Bank Mutual Corporation: Announces Quarterly Cash Dividend

Bank Mutual Corporation
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer

Rick B. Colberg
Chief Financial Officer

Milwaukee, Wisconsin
November 1, 2004

Bank Mutual Corporation (NASDAQ – BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.05 per share. This cash dividend of $0.05 per share, on an annualized basis represents a 66.7% increase over the cash dividends paid 2003. The cash dividend will be payable December 1, 2004 to shareholders of record on November 18, 2004.

The quarterly cash dividend of $0.05 is the sixteenth cash dividend paid by Bank Mutual Corporation since becoming a capital stock organization in November 2000.

Bank Mutual Corporation is traded on The NASDAQ Stock Marketâ under the symbol “BKMU.” The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at September 30, 2004 of $3.2 billion. Its subsidiary bank, Bank Mutual, operates 70 offices in the state of Wisconsin and one office in Minnesota.