Emclaire Financial Corp.

Ticker:	EFER	612 Main Street, Box D
Exchange:	Over-the-Counter Market	Emlenton, Pennsylvania 16373
Industry:	Financial	(412) 867-2311

Type of Shares:	Common Shares	Filing Date:	9/11/96
U.S. Shares:	200,800	Offer Date:	12/9/96
Non-U.S. Shares:	0	Filing Price:	$13.50
Primary Shares:	200,800	Offer Price:	$13.50
Secondary Shares:	0	Gross Spread:	$1.05
Offering Amount:	$2,710,800	Selling:
Expenses:	-	Reallowance:
Shares Out After:	1,000,000

Manager	Tier	Phone
Hopper Soliday & Co.	Lead Manager

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	12/31/95	6/30/96	6/30/95		6/30/96
Revenue:	$7.83	$3.96	$3.79	Assets:	$109.40
Net Income:	$1.17	$0.50	$0.52	Liabilities:	$100.21
EPS:	$1.47	$0.63	$0.20	Equity:	$9.19
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company was incorporated in Pennsylvania in 1989 to own and control all of the capital stock of the Farmers National Bank of Emlenton, a national banking association. The company is a registered bank holding company pursuant to the Bank Holding company Act of 1956, as amended. The company's primary federal regulator is the Board of Governors of the Federal Reserve System. The company has no employees other than executive officers which do not receive compensation for serving in such capacity. As of June 30, 1996, the company had consolidated asset, liabilities, and shareholders' equity of $109.4 million, $100.2 million, and $9.2 million, respectively.

Use of Proceeds

The proceeds from the proposed offering will be used for general corporate purposes, including to provide additional equity capital to support future growth, including possible future acquisitions of other financial institutions, their branches or deposits.

Last updated: 12/29/96