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EXHIBIT 23.2
INDEPENDENT ACCOUNTANTS' CONSENT
We consent to incorporation by reference in this Registration Statement
on Form S-4 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
proxy statement/prospectus.
WIPFLI ULLRICH BERTELSON LLP
Certified Public Accountants
Green Bay, Wisconsin
June 20, 2000
