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 sheet of Baylake
Corp. and subsidiaries as of September 30, 2003, and the related consolidated
statements of income, comprehensive income and cash flows for the three-month
and nine-month periods ended September 30, 2003 and 2002. 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 accounting principles generally accepted in the United States of
America.

        We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the consolidated balance
sheet of Baylake Corp. and subsidiaries as of December 31, 2002, and the related
consolidated statements of income (not presented herein), retained earnings (not
presented herein), and cash flows (not presented herein) for the year then
ended; and in our report dated January 23, 2003, we expressed an unqualified
opinion on those consolidated financial statements.

Madison, Wisconsin                        SMITH & GESTELAND, LLP
November 13, 2003                         SMITH & GESTELAND, LLP



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