<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
Commission file number: 0-11889
A) Plan Title/Address: First Financial Corporation
401(k) Profit Sharing Plan and Trust
1305 Main Street
Stevens Point, Wisconsin 54481
(Full title and address of the plan)
B) Issuer Name/Address First Financial Corporation
1305 Main Street
Stevens Point, Wisconsin 54481
(Name and address of issuer of the
securities held pursuant to the plan)
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Financial Statements
and Supplemental Schedules
Years ended December 31, 1995 and 1994
Contents
Report of Independent Auditors ...........................................1
Financial Statements
Statements of Net Assets Available for Plan Benefits .....................2
Statements of Changes in Net Assets Available for Plan Benefits...........4
Notes to Financial Statements ............................................6
Supplemental Schedules
Assets Held for Investment ..............................................11
Reportable Transactions..................................................12
<PAGE>
Report of Independent Auditors
First Financial Corporation 401(k) Profit-Sharing Plan and Trust
We have audited the accompanying statements of net assets available for plan
benefits of the First Financial Corporation 401(k) Profit-Sharing Plan and Trust
(the Plan) as of December 31, 1995 and 1994, and the related statements of
changes in net assets available for plan benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan at
December 31, 1995 and 1994, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment as of December 31, 1995, and reportable transactions for the
year then ended, are presented for purposes of complying with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of the
financial statements. The fund information in the statement of net assets
available for plan benefits and the statement of changes in net assets available
for plan benefits is presented for purposes of additional analysis rather than
to present the net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental schedules and fund
information have been subjected to the auditing procedures applied in our audits
of the financial statements and, in our opinion, are fairly stated in all
material respects in relation to the financial statements taken as a whole.
1
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1995
<TABLE>
<CAPTION>
M&I First First First
Money M&I M&I Financial Financial Financial
Market Bond Max-Cap CD Stock Loan
Fund Fund Fund Fund Fund Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value:
Mutual funds $ 1,819,172 $ 3,153,336 $5,695,426 $ 357,878 $ 320,587 $ --
Common stocks -- -- -- -- 50,426,879 --
Interest-bearing deposit -- -- -- 2,315,377 -- --
Notes receivable from participants -- -- -- -- -- 1,128,107
-----------------------------------------------------------------------------------
Total investments 1,819,172 3,153,336 5,695,426 2,673,255 50,747,466 1,128,107
Due from brokers -- 46,164 -- -- -- --
Accrued interest 8,401 17,157 -- 465 222 9,333
Employer contributions receivable 3,625 6,481 13,202 5,576 56,423 --
Participant contributions receivable 1,302 3,861 7,431 3,264 29,074 --
-----------------------------------------------------------------------------------
Total assets 1,832,500 3,226,999 5,716,059 2,682,560 50,833,185 1,137,440
Liabilities
Benefits payable 4,321 3,052 6,854 989 148,409 6,165
Other payables 4,645 77 181 142 2,054 --
Due to brokers -- -- 63,188 -- -- --
-----------------------------------------------------------------------------------
Net assets available for plan benefits $ 1,823,534 $ 3,223,870 $5,645,836 $ 2,681,429 $50,682,722 $ 1,131,275
===================================================================================
</TABLE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1995
<TABLE>
<CAPTION>
First
Financial
Advance
Contribution
Fund Other Total
----------------------------------------
<S> <C> <C> <C>
Assets
Investments, at fair value:
Mutual funds $ -- $ 1,639 $11,348,038
Common stocks -- 29,008 50,455,887
Interest-bearing deposit -- -- 2,315,377
Notes receivable from participants -- -- 1,128,107
----------------------------------------
Total investments -- 30,647 65,247,409
Due from brokers -- -- 46,164
Accrued interest -- 156 35,734
Employer contributions receivable -- -- 85,307
Participant contributions receivable -- -- 44,932
----------------------------------------
Total assets -- 30,803 65,459,546
Liabilities
Benefits payable -- -- 169,790
Other payables -- -- 7,099
Due to brokers -- -- 63,188
----------------------------------------
Net assets available for plan benefits $ -- $ 30,803 $65,219,469
========================================
</TABLE>
See accompanying notes.
