Bank Mutual Corporation Announces Quarterly Cash Dividend

Bank Mutual Corporation (NASDAQ:BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.085 per share. This cash dividend of $0.085 per share, on an annualized basis represents a 17.2% increase over the cash dividends paid in 2006. The cash dividend will be payable December 3, 2007 to shareholders of record on November 15, 2007. The quarterly cash dividend of $0.085 is the twenty-eighth 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 MarketSM under the symbol "BKMU.” The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at September 30, 2007 of $3.5 billion. Its subsidiary bank, Bank Mutual, operates 77 offices in the state of Wisconsin and one office in Minnesota.