Sec Form 4 Filing - PENNINGTON JOSEPH E @ CHRISTOPHER & BANKS CORP - 2006-09-22

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person PENNINGTON JOSEPH E 2. Issuer Name and Ticker or Trading Symbol CHRISTOPHER & BANKS CORP [ CBK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Executive Officer (Last) (First) (Middle) 2400 XENIUM LANE N 3. Date of Earliest Transaction (MM/DD/YY) 09/22/2006 (Street) PLYMOUTH, MN55441 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 09/22/2006 S 42,300 D $ 29.3543 209,636 D Common Stock 09/25/2006 S 17,700 D $ 29.8551 191,936 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (right to buy) ( 1 ) $ 7.7778 07/27/2001 07/27/2010 Common Stock 74,538 74,538 D Stock Option (right to buy) ( 2 ) $ 21.4667 01/07/2003 01/07/2012 Common Stock 180,000 180,000 D Stock Option (right to buy) ( 3 ) $ 18.33 01/06/2005 01/06/2014 Common Stock 135,000 135,000 D Stock Option (right to buy) ( 4 ) $ 19.45 02/07/2007 02/07/2016 Common Stock 18,000 18,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other PENNINGTON JOSEPH E 2400 XENIUM LANE N PLYMOUTH, MN55441 X Chief Executive Officer Signatures Barbara Spilane, Attorney-in-Fact 09/25/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On July 27, 2000, the reporting person was granted an option to purchase 168,750 shares of common stock. The option vests equally in five annual installments beginning on July 27, 2001. ( 2 )On January 7, 2002, the reporting person was granted an option to purchse 180,000 shares of common stock. The option vests equally in four annual installments beginning on January 7, 2003. ( 3 )On January 6, 2004, the reporting person was granted an option to purchase 135,000 shares of common stock. The option vests equally in three annual installments beginning on January 6, 2005. ( 4 )On February 7, 2006, the reporting person was granted an option to purchase 18,000 shares of common stock. The option vests equally in two annual installments beginning on February 7, 2007.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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