Bank Mutual Corporation Increases Quarterly Cash Dividend 25% to $0.05 Per Share

Business Wire, August 2, 2004

MILWAUKEE -- Bank Mutual Corporation (NASDAQ:BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.05 per share, up 25% over last quarter's cash dividend of $0.04 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 September 1, 2004 to shareholders of record on August 19, 2004.

The quarterly cash dividend of $0.05 is the fifteenth 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 Market(R) under the symbol "BKMU." The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at June 30, 2004 of $3.1 billion. Its subsidiary bank, Bank Mutual, operates 70 offices in the state of Wisconsin and one office in Minnesota.