AMENDMENTTO EMPLOYMENT AGREEMENT

EXHIBIT 10.9(b)

2003 10-K

AMENDMENT TO EMPLOYMENT AGREEMENT

WHEREAS, Rick B. Colberg (“Executive”) and First Northern Savings Bank (“Employer”) are parties to an Employment Agreement entered into as of November 1, 2000 (the “Agreement”); and

WHEREAS, Employer contemplates that it may change its corporate structure during calendar year 2003, by merging (the “Contemplated Merger”) into Mutual Savings Bank which may then be known as Bank Mutual, or some similar name (the “Merged Bank”); and

WHEREAS, if the Contemplated Merger occurs, it is also contemplated that Executive’s duties and job title will be substantially as described in Attachment A hereto (job title and duties substantially as described on Attachment A hereto being collectively referred to herein as the “Contemplated Title and Duties”); and

WHEREAS, in order to continue its orderly consideration of the Contemplated Merger, Employer wishes to be assured that if the Contemplated Merger does occur, Executive will remain with the Merged Bank and will perform the Contemplated Duties; and

WHEREAS, in consideration of Executive’s execution of this Amendment, Employer will cause the Merged Bank to assume the Agreement as stated below; and

WHEREAS, the parties hereto wish to amend the Agreement solely as stated herein;

NOW, THEREFORE, in consideration of the foregoing recitals and of the respective representations and promises stated below, and for other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, it is agreed as follows:

1. In consideration of Employer’s representation, agreement and promise set forth in Paragraph 2 hereof, Executive represents, agrees and promises that the Contemplated Title and Duties are acceptable to Executive and that Executive consents and will consent to them, and agrees and promises that if the Contemplated Merger occurs, and if in connection with the Contemplated Merger Executive’s job title and duties become substantially as described in Attachment A hereto:

2. In consideration of Executive’s representations, agreements and promises, Employer represents, agrees and promises that if the Contemplated Merger occurs, Employer will cause the Merged Bank to assume the Agreement.

3. Except as expressly amended herein, the Agreement shall remain in full force and effect according to its terms.

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