UNITED STATES

                        SECURITIES AND EXCHANGE COMMISSION

                                Washington, D.C. 20549

                                     FORM 10-Q


[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1995

OR

[   ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-11132

                              FIRST BANKING CENTER, INC.
              (Exact name of registrant as specified in its charter)

               Wisconsin                         39-1391327
       (State or other jurisdiction of        (I.R.S. Employer
        incorporation or organization)        Identification No.)




400 Milwaukee Ave., Burlington, WI            53105
(Address of principal executive offices)   (Zip Code)



(414) 763-3581
(Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes   [ X ]   No  [   ]

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.  Common Stock,
$1.00 par value, 1,463,148 shares outstanding.

















PART I. FINANCIAL INFORMATION


             FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                        BURLINGTON, WISCONSIN
                     CONSOLIDATED BALANCE SHEET
                            June 30 1995
                                 vs
                         December 31, 1994
                       (Amounts in Thousands)

ASSETS                                                     06/30/95  12/31/94
Cash and due from banks                                     $10,297   $11,521
Federal funds sold                                            2,784       566
  Total Cash and Cash Equivalents                            13,081    12,087

Interest bearing deposits in banks                            2,854     1,899
Investment securities - Held to Maturity                     28,795    30,132
Investment securities - Available for Sale                   28,894    21,655
Loans                                                       162,073   157,773
Less:
  Allowance for loan losses                                  (2,211)   (2,095)
  Total Net Loans                                           159,862   155,678
Property and Equipment                                        4,899     4,707
Other Assets                                                  4,816     4,927
TOTAL ASSETS                                               $243,201  $231,085

LIABILITIES
Deposits
  Non-interest bearing demand                               $27,389   $29,294
  Interest bearing demand                                    17,207    20,082
  Money market demand                                        33,201    37,063
  Savings                                                    25,659    27,237
  Time                                                       87,784    73,434
Total Deposits                                              191,240   187,110
Fed Funds Sold & Securities sold
under agreements to repurchase                               15,285    13,755
Short-term borrowings                                         3,244       697
Long-term borrowings                                          8,745     6,805
Accrued interest and other liabilities                        2,110     1,892
TOTAL LIABILITIES                                          $220,624  $210,259

STOCKHOLDERS' EQUITY
Common Stock, $1.00 par value 3,000,000
  shares authorized 1,468,464 shares issued                  $1,468    $1,468
Surplus                                                       3,986     3,986
Retained Earnings                                            17,427    16,353
Net unrealized loss on available
  for sale securitites                                         (251)     (927)
  Subtotal                                                   22,630    20,880
Treasury Stock                                                  (53)      (54)

TOTAL STOCKHOLDERS' EQUITY                                  $22,577   $20,826

TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY                  $243,201  $231,085













                         FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                                    BURLINGTON, WISCONSIN
                               CONSOLIDATED STATEMENT OF INCOME
                                 as of June 30, 1995 and 1994
                                    (Amounts in Thousands)

                                         Quarter-to-Date      Year-to-Date

                                       06/30/95  06/30/94 06/30/95  06/30/94
INTEREST INCOME
Interest and fees on loans               $3,710    $2,998    $7,141    $5,843
Interest on deposits in banks                72        46       101       128
Interest on federal funds sold
  and repurchase agreements                  99        10       150        34
Interest on securities:
  U.S. Government and other                 679       556     1,376     1,099
  Tax Exempt Securities                     118       145       239       290
TOTAL INTEREST INCOME                     4,678     3,755     9,007     7,394

INTEREST EXPENSE
Interest on deposits                      1,883     1,420     3,550     2,870
Int. on short-term borrowings               205        92       428       194
Int. on long-term borrowings                154        92       251       174
TOTAL INTEREST EXPENSE                    2,242     1,604     4,229     3,238

Net interest Income                       2,436     2,151     4,778     4,156
Provision for loan losses                    70        67       135       135
NET INT. INC. AFTER PROVISION
  FOR LOAN LOSSES                         2,366     2,084     4,643     4,021

