<PAGE>
                                            Registration No. 33-__________

As filed with the Securities and Exchange Commission on September 1, 1994
================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM S-8

                           REGISTRATION STATEMENT
                                   Under
                         The Securities Act of 1933

                        MARSHALL & ILSLEY CORPORATION
             (Exact Name of Registrant as Specified in Charter)

       Wisconsin                             39-0968604
(State of Incorporation)           (I.R.S. Employer Identification No.)

      780 North Water Street
       Milwaukee, Wisconsin                          53202
(Address of Principal Executive Offices)          (Zip Code)

        ______________________________________________________________

                       MARSHALL & ILSLEY CORPORATION
               1994 LONG-TERM INCENTIVE PLAN FOR EXECUTIVES
        ______________________________________________________________

                               M. A. Hatfield
                        Marshall & Ilsley Corporation
                           770 North Water Street
                         Milwaukee, Wisconsin  53202
                   (Name and address of agent for service)

                               (414) 765-7801
        (Telephone number, including area code, of agent for service)

                      CALCULATION OF REGISTRATION FEE
================================================================================

                                    Proposed       Proposed
                                     Maximum        Maximum
Title of Securities  Amount to      Offering       Aggregate     Amount of
 to be Registered  be Registered Price Per Unit  Offering Price Registration Fee
________________________________________________________________________________

Common Stock,         600,000         N/A       $12,225,000     $4,215.52 (1)
$1.00 par value
                                                                              
================================================================================
 
 (1) Registration fee calculated pursuant to Rule 457(c) and (h) under the
     Securities Act of 1933. The registration fee is based on the average of
     the high and low price of a share of Marshall & Ilsley Corporation common
     stock on August 29, 1994 on NASDAQ/NMS as reported in the Midwest Edition
     of The Wall Street Journal on August 30, 1994.
                                                                              
================================================================================
<PAGE>
                                   PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference
         ---------------------------------------

            The following documents are incorporated by reference in this
Registration Statement:

                        (a)  The Registrant's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1993.

                        (b)  The Registrant's Quarterly Reports on Form 10-Q for
            the quarters ended March 31, 1994 and June 30, 1994.

                        (c)  The Registrant's Current Reports on Form 8-K dated
            February 23, 1994, May 17, 1994, and May 31, 1994.

                        (d)  The Registrant's Report on Form 10-C dated May 31, 
            1994.

                        (e)  The description of the Registrant's Common Stock
            contained in the Registrant's Registration Statement filed
            pursuant to Section 12(g) of the Securities Exchange Act of 1934,
            as amended (the "Exchange Act"), and any amendment or report
            filed for the purpose of updating such description.

            All documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of
a post-effective amendment which indicates that all shares offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
incorporated by reference in this Registration Statement and to be part hereof
from the date of filing of such documents.

Item 6. Indemnification of Directors and Officers
        -----------------------------------------

            Section 180.0851 of the Wisconsin Business Corporation Law (the
"WBCL") requires a corporation to indemnify a director or officer, to the extent
such person is successful on the merits or otherwise in the defense of a
proceeding, for all reasonable expenses incurred in the proceeding, if such
person was a party to such proceeding because he or she was a director or
officer of the corporation.  In cases where a director or officer is not
successful on the merits or otherwise in the defense of a proceeding, a
corporation is required to indemnify a director or officer against liability
incurred by the director or officer in a proceeding if such person was a
party to such proceeding because he or she is a director or officer of the
corporation unless it is determined that he or she breached or failed to
perform a duty owed to the corporation and such breach or failure to perform
constitutes: (i) a willful failure to deal fairly with the corporation or its
shareholders in connection with a matter in which the director or officer has
a material conflict of interest; (ii) a violation of criminal law, unless the
director or officer had reasonable cause to believe his or her conduct was
lawful or no reasonable cause to believe his or her conduct was unlawful;
(iii) a transaction from which the director or officer derived an improper
personal profit; or (iv) willful misconduct.

            Section 180.0858 of the WBCL provides that subject to certain
limitations, the mandatory indemnification provisions do not preclude any
additional right to indemnification or allowance of expenses that a director
or officer may have under a corporation's articles of incorporation or by-
laws, a written agreement between the director or officer and the
corporation; or a resolution of the board of directors or the shareholders.

<PAGE>
            Unless otherwise provided in the articles of incorporation or
by-laws, or by written agreement between the director or officer and the
corporation, an officer or director seeking indemnification is entitled to
indemnification if approved in any of the following manners as specified in
Section 180.0855 of the WBCL: (i) by majority vote of a disinterested quorum of
the board of directors; (ii) by independent legal counsel chosen by a quorum of
disinterested directors or its committee; (iii) by a panel of three arbitrators
(one of which is chosen by a quorum of disinterested directors); (iv) by the
vote of the shareholders; (v) by a court; or (vi) by any other method permitted
in Section 180.0858 of the WBCL.

