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FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION -------------------------------
------- Washington D.C. 20549 OMB APPROVAL
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[ ] Check this box if STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB Number: 3235-0287
no longer Subject Expires: January 31, 2005
to Section 16. Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, -------------------------------
Form 4 or Form 5 Section 17(a) of the Public Utility Holding Company Act of 1935 or
obligations may Section 30(f) of the Investment Company Act 1940
Continue. See
Instructions 1(b)
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|1.Name and Address of Reporting Person |2.Issuer Name and Ticker or Trading Symbol |6.Relationship of Reporting Person to |
| | | Issuer (Check all Applicable) |
| Marsh William C. | Emclaire Financial Corp. (EMCF) | |
|----------------------------------------|---------------------------------------------| ___ Director ___ 10% Owner |
| (Last) (First) (MI) |3.IRS Number of |4.Statement for Month/| |
| | Reporting Person | Year | _x_ Officer (give ___ Other |
| | (Voluntary) | | title below) (Specify below)|
| 203 Drake Circle | | 03/06/03 | |
|----------------------------------------| 203-62-1697 | | Treasurer/Secretary |
| (Street) | |----------------------|---------------------------------------|
| | |5.If Amendment,Date of|7.Individual or Joint/Group Filing |
| | | Original (Month/Year)| (Check Applicable Line) |
| | | | |
| Cranberry Twp. PA 16066 | | | _x_ Form filed by One Reporting Person|
|----------------------------------------| | | |
| (City) (State) (Zip) | | | ___ Form filed by More than one |
| | | | Reporting Person |
|----------------------------------------|----------------------|----------------------|---------------------------------------|
| |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of |
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Ownership | Indirect |
| | (Mon/Day/Yr)|(Instr. 8)| (Instr. 3, 4 & 5) | Beneficially |Form Dir. | Beneficial |
| | | | | | | | Owned at End |(D) or | Ownership |
| | | | | |(A) | | of Month |Indirect | (Instr. 4) |
| | |Code | V | Amount |(D) | Price | (Instr. 3&4) |(I) | |
| | | | | | | | |(Instr. 4)| |
|----------------------------|-------------|-----|----|---------------|----|--------|---------------|----------|---------------|
| | | | | | | | | | |
|----------------------------|-------------|-----|----|---------------|----|--------|---------------|----------|---------------|
| Common Stock | | | | | | | 8,000 | D | |
|----------------------------|-------------|-----|----|---------------|----|--------|---------------|----------|---------------|
| Common Stock | 03/06/03 | P | V | 150 | A | $24.00 | 150 | I | Spouse |
|----------------------------|-------------|-----|----|---------------|----|--------|---------------|----------|---------------|
FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, covertible securities)
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|1.Title of|2.Conver-|3. |4.Trans- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans|action | Derivative |Exercisable| of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date |Code | Securities |and | Securities |Security |Derivative|Form| Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or|Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- |Day/ | | Disposed of (D)|Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4&5)|(Mon/Day/ | | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-----------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Month |or | |
| | | |---------|-----------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | |Code| V | (A) | (D) |Exbl.|Date | |Shares | | |(I) | |
|----------|---------|-----|----|----|--------|--------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|--------|--------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|--------|--------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|--------|--------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|--------|--------|-----|-----|----------|----------|----------|----------|----|----------|
Explanation of Responses:
/s/ William C. Marsh 03/10/03
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Signature Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or directly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v)
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.