OTHER OPERATING INCOME
Trust department income                      75        75       150       150
Service charges on deposits                 179       154       343       295
Invest. security gains/(losses)               0         0       (11)       (2)
Other income                                106        89       189       162
TOTAL OTHER OPERATING INCOME                360       318       671       605

OTHER OPERATING EXPENSE
Employee expense                            896       696     1,678     1,386
Occupancy expense                           125       122       269       254
Equipment expense                           128        99       260       180
Computer services                            86        68       156       137
Other expense                               425       440       895       850
TOTAL OTHER OPERATING EXPENSE             1,660     1,425     3,258     2,807

Income before income taxes                1,066       977     2,056     1,819
Income taxes                                365       328       689       595

NET INCOME                                 $701      $649    $1,367    $1,224

Earnings per share                        $0.48     $0.45     $0.93     $0.84

Average shares outstanding                1,463     1,457     1,463     1,457













                        FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                           CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   BURLINGTON, WISCONSIN
                       Y-T-D ending June 30, 1995 and 1994
                     Increase (decrease) in Cash and Cash Equivalents
                                  (Amounts in Thousands)


                                                              1995      1994
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                   $1,367    $1,224
Adjustments to reconcile net income to net
  cash provided by operating activities:
Depreciation                                                    246       180
Provision for loan losses                                       135       135
Provision for deferred taxes                                      0         0
Amortization and accretion of bond
  premiums and discounts - net                                   56        96
Amortization of excess cost over equity in
  underlying net assets of subsidiary                             1         1
Investment securities (gains) losses                             11         2
(Increase) decrease in assets:
  Interest receivable                                          (251)     (140)
  Other assets                                                   53       (34)
Increase (decrease) in liabilities:
  Taxes payable                                                (103)       34
  Interest payable                                              244       (14)
  Other liabilities                                              77       158
TOTAL ADJUSTMENTS                                               469       418
NET CASH PROVIDED FROM OPERATING ACTIVITIES                  $1,836    $1,642



CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest-bearing deposits          ($955)   $7,630
Proceeds from sale of investment securities                   1,000     2,360
Proceeds from maturity of investment securities              17,059     9,942
Purchase of investment securities                           (23,044)  (10,836)
Net (increase) decrease in loans                             (4,319)  (14,367)
Purchase of office buildings and equipment                     (438)     (569)
NET CASH USED IN INVESTING ACTIVITIES                      ($10,697)  ($5,840)



























                       FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS  (Continued)
                                  BURLINGTON, WISCONSIN
                       Y-T-D ending June 30, 1995 and 1994
                     Increase (decrease) in Cash and Cash Equivalents
                                  (Amounts in Thousands)

                                                               1995      1994
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits                          $4,130      $393
Dividends paid                                                 (293)     (262)
Net increase (decrease) in Short-term Borrowings              2,547        57
Net increase (decrease) in Long-term Borrowings               1,940       415
Net increase (decrease) in securities sold under
  repurchase agreements                                       1,530      (964)
Proceeds from stock options exercised                             1        14
NET CASH PROVIDED BY FINANCING ACTIVITIES                    $9,855     ($347)



Net increase (decrease) in cash and cash equivalents            994    (4,545)


Cash and cash equivalents at beginning of year               12,087    10,728

Cash and cash equivalents at end of quarter                 $13,081    $6,183



SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the year for:

Interest                                                     $3,985    $3,233

Income taxes (received)                                        $792      $553





























                     FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                                BURLINGTON, WISCONSIN
                          CONSOLIDATED STATEMENT OF CHANGES
                        IN COMPONENTS OF STOCKHOLDERS' EQUITY
                                  As of June 30, 1995
                                (Amounts in Thousands)


                             COMMON              RETAINED AVAILABLE  TREASURY
                             STOCK     SURPLUS   EARNINGS  FOR SALE  STOCK
                                                          SECURITIES