            Reasonable expenses incurred by a director or officer who is a party
to a proceeding may be reimbursed by a corporation, pursuant to Section 180.0853
of the WBCL, at such time as the director or officer furnishes to the
corporation written affirmation of his good faith that he has not breached or
failed to perform his duties; and written confirmation to repay any amounts
advanced if it is determined that indemnification by the corporation is not
required.

            Section 180.0859 of the WBCL provides that it is the public policy
of the State of Wisconsin to require or permit indemnification, allowance of
expenses and insurance to the extent required or permitted under Sections
180.0850 to 180.0858 of the WBCL for any liability incurred in connection
with any proceeding involving a federal or state statute, rule or regulation
regulating the offer, sale or purchase of securities.

            As permitted by Section 180.0858, the Registrant has adopted
indemnification provisions in its by-laws which closely track the statutory
indemnification provisions with certain exceptions.  In particular, Section
7.1 of the Registrant's by-laws, among other items, provides that (i) an
individual shall be indemnified unless it is proven by a final judicial
adjudication that indemnification is prohibited and (ii) payment or
reimbursement of expenses, subject to certain limitations, will be mandatory
rather than permissive.  The Registrant has purchased directors' and
officers' liability insurance which has coverage limits of $40 million per
occurrence and insures the Registrant's officers and directors against
certain liabilities which may arise under the Securities Act of 1933.


Item 8.  Exhibits
         --------

            4       Marshall & Ilsley Corporation 1994 Long-Term Incentive 
                    Plan for Executives incorporated herein by reference to
                    Appendix A to the Registrant's 1994 Annual Meeting
                    Proxy Statement dated July 15, 1994.

            5       Opinion of Godfrey & Kahn, S.C. regarding legality of 
                    the Common Stock being registered.

            23.1    Consent of Arthur Andersen & Co.

            23.2    Consent of Godfrey & Kahn, S.C., included in Exhibit 5.

            24      Powers of Attorney for Directors of the Registrant.


Item 9.  Undertakings
         ------------

            The Registrant hereby undertakes:

                   (1)  To file, during any period in which offers or sales are
          being made, a post-effective amendment to this Registration       
          Statement to include any material information with respect to the
          plan of distribution not previously disclosed in the Registration
          Statement or any material change to such information in the
          Registration Statement.

<PAGE>
                   (2)  That, for the purpose of determining any liability under
          the Securities Act of 1933 (the "Securities Act"), each such
          post-effective amendment shall be deemed to be a new registration
          statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the
          initial bona fide offering thereof.

                   (3)  To remove from registration by means of a post-effective
          amendment any of the securities being registered which remain
          unsold at the termination of the offering.

                   (4)  That, for the purposes of determining any liability
          under the Securities Act, each filing of the Registrant's annual
          report pursuant to Section 13(a) or Section 15(d) of the Exchange
          Act that is incorporated by reference in the Registration Statement
          shall be deemed to be a new registration statement relating to the
          securities offered therein, and the offering of such securities at
          that time shall be deemed to be the initial bona fide offering
          thereof.

                   (5)  Insofar as indemnification for liabilities arising under
          the Securities Act may be permitted to directors, officers and
          controlling persons of the Registrant pursuant to the provisions
          described in Item 6 or otherwise, the Registrant has been advised
          that in the opinion of the Securities and Exchange Commission such
          indemnification is against public policy as expressed in the
          Securities Act and is, therefore, unenforceable.  In the event that
          a claim for indemnification against such liabilities (other than
          the payment by the Registrant of expenses incurred or paid by a
          director, officer or controlling person of the Registrant in the
          successful defense of any action, suit or proceeding) is asserted
          by such director, officer or controlling person in connection with
          the securities being registered, the Registrant will, unless in the
          opinion of its counsel the matter has been settled by controlling
          precedent, submit to a court of appropriate jurisdiction the
          question whether such indemnification by it is against public
          policy as expressed in the Securities Act and will be governed by
          the final adjudication of such issue.

<PAGE>
                                 SIGNATURES


            Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Milwaukee, State of Wisconsin, on
August 30, 1994.

                                       MARSHALL & ILSLEY CORPORATION
                                                (Registrant)



                                       By: /s/ J. B. Wigdale                  
                                       -------------------------------------
                                       J. B. Wigdale, Chairman of the Board
                                       and Chief Executive Officer


            Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities on the dates indicated.



