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                                                                   EXHIBIT 10.23

                              EMPLOYMENT AGREEMENT


     THIS EMPLOYMENT AGREEMENT is effective as of October 1, 1996 between St.
Francis Capital Corporation (the "Company"), a  Wisconsin-chartered
corporation, its successors and assigns, and John C. Schlosser (the
"Executive").


                                    RECITALS

     WHEREAS, Executive is a key employee, whose extensive  background,
knowledge and experience in the savings and loan  industry have substantially
benefitted the Company and its  subsidiary, St. Francis Bank, F.S.B. (the
"Bank"), and whose  continued employment as an executive member of the
Company's  management team, as Chairman of the Company's Board of Directors
and as its President and CEO through January 22, 1997 and continuing as
Chairman thereafter ("Corporate Position") will continue to benefit the Company
in the future; and

     WHEREAS, the parties are mutually desirous of entering into  this
Agreement setting forth the terms and conditions for the  employment
relationship between the Company (hereinafter sometimes referred to as the
"Employer") and Executive; and

     WHEREAS, the Board of Directors of the Company has approved and authorized
entry into this Agreement with Executive.

                                   AGREEMENT

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below:

     1.  Employment.  The Company shall continue to employ  Executive, and
Executive shall continue to serve the Company, on  the terms, conditions and
for the period set forth in Section 2 of this Agreement.

     2.  Term of Employment.  The period of Executive's employment under this
Agreement shall begin as of October 1, 1996 (the Commencement Date) and expire
as of January 2, 1999, unless sooner terminated as provided herein.  The term
of employment as in effect from time to time hereunder shall be referred to as
the "Employment Term".

     3.  Positions and Duties.  Executive shall serve the Company in his
Corporate Position, which through January 22, 1997, shall include service as    
its President, CEO, and Chairman of its Board of Directors. Thereafter, during
the balance of the Employment Term, Executive shall serve as Chairman of the
Company's Board of Directors.  As such, Executive shall serve as a consultant
to the President, counseling with the President and CEO in such areas as 
                                                                               





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may be requested and with such other duties and responsibilities as may be
appropriate to Executive's position and as may be from time to time determined
by the Company's Board of Directors to be necessary to its operations and in
accordance with its bylaws.

     4.  Compensation.  As compensation for services provided  pursuant to this
Agreement, Executive shall receive from the Employer the compensation and
benefits set forth below:

          (i)    Base Salary.  During the Employment Term,  Executive shall
     receive from Employer a base salary ("Base  Salary"), payable by the
     Company, which shall at no time be less than  (i) $287,955 per annum for
     the period through January 31, 1997, or (ii) $150,000 per annum for the
     balance of the Employment Term thereafter.   Executive's Base Salary and
     other compensation shall be paid in accordance with the Employer's regular
     payroll practices as from time to time in effect.

          (ii)  Other Benefits.  During the Employment Term,  Employer shall
     provide to Executive such benefits (or, with Executive's consent,
     equivalent benefits) as are generally made available to other Executive
     Officers, exclusive of benefits under bonus and/or stock incentive plans.
     Such benefits shall include participation by Executive in any group health,
     life, disability, or similar insurance program and in any pension,
     profit-sharing, Employee Stock Ownership Plan ("ESOP"), 401(k) or other or
     similar retirement program.  Employer shall continue in effect any
     individual insurance plans or deferred compensation agreements in effect as
     of the Commencement Date and Executive shall be entitled to use of an
     automobile provided by Employer under the terms of such corporate
     automobile policy as they shall maintain in effect and as it may be amended
     from time to time.

     Executive shall receive vacation, sick time, personal days and other
     perquisites in the same manner and to the same extent as provided under the
     Employer's policies as in effect from time to time for other Executive
     Officers. Employer shall also reimburse Executive or otherwise provide for
     or pay all reasonable expenses incurred by Executive in furtherance of or
     in connection with the business of Employer, including but not by way of
     limitation, travel expenses and all reasonable entertainment expenses
     (whether incurred at Executive's residence, while traveling or otherwise)
     subject to such reasonable documentation and other limitations as may be
     imposed by the Board of Directors of the Employer.