Balances
December 31, 1993              $1,468    $3,975   $14,519        $0     ($110)

Net income-YTD 1994                                 1,224

Cash dividend paid
$0.00 per share                                      (263)

Exercise of
Stock options                                 3                            11

Change in unrealized
loss on available
for sale securities                                            (423)

Balances
 June 30, 1994                 $1,468    $3,978   $15,480     ($423)     ($99)


Balances
 December 31, 1994             $1,468    $3,986   $16,353     ($927)     ($54)

Net income-YTD 1995                                 1,367

Cash dividend paid
$0.00 per share                                      (293)

Exercise of
Stock options                                           0                   1

Change in unrealized
loss on available
for sale securities                                             676

Balances
 June 30, 1995                 $1,468    $3,986   $17,427     ($251)     ($53)




















                  FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                             BURLINGTON, WISCONSIN
                     MANAGEMENT'S DISCUSSION AND ANALYSIS
              OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   As of June 30, 1995



      The following is a discussion of the financial condition,
changes in financial condition and results of operations of the
Company.

Financial Condition

     During the first six months of 1995, the Company's
stockholders' equity increased $1,751,000 or an annualized 17%.
At June 30, 1995, the Company had 5,266 shares of Treasury Stock
at an average cost of $10.02 per share.

     In December 1990, the Federal Reserve Board's risk-based
guidelines became effective.  Under these guidelines, capital is
measured against the Company's risk-adjusted assets.  Each asset on
the balance sheet, as well as a balance sheet equivalent amount of
contingent obligations that are off-balance sheet, is assigned a
risk weighing from zero to 100 percent.  The sum of the weighted
assets constitutes risk-adjusted assets.  The Company's tier 1
capital (common stockholders' equity less goodwill) to risk-
adjusted assets was approximately 14.6% at June 30, 1995, well
above the 4 percent minimum required.  Total capital to risk-
adjusted assets approximated 14.6%, also well above the minimum
requirement.

Asset Quality

     We continue our commitment to credit quality in 1995. Net
charge-offs as a percentage of average loans for the first six
months of 1995 were .012%.  At June 30, 1995, non-performing
assets were $900,000 or .37%.  Non-performing assets consist
primarily of real estate loans.

     At June 30, 1995, the allowance for possible loan losses was
$2,211,000 or 1.36% of gross loans compared with $2,095,000 or
1.33% of gross loans at June 30, 1994.  Management considers the
allowance more than adequate to cover possible losses in the loan
portfolio.



















Asset/Liability Management

     The principal function of asset/liability management is to
manage the balance sheet mix, maturities, repricing characteristics
and pricing components to provide an adequate and stable net
interest margin with an acceptable level of risk over time and
through interest rate cycles.

     Interest-sensitive assets and liabilities are those that are
subject to repricing within a specific relevant time horizon.  The
Company measures interest-sensitive assets and liabilities, and
their relationship with each other at terms of immediate, monthly
intervals up to 12 months, and over 1 year.

     Changes in net interest income, other than volume-related,
arise when interest rates on assets reprice in a time frame or
interest rate environment that is different from the repricing
period for liabilities.  Changes in net interest income also arise
from changes in the mix of interest-earning assets and interest-
bearing liabilities.

     The Company's strategy with respect to asset/liability
management is to maximize net interest income while limiting our
exposure to a potential downward movement.  Strategy is implemented
by the Bank's management, which takes action based upon its
analysis of the Bank's present positioning, its desired future
positioning, economic forecasts and its goals.


Liquidity

     The liquidity position of the Company is managed to insure
that sufficient funds are available to meet customers' needs for
loans and deposit withdrawals.  Liquidity to meet demand is
provided by maintaining marketable investment securities and money
market assets such as Interest Bearing Deposits in Banks and
Federal Funds Sold. Other sources of liquidity include deposit
growth and short and long term borrowings.

     The loan to deposit ratio for the Company was 84% at June
30, 1995.

