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                                                                    EXHIBIT 23.4






                    CONSENT OF KEEFE, BRUYETTE & WOODS, INC.

         We hereby consent to the use of our opinion letter to the Board of
Directors of First Northern Capital Corp., included as Appendix B to the Proxy
Statement/Prospectus which forms part of the Registration Statement dated as of
the date hereof on Form S-4 relating to the proposed merger of First Northern
Capital Corp. and Bank Mutual Corporation and to the references to such opinion
therein.

         In giving such consent, we do not admit that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act of 1933, as amended, or the rules and regulations of the Securities and
Exchange Commission thereunder, nor do we hereby admit that we are experts with
respect to any part of such Registration Statement within the meaning of the
term "experts" as used in the Securities Act of 1933, as amended, or the rules
and regulations of the Securities and Exchange Commission thereunder.

                                           KEEFE, BRUYETTE & WOODS, INC.





                                        by: /s/
                                           ---------------------------
                                           Steven P. Kent
                                           Managing Director

                                           August 28, 2000