          Nothing contained herein shall be construed as granting Executive the
right to continue in any benefit plan or  program, or to receive any other
perquisite of employment  provided under this subsection 4(iii) following
termination or 

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     discontinuance of such plan, program or perquisite by the Board (except to
     the extent Executive had previously earned or accumulated vested rights
     therein).

     5.  Termination Other Than Following a Change-In-Control.   This Agreement
may be terminated, subject to payment of the  compensation and other benefits
described below, upon occurrence of any of the events described herein.  In case
of such termination, the date on which Executive ceases to be employed under
this Agreement, after giving effect to any prior notice requirement, is referred
to as the "Termination Date".

          (i)    Death, Retirement.  This Agreement shall terminate at the death
     or retirement of Executive.  As used herein, the term "retirement" shall
     mean Executive's retirement in accordance with and pursuant to any
     retirement plan of the Employer generally applicable to Executive Officers
     or in accordance with any retirement arrangement established for Executive
     with his consent.

          If termination occurs for such reason, no additional  compensation
     shall be payable to Executive under this  Agreement except as specifically
     provided herein.   Notwithstanding anything to the contrary contained
     herein,  Executive shall receive all compensation and other benefits to
     which he was entitled under Section 4 through the Termination Date and, in
     addition, shall receive all other benefits available to him under the
     Bank's benefit plans and programs to which he was entitled by reason of
     employment through the Termination Date.

          (ii)    Disability.  This Agreement shall terminate upon the
     disability of Executive.  As used in this Agreement, "disability" shall
     mean Executive's inability, as the result of physical or mental incapacity,
     to substantially perform his employment duties for a period of 90
     consecutive days.  Any question as to the existence of Executive's
     disability upon which Executive and Employer cannot agree shall be
     determined by a qualified independent physician mutually agreeable to
     Executive and Employer or, if the parties are unable to agree upon a
     physician within ten (10) days after notice from either to the other
     suggesting a physician, by a physician designated by the then president of
     the medical society for the county in  which Executive maintains his
     principal residence.  The costs of any such medical examination shall be
     borne by the  Employer.  If Executive is terminated due to disability, he
     shall be paid 100% of his Base  Salary at the rate in effect at the time
     notice of termination is given for one year and thereafter an annual amount
     equal to 75% of such Base Salary for any remaining portion of the
     Employment Term, such amounts to be paid in substantially equal monthly
     installments and offset by any monthly payments actually received by
     Executive 

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     during the payment period from (i) any disability plans provided by the
     Employer, and/or (ii) any governmental social security or workers
     compensation program.

          If termination occurs for such reason, no additional  compensation
     shall be payable to Executive except as  specifically provided herein.
     Notwithstanding anything to the contrary contained herein, Executive shall
     receive all  compensation and other benefits to which he was entitled under
     Section 4 through the Termination Date and, in addition, shall receive all
     other benefits under the Employer's benefit plans and programs to which he
     was entitled by reason of employment through the Termination Date.

          (iii)   Cause.  Employer may terminate Executive's  employment under
     this Agreement for cause at any time, and  thereafter their obligations
     under this Agreement shall cease and terminate.  Notwithstanding anything
     to the contrary contained herein, Executive shall receive all compensation
     and other benefits in which he was vested or to which he was otherwise
     entitled under Section 4, and the plans and programs provided therein, by
     reason of employment through the Termination Date.

           For purposes of this Agreement, "Cause" shall mean:

           (A) The intentional failure by Executive to substantially
               perform assigned duties (appropriate to his position and level of
               compensation) with the Employer (other than any such failure
               resulting from the Executive's incapacity due to physical or
               mental illness) after a written demand for substantial
               performance is delivered to Executive by the Board, which demand
               specifically identifies the manner in which the Board believes
               Executive has not substantially performed his duties, advises
               Executive of what steps must be taken to achieve substantial
               performance, and allows Executive Sixty (60) days in which to
               demonstrate such performance;

           (B) Any willful act of misconduct by Executive;

           (C) A criminal conviction of Executive for any act involving
               dishonesty, breach of trust or a  violation of the banking or
               savings and loan laws of the United States;

           (D) A criminal conviction of Executive for the commission of any
               felony;

           (E) A breach of fiduciary duty involving personal profit; 
                         
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            (F)  A willful violation of any law, rule or regulation (other than
                 a traffic violation or similar offenses) or final cease and
                 desist order;  or

            (G)  Personal dishonesty or material breach of any provision of this
                 Agreement.