     Management is unaware of any recommendations by regulatory
authorities, known trends, events or uncertainties that will have
or that are reasonably likely to have a material effect on the
Company's liquidity.


Results of Operations for Six Months Ended June 1995 and 1994

















Results of Operations Overview

     In the first six months of 1995 the Company reported
earnings of $1.367,000 an increase of $143,000 or 12% over the same
period in 1994.  The interest margin before allowance for loan
losses was $4,778,000 for the first six months of 1995 compared
to $4,156,000 for the six months ended June 30, 1994.

Interest Income

     Interest and fees on loans was $7,141,000 for the first six
months of 1995. This represents a increase of $1,298,000 or 22% in
comparison to the same period in 1994. The increase was the result
of an increase in rates charged on loans as well as an increase in
the balance of loans.

     Interest on deposits at other financial institutions decreased
$27,000 for the first six months of 1995 compared to the same
period in 1994. The decrease was the result of a decrease in
average balances.

     Interest on investment securities was $1,615,000 for the first
six months of 1995. This represents an increase of $226,000 or
16% over the same period in 1994. Income on Federal Funds Sold
increased by $116,000 or 340%.  The increase in investment income
is due to an increase in interest rates and balances outstanding.


Interest Expense

     Interest expense increased $991,000 or 31% during the first
six months of 1995. The increase in interest interest expense is
due to increased Interest-Bearing Deposits as well as increased
interest rates as compared to the first six months of 1994.


Allowance for Loan Losses

     The Banks evaluate the adequacy of the allowance for loan
losses based on an analysis of specific problem loans, as well as
on an aggregate basis.  Management reviews a calculation of the
allowance for loan losses on a monthly basis and feels that the
allowance for loan losses is adequate to provide for potential
future losses.  The level of the allowance is based on management's
periodic and comprehensive evaluation of the loan portfolio,
including past loan loss experience; current and projected economic
trends; the volume, growth and composition of the loan portfolio;
and other relevant factors.  Reports of examinations furnished by
State and federal banking authorities are also considered by
management in this regard.

     The Banks have established the allowance for loan losses to
reduce the gross level of loans outstanding by an estimate of










uncollectible loans.  As loans are deemed uncollectible, they are
charged against the allowance.  A provision for loan losses is
expensed against current income on a monthly basis.  This provision
acts to replenish the allowance for loan losses to accommodate
charge-offs and growth in the loan portfolio, thereby maintaining
the allowance at an adequate level.

     For the first six months of 1995 provisions charged against
1995 income were $135,000 which was the same as the provision during
the same period in 1994.


Other Operating Income

Other operating income increased $66,000 or 11%. Service charge
income increased 16%. All other income increased by $27,000 or
17%. Trust income remain unchanged at $150,000.

Other Operating Expense

     Other operating expense increased $451,000 or 16%. Employee
expenses increased $292,000 or 21%. Occupancy expense increased
$15,000 compared to the first six months of last year or 10%.
Equipment expenses increased $180,000 or 44%. The increase in
equipment expense is primarily due to depreciation charges associated
with the computer and item processing equipment the banks purchased
during 1994. Computer services increased $19,000 or 14%. All other
expenses increased $45,000 or 5%.

PART II - OTHER INFORMATION

Item   I.      Legal Proceedings

               none

Item  II.      Changes in Securities

               none

Item III.      Defaults Upon Senior Securities

               none

Item  IV.      Submission of Matters to a Vote of Security Holders

               none

Item   V.      Other Information

               none

Item  VI.      Exhibits and Reports on Form 8-K

               none















                  FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                             BURLINGTON, WISCONSIN

                                      SIGNATURES




     Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.














                              First Banking Center, Inc.