2
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1994
<TABLE>
<CAPTION>
M&I First First First
Money M&I M&I Financial Financial Financial
Market Bond Max-Cap CD Stock Loan
Fund Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value:
Mutual funds $ 1,822,081 $ 3,050,176 $3,793,567 $ 759,660 $ 235,975 $ -
Common stocks - - - - 27,297,050 -
Interest-bearing deposits - - - 2,833,562 - -
Notes receivable from participants - - - - - 731,138
-------------------------------------------------------------------------------------
Total investments 1,822,081 3,050,176 3,793,567 3,593,222 27,533,025 731,138
Accrued interest 6,987 - - 13,575 178 5,729
Participant contributions receivable 1,284 4,235 5,160 3,157 23,413 -
-------------------------------------------------------------------------------------
Total assets 1,830,352 3,054,411 3,798,727 3,609,954 27,556,616 736,867
Liabilities
Benefits payable 42,502 43,357 59,299 50,700 99,126 -
Excess contributions payable 1,181 4,146 7,979 7,394 41,198 -
Other payables 4,541 50 100 100 550 -
-------------------------------------------------------------------------------------
Net assets available for plan benefits $ 1,782,128 $ 3,006,858 $3,731,349 $3,551,760 $27,415,742 $ 736,867
=====================================================================================
</TABLE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1994
<TABLE>
<CAPTION>
First
Financial
Advance
Contribution
Fund Other Total
------------------------------------------
<S> <C> <C> <C>
Assets
Investments, at fair value:
Mutual funds
Common stocks $2,178,624 $ 8,066 $11,848,149
Interest-bearing deposits - 120,994 27,418,044
Notes receivable from participants - - 2,833,562
- - 731,138
Total investments ------------------------------------------
2,178,624 129,060 42,830,893
Accrued interest
Participant contributions receivable - 316 26,785
- - 37,249
Total assets ------------------------------------------
2,178,624 129,376 42,894,927
Liabilities
Benefits payable
Excess contributions payable - - 294,984
Other payables - - 61,898
- - 5,341
------------------------------------------
Net assets available for plan benefits $ 2,178,624 $ 129,376 $ 42,532,704
==========================================
</TABLE>
See accompanying notes.
3
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1995
<TABLE>
<CAPTION>
M&I
Money M&I First First First
Market M&I Max- Financial Financial Financial
Fund Bond Fund Cap Fund CD Fund Stock Fund Loan Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from First
Financial Corporation $ 3,625 $ 6,481 $ 13,202 $ 5,576 $ 56,423 $ -
Contributions from Plan
participants 51,859 103,692 181,269 89,394 778,562 -
Rollover of participants' funds
from other plans 218,518 - - - 372 -
Investment income 102,334 184,142 134,257 135,614 1,070,560 74,361
-------------------------------------------------------------------------------------
376,336 294,315 328,728 230,584 1,905,917 74,361
Deductions:
Administrative expenses 56 114 329 550 2,613 -
Payments to Plan participants 272,887 171,851 280,758 136,678 1,869,199 80,498
-------------------------------------------------------------------------------------
Net additions 103,393 122,350 47,641 93,356 34,105 (6,137)
Net realized and unrealized appre-
ciation (depreciation) in aggre-
gate fair value of investments - 229,189 1,276,734 - 20,874,214 -
Transfers (61,987) (134,527) 590,112 (963,687) 2,358,661 400,545
-------------------------------------------------------------------------------------
Net increase (decrease) 41,406 217,012 1,914,487 (870,331) 23,266,980 394,408
Net assets available for plan
benefits at beginning of year 1,782,128 3,006,858 3,731,349 3,551,760 27,415,742 736,867
-------------------------------------------------------------------------------------
Net assets available for plan $ 1,823,534 $ 3,223,870 $ 5,645,836 $ 2,681,429 $ 50,682,722 $1,131,275
benefits at end of year
=====================================================================================
</TABLE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1995
<TABLE>
<CAPTION>
First
Financial
Advance
Contribution
Fund Other Total
--------------------------------------------
<S> <C> <C> <C>
Additions:
Contributions from First
Financial Corporation $ - $ - $ 85,307
Contributions from Plan
participants - - 1,204,776
Rollover of participants' funds
from other plans - - 218,890
Investment income 10,578 3,386 1,715,232
--------------------------------------------
10,578 3,386 3,224,205
Deductions:
Administrative expenses 85 7 3,754
Payments to Plan participants - 62,843 2,874,714
--------------------------------------------
Net additions 10,493 (59,464) 345,737
Net realized and unrealized appre-
ciation (depreciation) in aggre-
gate fair value of investments - (39,109) 22,341,028
Transfers (2,189,117) - -
--------------------------------------------
Net increase (decrease) (2,178,624) (98,573) 22,686,765
Net assets available for plan
benefits at beginning of year 2,178,62 129,376 42,532,704
--------------------------------------------
Net assets available for plan $ - $ 30,803 $ 65,219,469
benefits at end of year
============================================
</TABLE>
See accompanying notes.
