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EXHIBIT 23.2
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 January 21, 2000 (except for note 17, as to which the date is
February 22, 2000) with respect to the consolidated financial statements of
First Northern Capital Corp., 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), and to our report dated June 6, 2000 with respect to the financial
statements and schedules of the First Northern Savings Bank, S.A. 401(k) Savings
Plan, included in that Plan's Report on Form 11-K for the year ended December
31, 1999.
/s/ WIPFLI ULLRICH BERTELSON LLP
November 9, 2000
Green Bay, Wisconsin
