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EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Form S-8
Registration Statement pertaining to the Mutual Savings Bank Savings and
Investment Plan and the First Northern Savings Bank 401(k) Savings Plan of our
report dated March 7, 2000, with respect to the consolidated financial
statements and schedules of Mutual Savings Bank, and of our report dated January
22, 1999 with respect to the consolidated financial statements of First
Northern, both included in Bank Mutual's prospectus dated September 8, 2000,
pursuant to Registration Statement on Form S-1, No. 333-39362, filed with the
Securities and Exchange Commission pursuant to Rule 424(b).
/s/ ERNST & YOUNG LLP
November 9, 2000
Milwaukee, Wisconsin