August 9, 1995           ________________________________________
Date                     Roman Borkovec, President and Chief
                                   Executive Officer



August 9, 1995           ________________________________________
Date                     James Schuster, Chief Accounting Officer
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 22073}]
UNITED STATES

                        SECURITIES AND EXCHANGE COMMISSION

                                Washington, D.C. 20549

                                     FORM 10-Q

[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1995

OR

[   ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-11132

                              FIRST BANKING CENTER, INC.
              (Exact name of registrant as specified in its charter)

               Wisconsin                         39-1391327
       (State or other jurisdiction of        (I.R.S. Employer
        incorporation or organization)        Identification No.)

400 Milwaukee Ave., Burlington, WI            53105
(Address of principal executive offices)   (Zip Code)

(414) 763-3581
(Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes   [ X ]   No  [   ]

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.  Common Stock,
$1.00 par value, 1,463,148 shares outstanding.

PART I. FINANCIAL INFORMATION

             FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                        BURLINGTON, WISCONSIN
                     CONSOLIDATED BALANCE SHEET
                            June 30 1995
                                 vs
                         December 31, 1994
                       (Amounts in Thousands)

ASSETS                                                     06/30/95  12/31/94
Cash and due from banks                                     $10,297   $11,521
Federal funds sold                                            2,784       566
  Total Cash and Cash Equivalents                            13,081    12,087

Interest bearing deposits in banks                            2,854     1,899
Investment securities - Held to Maturity                     28,795    30,132
Investment securities - Available for Sale                   28,894    21,655
Loans                                                       162,073   157,773
Less:
  Allowance for loan losses                                  (2,211)   (2,095)
  Total Net Loans                                           159,862   155,678
Property and Equipment                                        4,899     4,707
Other Assets                                                  4,816     4,927
TOTAL ASSETS                                               $243,201  $231,085

LIABILITIES
Deposits
  Non-interest bearing demand                               $27,389   $29,294
  Interest bearing demand                                    17,207    20,082
  Money market demand                                        33,201    37,063
  Savings                                                    25,659    27,237
  Time                                                       87,784    73,434
Total Deposits                                              191,240   187,110
Fed Funds Sold & Securities sold
under agreements to repurchase                               15,285    13,755
Short-term borrowings                                         3,244       697
Long-term borrowings                                          8,745     6,805
Accrued interest and other liabilities                        2,110     1,892
TOTAL LIABILITIES                                          $220,624  $210,259

STOCKHOLDERS' EQUITY
Common Stock, $1.00 par value 3,000,000
  shares authorized 1,468,464 shares issued                  $1,468    $1,468
Surplus                                                       3,986     3,986
Retained Earnings                                            17,427    16,353
Net unrealized loss on available
  for sale securitites                                         (251)     (927)
  Subtotal                                                   22,630    20,880
Treasury Stock                                                  (53)      (54)

TOTAL STOCKHOLDERS' EQUITY                                  $22,577   $20,826

TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY                  $243,201  $231,085

                         FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                                    BURLINGTON, WISCONSIN
                               CONSOLIDATED STATEMENT OF INCOME
                                 as of June 30, 1995 and 1994
                                    (Amounts in Thousands)

                                         Quarter-to-Date      Year-to-Date

                                       06/30/95  06/30/94 06/30/95  06/30/94
INTEREST INCOME
Interest and fees on loans               $3,710    $2,998    $7,141    $5,843
Interest on deposits in banks                72        46       101       128
Interest on federal funds sold
  and repurchase agreements                  99        10       150        34
Interest on securities:
  U.S. Government and other                 679       556     1,376     1,099
  Tax Exempt Securities                     118       145       239       290
TOTAL INTEREST INCOME                     4,678     3,755     9,007     7,394

INTEREST EXPENSE
Interest on deposits                      1,883     1,420     3,550     2,870
Int. on short-term borrowings               205        92       428       194
Int. on long-term borrowings                154        92       251       174
TOTAL INTEREST EXPENSE                    2,242     1,604     4,229     3,238

Net interest Income                       2,436     2,151     4,778     4,156
Provision for loan losses                    70        67       135       135
NET INT. INC. AFTER PROVISION
  FOR LOAN LOSSES                         2,366     2,084     4,643     4,021

