Bank Mutual Corporation: Announces Resignation of Michael T. Crowley, Sr. as Director

Bank Mutual Corporation
Eugene H. Maurer
Senior Vice President/Secretary
(414) 354-1500

Milwaukee, Wisconsin
December 1, 2004

Bank Mutual Corporation (NASDAQ-BKMU) announced that Michael T. Crowley, Sr. has submitted his resignation from the Bank Mutual Corporation board of directors effective as of December 31, 2004. Mr. Crowley’s action does not affect his positions as Chairman of the Board and a director of Bank Mutual, the subsidiary bank.

“We wish to thank Mr. Crowley, Sr. for his years of service,” said Michael T. Crowley, Jr., Chairman, President and Chief Executive Officer of Bank Mutual Corporation. “He has been a valued member of our company’s board of directors since we went public in 2000. His over 70 years of service to Bank Mutual and his standing in Wisconsin’s banking community have brought invaluable dimensions to the holding company board. We will miss his participation on the board. Still, we understand and accept his desire to scale back his involvement at this time.”

Bank Mutual Corporation is the fourth largest financial institution holding company headquartered in the state of Wisconsin and its stock is quoted on The Nasdaq Stock Market® under the symbol “BKMU.” Its subsidiary bank, Bank Mutual, operates 70 offices in the state of Wisconsin and one office in Minnesota.