      For purposes of this Subsection (5)(iii), no act, or failure to act, on
      Executive's part shall be deemed "willful" unless done, or omitted to be
      done, by Executive not in good faith  and without reasonable belief that
      the action or omission was in the best interest of the Employer.

          (iv)  Voluntary Termination by Executive.  Executive may voluntarily
      terminate his employment under this Agreement at any time by giving at
      least thirty (30) days prior written notice to Employer.  In such event,
      Executive shall receive all compensation and other benefits in which he
      was vested or to which he was otherwise entitled under Section 4 through
      the date specified in such notice (the "Termination Date"), in addition to
      all other benefits available to him under benefit plans and programs to
      which he was entitled by reason of employment through the Termination
      Date.

            (v)  Suspension or Termination Required by the OTS

            (A)  If Executive is suspended and/or temporarily prohibited from
                 participating in the conduct of the Employer's affairs by a
                 notice served under section 8(e)(3), or section 8(g)(1), of the
                 Federal Deposit Insurance Act [12 U.S.C. Section  1818(e)(3)
                 and (g)(1)], the Employer's obligations under the Agreement
                 shall be suspended as of the date of service of the notice
                 unless stayed by appropriate proceedings.  If the charges in
                 the notice are dismissed, the Employer shall (i) pay Executive
                 all of the compensation withheld while their obligations under
                 this Agreement were suspended, and (ii) reinstate such
                 obligations as were suspended.

            (B)  If Executive is removed and/or permanently prohibited from
                 participating in the conduct of the Employer's affairs by an
                 order issued under section 8(e)(4) or section 8(g)(1) of the
                 Federal Deposit Insurance Act [12 U.S.C. Section  1818(e)(4) or
                 (g)(1)], the obligations of the Employer under the Agreement
                 shall terminate as of the effective date of the order, but
                 vested rights of the contracting parties shall not be affected.

            (C)  If the Bank is in default as defined in section 3(x)(1) of the
                 Federal Deposit Insurance Act [12  

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                 U.S.C. 1813 (x)(1)], all obligations under the  Agreement shall
                 terminate as of the date of  default, but this paragraph shall
                 not affect any vested rights of the Executive.

            (D)  All obligations under the Agreement shall be terminated, except
                 to the extent determined that  continuation of the contract is
                 necessary for the  Employer's continued operations (i) by the
                 Director of the OTS, or his or her designee at the time the
                 FDIC or Resolution Trust Corporation ("RTC") enters into an
                 agreement to provide assistance to or on behalf of the Employer
                 under the authority contained in section 13(c) of the Federal
                 Deposit Insurance Act; or (ii) by the Director of the OTS, or
                 his or her designee, at the time it approves a supervisory
                 merger to resolve problems related to operation of the Employer
                 or when the Employer is determined by the Director of the OTS
                 to be in an unsafe or unsound condition.  Any rights of the
                 parties that have already vested, however, shall not be
                 affected by such action.

            (E)  In the event that 12 C.F.R. Section  563.39, or any  successor
                 regulation, is repealed, this section  5(v) shall cease to be
                 effective on the effective  date of such repeal.  In the event
                 that 12 C.F.R. Section  563.39, or any successor regulation, is
                 amended or modified, this Agreement shall be revised to
                 reflect the amended or modified provisions if: (1) the amended
                 or modified provision is required to be included in this
                 Agreement; or (2) if not so required, the Executive requests
                 that the Agreement be so revised.

            (vi) Other Termination.  If this Agreement is terminated (1) by the
     Employer other than for cause, death, disability or retirement or (2) by
     Executive due to a failure by Employer to comply with any material
     provision of this Agreement, which failure has not been cured within thirty
     (30) days after notice of such non-compliance has been given by Executive
     to Employer; then following the Termination Date:

            (A)  In lieu of any further salary payments to Executive subsequent
                 to the Termination Date, Executive shall receive Severance Pay
                 for  the Covered Period, which shall be the remainder of the
                 Employment Term.  Payments under this Agreement shall be in
                 accordance with the Employer's normal payroll practices,
                 beginning with the first pay date following the Termination
                 Date.  The monthly rate of Severance Pay shall be determined
                 based on the 

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                 monthly Base Salary  that would have been payable to Executive
                 under the terms of this Agreement for the Covered Period.