OTHER OPERATING INCOME
Trust department income                      75        75       150       150
Service charges on deposits                 179       154       343       295
Invest. security gains/(losses)               0         0       (11)       (2)
Other income                                106        89       189       162
TOTAL OTHER OPERATING INCOME                360       318       671       605

OTHER OPERATING EXPENSE
Employee expense                            896       696     1,678     1,386
Occupancy expense                           125       122       269       254
Equipment expense                           128        99       260       180
Computer services                            86        68       156       137
Other expense                               425       440       895       850
TOTAL OTHER OPERATING EXPENSE             1,660     1,425     3,258     2,807

Income before income taxes                1,066       977     2,056     1,819
Income taxes                                365       328       689       595

NET INCOME                                 $701      $649    $1,367    $1,224

Earnings per share                        $0.48     $0.45     $0.93     $0.84

Average shares outstanding                1,463     1,457     1,463     1,457

                        FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                           CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   BURLINGTON, WISCONSIN
                       Y-T-D ending June 30, 1995 and 1994
                     Increase (decrease) in Cash and Cash Equivalents
                                  (Amounts in Thousands)

                                                              1995      1994
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                   $1,367    $1,224
Adjustments to reconcile net income to net
  cash provided by operating activities:
Depreciation                                                    246       180
Provision for loan losses                                       135       135
Provision for deferred taxes                                      0         0
Amortization and accretion of bond
  premiums and discounts - net                                   56        96
Amortization of excess cost over equity in
  underlying net assets of subsidiary                             1         1
Investment securities (gains) losses                             11         2
(Increase) decrease in assets:
  Interest receivable                                          (251)     (140)
  Other assets                                                   53       (34)
Increase (decrease) in liabilities:
  Taxes payable                                                (103)       34
  Interest payable                                              244       (14)
  Other liabilities                                              77       158
TOTAL ADJUSTMENTS                                               469       418
NET CASH PROVIDED FROM OPERATING ACTIVITIES                  $1,836    $1,642

CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in interest-bearing deposits          ($955)   $7,630
Proceeds from sale of investment securities                   1,000     2,360
Proceeds from maturity of investment securities              17,059     9,942
Purchase of investment securities                           (23,044)  (10,836)
Net (increase) decrease in loans                             (4,319)  (14,367)
Purchase of office buildings and equipment                     (438)     (569)
NET CASH USED IN INVESTING ACTIVITIES                      ($10,697)  ($5,840)

                       FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS  (Continued)
                                  BURLINGTON, WISCONSIN
                       Y-T-D ending June 30, 1995 and 1994
                     Increase (decrease) in Cash and Cash Equivalents
                                  (Amounts in Thousands)

                                                               1995      1994
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits                          $4,130      $393
Dividends paid                                                 (293)     (262)
Net increase (decrease) in Short-term Borrowings              2,547        57
Net increase (decrease) in Long-term Borrowings               1,940       415
Net increase (decrease) in securities sold under
  repurchase agreements                                       1,530      (964)
Proceeds from stock options exercised                             1        14
NET CASH PROVIDED BY FINANCING ACTIVITIES                    $9,855     ($347)

Net increase (decrease) in cash and cash equivalents            994    (4,545)

Cash and cash equivalents at beginning of year               12,087    10,728

Cash and cash equivalents at end of quarter                 $13,081    $6,183

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the year for:

Interest                                                     $3,985    $3,233

Income taxes (received)                                        $792      $553

                     FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                                BURLINGTON, WISCONSIN
                          CONSOLIDATED STATEMENT OF CHANGES
                        IN COMPONENTS OF STOCKHOLDERS' EQUITY
                                  As of June 30, 1995
                                (Amounts in Thousands)

                             COMMON              RETAINED AVAILABLE  TREASURY
                             STOCK     SURPLUS   EARNINGS  FOR SALE  STOCK
                                                          SECURITIES