4
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1994
<TABLE>
<CAPTION>
M&I
Money M&I First First First
Market M&I Max- Financial Financial Financial
Fund Bond Fund Cap Fund CD Fund Stock Fund Loan Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from First
Financial Corporation $ 300,699 $ 234,727 $ 345,501 $ 293,843 $ - $ -
Contributions from Plan
participants 22,307 184,824 154,766 65,366 610,432 -
Rollover of participants' funds
from other plans 286,913 472,539 311,472 588,483 512,447 -
Investment income 49,816 194,594 80,769 84,579 813,188 46,274
-----------------------------------------------------------------------------------
659,735 1,086,684 892,508 1,032,271 1,936,067 46,274
Deductions:
Administrative expenses 250 150 300 515 3,273 -
Payments to Plan participants 297,425 207,272 309,933 117,531 2,032,863 41,229
-----------------------------------------------------------------------------------
Net additions 362,060 879,262 582,275 914,225 (100,069) 5,045
Net realized and unrealized appre-
ciation (depreciation) in aggre-
gate fair value of investments - (290,415) (21,832) - (5,397,373) -
Transfers 341,149 (802,790) 404,056 1,380,247 1,057,268 248,256
-----------------------------------------------------------------------------------
Net increase (decrease) 703,209 (213,943) 964,499 2,294,472 (4,440,174) 253,301
Net assets available for plan
benefits at beginning of year 1,078,919 3,220,801 2,766,850 1,257,288 31,855,916 483,566
-----------------------------------------------------------------------------------
Net assets available for plan
benefits at end of year $1,782,128 $ 3,006,858 $ 3,731,349 $ 3,551,760 $ 27,415,742 $736,867
===================================================================================
</TABLE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1994
<TABLE>
<CAPTION>
First
Financial
Advance
Contribution
Fund Other Total
----------------------------------------------
<S> <C> <C> <C>
Additions:
Contributions from First
Financial Corporation $ 2,178,624 $ - $ 3,353,394
Contributions from Plan
participants - - 1,037,695
Rollover of participants' funds
from other plans - - 2,171,854
Investment income 6,774 4,403 1,280,397
----------------------------------------------
2,185,398 4,403 7,843,340
Deductions:
Administrative expenses 243 5 4,736
Payments to Plan participants - 10,074 3,016,327
----------------------------------------------
Net additions 2,185,155 (5,676) 4,822,277
Net realized and unrealized appre-
ciation (depreciation) in aggre-
gate fair value of investments 34,375 (7,391) (5,682,636)
Transfers (2,628,186) - -
----------------------------------------------
Net increase (decrease) (408,656) (13,067) (860,359)
Net assets available for plan
benefits at beginning of year 2,587,280 142,443 43,393,063
----------------------------------------------
Net assets available for plan
benefits at end of year $ 2,178,624 $129,376 $ 42,532,704
==============================================
</TABLE>
See accompanying notes.
5
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements
December 31, 1995
1. Description of the Plan
The following description of the First Financial Corporation 401(k)
Profit-Sharing Plan and Trust (the Plan) as of December 31, 1995, provides only
general information. Participants should refer to the Summary Plan Description
for a more complete description of the Plan's provisions.
