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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
(Registration No. 333-49592) 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).
/s/ WIPFLI ULLRICH BERTELSON LLP
November 14, 2000
Green Bay, Wisconsin
