2008-08-04 23:49:02 -

- Bank Mutual Corporation (NASDAQ: BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.09 per share. This cash dividend of $0.09 per share, on an annualized basis represents a 9.1% increase over the cash dividends paid in 2007. The cash dividend will be payable September 2, 2008 to shareholders of record on August

14, 2008.

The quarterly cash dividend of $0.09 is the thirty first cash dividend paid by Bank Mutual Corporation since becoming a capital stock organization in November 2000.

Bank Mutual Corporation is traded on The NASDAQ Global Select Market(SM) under the symbol "BKMU." The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at June 30, 2008 of $3.6 billion. Its subsidiary bank, Bank Mutual, operates 77 offices in the state of Wisconsin and one office in Minnesota.

Bank Mutual Corporation
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer
414-354-1500