Bank Mutual Corporation (NASDAQ: BKMU) today announced that the Board of Directors has declared a quarterly cash dividend of $0.09 per share. The cash dividend will be payable June 1, 2009, to shareholders of record on May 15, 2009.

The quarterly cash dividend of $0.09 is the thirty-fourth 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 Market under the symbol BKMU. The Company is the fifth largest banking institution headquartered in the state of Wisconsin, with assets at March 31, 2009, of $3.5 billion. Its subsidiary bank, Bank Mutual, operates 78 offices in the state of Wisconsin and one office in Minnesota.

Bank Mutual Corporation
Michael T. Crowley Jr.
Chairman, President and Chief Executive Officer
or
Michael W. Dosland
Senior Vice President and Chief Financial Officer
414-354-1500