The Plan is a contributory defined contribution retirement plan that covers any
employee of First Financial Corporation (the Employer) who is at least 21 years
of age and has completed a minimum of 1,000 hours of service during a
consecutive twelve-month period. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Employer contributions to the Plan are made on a discretionary basis (profit
sharing). Employer contributions are allocated based on annual compensation.
Participants vest in employer contributions on a sliding scale and are fully
vested after 7 years. In addition, participants may contribute a tax deferred
amount each year which is limited by Internal Revenue Code (IRC) Section 401(k).
Participants may also contribute on an after-tax basis, subject to IRC
limitations. Participant tax deferred and after-tax contributions are 100%
vested immediately. The after-tax contributions are not matched by the Employer.
A participant's account balance, both vested and unvested, is invested as
designated by the participant in one or a combination of five funds: Marshall
Money Market Fund, Marshall Bond Fund, Marshall Max-Cap Fund, First Financial
Corporation CD Fund, and the First Financial Corporation Stock Fund.
Employer contributions in 1995 and 1994 were also made through a matching
program whereby the Employer matched initial participant 401(k) contributions at
25% of the participant contribution up to a maximum matching contribution of
$100.
Benefits may be paid to a participant or beneficiary upon retirement, death,
disability or termination of employment. Benefits are payable in a lump-sum or
in equal installments over a period not to exceed the life expectancy of the
participant and designated beneficiary.
6
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
2. Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements. Estimates also affect the reported amounts of additions
and deductions during the reporting period. Although estimates are considered to
be fairly stated at the time that the estimates are made, actual results could
differ from those estimates.
Investments
Fair values of mutual funds and common stocks are determined by reference to
quoted redemption and market prices, respectively. Interest-bearing deposits and
notes receivable from participants are carried at cost, which approximates fair
value.
Reclassifications
Certain 1994 financial statement amounts have been reclassified to conform to
the 1995 presentation.
Administrative Expenses
Administrative expenses are generally paid by the Employer.
7
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
3. Investments
The Plan's investments are held by a bank-administered trust fund. During 1995
and 1994, the Plan's investments (including investments bought, sold and held
during the year) appreciated (depreciated) in fair value as follows:
<TABLE>
<CAPTION>
Net Appreciation Fair Value
in Fair Value at End
During Year of Year
-------------------------------------
<S> <C> <C>
Year ended December 31, 1995:
Fair value determined by reference to quoted sources:
Common stocks $20,835,105 $50,455,887
Mutual funds 1,505,923 11,348,038
-------------------------------------
22,341,028 61,803,925
Assets carried at cost:
Interest-bearing deposit - 2,315,377
Notes receivable from participants - 1,128,107
-------------------------------------
$22,341,028 $65,247,409
=====================================
</TABLE>
<TABLE>
<CAPTION>
Net Depreciation Fair Value
in Fair Value at End
During Year of Year
-------------------------------------
<S> <C> <C>
Year ended December 31, 1994:
Fair value determined by reference to quoted sources:
Common stocks $ (5,370,389) $27,418,044
Mutual funds (312,247) 11,848,149
-------------------------------------
(5,682,636) 39,266,193
Assets carried at cost:
Interest-bearing deposits - 2,833,562
Notes receivable from participants - 731,138
-------------------------------------
$ (5,682,636) $42,830,893
=====================================
</TABLE>
8
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
3. Investments (continued)
The fair values of individual investments that represent 5% or more of the
Plan's net assets are as follows:
<TABLE>
<CAPTION>
December 31
1995 1994
-----------------------------------
<S> <C> <C>
First Financial Corporation common stock $50,426,879 $27,297,050
First Financial Corporation certificate of deposit;
4.30%, due January 1995 - 2,682,090
Federated Index TR Max-Cap Fund 5,693,472 3,460,673
Marshall Intermediate Bond Fund - 2,782,371
Marshall Money Market Fund - 5,605,105
</TABLE>
4. Income Tax Status
The Internal Revenue Service has ruled that the Plan qualifies under Section
401(a) of the IRC and is, therefore, not subject to tax under present income tax
laws. Once qualified, the Plan is required to operate in conformity with the IRC
to maintain its qualification. The plan administrator is not aware of any course
of action or series of events that have occurred that might adversely affect the
Plan's qualified status.
