**EXHIBIT
      10.20**




SEPARATION
      AGREEMENT


AND
      GENERAL RELEASE




THIS
      SEPARATION AGREEMENT AND GENERAL RELEASE (this "Agreement") is entered into
      as
      of December 31, 2006 between MERCHANTS AND MANUFACTURERS BANCORPORATION,
      INC., a Wisconsin corporation (the "Company") and EDWARD H. CICHURSKI
      ("Mr. Cichurski").




RECITAL




Mr. Cichurski
      has decided that it is in his best interests to resign from all positions with
      the Company as of the date hereof (the "Resignation Date"), including, but
      not
      limited to, his positions as President of the Financial Services Division of
      the
      Company and employee of the Company and its various subsidiaries.  The
      Company and Mr. Cichurski desire to affect a final resolution and
      settlement of all matters and issues relating directly or indirectly to
      Mr. Cichurski's employment with the Company and his resignation from the
      Company, and have arrived at an agreement of all such matters as set forth
      herein.




AGREEMENTS




1.           Resignation;
      Acknowledgment of Full Compensation.  As of the Resignation Date,
      Mr. Cichurski hereby voluntarily resigns as and agrees that he will no longer
      be
      President of the Financial Services Division of the Company, together with
      any
      other office he holds with the Company or any of its
      subsidiaries.  After the Resignation Date, Mr. Cichurski shall
      hold no office or position with the Company or its
      subsidiaries.  Mr. Cichurski acknowledges and agrees that he has
      received all salary and wages (including, without limitation, bonus payments,
      whether in the form of cash, stock or other property), fringe benefits
      (including without limitation by enumeration vacation pay, deferred pay, profit
      sharing, 401(k) plan contributions and expense reimbursement) and all other
      compensation and benefits owed by the Company to Mr. Cichurski through and
      including the Resignation Date, and that Mr. Cichurski is not entitled to
      any additional or future compensation based on services performed through and
      including the Resignation Date.




2.           Release.  Mr. Cichurski,
      for himself and his heirs, personal representatives, successors and assigns,
      hereby voluntarily releases all claims of whatever nature that he may have
      against the Company, its affiliates, related entities, subsidiaries,
      predecessors, successors and assigns and its present, former or later insurers,
      agents, representatives, officers, administrators, directors, shareholder,
      principals and employees (collectively "Releasees"), which arise out of or
      are
      in any manner based upon or related to the employment relationship between
      Mr. Cichurski and the Company, and his separation from the Company, from
      all other claims or liabilities of any nature whatsoever which have arisen
      from
      any occurrence, transaction, omission or communication which transpired or
      occurred at any time before or on the date of this Agreement; provided, however,
      that this Agreement will not prevent any party from asserting a claim against
      the other party in the event the other party breaches this
      Agreement.







Without
      limitation to the foregoing, Mr. Cichurski specifically releases, waives
      and forever discharges the Releasees from and against all liabilities, claims,
      actions, demands, damages, fees and costs of every nature, whether known or
      unknown, asserted or unasserted, which arise under the Wisconsin Fair Employment
      Act and other local, state or federal discrimination-related,
      employment-related, labor-related, bias-related or equal rights-related laws,
      statutes, regulations, orders or ordinances; federal and Wisconsin Wage and
      Hour
      laws; Title VII of the Civil Rights Act of 1964, as amended; the Americans
      With
      Disabilities Act; the Fair Labor Standards Act; the Equal Pay Act; local, state
      or federal parental, family and medical leave acts; or arising under any other
      local, state or federal statute, ordinance, regulation or order, or which
      involve a claim or action for wrongful discharge, wrongful termination,
      defamation, misrepresentation, violation of public policy, invasion of privacy,
      emotional distress, breach of contract (express or implied; written or oral)
      and/or any other tort or common law cause of action.




This
      waiver and release does not affect those rights or claims that arise after
      the
      execution of this Agreement.




3.           No
      Reinstatement, Re-employment or Rehire.  Mr. Cichurski
      expressly declines reinstatement, re-employment or rehire by the Company and
      its
      subsidiaries and waives all rights to claim such relief.  If he should
      apply for employment with the Company or with any of its related entities in
      the
      future, he agrees that he has no entitlement to such employment, and that he
      may
      be denied such employment on the basis of this Agreement.




4.           Employment
      Agreement.  Mr. Cichurski acknowledges and agrees that the
      Employment Period under his Employment Agreement with the Company, dated
      September 8, 2000 (the "Employment Agreement"), terminated pursuant to
      Section 5(iii) of the Employment Agreement on the Resignation
      Date.  Notwithstanding the foregoing, Mr. Cichurski acknowledges
      and agrees that he is bound by the confidentiality and noncompete restrictions
      set forth in such Employment Agreement and such restrictions remain in full
      force and effect.




5.           Binding
      Agreement; Severability.  This Agreement shall be binding upon
      Mr. Cichurski and upon his heirs, administrators, representatives,
      executors, successors and assigns and shall inure to the benefit of the
      Releasees and to their heirs, administrators, representatives, executors,
      successors and assigns.  It is understood and agreed that the
      provisions of this Agreement shall be deemed severable, and the invalidity
      or
      unenforceability of any one or more of the provisions herein shall not affect
      the validity and enforceability of the other provisions herein.




6.           Complete
      and Exclusive Agreement.  The parties understand and agree that
      this Agreement is final and binding and constitutes the complete and exclusive
      statement of the terms and conditions of settlement, that no representations
      or
      commitments were made by the parties to induce this Agreement other than as
      expressly set forth herein and that this Agreement is fully understood by the
      parties.  This Agreement may not be modified or supplemented except by
      a subsequent written agreement signed by the party against whom enforcement
      is
      sought.




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7.           Acknowledgment.  The
      undersigned parties acknowledge and agree that they have carefully read the
      foregoing document, that a copy of the document was available to them prior
      to
      execution, that they understand its contents including its release of claims,
      that they have been given the opportunity to ask any questions concerning the
      Agreement and its contents, and have signed this Agreement as their free and
      voluntary act.




8.           Governing
      Law.  This Agreement shall be governed by and construed
      exclusively in accordance with the laws of the State of Wisconsin, regardless
      of
      choice of law requirements.




IN
      WITNESS WHEREOF, the parties herein executed this Separation Agreement and
      General Release as of the date first written above.




MERCHANTS
                AND MANUFACTURERS
              BANCORPORATION,
                INC.BY: 
                /s/ Michael J.
                Murry
              Michael J.
                Murry, Chairman
                of
              the
                Board/s/
                Edward H.
                Cichurski
              Edward H.
                Cichurski






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