                    Principal Financial Officer and
                                    duly authorized Officer of the Registrant