SECURITIES AND EXCHANGE COMMISSION

                              Washington, D.C.  20549

                                      Form 10-C
                      Report by Issuer of Securities Quoted on
                         NASDAQ Interdealer Quotation System

                    Filed pursuant to Section 13 or 15(d) of the

                   Securities Exchange Act of 1934 and Rule 13a-17

                                or 15d-17 thereunder


                            Marshall & Ilsley Corporation
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                   (Exact name of issuer as specified in charter)

                 770 North Water Street, Milwaukee, Wisconsin 53202
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                      (Address of principal executive offices)


           Issuer's telephone number, including area code:  (414) 765-7801
                                                            --------------


                     I.  CHANGE IN NUMBER OF SHARES OUTSTANDING

             Indicate any change (increase or decrease) of 5% or more in
                          the number of shares outstanding:

1.     Title of security:  $1.00 par value Common Stock of
                           -------------------------------
                           Marshall & Ilsley Corporation
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2.     Number of shares outstanding before the change:  61,816,442 (as of
                                                        -----------------
                                                         May 27, 1994)
                                                        -----------------

3.     Number of shares outstanding after the change:  97,542,900
                                                       ----------

4.     Effective date of change:  May 31, 1994
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5.     Method of change:  Merger
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       Specify method (such as merger, acquisition, exchange, distribution,
       stock split, reverse split, acquisition of stock for treasury, etc.)

       Give brief description of transaction:  

              On May 31, 1994, Valley Bancorporation, a Wisconsin corporation
       ("Valley"), merged (the "Merger") with and into Marshall & Ilsley
       Corporation, a Wisconson corporation ("M&I"), and, pursuant to the
       Merger Agreement between Valley and M&I dated as of September 19, 1993,
       each outstanding share of Valley Common Stock, $.50 par value ("Valley
       Common Stock") was converted into 1.72 shares (the "Exchange Ratio") of
       M&I Common Stock, $1.00 par value, with cash payable in lieu of a
       fractional share.  Based on 20,771,197 shares of Valley Common Stock
       outstanding on May 31, 1994 and the Exchange Ratio, the number of
       shares of M&I Common Stock outstanding on May 31, 1994 (after the
       effective time of the Merger) is 97,542,900.


                                II. CHANGE IN NAME OF ISSUER

1.  Name prior to change
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2.  Name after change
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3.  Effective date of charter amendment changing name
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4.  Date of shareholder approval of change, if required
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                                            MARSHALL & ILSLEY CORPORATION


Date:  June 2, 1994                         By: /s/ Michael A. Hatfield
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                                                Michael A. Hatfield, Secretary



Report.TMC
6/2/94