Mutual Federal Savings Bank Announces New Name

Tuesday, June 03, 2008

(Muncie, Indiana)- Mutual Federal Savings Bank announced Tuesday morning, that the 119 year old financial services company unveiled a new name, Mutual Bank, and new logo designed "to build a stronger bank brand" according to the materials presented to employees. The change will be effective July 1, 2008.

"A bank is indeed what we are, and we do it through mutual relationships with our customers," said Dave Heeter, President and CEO of MutualFirst Financial, the holding company for bank subsidiary Mutual Federal Savings Bank. "This name shortening demonstrates we're listening to our customers, many of whom simply refer to us as "Mutual."

"Mutual Bank is a better representation of who we are today,"said Pat Botts, President of Mutual Bank. "The words "federal" and "savings" are not as relevant as they once were, and are somewhat limiting by definition. We wanted a name and brand that better reflected our vision of helping people live better lives through a broad array of consumer and business banking services. Green means go, and for Mutual Bank, it means " Go ahead...live a better life!"

The bank conducted over 500 phone interviews of banking customers in all of its service areas including Delaware, Randolph, Grant, and Wabash counties in Indiana, as well as banking customers in Elkhart and Kosciusko counties, near where Mutual Bank just opened a new, state of the art branch in February. Surveys were also completed for banking customers in St. Joseph County where Mutual Bank is acquiring MFB Financial, a bank with $510 million in assets. The acquisition was announced in early January and expected to be completed next month.

This research indicated that heritage and history were important to customers regarding their choice of banks. "This is really a name and logo update," said Heeter. "In a world where the average person is exposed to over 6,000 advertising messages a day, we needed something that would stand out more and would be easier to recall. Our new name and look says a lot about our fresh approach to helping you live a better life, as well as being able to offer a broader spectrum of services," continued Heeter.

The new logo which has intentional continuity with the previous logo features Mutual's traditional "M" represented by intertwined elements bound together, symbolic of the interdependent relationship between a bank and a customer. The brand mark and name are featured in a bright green which no other bank uses.

"Our service has always been outstanding. Now our logo will stand out better as well. Customers will not see changes to their banking services or processes other than the updated look," said Botts.

The bank also revealed that a new web address will accompany the change, http://www.bankwithmutual.com/. While customers can still use www.mfsbank.com, the new address will also take you to the same portal.

All customers of Mutual Federal Savings Bank, now to be known as Mutual Bank, are being sent a letter this week informing them of the change. Signage changes and other logistical changes, including a re-designed website, will happen over the coming months with many items scheduled to be completed around the July 1^st effective date of this change.

Mutual Federal Savings Bank, now Mutual Bank, serves Delaware, Elkhart, Grant, Kosciusko, Randolph, and Wabash counties in Indiana. The Bank exceeds all applicable regulatory capital requirements. The Company had $960 million in assets and $87.0 million in total equity as of March 31, 2007. The Company's stock is traded on the NASDAQ Global Market under the symbol "MFSF".

FOR MORE INFORMATION CONTACT:

Patrick C. Botts, President (765) 747-2900
David W. Heeter, CEO (765) 747-2880

Jenny Yarbrough, Vice President, Marketing and Sales (765) 213-2986

Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.