1

                                                               EXHIBIT NUMBER 15


                     INDEPENDENT ACCOUNTANTS' REVIEW REPORT




Audit and Legal Committee
    of the Board of Directors of Baylake Corp.
Sturgeon Bay, Wisconsin


        We have reviewed the accompanying consolidated balance sheets of Baylake
Corp. and subsidiaries as of June 30, 2001 and December 31, 2000, and the
consolidated statements of income, comprehensive income, and cash flows for the
periods ended June 30, 2001 and 2000. This financial information is the
responsibility of the company's management.

        We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.

        Based on our reviews, we are not aware of any material modifications
that should be made to the accompanying financial information for it to be in
conformity with generally accepted accounting principles.


Madison, Wisconsin                                   /s/ SMITH & GESTELAND, LLP
August 9, 2001                                       SMITH & GESTELAND, LLP