Bank Mutual Corp.: Announces quarterly cash dividend

Michael T. Crowley Jr.

Chairman, President and Chief Executive Officer

or

Michael W. Dosland

Senior Vice President and Chief Financial Officer

414-354-1500

Bank Mutual Corporation (NASDAQ: BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.09 per share. The cash dividend will be payable September 1, 2009, to shareholders of record on August 13, 2009.

The quarterly cash dividend of $0.09 is the thirty-fifth cash dividend paid by Bank Mutual Corporation since becoming a capital stock organization in November 2000.

Bank Mutual Corporation is traded on The NASDAQ Global Select Market under the symbol BKMU. The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at June 30, 2009, of $3.45 billion. Its subsidiary bank, Bank Mutual, operates 78 offices in the state of Wisconsin and one office in Minnesota.