/s/ J. B. Wigdale                                                             
- -------------------------------------            Date:  August 30, 1994
J. B. Wigdale,
Chairman of the Board and a Director
(Chief Executive Officer)



/s/ G. H. Gunnlaugsson                                                        
- -------------------------------------            Date:  August 30, 1994
G. H. Gunnlaugsson,
Executive Vice President and a Director
(Chief Financial Officer)



/s/  P. R. Justiliano                                                         
- -------------------------------------            Date:  August 30, 1994
P. R. Justiliano,
Vice President and Corporate Controller
(Principal Accounting Officer)



   Directors:       Richard A. Abdoo, Oscar C. Boldt, J.P. Bolduc, Wendell
                    F. Bueche, J.F. Chait, Glenn A. Francke, G.H.
                    Gunnlaugsson, Burleigh E. Jacobs, Jack F. Kellner,
                    James F. Kress, Dennis J. Kuester, Edward L. Meyer,
                    Jr., San W. Orr, Jr., Peter M. Platten, III, J.A.
                    Puelicher, Stuart W. Tisdale, J.B. Wigdale, James O.
                    Wright and Gus A. Zuehlke.



By:  /s/ M.A. Hatfield                                                        
     --------------------------------------      Date:  August 30, 1994
     M.A. Hatfield, As Attorney-in-Fact*

*  Pursuant to authority granted by powers of attorney, copies of which are
filed herewith.

<PAGE>

                          EXHIBIT INDEX


     Exhibits
     --------

      4   Marshall & Ilsley Corporation 1994 Long-Term Incentive Plan for
          Executives incorporated herein by reference to Appendix A to the
          Registrant's 1994 Annual Meeting Proxy Statement dated July 15,
          1994.

      5   Opinion of Godfrey & Kahn, S.C. regarding legality of the Common  
          Stock being registered.

     23.1 Consent of Arthur Andersen & Co.

     23.2 Consent of Godfrey & Kahn, S.C., included in Exhibit 5.

     24   Powers of Attorney for Directors of the Registrant.

M&IS-8.PMK
08/24/94  ica
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{"company-data": {"conformed-name": "MARSHALL & ILSLEY CORP/WI/", "cik": "0000062741", "assigned-sic": "6021", "irs-number": "390968604", "state-of-incorporation": "WI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "033-55317", "film-number": "94547656"}, "business-address": {"street1": "770 N WATER ST", "city": "MILWAUKEE", "state": "WI", "zip": "53202", "phone": "4147657801"}}
Registration No. 33-__________

As filed with the Securities and Exchange Commission on September 1, 1994
================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM S-8

                           REGISTRATION STATEMENT
                                   Under
                         The Securities Act of 1933

                        MARSHALL & ILSLEY CORPORATION
             (Exact Name of Registrant as Specified in Charter)

       Wisconsin                             39-0968604
(State of Incorporation)           (I.R.S. Employer Identification No.)

      780 North Water Street
       Milwaukee, Wisconsin                          53202
(Address of Principal Executive Offices)          (Zip Code)

        ______________________________________________________________

                       MARSHALL & ILSLEY CORPORATION
               1994 LONG-TERM INCENTIVE PLAN FOR EXECUTIVES
        ______________________________________________________________

                               M. A. Hatfield
                        Marshall & Ilsley Corporation
                           770 North Water Street
                         Milwaukee, Wisconsin  53202
                   (Name and address of agent for service)

                               (414) 765-7801
        (Telephone number, including area code, of agent for service)

                      CALCULATION OF REGISTRATION FEE
================================================================================

                                    Proposed       Proposed
                                     Maximum        Maximum
Title of Securities  Amount to      Offering       Aggregate     Amount of
 to be Registered  be Registered Price Per Unit  Offering Price Registration Fee
________________________________________________________________________________

Common Stock,         600,000         N/A       $12,225,000     $4,215.52 (1)
$1.00 par value
                                                                              
================================================================================
 
 (1) Registration fee calculated pursuant to Rule 457(c) and (h) under the
     Securities Act of 1933. The registration fee is based on the average of
     the high and low price of a share of Marshall & Ilsley Corporation common
     stock on August 29, 1994 on NASDAQ/NMS as reported in the Midwest Edition
     of The Wall Street Journal on August 30, 1994.
                                                                              
================================================================================
PART II

              INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference
         ---------------------------------------

            The following documents are incorporated by reference in this
Registration Statement:

                        (a)  The Registrant's Annual Report on Form 10-K for the
            fiscal year ended December 31, 1993.

