Contacts:
Bank Mutual Corporation
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer
414-354-1500
or
Rick B. Colberg
Chief Financial Officer
866-705-2568
MILWAUKEE–(BUSINESS WIRE)–Bank Mutual Corporation (NASDAQ:BKMU) announced that its board of directors today approved an amendment to the Company’s current stock repurchase program to increase the number of shares of its common stock which may be repurchased under that plan to 5.0 million (which is an increase from the 3.0 million shares of its common stock which previously authorized for repurchase). The program does not specify the timing of purchases or the prices to be paid.
The current stock repurchase program was originally adopted and announced on November 5, 2007, and now has been amended to extend through November 28, 2008. Through December 14, 2007, the Company had repurchased 2,108,400 shares, at an average per share price of $10.18, under this program. Therefore, the Company may repurchase an additional 2,891,600 shares under the plan as amended. At December 14, 2007, Bank Mutual Corporation had outstanding 50,489,256 shares; therefore, the remaining shares which may be repurchased under the amended plan would constitute 5.7% of the Company’s currently outstanding shares.
“In view of the current market value of our shares, our strong capital position and capital deployment alternatives, our board has decided to expand the number of shares which we may purchase under our current repurchase program so that we can continue to use share repurchases as a method of managing our capital position. We expect to continue to use repurchases along with dividends, expansion of our banking products and services, and possible expansion of our banking franchise by acquisitions or de novo offices, as tools to manage our capital,” said Michael T. Crowley, Jr. Chairman, President and Chief Executive Officer of Bank Mutual Corporation.
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 Global Select MarketSM under the symbol “BKMU”. Its subsidiary bank, Bank Mutual, operates 77 offices in the state of Wisconsin and one office in Minnesota.