5. Transactions with Parties-in-Interest
The Plan owned 2,192,473 and 1,985,240 shares of First Financial Corporation
common stock, with a fair value of $50,426,879 and $27,297,050 at December 31,
1995 and 1994, respectively. Dividends of $0.48 and $0.40 per share were
declared and paid on the Corporation's common stock in 1995 and 1994,
respectively. Fees paid by the Employer during the year for legal, accounting
and other services provided by parties-in-interest were based on customary and
reasonable rates.
During 1995 and 1994, the Plan received $141,286 and $62,933 in interest from
the Employer relating to its certificates of deposit, which totaled $2,315,377
and $2,833,562 at December 31, 1995 and 1994, respectively.
9
<PAGE>
6. Plan Termination
Although it has not expressed any intent to do so, the Employer has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
10
<PAGE>
Supplemental Schedules
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Assets Held for Investment
December 31, 1995
<TABLE>
<CAPTION>
Shares,
Units or
Principal
Amount Description Cost Current
Value
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common stocks:
2,192,473 First Financial Corporation* $ 21,099,896 $ 50,426,879
448 AT&T 8,727 29,008
--------------------------------------
21,108,623 50,455,887
Mutual funds:
422,364 Federated Index Tr Max-Cap Fund 5,213,176 5,693,472
321,937 Marshall Intermediate Bond Fund 3,170,213 3,151,764
2,502,802 Marshall Money Market Fund 2,502,802 2,502,802
--------------------------------------
10,886,191 11,348,038
Interest-bearing deposit:
First Financial Corporation*
certificates of deposit; due
January 15, 1996; interest rate of
$2,315,377 4.95% 2,315,377 2,315,377
Notes receivable from participants -
Various notes; due January 1, 1995
to January 30, 2004; interest
$1,128,107 rates of 6.30% to 10% 1,128,107 1,128,107
--------------------------------------
Total investments $ 35,438,298 $ 65,247,409
======================================
</TABLE>
*Represents a party-in-interest to the Plan.
11
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Reportable Transactions
Year ended December 31, 1995
<TABLE>
<CAPTION>
Fair Value
of Assets on
Type of Number of Purchase Number of Sale Cost Transaction
Transaction Transactions Amount Transactions Amount of Assets Date Net Gain
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Federated Index TR Max-
Cap Fund III 85 $ 2,223,561 49 $ 538,087 $ 481,380 $ 538,087 $ 56,707
First Financial Corporation
certificates of deposit III 12 34,294,301 15 34,812,486 34,812,486 34,812,486 -
First Financial Corporation
common stock III 48 5,944,100 9 1,174,192 564,283 1,174,192 609,908
Marshall Money Market
Fund III 487 9,855,256 393 12,957,559 12,957,559 12,957,559 -
</TABLE>
As defined by ERISA, transactions in excess of 5 percent of the current value of
plan assets are categorized as:
(I) - a single transaction
(II) - a series of transactions (other than securities)
(III) - a series of transactions involving securities of the same issue
(IV) - a series of transactions involving securities with the same person
There were no Type II or IV transactions during the plan year. Type I
transactions are included with Type III transactions.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrative committee of the Plan has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
FIRST FINANCIAL CORPORATION 401(k)
PROFIT SHARING PLAN AND TRUST
Date: June 28, 1996 By: /s/ John C. Seramur
------------------------------------------------
John C. Seramur, President and CEO of
First Financial Corporation
Member of the Profit Sharing Trust
Administrative Committee
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
24 Consent of Independent Auditors
<PAGE>
EXHIBIT 24
Consent of Ernst & Young LLP, Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-36295) pertaining to the First Financial Corporation 401(k)
Profit-Sharing Plan and Trust and in the related prospectus of our report dated
May 24, 1996, with respect to the financial statements and schedules of the
First Financial Corporation 401(k) Profit-Sharing Plan and Trust included in
this Annual Report (Form 11-K) for the year ended December 31, 1995.
/s/ Ernst & Young LLP
Milwaukee, Wisconsin
June 24, 1996
