Contact:
Bank Mutual Corporation
NASDAQ: BKMU
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer
414-354-1500
Rick B. Colberg
Chief Financial Officer
866-705-2568
Milwaukee, Wisconsin
November 1, 2004
Bank Mutual Corporation (Nasdaq-BKMU) announced that its board of directors today approved a stock repurchase program whereby the Company may repurchase up to 5.0 million shares of its common stock, which amount represents 6.4% of its currently outstanding shares. The program does not specify the timing of purchases or the prices to be paid. Although no schedule for completion has been adopted, Bank Mutual Corporation expects to begin market repurchases of shares under this program as soon as possible.
“We are pleased that we can now add share repurchases as another method of managing our capital position, which we expect to use along with dividends, expansion of our banking products and services, and possible expansion of our banking franchise by acquisitions or de novo offices,” said Michael T. Crowley, Jr. Chairman, President and Chief Executive Officer of Bank Mutual Corporation.
Since its conversion to a fully-shareholder owned company in October 2003, Bank Mutual Corporation has repurchased 1.6 million shares of its common stock; that amount represents shares that were authorized for issuance as restricted stock under the Company’s 2004 Stock Incentive Plan which was approved by shareholders in May 2004. Under Office of Thrift Supervision regulations, Bank Mutual Corporation was not allowed to make further repurchases of its shares until after the first anniversary of the conversion.
Bank Mutual Corporation is the fifth 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.
* * *
Cautionary Statements
The discussions in this news release which are not historical statements contain forward-looking statements that involve risk and uncertainties. Statements which are not historical statements include those regarding possible future stock purchase. There can be no assurance that Bank Mutual Corporation will in fact repurchase shares, nor of the timing, amounts or pricing of any such repurchases. Also, Bank Mutual Corporation’s actual future results could affect its ability to repurchase shares. Bank Mutual Corporation’s use of capital will depend upon future events, and it cannot assure any particular use of its capital resources or that any expansion will occur. Factors which could affect future results include changing interest rates, changes in demand for loans or other services, competition from other institutions, changes in OTS regulations or interpretations, the results of our lending activities and loan loss experience, general economic and political developments, and other factors discussed in our filings with the Securities and Exchange Commission.