                        (b)  The Registrant's Quarterly Reports on Form 10-Q for
            the quarters ended March 31, 1994 and June 30, 1994.

                        (c)  The Registrant's Current Reports on Form 8-K dated
            February 23, 1994, May 17, 1994, and May 31, 1994.

                        (d)  The Registrant's Report on Form 10-C dated May 31, 
            1994.

                        (e)  The description of the Registrant's Common Stock
            contained in the Registrant's Registration Statement filed
            pursuant to Section 12(g) of the Securities Exchange Act of 1934,
            as amended (the "Exchange Act"), and any amendment or report
            filed for the purpose of updating such description.

            All documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of
a post-effective amendment which indicates that all shares offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
incorporated by reference in this Registration Statement and to be part hereof
from the date of filing of such documents.

Item 6. Indemnification of Directors and Officers
        -----------------------------------------

            Section 180.0851 of the Wisconsin Business Corporation Law (the
"WBCL") requires a corporation to indemnify a director or officer, to the extent
such person is successful on the merits or otherwise in the defense of a
proceeding, for all reasonable expenses incurred in the proceeding, if such
person was a party to such proceeding because he or she was a director or
officer of the corporation.  In cases where a director or officer is not
successful on the merits or otherwise in the defense of a proceeding, a
corporation is required to indemnify a director or officer against liability
incurred by the director or officer in a proceeding if such person was a
party to such proceeding because he or she is a director or officer of the
corporation unless it is determined that he or she breached or failed to
perform a duty owed to the corporation and such breach or failure to perform
constitutes: (i) a willful failure to deal fairly with the corporation or its
shareholders in connection with a matter in which the director or officer has
a material conflict of interest; (ii) a violation of criminal law, unless the
director or officer had reasonable cause to believe his or her conduct was
lawful or no reasonable cause to believe his or her conduct was unlawful;
(iii) a transaction from which the director or officer derived an improper
personal profit; or (iv) willful misconduct.

            Section 180.0858 of the WBCL provides that subject to certain
limitations, the mandatory indemnification provisions do not preclude any
additional right to indemnification or allowance of expenses that a director
or officer may have under a corporation's articles of incorporation or by-
laws, a written agreement between the director or officer and the
corporation; or a resolution of the board of directors or the shareholders.
Unless otherwise provided in the articles of incorporation or
by-laws, or by written agreement between the director or officer and the
corporation, an officer or director seeking indemnification is entitled to
indemnification if approved in any of the following manners as specified in
Section 180.0855 of the WBCL: (i) by majority vote of a disinterested quorum of
the board of directors; (ii) by independent legal counsel chosen by a quorum of
disinterested directors or its committee; (iii) by a panel of three arbitrators
(one of which is chosen by a quorum of disinterested directors); (iv) by the
vote of the shareholders; (v) by a court; or (vi) by any other method permitted
in Section 180.0858 of the WBCL.

            Reasonable expenses incurred by a director or officer who is a party
to a proceeding may be reimbursed by a corporation, pursuant to Section 180.0853
of the WBCL, at such time as the director or officer furnishes to the
corporation written affirmation of his good faith that he has not breached or
failed to perform his duties; and written confirmation to repay any amounts
advanced if it is determined that indemnification by the corporation is not
required.

            Section 180.0859 of the WBCL provides that it is the public policy
of the State of Wisconsin to require or permit indemnification, allowance of
expenses and insurance to the extent required or permitted under Sections
180.0850 to 180.0858 of the WBCL for any liability incurred in connection
with any proceeding involving a federal or state statute, rule or regulation
regulating the offer, sale or purchase of securities.

            As permitted by Section 180.0858, the Registrant has adopted
indemnification provisions in its by-laws which closely track the statutory
indemnification provisions with certain exceptions.  In particular, Section
7.1 of the Registrant's by-laws, among other items, provides that (i) an
individual shall be indemnified unless it is proven by a final judicial
adjudication that indemnification is prohibited and (ii) payment or
reimbursement of expenses, subject to certain limitations, will be mandatory
rather than permissive.  The Registrant has purchased directors' and
officers' liability insurance which has coverage limits of $40 million per
occurrence and insures the Registrant's officers and directors against
certain liabilities which may arise under the Securities Act of 1933.

Item 8.  Exhibits
         --------

            4       Marshall & Ilsley Corporation 1994 Long-Term Incentive 
                    Plan for Executives incorporated herein by reference to
                    Appendix A to the Registrant's 1994 Annual Meeting
                    Proxy Statement dated July 15, 1994.

