Bank Mutual Announces Annual Meeting Results.

MILWAUKEE -- Bank Mutual Corporation (Nasdaq:BKMU) announced the results of its 2005 annual meeting of shareholders, which was held earlier today. At the meeting, all director-nominees were re-elected and the selection of Ernst & Young as independent auditors was ratified.

Four Bank Mutual directors were re-elected. Thomas J. Lopina Sr., Robert B. Olson and David J. Rolfs were elected for terms ending in 2008, and Mark C. Herr was elected for a term ending in 2007.

Bank Mutual is the fourth largest financial institution holding company headquartered in the state of Wisconsin and its stock is quoted on The Nasdaq Stock Market(R) 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 under "Outlook" and those in the future tense or which use terms such as "believe," "expect," and "anticipate." Bank Mutual Corporation's actual future results could differ in important and material ways from those discussed. Many factors could cause or contribute to such differences. These factors 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, those items discussed under "Outlook," and other factors discussed in our filings with the Securities and Exchange Commission.