EMPLOYMENT AGREEMENT





         THIS EMPLOYMENT AGREEMENT is effective as of July 24, 1997, (the

"Commencement Date") between West Allis Savings Bank (the "Bank"), a

state-chartered savings bank having its principal offices at 7401 West

Greenfield Avenue, West Allis, WI 53214, its successors and assigns, and

ELIZABETH BORST (the "Executive").





                                    RECITALS



         WHEREAS, Executive is a key employee, whose extensive background,

knowledge and experience in the financial services industry will substantially

benefit the Bank and whose employment as an executive member of its management

team in the position of Senior Vice President, Sales & Marketing ("Corporate

Position") will benefit the Bank 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 Bank and Executive; and



         WHEREAS, the Bank's Board of Directors has approved and authorized its

entry into this Agreement with Executive.





                                    AGREEMENT



         NOW, THEREFORE, in consideration of the mutual covenants and agreements

set forth below:



         1.       Employment. Bank shall employ Executive, and Executive shall

serve Bank, on the terms and conditions set forth in this Agreement, 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 the Commencement Date and expire on the third

anniversary of the last day of the month preceding the Commencement Date (which

for purposes of this Agreement, shall be designated as January 1, 1998), unless

sooner terminated as provided herein; provided that, on each annual anniversary

of the last day of said month, the term of employment may be extended by action

of the Bank's Board of Directors to add one additional year to the remaining

term of employment annually restoring such term to a full three-years. The Board

of Directors or Executive shall each provide the other with at least ninety (90)

days' advance written notice of any decision on their respective parts not to

extend the Agreement on its Anniversary Date. The term of employment as in

effect from time to time hereunder shall be referred to as the "Employment

Term".







<PAGE>   2



         3.       Position and Duties. Subject to Section 5(iv)(B), Executive

shall serve the Bank in her Corporate Position as its Senior Vice President,

Sales & Marketing, together 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 Bank's President and 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 Bank the compensation and

benefits set forth below:



                  (i)   Base Salary. During the Employment Term, Executive shall

         receive a base salary ("Base Salary") in such amount as may from time

         to time be approved by the Board. The Base Salary shall at no time be

         less than $72,450 per annum unless Executive and Bank mutually agree to

         some lesser amount. No increase in Base Salary or other compensation

         granted by the Board shall in any way limit or reduce any other

         obligation of the Bank under this Agreement and, once established at a

         specified annual rate, Executive's Base Salary under this Agreement

         shall not thereafter be reduced except as part of a general pro-rata

         reduction in compensation applicable to all Bank Executive Officers;

         provided, however, that no such reduction shall be permitted following

         a "change in control" as defined herein. Executive's Base Salary and

         other compensation shall be paid in accordance with the Bank's regular

         payroll practices, as then in effect.



                  (ii)  Bonus Payments. In addition to Base Salary, Executive

         shall be entitled, during the Employment Term, to participate in and

         receive payments from all bonus and other incentive compensation plans

         (as currently in effect, as modified from time to time, or as

         subsequently adopted); provided, however, that nothing contained herein

         shall grant Executive the right to continue in any bonus or other

         incentive compensation plan following its discontinuance by the Board

         (except to the extent Executive had earned or otherwise accumulated

         vested rights therein prior to such discontinuance).



                  For purposes of this Agreement, the term "Executive Officers"

         shall mean all officers of the Bank having written Employment

         Agreements.



                  (iii) Other Benefits. During the Employment Term, the Bank

         shall provide to Executive all other benefits of employment (or, with

         Executive's consent, equivalent benefits) generally made available to

         other Executive Officers. Such benefits shall include participation by





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<PAGE>   3



         Executive in any group health, life, disability, or similar insurance

         program, and in any pension, profit sharing, Employee Stock Ownership

         Plan ("ESOP") deferred compensation, 401(k) or other or similar

         retirement program. In addition, Executive shall participate in any

         stock purchase, stock option or stock appreciation rights, plans, or

         any other stock based program of any type, made available by the Bank

         to such Executive Officers.



                  Executive shall be entitled to vacation, sick time, personal

         days and other perquisites in the same manner and to the same extent as

         provided under Bank policies as in effect from time to time for its

         other Executive Officers.

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