Bank Mutual Corporation Announces Anticipated Closing Date.

Business Editors

MILWAUKEE--(BUSINESS WIRE)--Oct. 28, 2003

Bank Mutual Corporation (NASDAQ:BKMU), the holding company for Bank Mutual, announced that it has received final OTS regulatory approval for its pending second-step conversion from partial to full public ownership, including the related stock offering, and that it intends to close the transactions as of the close of business on Wednesday, October 29, 2003.

As a result of the level of stock orders received in the offering, the Company expects to sell shares at the adjusted maximum amount of the resolicitation offering range, which is 41,063,625 shares at $10.00 per share. In addition, each existing Company shareholder will receive 3.6686 shares of new common stock in exchange for each share owned at the time of closing. Procedures for the exchange of stock certificates were included in the Company's prospectus dated July 31, 2003. Letters of transmittal for certificate exchange, and stock certificates for the shares sold in the offering, will be sent out promptly after the closing.

Under the closing schedule above, through the end of the trading day on Wednesday, October 29, 2003, Bank Mutual Corporation's existing common stock will continue to trade on The NASDAQ Stock Market(R) under the symbol "BKMU". Beginning on October 30, 2003, the new shares of common stock will trade on The NASDAQ Stock Market. For the first twenty trading days, the new shares will trade under the symbol "BKMUD"; thereafter, they will again trade under the BKMU symbol.

The Company and Bank Mutual are headquartered in the Milwaukee suburb of Brown Deer, Wisconsin. The Company is the fifth largest banking institution headquartered in Wisconsin, with assets of $2.8 billion. Its subsidiary bank, Bank Mutual, operates 70 offices in the state of Wisconsin and one office in Minnesota.

The offering is made only by means of a prospectus and prospectus supplement, in accordance with federal law and applicable state securities laws; this press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Cautionary Statements

The discussions in this press release which are not historical statements contain forward-looking statements that involve risk and uncertainties. Statements which are not historical statements include those in the future tense or which use terms such as "believe," "expect," and "anticipate." Actual future results could differ in important and material ways from those discussed. Many factors could cause or contribute to such differences. In particular, completion of the conversion and stock offering is subject to a number of conditions. Therefore, as with any transaction, completion cannot be assured, and timing could be changed. In addition, the Company's periodic filings with the Securities and Exchange Commission discuss a number of other factors which may affect its future operations generally and in particular its ability to use additional capital. These factors include changing interest rates, changes in demand for loans or other services, competition from other institutions, the results of our lending activities and loan loss experience, general economic and political developments, and other factors discussed in those filings. The statements made herein are only made as of the date of this press release and the Company undertakes no obligations to publicly update such statements to reflect subsequent events or circumstances.