1
                              AUDITORS' CONSENT



The Board of Directors
Mahaska Investment Company

We consent to incorporation by reference in the Registration Statement on Form
S-8 of Mahaska Investment Company of our report dated January 31, 1997 relating
to the consolidated balance sheets of Mahaska Investment Company and
subsidiaries as of December 31, 1996 and 1995 and the related consolidated
statements of income, changes in shareholders' equity, and cash flows for each
of the years in the three-year period ended December 31, 1996 which report
appears in the December 31, 1996 annual report on Form 10-K of Mahaska
Investment Company.


                                                /s/ KPMG Peat Marwick LLP
                                                ------------------------- 
                                                    KPMG Peat Marwick LLP



Des Moines, Iowa
March 26, 1997