INDEPENDENT AUDITORS' REPORT



To the Board of Directors and Stockholders
FSF Financial Corp. and Subsidiaries
Hutchinson, Minnesota 55350

We have  audited the  consolidated  statements  of  financial  condition  of FSF
Financial Corp. and Subsidiaries  (the Corporation) as of September 30, 2000 and
the related consolidated statements of income,  comprehensive income, changes in
stockholders'  equity,  and cash  flows for each of the two years in the  period
ended September 30, 2000. Those financial  statements are the  responsibility of
the  Corporation's  management.  Our  responsibility is to express an opinion on
those financial statements based on our audit.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards.  Those 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 consolidated  financial position of FSF Financial Corp.
and Subsidiaries as of September 30, 2000 and the consolidated  results of their
operations  and their cash  flows for each of the  fiscal  years in the two year
period ended  September  30, 2000, in conformity  with U.S.  generally  accepted
accounting principles.


/s/Bertram Cooper & Co. LLP
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Bertram Cooper & Co. LLP
Waseca, Minnesota
October 25, 2000