Bank Mutual: Adds senior vice president and chief risk officer

Contact: Jeremy Artz

Marketing Specialist

414.371.8261

Milwaukee, WI January 28, 2011 – Bank Mutual is pleased to announce the appointment of Christopher Mayne to the newly created position of Senior Vice President and Chief Risk Officer. Mr. Mayne is responsible for ensuring the overall quality of Bank Mutual’s lending portfolio and is based at Bank Mutual’s Corporate Headquarters at 4949 W. Brown Deer Rd, Milwaukee WI 53224.

Mr. Mayne has 23 years of experience in the banking industry. He was previously the Senior Credit Officer at another Wisconsin-based financial institution. Mr. Mayne obtained an MBA from the University of Wisconsin. He currently resides in Mequon, WI and his home town is Marion, WI.

Bank Mutual Corporation is traded on The NASDAQ Global Select MarketSM under the symbol “BKMU.” The Company is headquartered in the state of Wisconsin, with assets at December 31, 2010 of $2.6 billion. Its subsidiary bank, Bank Mutual, operates 78 offices in the state of Wisconsin and one office in Minnesota.