[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-21554

(Exact name of registrant as specified in its charter)

Wisconsin 39-1472124

(State or other jurisdiction of (I.R.S. Employer Identification No.)

incorporation or organization)

103 East Main Street, Denmark, Wisconsin 54208-0130

(Address of principal executive offices)

(920) 863-2161

(Registrant's telephone number, including area code)

(Former name, address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Outstanding at

Class October 23, 2000

Common Stock 54,803

(no par value)

Quarterly Report On Form 10-Q

For The Quarter Ended September 30, 2000

Part I. Financial Information

Item 1. Financial Statements

Consolidated Statements of Financial Condition 3

Consolidated Statements of Income 4

Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements 6

Item 2. Management's Discussion and Analysis of

Item 3. Quantitative and Qualitative Disclosures About Market Risk 11

Item 6. Exhibit 27 -- Financial Data Schedule N/A

Signatures 12

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Net income for the quarter ended September 30, 2000, was $549,261, or $10.01 per share, a decrease of $192,718 or 26%, compared to $741,979, or $13.48 per share, for the corresponding period in 1999. This decrease was the result of lower net interest income, lower noninterest income and higher noninterest expenses.

Net interest income for the quarter ended September 30, 2000, was $2,454,698, a decrease of $107,317 over the corresponding period in the prior year. The following table sets forth a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates:

The decrease in net interest income is primarily attributable to lower net interest spread which offset increased net interest income generated by larger volume. The Company's average interest rate spread was 2.13% during the third quarter of 2000 compared to 2.83% during the quarter ended September 30, 1999. The yield on earning assets increased by 39 basis points while the cost of funds increased by 109 basis points. Average earning assets increased by $43.0 million during the third quarter of 2000 and average interest-bearing liabilities increased by $39.6 million compared to the third quarter of 1999. The increases in volume improved net interest income by $147,000.

In the third quarter of 2000 the Company's provision for credit losses was $82,500 compared to $78,000 for the third quarter of 1999. Net charge-offs were $50,318 in the third quarter of 2000 compared to net charge-offs of $47,493 during the third quarter of 1999.

Noninterest income for the three months ended September 30, 2000, was $250,192, a decrease of $20,047 over the corresponding period in 1999. This decrease is primarily the result of a decrease of $16,776 on insurance commissions.

Noninterest expense increased by $190,781 or 11% during the three months ended September 30, 2000, over the corresponding period in 1999. Salaries and benefits expense increased $76,107 or 7% over the corresponding period in 1999. This increase is the result of higher salaries and wages which increased by $45,654 primarily as a result of regular salary increases and higher group health insurance expenses which increased by $24,875 or 17%. Occupancy expenses increased by $32,852 primarily as a result of higher depreciation expense which increased by $27,212. Data processing expenses increased by $34,887. The increase in data processing fees includes one-time charges of $8,796 to implement check imaging technology. The Company is currently negotiating a new contract with its core data processor and evaluating other alternatives in an effort to reduce data processing expenditures. Other operating expenses increased by $46,934 or 16% compared to the corresponding period in 1999.

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This increase is attributable to higher marketing expenses which increased by $49,140. During July 2000, the Bank extensively advertised a twelve month fixed rate certificate of deposit. The special rate promotion, which generated approximately $15 million in new deposits, was offered in conjunction with the grand re-opening of the recently remodeled Bellevue office.

Return on average assets in the third quarter of 2000 was .64%, compared to .99% for the corresponding period in 1999. Return on average equity in the third quarter of 2000 was 6.6%, compared to 9.3% for the corresponding period in the prior year.

Total assets increased by $26,757,474 between December 31, 1999, and September 30, 2000. Federal funds sold increased by $9,870,000 during the nine months ended September 30, 2000. Total loans increased by $18,182,794 during the first nine months of 2000.

