1 Exhibit 23.5 Charles Webb & Company 211 Bradenton Avenue Dublin, Ohio 43017 May 24, 1999 Mahaska Investment Company 222 First Avenue East Oslenlooa, Iowa 52577 Re: Joint Proxy Statement of Mahaska Investment Company and Midwest Bancshares, Inc. Registration Statement on Form S-4 of Mahaska Investment Company Ladies and Gentlemen: We hereby consent to the use of our opinion letter dated February 2, 1999 to the Board of Directors of Mahaska Investment Company as Annex IV to the Joint Statement and to the references therein to our opinion. In giving this 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 thereby 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. CHARLES WEBB & COMPANY, A Division of Keefe, Bruyette & Woods, Inc. By /s/ Patricia A. McJoynt ---------------------------------------- Name: Patricia A. McJoynt Title: Executive Vice President II-8