-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Fmw7cr3K4nwxNOVMujsMuDyM6qz9yKl5VyHHIJl1la6HayotmbubySdNok8aOGJv
 6HEg30R7cF9BnJeKhEu7HQ==

<SEC-DOCUMENT>0001181431-05-007608.txt : 20050207
<SEC-HEADER>0001181431-05-007608.hdr.sgml : 20050207
<ACCEPTANCE-DATETIME>20050207191010
ACCESSION NUMBER:		0001181431-05-007608
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050204
FILED AS OF DATE:		20050207
DATE AS OF CHANGE:		20050207

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BRAUN RICHARD A
		CENTRAL INDEX KEY:			0001254916

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16339
		FILM NUMBER:		05581787

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 9
		CITY:			STURGEON BAY
		STATE:			WI
		ZIP:			54235

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAYLAKE CORP
		CENTRAL INDEX KEY:			0000275119
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				391268055
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		217 N FOURTH AVE
		STREET 2:		PO BOX 9
		CITY:			STURGEON BAY
		STATE:			WI
		ZIP:			54235-0009
		BUSINESS PHONE:		9207435551
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd67675.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-02-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000275119</issuerCik>
        <issuerName>BAYLAKE CORP</issuerName>
        <issuerTradingSymbol>BYLK.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001254916</rptOwnerCik>
            <rptOwnerName>BRAUN RICHARD A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 9</rptOwnerStreet1>
            <rptOwnerStreet2>217 NORTH FOURTH AVENUE</rptOwnerStreet2>
            <rptOwnerCity>STURGEON BAY</rptOwnerCity>
            <rptOwnerState>WI</rptOwnerState>
            <rptOwnerZipCode>54235-0009</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock, $5 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2005-02-04</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-02-04</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>92000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option to purchase</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9.75</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-02-04</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-02-04</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>1998-01-02</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>Steven D. Jennerjohn</signatureName>
        <signatureDate>2005-02-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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