            5       Opinion of Godfrey & Kahn, S.C. regarding legality of 
                    the Common Stock being registered.

            23.1    Consent of Arthur Andersen & Co.

            23.2    Consent of Godfrey & Kahn, S.C., included in Exhibit 5.

            24      Powers of Attorney for Directors of the Registrant.

Item 9.  Undertakings
         ------------

            The Registrant hereby undertakes:

                   (1)  To file, during any period in which offers or sales are
          being made, a post-effective amendment to this Registration       
          Statement to include any material information with respect to the
          plan of distribution not previously disclosed in the Registration
          Statement or any material change to such information in the
          Registration Statement.
(2)  That, for the purpose of determining any liability under
          the Securities Act of 1933 (the "Securities Act"), each such
          post-effective amendment shall be deemed to be a new registration
          statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the
          initial bona fide offering thereof.

                   (3)  To remove from registration by means of a post-effective
          amendment any of the securities being registered which remain
          unsold at the termination of the offering.

                   (4)  That, for the purposes of determining any liability
          under the Securities Act, each filing of the Registrant's annual
          report pursuant to Section 13(a) or Section 15(d) of the Exchange
          Act that is incorporated by reference in the Registration Statement
          shall be deemed to be a new registration statement relating to the
          securities offered therein, and the offering of such securities at
          that time shall be deemed to be the initial bona fide offering
          thereof.

                   (5)  Insofar as indemnification for liabilities arising under
          the Securities Act may be permitted to directors, officers and
          controlling persons of the Registrant pursuant to the provisions
          described in Item 6 or otherwise, the Registrant has been advised
          that in the opinion of the Securities and Exchange Commission such
          indemnification is against public policy as expressed in the
          Securities Act and is, therefore, unenforceable.  In the event that
          a claim for indemnification against such liabilities (other than
          the payment by the Registrant of expenses incurred or paid by a
          director, officer or controlling person of the Registrant in the
          successful defense of any action, suit or proceeding) is asserted
          by such director, officer or controlling person in connection with
          the securities being registered, the Registrant will, unless in the
          opinion of its counsel the matter has been settled by controlling
          precedent, submit to a court of appropriate jurisdiction the
          question whether such indemnification by it is against public
          policy as expressed in the Securities Act and will be governed by
          the final adjudication of such issue.
SIGNATURES

            Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Milwaukee, State of Wisconsin, on
August 30, 1994.

                                       MARSHALL & ILSLEY CORPORATION
                                                (Registrant)

                                       By: /s/ J. B. Wigdale                  
                                       -------------------------------------
                                       J. B. Wigdale, Chairman of the Board
                                       and Chief Executive Officer

            Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities on the dates indicated.

/s/ J. B. Wigdale                                                             
- -------------------------------------            Date:  August 30, 1994
J. B. Wigdale,
Chairman of the Board and a Director
(Chief Executive Officer)

/s/ G. H. Gunnlaugsson                                                        
- -------------------------------------            Date:  August 30, 1994
G. H. Gunnlaugsson,
Executive Vice President and a Director
(Chief Financial Officer)

/s/  P. R. Justiliano                                                         
- -------------------------------------            Date:  August 30, 1994
P. R. Justiliano,
Vice President and Corporate Controller
(Principal Accounting Officer)

   Directors:       Richard A. Abdoo, Oscar C. Boldt, J.P. Bolduc, Wendell
                    F. Bueche, J.F. Chait, Glenn A. Francke, G.H.
                    Gunnlaugsson, Burleigh E. Jacobs, Jack F. Kellner,
                    James F. Kress, Dennis J. Kuester, Edward L. Meyer,
                    Jr., San W. Orr, Jr., Peter M. Platten, III, J.A.
                    Puelicher, Stuart W. Tisdale, J.B. Wigdale, James O.
                    Wright and Gus A. Zuehlke.

By:  /s/ M.A. Hatfield                                                        
     --------------------------------------      Date:  August 30, 1994
     M.A. Hatfield, As Attorney-in-Fact*

*  Pursuant to authority granted by powers of attorney, copies of which are
filed herewith.
EXHIBIT INDEX

     Exhibits
     --------

      4   Marshall & Ilsley Corporation 1994 Long-Term Incentive Plan for
          Executives incorporated herein by reference to Appendix A to the
          Registrant's 1994 Annual Meeting Proxy Statement dated July 15,
          1994.

      5   Opinion of Godfrey & Kahn, S.C. regarding legality of the Common  
          Stock being registered.

     23.1 Consent of Arthur Andersen & Co.

     23.2 Consent of Godfrey & Kahn, S.C., included in Exhibit 5.

     24   Powers of Attorney for Directors of the Registrant.

M&IS-8.PMK
08/24/94  ica