OFFER OF EMPLOYMENT

EXHIBIT 10.1

WAUWATOSA SAVINGS BANK
11200 West Plank Court
Wauwatosa, WI 53226

October 25, 2005

Personal and Confidential

Douglas S. Gordon
18270 San Lucas Ct.
Brookfield, WI 53045

Dear Doug:

     We are pleased to present you with this offer of employment with Wauwatosa Savings Bank (the “Bank”). We believe that the skills and experience you possess will be a definite asset to our organization and we are certain you will be able to make significant impact on the long term success of the Bank.

     The specifics of the offer and your employment are as follows:

     1. You will be employed by the Bank as an executive employee, pursuant to the terms of this letter and the Bank’s general employment policies. Initially you will be elected as the President and Chief Operating Officer of the Bank (“COO”), however, and without respect to your employment, your continuation in that position is subject to the Articles and bylaws of the Bank and your annual reelection and appointment to that position by the Board of Directors of the Bank. Subject to the ability of the Board of Directors of the Bank and the other entities to amend bylaws and create an additional board position, you will also be elected to the Board of the Bank and its holding companies, Lamplighter Financial, MHC (the “MHC”) and Wauwatosa Holdings, Inc. (“WH”). Your continuation as a director is also subject to the Articles and bylaws of the various entities and to your reelection by shareholders or members, as the case may be. Your employment duties and responsibilities will be as described in detail in a job description which will be prepared and provided to you on or before November 16, 2005, but will be consistent with those duties typically performed by a President and COO of a bank. You shall devote your full time and attention to the performance of your duties on behalf of the Bank.

     2. Initially, and subject to the provisions of paragraph 6, you will be employed for a term commencing November 16, 2005 (or such other date as you actually commence working, provided it is prior to November 30, 2005) and continuing to and through December 31, 2007. Thereafter, your employment may be extended for a further defined term subject to your agreement and affirmative action taken by the Board not less than sixty (60) days prior to December 31, 2007.