Bank Mutual Announces New Directors.

MILWAUKEE -- Bank Mutual announced today that David C. Boerke and Richard A. Brown have been elected to the Bank's Board of Directors.

Michael T. Crowley, Jr., Chairman, President and Chief Executive Officer of Bank Mutual, said "We are extremely pleased to have two persons with the qualifications, experience and community standing of Messrs. Boerke and Brown join the Bank's Board of Directors. We will greatly benefit from their insights as we endeavor to implement strategies for the Bank and improve the products and services which we offer our customers.

David C. Boerke is principal and commercial real estate advisor of the commercial real estate group, of The Boerke Company, Inc., a member of the Cushman Wakefield Alliance and president of Boerke Advocates, Inc., both commercial real estate companies. In addition, Mr. Boerke acts as a real estate developer and investor, including the development as a principal or on behalf of clients or partners, of over 30 commercial development projects, including a variety of office, retail and industrial properties. He is also a private equity investor through Antietam, LLC and Market Street Investors.

Richard A. Brown was an audit partner with KPMG LLP, an international public accounting firm, until his retirement in April 2006. His experience with KPMG included serving as managing partner of KPMG's Milwaukee office during the last four years before his retirement. As an audit partner, he primarily served banks, savings banks, and other companies in the financial services industry, along with public and private companies in other industries. Mr. Brown is a private equity investor through and advisory board member of Fortress Banc Ventures, LP. Since his retirement, Mr. Brown has acted as interim chief financial officer and in other capacities for Families International, Inc.

Bank Mutual, a federal savings bank with 77 offices in the State of Wisconsin and one office in the State of Minnesota, is a wholly-owned subsidiary of Bank Mutual Corporation. Bank Mutual Corporation is the fifth largest financial institution holding company headquartered in the State of Wisconsin; its stock is quoted on The NASDAQ Global Select Market[R] under the symbol "BKMU".