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Bank Mutual Corporation: Announces an Increase in the Quarterly Cash Dividend to $0.04 Per Share
2/3/2004

Contact:
Bank Mutual Corporation
NASDAQ: BKMU
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer
414-354-1500

Rick B. Colberg
Chief Financial Officer
866-705-2568

Milwaukee, Wisconsin

Bank Mutual Corporation (NASDAQ - BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.04 per share. This cash dividend of $0.04 per share is a 14.3% increase over the cash dividend paid last quarter and on an annualized basis, this cash dividend represents a 33.3% increase over the cash dividends paid in 2003 (adjusted to reflect the exchange ratio in the recent conversion transaction). The cash dividend will be payable March 2, 2004 to shareholders of record on February 18, 2004.

The quarterly cash dividend of $0.04 is the thirteenth cash dividend paid by Bank Mutual Corporation since becoming a capital stock organization in November 2000.

Bank Mutual Corporation is traded on The NASDAQ Stock Marketâ under the symbol “BKMU.” The Company converted to a fully shareholder-owned form of organization on October 29, 2003 from its prior mutual holding company structure. The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at December 31, 2003 of $3.1 billion. Its subsidiary bank, Bank Mutual, operates 70 offices in the state of Wisconsin and one office in Minnesota.


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