            (B)  Employer shall maintain and provide for the period during which
                 Severance Payments are to be made and ending at the earlier of
                 (i) the expiration of such period, or (ii) the date of the
                 Executive's full-time employment by another employer (provided
                 that the Executive is entitled under the terms of such
                 employment to benefits substantially similar to those described
                 in this subparagraph (B)), at no cost to the Executive, the
                 Executive's continued participation in all group insurance,
                 life insurance, health and accident, disability and other
                 employee benefit plans, programs and  arrangements in which
                 Executive was entitled to participate immediately prior to the
                 Termination  Date (other than retirement plans, deferred
                 compensation, or stock compensation plans of the  Employer),
                 provided that in the event Executive's  participation in any
                 plan, program or arrangement  as provided in this subparagraph
                 (B) is barred, or during such period any such plan, program or
                 arrangement is discontinued or the benefits  thereunder are
                 materially reduced, the Employer  shall arrange to provide the
                 Executive with  benefits substantially similar to those which
                 the Executive was entitled to receive under such plans,
                 programs and arrangements immediately prior to the Termination
                 Date.

            (C)  In addition to such Severance Pay and continued benefits,
                 Executive shall receive all other  compensation and benefits in
                 which he was vested or to which he was otherwise entitled under
                 Section 4 and the plans and programs provided therein by reason
                 of employment through the Termination Date.

     6.  General Provisions.

            (i)  Successors; Binding Agreement.

            (A)  No right or interest to or in any payments or benefits under
                 this agreement shall be assignable  or transferable in any
                 respect by the Executive,  nor shall any such payment, right or
                 interest be  subject to seizure, attachment or creditor's
                 process for payment of any debts, judgments, or obligations of
                 Executive.

            (B)  This Agreement shall be binding upon and inure to


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                 the benefit of and be enforceable by (1) Executive and his
                 heirs, beneficiaries and personal  representatives, and (2) the
                 Employer and any successor organization.

            (ii)  Noncompetition Provision.  Executive acknowledges that the
       development of personal contacts and relationships is an essential
       element of the savings and loan business, that Employer has invested
       considerable time and money in his development of such contacts and
       relationships, that Employer could suffer irreparable harm if he were to
       leave employment and solicit the business of the Employer's customers,
       and that it is reasonable to protect the Employer against competitive
       activities by Executive. Executive covenants and agrees, in recognition
       of the foregoing and in consideration of the mutual promises contained
       herein, that in the event of a voluntary termination of employment by
       Executive pursuant to Section 5(iv), Executive shall not accept
       employment with any Significant Competitor of Bank for a period of twelve
       (12) months following such termination.  For purposes of this Agreement,
       the term Significant Competitor means any financial institution
       including, but not limited to, any commercial bank, savings bank, savings
       and loan association, credit union, or mortgage banking corporation
       which, at the time of termination of Executive's employment, or during
       the period of this covenant not to compete, has a home, branch or other
       office in Milwaukee County or which has, during the twelve (12) months
       preceding Executive's termination, originated, or which during the period
       of this covenant not to compete originates, more than $50,000,000 in
       commercial or mortgage loans secured by real property in any such county.

            Executive agrees that the non-competition provisions set forth
       herein are necessary for the protection of the Employer and are
       reasonably limited as to (i) the scope of activities affected, (ii) their
       duration and geographic scope, and (iii) their effect on Executive and
       the public.  In the event Executive violates the non-competition
       provisions set forth herein, the Employer shall be entitled, in addition
       to its other legal remedies, to enjoin the employment of Executive with
       any Significant Competitor for the period set forth herein.  If Executive
       violates this covenant and the Employer brings legal action for
       injunctive or other relief, the Employer shall not, as a result of the
       time involved in obtaining such relief, be deprived of the benefit of the
       full period of the restrictive covenant.  Accordingly, the covenant shall
       be deemed to have the duration specified herein, computed from the date
       such relief is granted, but reduced by any period between commencement of
       the period and the date of the first violation.