Balances
December 31, 1993              $1,468    $3,975   $14,519        $0     ($110)

Net income-YTD 1994                                 1,224

Cash dividend paid
$0.00 per share                                      (263)

Exercise of
Stock options                                 3                            11

Change in unrealized
loss on available
for sale securities                                            (423)

Balances
 June 30, 1994                 $1,468    $3,978   $15,480     ($423)     ($99)

Balances
 December 31, 1994             $1,468    $3,986   $16,353     ($927)     ($54)

Net income-YTD 1995                                 1,367

Cash dividend paid
$0.00 per share                                      (293)

Exercise of
Stock options                                           0                   1

Change in unrealized
loss on available
for sale securities                                             676

Balances
 June 30, 1995                 $1,468    $3,986   $17,427     ($251)     ($53)

                  FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                             BURLINGTON, WISCONSIN
                     MANAGEMENT'S DISCUSSION AND ANALYSIS
              OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   As of June 30, 1995

      The following is a discussion of the financial condition,
changes in financial condition and results of operations of the
Company.

Financial Condition

     During the first six months of 1995, the Company's
stockholders' equity increased $1,751,000 or an annualized 17%.
At June 30, 1995, the Company had 5,266 shares of Treasury Stock
at an average cost of $10.02 per share.

     In December 1990, the Federal Reserve Board's risk-based
guidelines became effective.  Under these guidelines, capital is
measured against the Company's risk-adjusted assets.  Each asset on
the balance sheet, as well as a balance sheet equivalent amount of
contingent obligations that are off-balance sheet, is assigned a
risk weighing from zero to 100 percent.  The sum of the weighted
assets constitutes risk-adjusted assets.  The Company's tier 1
capital (common stockholders' equity less goodwill) to risk-
adjusted assets was approximately 14.6% at June 30, 1995, well
above the 4 percent minimum required.  Total capital to risk-
adjusted assets approximated 14.6%, also well above the minimum
requirement.

Asset Quality

     We continue our commitment to credit quality in 1995. Net
charge-offs as a percentage of average loans for the first six
months of 1995 were .012%.  At June 30, 1995, non-performing
assets were $900,000 or .37%.  Non-performing assets consist
primarily of real estate loans.

     At June 30, 1995, the allowance for possible loan losses was
$2,211,000 or 1.36% of gross loans compared with $2,095,000 or
1.33% of gross loans at June 30, 1994.  Management considers the
allowance more than adequate to cover possible losses in the loan
portfolio.

Asset/Liability Management

     The principal function of asset/liability management is to
manage the balance sheet mix, maturities, repricing characteristics
and pricing components to provide an adequate and stable net
interest margin with an acceptable level of risk over time and
through interest rate cycles.

     Interest-sensitive assets and liabilities are those that are
subject to repricing within a specific relevant time horizon.  The
Company measures interest-sensitive assets and liabilities, and
their relationship with each other at terms of immediate, monthly
intervals up to 12 months, and over 1 year.

     Changes in net interest income, other than volume-related,
arise when interest rates on assets reprice in a time frame or
interest rate environment that is different from the repricing
period for liabilities.  Changes in net interest income also arise
from changes in the mix of interest-earning assets and interest-
bearing liabilities.

     The Company's strategy with respect to asset/liability
management is to maximize net interest income while limiting our
exposure to a potential downward movement.  Strategy is implemented
by the Bank's management, which takes action based upon its
analysis of the Bank's present positioning, its desired future
positioning, economic forecasts and its goals.

Liquidity

     The liquidity position of the Company is managed to insure
that sufficient funds are available to meet customers' needs for
loans and deposit withdrawals.  Liquidity to meet demand is
provided by maintaining marketable investment securities and money
market assets such as Interest Bearing Deposits in Banks and
Federal Funds Sold. Other sources of liquidity include deposit
growth and short and long term borrowings.

     The loan to deposit ratio for the Company was 84% at June
30, 1995.

