Bank Mutual: Gregory Larson named Bank Mutual senior VP/director of commercial banking

Contact: Jeremy Artz Marketing Specialist

414.371.8261

Milwaukee, WI January 7, 2011 – Bank Mutual is pleased to announce the appointment of Gregory Larson to the newly created position of Senior Vice President and Director of Commercial Banking. Mr. Larson is responsible for all aspects of Middle Market Banking, Business Banking, Treasury Management, International Banking, and Merchant Services. These services are delivered to mid-market companies and small businesses through commercial banking hubs located in Milwaukee, Green Bay, and Eau Claire and further supported by a network of 79 bank offices across the state of Wisconsin and Woodbury, Minnesota. His office is located at

Bank Mutual’s Commercial Banking Center: 2600 N. Mayfair Road, Wauwatosa, WI.

Mr. Larson has 33 years of banking experience. He was previously the Senior VP of Commercial Banking at another Wisconsin-based financial institution. Milwaukee is Mr. Larson’s hometown, and he currently lives in Mequon, 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.