The allowance for credit losses increased by $108,549 during the nine months ended September 30, 2000. The allowance equals 1.23% of total loans at September 30, 2000, compared to 1.28% at December 31, 1999. Nonaccrual loans totaled $9,672,676 at September 30, 2000, an increase of $1,837,553 over December 31, 1999. The increase in nonaccrual loans is primarily the result of loans to two borrowers experiencing financial difficulties. Loans totaling $801,000 to a commercial borrower and its two individual owners personally became nonaccrual. The loans are secured by mortgages on commercial buildings and residential properties, and are also secured by personal property. Loans totaling $485,000 to a single borrower also became nonaccrual. Of this amount, $239,000 is secured by a farm property and $246,000 is secured by a tavern with apartment rentals. Management considers these loans marginally collateralized with some loss exposure possible.

The Company's ratio of loans more than 30 days past due (including nonaccrual loans) to total loans was 4.6% at September 30, 2000, compared to 3.7% at December 31, 1999. As of September 30, 2000, management has identified $15.8 million of potential problem loans. Potential problem loans are loans that are performing but have a greater risk of nonperformance.

Demand deposits increased $3,092,236 during the first nine months of 2000. Interest bearing deposits increased by $26,525,360 between December 31, 1999, and September 30, 2000. Certificates of deposit increased by $28.2 million during the first nine months of this year. A special CD promotion produced approximately $15 million in deposits. Management also attributes the growth in CD's this year to higher interest rates and volatility in the equity markets.

Other borrowings decreased $4,776,733 the first nine months of 2000. The Company utilized the deposit growth to reduce other borrowed funds.

Stockholders' equity increased by $857,586 to $32,978,960 as of September 30, 2000. The Company and the Bank continue to maintain capital levels well above the regulatory minimum levels. As of September 30, 2000, the Company's leverage ratio was 9.0%, the risk-based core capital ratio was 12.6% and the risk-based total capital ratio was 13.9%.

On September 26, 2000, the Company's Board of Directors declared a semiannual $10.25 per share dividend payable on January 2, 2001, to all shareholders of record on December 12, 2000.

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Liquidity refers to the ability of the Company to generate adequate amounts of cash to meet the Company's needs for cash. Cash and cash equivalents decreased by $3.0 million during the first nine months of 2000. Loan repayments as well as net cash provided by operating activities amounting to $2.8 million and the increase in deposits of $29.6 million, as shown in the Consolidated Statement of Cash Flows, were the major sources of funds during the first nine months of 2000. The net increase in loans of $19.6 million, the net increase in federal funds sold of $9.9 million and the net decrease in borrowed funds of $4.8 million were the major uses of cash during the first nine months. The federal funds sold totaling $13.4 million and the available-for-sale investment portfolio amounting to $20.0 million as of September 30, 2000, are readily convertible to cash if needed for liquidity purposes.

In addition to on-balance sheet sources of funds the Company also has off-balance sheet sources available to meet liquidity needs. The Company has unused lines of credit of $25.4 million as of September 30, 2000. The Company has commitments to extend credit of $25.1 million as of September 30, 2000. Management believes the Company's liquidity position as of September 30, 2000, is adequate under current economic conditions.

In June 1999, the Financial Accounting Standards Board (FASB) issued FAS No. 137, "Accounting for Derivative Instruments and Hedging Activities -- Deferral of the Effective Date of FASB Statement No. 133 -- an amendment of FASB Statement No. 133". This statement is effective for all quarters of fiscal years beginning after June 15, 2000. Earlier application is encouraged, but is permitted only as of the beginning of any fiscal quarter that begins after the issuance of the statement. This statement should not be applied retroactively to financial statements of prior periods. FAS No. 133, "Accounting for Derivative Instruments and Hedging Activities" was issued in June 1998 and was originally effective for all fiscal quarters of fiscal years beginning after June 15, 1999. FAS No. 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. This statement requires that all derivatives are recognized as either assets or liabilities in the statement of financial position and that those instruments are measured at fair value. The Company anticipates that the adoption FAS No. 133, as amended by FAS No. 137, will not have a material impact on the Company's financial statements.

The Company's primary market risk position has not materially changed from that disclosed in the Company's 1999 Form 10-K Annual Report.

(a) Exhibit 27.0 Financial Data Schedule

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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