Bank Mutual Corp.: Announces quarterly cash dividend

Contact: Bank Mutual Corporation

NASDAQ: BKMU

Michael T. Crowley Jr.

Chairman, President, and Chief Executive Officer

or

Michael W. Dosland

Senior Vice President and Chief Financial Officer

414-354-1500

Bank Mutual Corporation (NASDAQ: BKMU) (“Bank Mutual”) today announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The cash dividend will be payable March 1, 2010, to shareholders of record on February 11, 2010.

The quarterly cash dividend of $0.07 is the thirty-seventh cash dividend paid by Bank Mutual since becoming a capital stock organization in November 2000.

Bank Mutual Corporation is traded on The NASDAQ Global Select Market under the symbol BKMU. The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at December 31, 2009, of $3.5 billion. Its subsidiary bank, Bank Mutual, operates 78 offices in the state of Wisconsin and one office in Minnesota.