            (iii)  Notice.  For purposes of this Agreement, notices 


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     and all other communications provided for in the Agreement  shall be in
     writing and shall be deemed to have been duly  given when delivered or
     mailed by United States registered mail, return receipt requested, postage
     prepaid, addressed as follows:

          If to the Company:

               St. Francis Capital Corporation
               3545 South Kinnickinnic Avenue
               Milwaukee, Wisconsin 53207 
               Attn:  Secretary

          If to the Executive:

               Mr. John C. Schlosser
               W175 S7217 Lake Drive
               Muskego, Wisconsin 53150

     or to such other address as either party may have furnished to the other in
     writing in accordance herewith, except that  notice of change of address
     shall be effective only upon receipt.

          (iv)  Expenses.  If any legal proceeding is necessary to enforce or
     interpret the terms of this Agreement (or to  recover damages for breach of
     it), the prevailing party shall be entitled to recover from the other party
     reasonable attorneys' fees and necessary costs and disbursements incurred
     in such litigation, in addition to any other relief to which such
     prevailing party may be entitled.

          (v)  Withholding.  Employer shall be entitled to withhold from amounts
     to be paid to Executive under this Agreement any federal, state, or local
     withholding or other taxes or charges which it is from time to time
     required to withhold.  Employer shall be entitled to rely on an opinion of
     counsel if any question as to the amount or requirement of any such
     withholding shall arise.

          (vi)  Notice of Termination.  Any purported termination by the
     Employer under Sections 5(i), (ii), (iii), or (vi), or by Executive under
     Section 5(iv) or 5(vi) shall be  communicated by written "Notice of
     Termination" to the other party.  For purposes of this Agreement, a "Notice
     of  Termination" shall mean a dated notice which (i) indicates the specific
     termination provision in this Agreement relied upon, (ii) sets forth in
     reasonable detail the facts and  circumstances claimed to provide a basis
     for termination under the provision so indicated, (iii) specifies a Date of
     Termination, which shall be not less than thirty (30) nor more than ninety
     (90) days after such Notice of Termination is 

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     given, except in the case of termination of Executive's  employment for
     Cause; and (iv) is given in the manner specified in Section 6(iii) of this
     Agreement.

          (vii)   Miscellaneous.  No provision of this Agreement  may be
     amended, waived or discharged unless such amendment,  waiver or discharge
     is agreed to in writing and signed by  Executive and such officers of the
     Employer as may be  specifically designated by the Board.  No waiver by
     either  party hereto at any time of any breach by the other party  hereto
     of, or compliance with, any condition or provision of this Agreement to be
     performed by such other party shall be  deemed a waiver of similar or
     dissimilar provisions or  conditions at the same or at any prior or
     subsequent time.  No agreements or representations, oral or otherwise,
     express or implied, with respect to the subject matter hereof have been
     made by either party which are not expressly set forth in this Agreement
     and it is agreed that execution of this Agreement shall result in its
     superseding and extinguishing any rights of Executive under any other
     employment agreement previously in effect between himself, the Employer, or
     any affiliate of the Employer.  The validity, interpretation, construction
     and performance of this Agreement shall be governed by the laws of the
     State of Wisconsin.

          (viii)  Mitigation; Exclusivity of Benefits.  The  Executive shall not
     be required to mitigate the amount of any benefits hereunder by seeking
     other employment or otherwise, nor shall the amount of any such benefits be
     reduced by any compensation earned by the Executive as a result of
     employment by another employer after the Termination Date or otherwise.

          (ix)  Validity.  The invalidity or unenforceability of  any provision
     of this Agreement shall not affect the validity or enforceability of any
     other provision of this Agreement, which shall remain in full force and
     effect.

          (x)   Counterparts.  This Agreement may be executed in  several
     counterparts, each of which together will constitute one and the same
     instrument.

          (xi)  Headings.  Headings contained in this Agreement are for
     reference only and shall not affect the meaning or interpretation of any
     provision of this Agreement.

           (xii)  Effective Date.  The effective date of this  Agreement shall
      be the date indicated in the first section of this Agreement,
      notwithstanding the actual date of execution by any party.

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     IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of
     the date first above written.

                                     Executive:



                                     ---------------------------------   
                                     John C. Schlosser


                                     ST. FRANCIS CAPITAL CORPORATION



                                     By:
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                                     Its:
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