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                                                                      EXHIBIT 23

               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS




To the Board of Directors and Shareholders
of Baylake Corp.
Sturgeon Bay, Wisconsin


        We have examined Baylake Bank's management's assertion included in the
accompanying Management Report Regarding Internal Control and Compliance with
Designated Laws and Regulations that Baylake Bank has maintained effective
internal control over financial reporting presented in conformity with both
generally accepted accounting principles and call report instructions.
Management is responsible for maintaining effective internal control over
financial reporting. Our responsibility is to express an opinion on the
effectiveness of internal control based on our examination.

        Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included obtaining an understanding of the internal control over
financial reporting, testing, and evaluating the design and operating
effectiveness of the internal control, and performing such other procedures as
we considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion.

        Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal control over financial reporting to future periods
are subject to the risk that the internal control may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

        In our opinion, management's assertion that Baylake Bank has maintained
effective internal control over financial reporting presented in conformity with
both generally accepted accounting principles and call report instructions is
fairly stated, in all material respects, based on criteria established in
"Internal Control - Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).


Madison, Wisconsin                                  /s/ SMITH & GESTELAND, LLP
March 17, 2000                                      SMITH & GESTELAND, LLP

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                  MANAGEMENT REPORT REGARDING INTERNAL CONTROL
               AND COMPLIANCE WITH DESIGNATED LAWS AND REGULATIONS


Management of Baylake Bank is responsible for preparing the Bank's annual
financial statements. Management is also responsible for establishing and
maintaining internal control over financial reporting presented in conformity
with both generally accepted accounting principles and regulatory reporting in
conformity with the Federal Financial Institutions Examination Council
Instructions for Consolidated Reports of Condition and Income. The Bank's
internal control contains monitoring mechanisms and actions are taken to correct
deficiencies identified.

There are inherent limitations in the effectiveness of any internal control,
including the possibility of human error and the circumvention or overriding of
controls. Accordingly, even effective internal control can provide only
reasonable assurance with respect to financial statement preparation. Further,
because of changes in conditions, the effectiveness of internal control may vary
over time.

It is also management's responsibility to ensure satisfactory compliance with
all designated laws and regulations. In particular, management ensures
compliance with all applicable state and federal laws and regulations as they
relate to loans to insiders and dividend restrictions.

Management assessed the Bank's internal control over financial reporting
presented in conformity with both generally accepted accounting principles and
call report instructions as of December 31, 1999. This assessment was based on
criteria for effective internal control over financial reporting described in
Internal Control Integrated Framework issued by the Committee of Sponsoring
Organizations (COSO). Based on this assessment, management believes that, as of
December 31, 1999, Baylake Bank maintained effective internal control over
financial reporting presented in conformity with both generally accepted
accounting principles and call report instructions.
Management also believes that there was satisfactory compliance during 1999 with
the designated laws and regulations.


/s/ T. L. Herlache                     /s/ Steven D. Jennerjohn
--------------------------             -------------------------------------
T. L. Herlache - President             Steven D. Jennerjohn - SVP Accounting







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                          CONSENT OF SMITH & GESTELAND



        We consent to incorporation by reference in the registration statement
on Form S-8 of Baylake Corp. of our report dated January 21, 2000 relating to
the consolidated balance sheets of Baylake and its subsidiaries as of December
31, 1999 and 1998, and the related consolidated statements of income, changes in
stockholder equity and cash flows for each of the years ended December 31, 1999,
1998, and 1997, which report appears in Baylake's Annual Report on Form 10-K for
the year ended December 31, 1999.


Madison, Wisconsin                                 Smith & Gesteland, LLP
March 22, 2000                                     SMITH & GESTELAND, LLP