     Management is unaware of any recommendations by regulatory
authorities, known trends, events or uncertainties that will have
or that are reasonably likely to have a material effect on the
Company's liquidity.

Results of Operations for Six Months Ended June 1995 and 1994

Results of Operations Overview

     In the first six months of 1995 the Company reported
earnings of $1.367,000 an increase of $143,000 or 12% over the same
period in 1994.  The interest margin before allowance for loan
losses was $4,778,000 for the first six months of 1995 compared
to $4,156,000 for the six months ended June 30, 1994.

Interest Income

     Interest and fees on loans was $7,141,000 for the first six
months of 1995. This represents a increase of $1,298,000 or 22% in
comparison to the same period in 1994. The increase was the result
of an increase in rates charged on loans as well as an increase in
the balance of loans.

     Interest on deposits at other financial institutions decreased
$27,000 for the first six months of 1995 compared to the same
period in 1994. The decrease was the result of a decrease in
average balances.

     Interest on investment securities was $1,615,000 for the first
six months of 1995. This represents an increase of $226,000 or
16% over the same period in 1994. Income on Federal Funds Sold
increased by $116,000 or 340%.  The increase in investment income
is due to an increase in interest rates and balances outstanding.

Interest Expense

     Interest expense increased $991,000 or 31% during the first
six months of 1995. The increase in interest interest expense is
due to increased Interest-Bearing Deposits as well as increased
interest rates as compared to the first six months of 1994.

Allowance for Loan Losses

     The Banks evaluate the adequacy of the allowance for loan
losses based on an analysis of specific problem loans, as well as
on an aggregate basis.  Management reviews a calculation of the
allowance for loan losses on a monthly basis and feels that the
allowance for loan losses is adequate to provide for potential
future losses.  The level of the allowance is based on management's
periodic and comprehensive evaluation of the loan portfolio,
including past loan loss experience; current and projected economic
trends; the volume, growth and composition of the loan portfolio;
and other relevant factors.  Reports of examinations furnished by
State and federal banking authorities are also considered by
management in this regard.

     The Banks have established the allowance for loan losses to
reduce the gross level of loans outstanding by an estimate of

uncollectible loans.  As loans are deemed uncollectible, they are
charged against the allowance.  A provision for loan losses is
expensed against current income on a monthly basis.  This provision
acts to replenish the allowance for loan losses to accommodate
charge-offs and growth in the loan portfolio, thereby maintaining
the allowance at an adequate level.

     For the first six months of 1995 provisions charged against
1995 income were $135,000 which was the same as the provision during
the same period in 1994.

Other Operating Income

Other operating income increased $66,000 or 11%. Service charge
income increased 16%. All other income increased by $27,000 or
17%. Trust income remain unchanged at $150,000.

Other Operating Expense

     Other operating expense increased $451,000 or 16%. Employee
expenses increased $292,000 or 21%. Occupancy expense increased
$15,000 compared to the first six months of last year or 10%.
Equipment expenses increased $180,000 or 44%. The increase in
equipment expense is primarily due to depreciation charges associated
with the computer and item processing equipment the banks purchased
during 1994. Computer services increased $19,000 or 14%. All other
expenses increased $45,000 or 5%.

PART II - OTHER INFORMATION

Item   I.      Legal Proceedings

               none

Item  II.      Changes in Securities

               none

Item III.      Defaults Upon Senior Securities

               none

Item  IV.      Submission of Matters to a Vote of Security Holders

               none

Item   V.      Other Information

               none

Item  VI.      Exhibits and Reports on Form 8-K

               none

                  FIRST BANKING CENTER, INC. AND SUBSIDIARIES
                             BURLINGTON, WISCONSIN

                                      SIGNATURES

     Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

                              First Banking Center, Inc.

August 9, 1995           ________________________________________
Date                     Roman Borkovec, President and Chief
                                   Executive Officer

August 9, 1995           ________________________________________
Date                     James Schuster, Chief Accounting Officer