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EXHIBIT 23.2
INDEPENDENT ACCOUNTANTS' CONSENT
We consent to inclusion in this Registration Statement on Form S-1 of
Bank Mutual Corporation of our report dated January 21, 2000 (except for Note
17, as to which the date is February 22, 2000), relating to the consolidated
statement of financial condition of First Northern Capital Corp. and
Subsidiaries as of December 31, 1999, and the related consolidated statements of
income, stockholders' equity, and cash flows for the year then ended, and to the
references to our firm under the heading "Experts" in the prospectus.
WIPFLI ULLRICH BERTELSON LLP
Certified Public Accountants
Green Bay, Wisconsin
July 31, 2000
